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FLO and it`s Egold Out-Exchange Problems

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Posted by: forwardone

As there`s been some interest shown today around the forums in FLO`s policy toward it`s Egold Out-Exchanges, I thought I`d take a look at the reasons they have given.

They say that the problems are being caused by the huge fluctuations in Gold prices. The company they use to operate their withdrawals will now be charging a 6% fee. They further suggest that alternative methods of withdrawals be used, such as Evocash, which remains more steady.

Geoff


Posted by: awty

Has anyone else seen that particular 'reason' used before? I have, and several people looked into it. Likely best I don't elaborate on that too much.

There are also ways to deal with that sort of problem, should they choose, IF, indeed, that is the problem.

Now, I don't really care to get into an argument here, some are likely aware of my opinions on several things.

In a 'real' 'investment' program, adjustments are sometimes necessary, to deal with changes in conditions.

'Theoretical' question, that may be worth considering, and there are many pros and cons to this one... If necessary, (JUST considering the 28 day 'venture'!!!), at a return of a little over 3%/day, changing it to 30 days would (I know, this is a VERY 'rough' estimate') add another 6%...

As I mentioned, PURELY theoretical, and, of course, such a change would very likely cause a major 'challenge', but just suggesting that there are many ways to deal with such a situation.

And, of course, the decision on how to handle this is, ultimately, up to the FLO 'administration'.

Time will tell, as always.

Just my opinion,
Jeff


Posted by: betrdanevr

Jeff, if you think people are howling now about not being able to directly O/E to e-gold, what do you THINK would happen if the ventures were changed from 28 to 30 days???

Goldage, for example, charges 4% for gold at the moment. I have no earthly idea why Mike is charging 6%, but maybe it's because of high demand on a short supply. That's only a 2 percent difference. I say "only." But -- just my opinion -- it's absolutely no justification to go to such a drastic move as increasing the length of ventures.

I out-exchanged via Mike to e-gold the other day, for a specific purpose, but I have been out-exchanging to EMO, and I just happen to like that. It's very quick and "in my hands," right where I want it, to use in everyday life. No courier fees, no wiring fees -- zip, right off the ole 'puter.

Yes, I think there's more to it than just the e-gold price, also. The balance limits which e-gold imposes are certainly no secret. I think there's some possible anonymity issues that are of concern in the currency market. As to whether that's justification enough for moving away from direct out-exchanges to e-gold, well, I ain't the one making that decision.

I know there are plenty of people who are skeptical that FLO is anything more than an elaborate ponzi and can only out-exchange what it brings in from members. But let's just suppose, for purposes of discussion, that they ARE what they claim, and that they are involved in these "high level" trades. I think you could pretty well BET that those trades are not taking place via e-gold, just as most Forex trading isn't taking place via e-gold.

X-Man could say that there is absolutely no e-gold left in FLO at the moment and it would concern me not, as long as people were able to out exchange and get fiat currency in their hands.

If and when that stops, believe me, we'll know there's a problem, because that's all it boils down to in my book.

This whole hyip arena is based on faith. We already have seen that people can post their friggin' passport online and still be a scammer. We know that people can say they "know somebody who knows somebody" who did some DD, and we know now how much THAT's worth. We can even have their darn cell phone numbers, a la Mario, and that doesn't mean anything either, in the end.

I'll never forget coming to this online arena a little over a year ago and believing that I was half out of my gourd when I put my first money in
INT Gold, via Gold Trader. I held my breath, wondering if I hadn't just given it to a big scam even at that point.


Posted by: awty

MANY valid points, as always. But, if I may, I'd like to address the 'short supply' issue - A while back, while checking on 'stories' regarding another program, several people checked some things out. There's no availability problem with e-gold.
If it's needed, it can be obtained. An inquiry was made as to whether or not several million dollars could be quickly added to the e-gold system. (I believe at that point that there were approximately 21 million dollars of e-gold in circulation (That information is available at the e-gold site). Yes, it's easily done. E-gold would just have to add the reserves (REAL gold) to their system to back it up, and would be able to do so on short notice. I didn't bother checking the possible cost of doing so, didn't see the need. So, for what it's worth, any 'short supply' questions regarding e-gold, I personally find rather 'interesting'.

It's also very possible that there are other problems, and of course, situations that I am not aware of.

Just my opinion,
Jeff


Posted by: betrdanevr

Jeff, you know more about those kinds of things than I do, so I certainly accept what you say about e-gold and supplies. I'm sure no gold has gone "poof."

The price would be an interesting thing, though, since the price at 6% is what Mike's charging. Guess we just have to ask Mike, then. I am interested myself in finding the answer to why he would have to pay more.

Anybody know him well?

Terri


Posted by: forwardone

The Egold issue is one of the reasons I have decided to bring forward my exit from FLO., which I had planned on doing just before they went `private.`

I have now made my final withdrawal. It makes me nervous when Egold problems raise their head, and now because of having to use FLO`s recommended Company to make Out-exchanges, members are being charged extra fees, both to the other company, and FLO.

It`s a pity in my view that FLO has decided to change what I would consider a winning formula, to go `private`, but they must have their reasons.

So, goodbye FLO, it`s been good.

Geoff


Posted by: betrdanevr

Quote:
Originally Posted by forwardone
The Egold issue is one of the reasons I have decided to bring forward my exit from FLO., which I had planned on doing just before they went `private.`

I have now made my final withdrawal. It makes me nervous when Egold problems raise their head, and now because of having to use FLO`s recommended Company to make Out-exchanges, members are being charged extra fees, both to the other company, and FLO.

It`s a pity in my view that FLO has decided to change what I would consider a winning formula, to go `private`, but they must have their reasons.

So, goodbye FLO, it`s been good.

Geoff

Well, Geoff, good luck, buddy, with wherever you put your $$.

I'm a bit confused that you say you considered it a pity that they changed a winning formula to go private on the one hand, yet said you were going to withdraw before that, anyway.

But that's okay. This whole thing gets confusing sometimes. I will remain happy as long as the cash is FLOing in some form or fashion when I do my out exchanges.


Posted by: forwardone

Thanks for that, Terri.

I suppose I just chickened out with all the negative vibes I`m getting around the forums, one in particular.

And without question the straw that broke the camel`s back is the Egold thing.

I`ve never had any problems with FLO, I don`t have any evidence that they will go down sooner rather than later, it`s all down to my own personal views. I`m certainly not into slamming FLO, although I have raised occasional questions about it`s operations, which is bound to happen to such a high profile program.

I do however respect the fact that there are a lot of members of FLO who will be moving along with them into going private, and I sincerely wish them success, and long may it continue.

Geoff


Posted by: khoong25

funnily enough, I just had another 'group' which I've been observing claim that there is some shortage of e-gold ....

I wonder .....

and as of now, its been almost 7 full days since I've requested an OE from FLO through xchangers for e-gold... and no news/email from xchangers........

oh well......


Posted by: awty

For what it's worth, I'm fairly sure that x-changers is overloaded with emails right now, considering what I've seen lately.
Just my opinion,
Jeff


Posted by: betrdanevr

Quote:
Originally Posted by khoong25
funnily enough, I just had another 'group' which I've been observing claim that there is some shortage of e-gold ....

I wonder .....

and as of now, its been almost 7 full days since I've requested an OE from FLO through xchangers for e-gold... and no news/email from xchangers........

oh well......

Ken, hopefully you'll get it today.

I had my last venture roll on 7/28, I out-exchanged 7/29 at 3:30 a.m. GMT. I received the e-gold (via X-Changers) on 8/2 late at night.

Terri


Posted by: khoong25

This doesn't seem right then!!... its the same day we outexchanged.. ugh

I've still not gotten my cash.... and no word from xchangers..
do they send you an email to confirm/receipt?


Posted by: betrdanevr

Quote:
Originally Posted by khoong25
This doesn't seem right then!!... its the same day we outexchanged.. ugh

I've still not gotten my cash.... and no word from xchangers..
do they send you an email to confirm/receipt?

Hi, Ken. No, I didn't get any confirmation e-mail from X-changers.

I made my o/e request before I realized there were problems with the e-gold supply. Before I got the e-gold payment, though, I e-mailed him. I had not received any e-mail saying that he was out of gold, but I wanted to be sure I hadn't slipped through the cracks. I figured if there was a problem with his
e-gold supplies, I ask him to o/e my funds via another method such as EMO.

Maybe you've e-mailed him already, but, if not, I'd encourage you to e-mail him with your FLO batch number details and see what's up. Haven't been on the FLO site yet today.

Hope you've been paid already by the time you read this!

Terri


Posted by: golddust

I agree with Terri; by all means contact them with your batch and find out what's up. There may be a backlog, there may be a mistake, there may be a shortage. Curious to know what the response is. Could be indicative of real e-gold shortage, or not.

I agree with you concerning "hearing" about e-gold shortages. For the life of me, I can't remember where I read it. Great comprehension, huh?

golddust


Posted by: Dr. Mac

Greetings folks

It appears as if there really IS an e-Gold shortage.

One of the most trusted exchanges - London Gold Exchange - is offering to pay YOU 1% if you exchange your e-Gold through them. This is for one week only, and is due to a "world-wide shortage of e-Gold.

---------------------------------------------

Regarding X-changes ... I have no idea WHY some of you are allowing them to rip you off exchanging your FLO money, via X-changes, then to e-Gold. 6% !!!! A complete rip-off.

Beat this :

FLO ---> Evocash = 0.5%

Evo ---> London Gold Exchange ---> e-Gold = 2%

Total = 2.5%

There again, unless you have a pressing need to send your money to e-Gold, why not simply allow LGE to transfer your Evo's direct to your bank account? Fee is 2%

So, again, FLO ---> Evo ---> LGE ---> direct to your bank account = 2.5% total.

---------------------------------------------------------

Hope this is of some value.

Best wishes,

Dr. Mac


Posted by: betrdanevr

Thanks, Dr. Mac. Yeah, Geoff posted that, also. It's great to have that confirmation, and people who think it's a lame excuse can rest a little easier.

Regards,
Terri


Posted by: Dr. Mac

Greetings again.

My apologies to Geoff - I didn't know he had already posted all that info.

That's what happens when you don't read all the posts because you're vibrating too much !!! (Geoff, and those who have read his post "Something different", will understand precisely what I'm getting at !!!)

Go well ...

Dr. Mac


Posted by: forwardone



Geoff


Posted by: awty

If anyone's wanting to check to see if there's an e-gold shortage, suggest that contacting omnipay would be one of the best places to verify that.
Not familiar with costs/procedures, personally.
Jeff


Posted by: khoong25

well, as of this post I still have not received anything from x-changers.
The only reason why I went thru xchangers was because I could not get validate my evocash acc when I wanted to withdraw, and I thought, heck it, I'll just send the cash thru xchangers... what a mistake!!!
and I can't access FLO's forums now... sooo.... I'm really like.. ...


Posted by: betrdanevr

Hey, Ken,

I'm sorry you're having such trouble! I hear X-changers is closed on the weekend, and that didn't occur to me when I suggested you e-mail them.

I'll keep my fingers crossed. Hopefully, Mike will get the e-mail first thing Monday morning. With the price going down to 3%, hopefully he has more gold now. (I made an out-exchange tonight again but it's for EMO.)

I was in FLO chat Saturday afternoon and the mods told me 24-48 hours probably until the new forum is set up completely on the new server. I couldn't get in tonight, either. You can get in regular chat and in support chat, though.

I'm sure it'll work out and he'll get back with you. Hang tight!

Terri


Posted by: golddust

Terri, I am going to start using the EMO outexchange procedure you posted. That sounds reasonable to me.

Today I received a memo from "Weekly Returns" that due to the current e-gold shortage, they will now accept spends via Evocash. I have been paid on time with egold, even this week, but makes me think they must be tight for egold on the larger payouts.

golddust


Posted by: betrdanevr

So far, so good for EMO, particularly once you get past that pesky verification procedure.

I've printed 3-4 EMOs and had one ACH transaction and no hitches.

Terri


Update: 8/11: I'm happy to report that I made an o/e from FLO on 8/8 and
I now have the printed EMO in my hot li'l hands!!!

YEA for EMOs and X-Changers!!!



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