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E-gold Owners Plead Guilty To Money Laundering
Ian Lamont writes "The three owners of Internet currency service e-gold have pled guilty to money laundering in the U.S. District Court for D.C.. The service is based in the West Indies, but the directors apparently live in Florida. They haven't been sentenced yet, but potentially face decades in prison and millions in fines. In addition, the principal director posted a blog entry yesterday saying that 'criminal activity will not be tolerated,' and pledging to eliminate the loopholes that allowed money laundering to thrive on the service. He also claims that e-gold has more transaction volume in a single quarter than all of the first-generation Web currency services like Cybercash, Beenz, and Flooz completed over their lifetimes. Ironically, one of the reasons that contributed to Flooz's demise in 2001 was rampant money laundering."
Actually, it's the US currency that's bogus, as is the case with any fiat currency. US dollars are backed by nothing but the whims of the federal reserve, and it's this very fact that has brought about America's current financial predicament.
E-Gold holds audited stocks of gold to the value of its deposits, which is a far safer store of wealth than the US dollar.
I hate printers.
Now that WAS off-topic. At least you're batting 50/50 now.
No mod points, no meta-moderating/Firehose/all the other free work Slashdot wants me to do.
What small town in the middle of nowhere do you live in that Radio Shack could personally identify you by the zip code?