I don't understand why e-gold act this way. They'll totally lose their business
Posted by: golddust
Quote:
Originally Posted by clifton
I don't understand why e-gold act this way. They'll totally lose their business
Clifton, look at the circumstances from Legisi; all the accounts flowing money into various othere HYIPs. While I understand a program having numerous accounts, it seems pretty clear to me Legisi was piggybacking and/or spending member's funds into these various programs, and "Greg" was skimming off large profits for himself. (At least that is how I see it on a very basic level).
Since this information came from the prosecution in the e-gold v USGovt matter, it can certainly be used as damning evidence that e-gold provides access to illegal activities eg - HYIPs, IF one considers 99% of them are scams/ponzis. "Ponzis" being the operative word, since they are considered illegal in most countries.
Therefore, maybe e-gold is taking a drastic step to cooperate with the FED in reducing these type of accounts, though this will run away the business of thousands ++ accounts, having a drastic impact on e-golds revenues. It is perhaps even part of a larger plan by the FED wherein e-gold does not survive,declares bankruptcy and then the assets will be tied up in bankruptcy court for a long time. Needless to say, all account holders globally will feel the impact since they will never see their funds. The FED will declare victory. I suspect if e-gold had not acted like they did, the FED would have served an injunction to freeze e-gold's assets, therefore business, so it was the lesser of 2 evils.
The FED plays dirty, has all the resources it needs to be evil if necessary to win their little war, so except for the right to due process in the legal system, e-gold is pretty defenseless. The FED has been building their strategy for almost 2 years; none of this comes to a surprise to me.
That e-gold took the action to block accounts without notice, without requesting account verification (or whatever it is the FED wants), was unprofessional and alarming and somewhat futile, since many accounts have been unblocked as seen posted on many forums. It is possible e-gold has its own game plan for doing what they did, but I doubt the truth will never be known.
In the meantime, the real criminals involved in drug money laundering, child porn, etc will be long gone, unless this was smoke and mirrors, and a sting is in the making. In which case e-gold would be going along as a puppet to the FED in hopes that doing so will leverage their position, if the matter with the FED ever makes it to trial.
Posted by: Pete Berg
E gold.com is a website which is generally related to the blogs present in the various categories.