Commentary on E-Gold

Here's the deal with e-gold.

It cannot be purchased directly from the e-gold site and cannot be outexcahnged directly from the e-gold site. In both cases, you have to go thru an exchanger. It is the exchanger who bears the burder of verifying identification of the customer.

So e-gold accounts can be anonymous, with false information. Crooks can move money back and forth among e-gold accounts all they want. But when it comes time to outexchange to REAL MONEY, that is where the "know your customer" policy should be coming into play. It is the EXCHANGERS who should be scrutinized here.

So yes, you can provide false or no info in your e-gold profile. However, if you dont provide accurate information, you will find it impossible to get your account back if you ever lose control (lose password, fail to get PIN, etc) because e-gold WILL PHONE YOU to verify you. If that phone number is false, you will not get the call and you will not be able to get the account back.


Now, as for chargebacks, e-gold does not bear the responsibility for making intelligent purchase decisions. They state that all purchases/transactions are non-reversible. If you choose to send your money to an autosurf that turns out to be a scam, then you alone should bear the responsibility for making that decision. Remember friends, high yield = high risk. You should all be aware that every autosurf and every HYIP has the potential to be a scam, and act accordingly.

Personally in light of all this Stormpay ruckus, I think no chargebacks is a good idea. If everyone and their brother wasnt filing chargebacks with Stormpay at little provocation, maybe some of this mess could have been avoided.


And about hacking, know that the responsibility for account security is yours and yours alone. If you ever lose control of your egold account, you will probably lose an email account as well (so the thief can get your PINS, assuming that you use that feature...) and the reason for this is because YOU HAVE A KEYLOGGER.

I have gotten hacked several times - each time it was my own fault - i found keypoggers on my computers. My own fault. Yes I lost control of my egold accounts and several email accounts. Yes, I lost money, yes I was angry, but it sure wasnt e-gold's fault that I was using poor security practices.

All in all, I do not dislike e-gold. I also like e-bullion and EMO. And hopefully I will be able to continue using all three, in HYIP and in autosurfing.

I do not think that this will be the end of the HYIP industry, and I doubt it will be the end of the autosurf industry. There are just too many ppl involved, and there really are other payment methods that can step up and take Stormpay's place.

Will some autosurfs go under? Yes, definitely. Many will close. And a lot of ppl who had a lot of money in the system, will possibly walk away from this whole stinking mess. But I think new ppl will step in to take their places. And I think any admins who survive, will be much smarter the 2nd time around.

I'm waiting to see what happens, just like you all are. In the meantime, I am continuing to surf my sites, on the chance that they will still be able to pay at some point.

And looking forward to a couple of weeks from now, when hopefully most of the fallout from this situation will be resolved.