eGold was a remarkable financial institution in that it focused so much on providing a service to their customers. They were a servant, not of the government, not of the regulatory powers that be, but of their customers. This is rare. Try to make a payment to an online poker site from your bank account if you want to see how your bank's commitment to their customers stacks up against eGold.<p>Sadly, eGold was shut down. It was too dangerous to the authority's power for it to be allowed to exist. Epiphyte corp. can only exist in a fictional universe outside of the watchful gaze of Uncle Sam.
What is surprising to me, is how no law enforcement exists at any level for individuals who get scammed on the Net. I am talking about eBay scams, all those spam emails etc.<p>Yet create a company where the IRS might not get every penny due either to e-gold's actual gold appreciation or money transfers, and see how rapidly the Feds react.
Which is a better commodity to back a currency?<p>- Gold, where quantity is dependant on the supply of a single good dug out of the ground.<p>- Debt, where quantity is dependant on the supply of all goods (including labour).
Bit gold will provide a safer alternative:<p><a href="http://unenumerated.blogspot.com/2005/12/bit-gold.html" rel="nofollow">http://unenumerated.blogspot.com/2005/12/bit-gold.html</a>