Tag Archives: e-gold

E-Gold Introduces Spend Limits

e-gold logo

I just found out that e-gold has introduced outgoing/incoming spending limits. The spend limit varies according to what country you live in, with some specific countries $0 spend limit, which means nobody from that country can send money in and out of the e-gold system! For a complete spend limit table see the following link:

http://www.e-gold.com/countrylevels.html

These spend limits will no doubt kill the e-currency exchanger business. $3000 incoming/outgoing per month is not enough to conduct regular business as an exchanger. I am not sure whether these limitations are permanent or not. From what I can gather from the e-gold blog, it appears that although these spending limits imposed on ENTIRE countries are temporary in nature the spending – or “throughput” as they put it – limits are an integral part of a the new “Customer Due Diligence and risk-based Transaction Monitoring capabilities e-gold is urgently continuing to develop.” What this means is that most likely spending limits are here to stay in some shape or form. Perhaps later on they will apply only to specific accounts. At this point it’s too early to tell, so we will have to wait for official news from e-gold itself.

Now coming back to the subject of exchangers, apparently “e-gold will be promulgating requirements for the regulation of exchange services, which will include a combination of government licensing requirements plus e-gold’s own Enhanced Due Diligence for exchangers.” This is not necessarily a bad thing, unless whatever government license is required happens to be cost prohibitive enough that it pushes the “small” exchanger out of the market. I would imagine these licensing requirements vary by country with some countries not requiring any licenses whatsoever, in which case someone wishing to open up an e-currency exchange business would only have to go through e-gold’s due diligence process.

Checkout this posting on the official e-gold blog for more details:

http://blog.e-gold.com/2008/11/e-gold-update-t.html

I’ll keep you all posted on the latest, for now though if you wish to discuss this topic and other e-currency topics I invite you all to visit the e-currency section of my forum at:

http://www.moneyguruforum.com/forumdisplay.php?f=11

Cheers,
Alan
http://alansmoneyblog.com

Fraudulent e-gold e-mail

If you receive an e-mail like the one quoted below, avoid it! Just delete it as it is another pathetic attempt by the bottom feeding scum sucking parasitical lowlifes that are trying to either misinform you or hack into your e-gold account.

Another indictment, handed down on October 30, 2007, charges E-Gold Ltd; Gold & Silver
Reserve, Inc.; and their owners Dr. Douglas L. Jackson, of Satellite Beach, Fla.; Reid A.
Jackson, of Melbourne, Fla.; and Barry K. Downey, of Woodbine, Md., each with one count of
conspiracy to launder monetary instruments. Subsequent to the indictment, the Department of Justice has seized all physical gold assets stored in Panama until future notice (BULLSHIT! e-gold has no gold in Panama) (emphasis inserted by me)

The case is being investigated by the U.S. Secret Service with the assistance of the IRS
and the FBI. The case is being prosecuted by the U.S. Attorney’s Office for the District of
Columbia and the Computer Crime and Intellectual Property Section of the Criminal Division.
An indictment is merely an accusation and the defendants are presumed innocent unless and until proven guilty…

http://www.e-gold.com/news.html
FOR IMMEDIATE RELEASE
TUESDAY, OCTOBER 30, 2007

The false link to e-gold’s news page actually points to http://ezstitches.com-scammers/egoldnews59175895175421.html.scammers <—avoid! (link deliberately altered by me so the search engine bots don’t index this scam site. Gmail property identified this for what it is – pure garbage.

How to protect yourself when accesing your e-currency accounts

Good :) I know some of you are victims of e-gold theft. Getting your account hacked is not cool at all. I know some people who have lost thousands! My account was hacked a while back (year or so), but thanks fully I did not leave much idle gold in the account (like $20) so I did not lose a lot, but still, a loss is a loss. Since there I have learned my lesson, and now I’d like to give you all some advice on how to keep hackers out of your e-gold account (or e-bullion and other such currencies too).

What I am going to recommend is going to go beyond the standard “have an anti-virus program and anti-spyware software”. Simply having an anti-virus program is good, but still it doesn’t provide the ultimate in protection. The problem is this: Windows is insecure! Once you realize that you might appreciate what I’m about to suggest.

So here it goes, I am going to show you folks a very good method of securely accessing your e-currency accounts. It involves ditching Windows and using a more secure platform.

1: Go to http://www.ubuntu.com and download a copy of Ubuntu’s Desktop Linux Distribution

2: Once you’ve downloaded a copy of the ISO (cd image file) use your favorite CD burning application to burn a copy of the image to a blank CD.

3: Pop the CD in the drive and make sure boot from the CD-ROM drive (some of you may have to change a setting in the BIOS to do this – if you don’t know what a BIOS is then don’t worry about this step, just pop the CD in and hope it will ask you to “press any key to boot from the CD-ROM drive”)

4: At this point the Ubuntu Linux CD will start to load and it will display a progress bar. Once the loading process is complete you will be presented with a beautiful desktop.

5: Congratulations, you now have a fully functional Linux operating system running off the CD-ROM drive! You can open up firefox and other applications from the friendly “start menu” at the top left-side of the screen

6: Use Firefox to log into your e-currency account and do your usual business

7: Once you are done with your business simply restart the computer and eject the CD

8: That’s it!

Wasn’t that easy? Now this is a great method, but I would suggest actually installing Ubuntu to the hard drive of spare machine and use that computer as your “secure transactions” workstation.

To install Ubuntu all you have to do is when the CD is done loading and you’re at the desktop, just click on the “Install” icon located on the desktop at the center left side, and then follow the instructions and you should be all set.

Also, please, please, for your own safety, SET A SECURE PASSWORD – ONE THAT IS OF SUFFICIENT COMPLEXITY AND LENGTH AS TO NOT BE EASILY GUESSED! AND ALWAYS USE THE E-GOLD SRK feature (read more about it on e-gold’s website)

That’s all, I hope this has been an informative post for you and I’ll see you next time.

Alan out!