New Egold Account Security Feature

I'm at a loss as to what I should think about this new feature:

February 2006
e-gold Empowers Users to Refuse Payments from "Blocked Accounts"
e-gold is pleased to deploy a feature empowering e-gold Users to refuse payments from "Blocked accounts". "Blocked accounts" are blocked from receiving payments due to insufficient identifying information and/or e-gold invoking its Right of Association. The new feature enables Users to reduce the possibility of receiving payments from potentially unscrupulous counterparties. The default setting (User may view/change via "Account Info") refuses payment from Blocked accounts.



If I get a payment from a blocked account, they cant take it back because egold transactions cant be reversed.

So, is this intended to protect me as the receiver of the egold, from being implicated in a situation along with the owner of the blocked account? If I have my account set to refuse, then I cannot be accused of profiting at another's expense in the case of a successful prosecution, and forced to give back my ill-gotten gain...

Hmmm.

I really think egold is on the level, despite a lot of complaints to the contrary.

They just announced that they are accepted on Gomez and Mozilla sites - both are reputable companies, well-respected in their fields. I am sure they would not want to be associated with anything that might hint of a scam, so I would assume that they did their DD before signing on with egold.

So..... as some are theorizing, is this the first step to further identification required for egold account holders?

As I said in a post in my blog recently, I personally believe egold shouldnt be subjected to "Know-Your-Customer" regulations since egold is basically useless unless converted thru a currency exchanger to spendable form. I guess theoretically you could get egold to send you a big bar of gold but that seems a bit impractical.

If the govt really wants to crack down on all this anonymous activity, they should put a limit on the exchangers (maybe a license or something like that) and make sure the exchangers are fully complying with the Know-Your-Customer regulations.

Crooks will always find a way to get around the laws and limits. So we want to make sure that the govt doesnt make it too difficult for us law-abiding ppl to conduct our business, while they are trying to stop the crooks.