Goldpay - The new e-currency

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Goldpay - The new e-currency
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Posted by: kodbert

Goldpay was launched to the public 18th of August 2003.

Check it out

https://www.goldpay.org/referral/re...zctNzItOTEtUQ==

Posted by: jaboles

Referral spam aside, why do we need *yet another* half-baked gold payment system? Didn't anyone learn from OSGold and StormPay?

Posted by: The Shadow

Why is it because OsGold was a scam that any other new digital currency service that opens is also automatically considered a scam? :evil:

Matt

Posted by: admin

MODERATORS PLEASE KEEP AN EYE ON THE FOLLOWING

No personal attacks are permitted on this forum, whatsoever. This is one thing that I will NOT allow as threads simply deteriate into a slanging match and this is NOT of benefit to hphyips members

Hi The Shadow, this thread is about Goldpay

Posted by: jaboles

Quote:

Originally Posted by The Shadow

The only thing half baked is you and that easy to exploit Cheesy-HYIP Software! :evil: :evil: :evil:

The Shadow

Actually, it is *not* easy to exploit. All known exploits were closed many versions ago; the latest versions are secure.

Posted by: neo

I have been reading the information supplied at the site of goldpay and I cannot see any benifit in using it for my use.

It is purely an accounting system built over e-gold.

Basically you transfer egold to their egold account and they credit your goldpay account with a balance. From there you can pay others and/or receive money from others in the goldpay system. When you want your money out of goldpay, you transfer the "money" from goldpay to your e-gold account.

In other words their 100% gold backed is really 100% e-gold backed. The gold is simply the balance of their (goldpay) e-gold account. It is only "paper money" while it is in your goldpay account, and the "gold" is held by e-gold in goldpay's e-gold account.

Really the only benifit I can see is the ability to "privately" transfer money that USA courts cannot give a warrant for access unlike e-gold. BUT when you want the money out, then the USA courts can give the warrant to find out about that money as it goes through e-gold.

Thumbs-down from me on this one

Its just a glorified automatic payment system for e-gold, which can be programmed somewhat by the user.

Posted by: The Shadow

Well it's much more than that. You should really read the FAQs and the About us section. The two main things are lower fees and better security with the login codes feature.

Yes, there is only the option to deposit and withdraw via e-gold at this time but there will be exchangers listed soon that will offer the option to fund and withdraw from other currencies.

Goldpay isn't the first site to use e-gold for backing. Take a look at http://www.1mdc.com and http://www.virtualgold.net

Matt

Posted by: neo

Well I did read the FAQ and other parts of the site, which is how I learnt that they do NOT actually have any gold, except what they might wear.

Quote:

Goldpay isn't the first site to use e-gold for backing.

And glad you agreed that they use egold as their gold backing. Because they claim otherwise when they say "100% gold backed"

I am afraid that if a e-currency cannot be completely upfront and 100% truthful, then how can I trust them with my hard earned gold!! Its the deception that leads to mistrust.

As I said before it is just a glorified payment system overlaid upon egold.

As to better securuity, that only applies to the logon procedure.

Other areas of security is
- Are the principles of goldpay trustworthy??
- Have they structured their fees to pay their expenses??
- Will e-gold freeze their account because of conflict of interests and claiming that egold is backing them (implied)???
- Easy to scam this system - if you need to ask then its too hard to explain to you.

Please your defense of goldpay is leading me to suspect goldpay even more.

Posted by: jaboles

Very well said Neo.

1mdc has been been around for a while, and has built up trust over time. The owner is a prominent member of the e-gold "community". On the other hand, we have newcomers like IntGold and GoldPay. Either they can become trusted, like E-bullion, or they can go the other way and degenerate into scams, like StormPay or OSGold. Until GoldPay can be trusted, I'm not willing to risk any of my money.

As for security, extra login security which doesn't involve a physical authentication device (as in E-bullion's DigiPass or LoyalBank's CryptoCard) is **meaningless**. If the hackers can hack your computer, they can get into your account whether it's an E-gold account or a GoldPay account. Additionally these new halfbaked payment systems proclaim themselves as more secure than E-gold. But E-gold is completely secure in the first place, and you can't get more secure than completely secure! It is users' unsafe computing techiques which put their money at risk to hackers, and **NO** e-currency provider/internet bank (save for those offering authentication devices) can completely protect its members from their own unsafe computing practices! Some come close though...

Goldpay might prove to be trustworthy, but until that is clear, I'm not taking any risks. In any case, I don't see how it would be of use to anyone -- it's a microcurrency based on e-gold (or so it is claimed) but at the end of the day, you are inexchanging from e-gold and outexchanging to e-gold, so why not use e-gold in the first place? At least with 1mdc, there's actually a reason to use it (no storage/transaction fees)

Posted by: jaboles

Oh and I forgot to mention, 1mdc has a publicly viewable balance, so the presence of gold backing can be verified instantly. Checking pub-bal.asp now, Goldpay has no such means of verification

Posted by: The Shadow

Goldpay does have one. The link is stated in the user agreement. https://www.goldpay.org/stats.php

If you looking for one on e-gold, no there isn't one yet. One would have been put up but it may raise questions because some of the gold is stored in an e-gold account that isn't known to the public for security reasons. It would help if e-gold didn't publish the account number on their site in this situation.

Yes, Goldpay did say 100% backed by e-gold originally but it confused some, including e-told so it was changed to 100% backed by gold.

As for security, it is just as good as a physical device as a member can print the login codes and not store them on his/her computer. If they are printed how can a hacker gain access to them?

It really doesn't matter if the site is backed by e-gold or real gold anyway. Ultimately it still is backed by real gold, but e-gold owns the real gold rather than Goldpay.

There are no storage fees at Goldpay either. As for transaction fees they are 50% less than those at e-gold. If there were no transaction fees then that would be a good reason to suspect a scam because you would have to wonder how would Goldpay make any money?

Matt

Posted by: neo

Interesting stats, and also misleading

They talk of grams, but its held by another company that goldpay cannot touch if the e-gold account is frozen! It is NOT SECURE holdings.

This is the whole point I am making that its not secure holdings. Unlike e-gold who actually holds the OWNERSHIP of the PHYSICAL GOLD held in banks vaults. E-Gold holdings can also be VERIFIED!

Also misleading is that they talk of 2 holdings (grams and USD) as if they are separate holdings. Shame they did not make it clear that its holdings in e-gold of xxxx.xxxx grams which has a current value of xx,xxx.xx$ This is the kind of misleading information that leads me to suspect them. Shame they do not use proper accounting and show the USD as a value rather than a holding. Also companies do not mislead in their accounting just because some find the correct represtations confusing!!!

As to egold having stats, you need to click on the link in egold site and wait (can take 1 minute) for the very extensive stats to show up. As an example, from their stats I can even tell how many very large transactions occured OR that there were 31828 transactions of 1 cent (or less) in the last 24 hours.

egold stats link http://www.e-gold.com/stats.html

Mr "The Shadow" can you tell us your vested interest in gold pay?? Are you one of the principles? or after their referal deals? or just an active supporter.

Neo

PS I am only answering your comments about goldpay and do realise they may have a place in the e-currency market place once they prove themselves and correct their mis-representations.

Posted by: jaboles

It's crossed my mind that "Matt" a.k.a. "The Shadow" is the same "Matt" who runs Goldpay.

IMO, Goldpay just introduces new structural risks which aren't outweighed by the advantages of using Goldpay over using e-gold itself, or alternative systems based on e-gold such as 1mdc.

Posted by: jaboles

Quote:

Originally Posted by The Shadow

As for security, it is just as good as a physical device as a member can print the login codes and not store them on his/her computer. If they are printed how can a hacker gain access to them?

Really?! Have you even used the DigiPass and CryptoCard devices at all?!?!?!?!?!?!?!

Their benefit is that they generate one-off, unique passphrases which last for about 30 seconds then expire. Goldpay's "login codes" system offers NO additional security over a standard passphrase -- hackers can steal the login codes using a keylogger, just like they can steal a standard passphrase as used at the e-gold site to log in.

Posted by: kodbert

Quote:

Originally Posted by jaboles

Referral spam aside,

Oh, forgive my ignorance, you might want to move this folder
somewhere else. It is listed under "Business Opportunities".

Posted by: The Shadow

Hi,

Yes, I do run the Goldpay site as you may have probably already figured out

. I just came across your site from my referral logs. It was originally supposed to be just another HYIP/gold game autopay site that would be made in 2 weeks but I decided to create an entire ecurrency site.

I have added a note to the stats page which should help. It is not seperate reserves it is all one. All gold is stored in grams but the USD value of the gold is also displayed on there.

We don't use any kind of cryptocard because member's have to pay for those. Login codes are free and are just as secure as long as they are printed and not stored on the member's computer. Even if some key logger gets the login code the member types in, it won't do them any good. It will ask for the next code on the list the next time the member logs in. There are 50 codes on the list. Members may generate new codes anytime and it is recommend that they do after all 50 are used up.

Regards,

Matt

Posted by: neo

Thankyou for clarifying your identity.

And thankyou for being somewhat responsive to valid comment. Remain responsive and you should get some to use your "ecurrency"

May I make a suggestion in regards to the wording/layout of the reserves. That is say something like

.................. xxxx.xxxxx grams (equivalent value $xxx.xxxxUSD)

rather than 2 separate items, it is much more obvious when looking at the stats and then requires no explaination at the bottom.

Not having checked again elsewhere on your site, take this comment for whats its worth. People who have been around for more than a little while, will question the "gold holding"/"gold backed" statements you make. It would be better to make it clear that your grams are held by egold. Otherwise many "seasoned" people will ignore your new so called "ecurrency".

Of course this will not change my view of goldpay being a program overlaid upon egold. Simply because you hold no real money except that which is actually held in another e-currency (namely egold)

Neo

Posted by: The Shadow

Hi,

Thanks I have updated the stats page. I cannot put it all on one line as suggested due to the limited size of the table but I put it on the next line.

As for being backed by e-gold, it is possible that we could eventually convert to a real gold backed system in the future when we get enough members using our system. It's quite easy to convert actually. We could just exchange e-gold for real gold and remove the functions from our site that allow withdrawal to e-gold.

Regards,

Matt