I bring good news for all legitimate users of e-gold (by legitimate users I mean those not involved in a financially exploitative scheme – ie HYIPs etc) . E-gold has finally decided to take out the trash . I was just casually browsing a popular online investment forum when I got word of the latest posting on the Digital Money World blog (to view this posting click here) . I’m going to give you just the gist of it, so if you want the little details please visit the above link to the Digital Money World blog. Basically e-gold has started to apply the Right of Associate clause (clause 4.6 in their TOS) to place a value limit on accounts found to be associated with questionable financial activities – i.e HYIPs, AutoSurfs, and Ponzi scams. An account that has a “value limit” placed upon it is also commonly referred to as a “blocked account”. In order to have the value limit removed from the account, e-gold will request of you the following pieces of ID:
a) A signed and notarized affidavit listing: Name, address, and telephone number for the owner of e-gold account XXXXX
b) Copy of a telephone or utility bill that has the same address stated in item A.
c) Notarized copy of Passport or Driver’s license for the account owner.
175 East Nasa Blvd.
Melbourne, FL 32901
Attn: Due Diligence Unit
Does this mean that once you send them ID your account will be unblocked? No, not necessarily. If your account is directly related to Ponzi, AutoSurf, and HYIP scams your account will still remain unblocked.
Does this mean that e-gold steals my money? Well, not exactly. There is a workaround, but unfortunately it is not as simple as selling your e-gold to an exchanger. The only way to do this is to spend your e-gold to an older e-gold account because only such older accounts still have the option to “accept spends from blocked accounts” available in the account admin section.
As a result of this stringent regulation Ponzi scams, HYIPs and the rest will surely be fleeing e-gold’s system and move to e-currencies that are based 100% offshore. I for one don’t really care at all and think that e-gold’s future is brighter without having HYIPs and Ponzi scammers as their customers.
Kudos to e-gold! A toast to e-gold’s success! Cheers!