A Vicious E-gold

Updated: 12/17/2006 09:11
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It often happens in human life that some things that we consider to be extremely convenient an useful, have their reverse side, and this side often appears quite unexpectedly. Thus, e-gold payment processor, the most popular an widely used processor at the moment, has astonished and shocked its users and online audience from all over the world.

Of course, you understand exactly what we mean, a recent accident with blocked accounts that belong to Iranian users. This event has aroused a lot of discussions about trustworthiness of e-gold itself and about any alternative variant of payment processor.

On one side, this payment processor is something essential for all investors and administrators. A lot of people will say that it doesn't have rivals in reliability and popularity. This service is used by millions of users from all over the world, and this may be regarded as a reason enough to rely on it and trust it. But as every medal has its reverse side, e-gold payment processor may be regarded untrustworthy and even risky due to the same reasons that make it popular.

At the very end of November all HYIP-related audience as well as the whole circle of e-gold users have been shocked by sudden news: e-gold administration has blocked all accounts that belong to Iran users.

It has been made without any warnings or notifications, without giving users a possibility to withdraw or remove their accounts by themselves. We may only mention what huge sums have been taken by e-gold staff this day.

No official explanation has been provided. When unhappy former users tried to access their accounts they were told that this measure was caused by legislation requirements. Of course, this event was heavily discussed by investors, seeking for possible real reasons of such measure, and it is still discussed, because none of those investors whose accounts had been suspended, received their money back. They even were not promised that they would be refunded.

Of course, people appeared defending e-gold, and justifying this measure from the point of view of American legislation. As you know, the USA laws forbid having any kind of business relations with companies from a range of countries, including Iran.

But as soon as e-gold is not a registered American company, such obedience seems to be at least surprising, if not strange. It may seem that e-gold staff found an excuse they needed, and they even didn't care to make it more or less reasonable.

Why? The answer is simple - because nobody can do anything to them, and nobody can make them give the money back or at least explain, although I guess, explanations won't stand for money for those investors who used for transactions e-gold accounts only.

Those mails to e-gold, and even to the president of the USA are useless, they won't change anything, as well as requests of monitoring services or media to explain. These were just attempts to do something made by those people who had lost their hope, but try again unsuccessful attempts to recover their trust in justice.

It is not surprising that a lot of investors living outside Iran have expressed their indignation. A lot of them announced that they would seek for another payment processor because they lost their trust to e-gold. Could e-gold escape taking the probability of such reaction into account?

Probably, no. maybe the sums they have got are so huge that they are not afraid of losing a part of their investors. All the more, rivals are indeed difficult to be found. Besides, a lot of projects accept e-gold as a single payment processor.

Of course, such obstacle is really difficult to withstand, but once we started to discuss this relevant question, we'd like to remember all those multiple complaints that appear from time to time, being lost in millions of praises in favor of e-gold.

We mean rumors (or complaints) about accounts, especially monitored and controlled by e-gold staff, to watch what sums are transferred and to what accounts exactly. We mean those cases when administrators reported that their accounts has been blocked by e-gold for no particular reasons...

Such complaints have been always treated as mere words, used to cover and justify scam. Maybe, a part of such negative comments was fake indeed, but as all of us know, there's no smoke without a fire!

Of course, very few people believe such complaints, but after recent events discussed above, the level of trust to e-gold has significantly decreased. And all these sad cases of scamming users should be necessarily taken to mind by all of us, although they are almost impossible to be proved.


About the author

Huang Kong skillful writer, working at HYIPNews since 2008. Experienced in writing articles, news reports and editing online content. Hong Kuang has proven to be a consistently dependable team player, able to handle any task in the sphere of article writing. He thrives in a high-pressure environment, enjoys the challenges of meeting deadlines and managing a team, he is comfortable researching, writing and editing on a wide range of topics.
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