E-Gold Indictment and Response

E-Gold
As all of you should already know, e-gold was indicted on the 27th and 3 days later came up with this response. I thought the response felt like a statement filled with damaging insinuations that's going to bite e-gold in the arse in a court fight.

There's still alot of uncertainty going on with regards to the future of e-gold, with the situation going nowhere clearer in the next few of months. In the meantime, it's business as usual for e-gold.

I'm personally leaning towards taking the cautious approach and not hoarding much in my e-gold accounts, just enough to make the occasional gamble when the right situation arises.

Club-FXTrader
Apparently 'hackers' got into the account and stole all the money. I don't have much vested here. On hindsight I should have pulled all my money out of this one last month when changes were announced. I've never taken this one as a real program and have always been treating it like a ponzi.

I've never believed any program which promises a fixed percentage to be really trading in anything other than our emotions. The strange thing with this program is that there are alot of so called experts in the field of forex who actually believe that 20% a month can actually be achieved on a constant basis.

In any case, there's going to be loads of explaining to do and plenty of verification and, more importantly, validation to do should the administrator decide to release proof of hacking. All of which should prove to be an interesting drama to sit thru, afterall I've paid for the tickets.

E-Gold Trouble?

I've recently got alot on my plate and haven't been actively monitoring the 'industry' on the whole. There are things that I've wanted to comment on but haven't had the time to cohesively put my thoughts together. However this e-gold situation is something that can't wait.

1mdc which has been a strong bastion for e-gold users had their accounts blocked via court orders. Not much is known with regards to the details and speculation, as usual, is rife. You can visit the 1mdc website for more inform on them.

IceGold, a major exchanger in Europe has also changed their e-gold account. Again, speculation as to why they are doing it, is running wild.

Of course more information of this can be found in DigitalMoneyWorld.com.

Chances are that all these are going to amount to nothing as the US government is weeding out all the illegal transactions and money laundering schemes going on. On the other hand, hitting on the exchangers may have more servere reprecussions for those of us with money in e-gold.

I've been a firm supporter of e-gold and all the previous rumours pertaining to e-gold have not hit such levels of magnitude nor seriousness. Somehow one plus one here doesn't seem to add up. I'm personally not advocating panic, but at the same time I'm not getting good vibes here and have cashed out most of my holdings in e-gold with the local exchangers. Time will tell how this one will unfold.

If it all goes wrong, this entire 'industry' will sink faster than Atlantis, signalling the end of the ponzi-pushing days. All in all, might not be such a bad thing afterall.

For Singaporeans looking to cash out, I would strongly recommend snapgold.com at this juncture.