Treasureline Interlink has been delisted from the list of Nigerian Illegal fund managers through a court judgement.
The news has been confirmed by the Chairman of the organisation, Dr Waliu Oyeniran Oyeleke via a telephone conversation with imoisilis.com this evening.
A press conference will be held in Lagos tomorrow for the full briefing.
Full details to be out shortly...
Wednesday, May 7, 2008
Saturday, May 3, 2008
What is e-Currency?
Hello, quite a while. Confess my blogging has not been regular lately, no thanks to my current work pressure. But somehow I am determined to un-laminate that aspect of my life now irrespective of whatever pressure I face. Did I hear you say new CANDO spirit!
This week I am starting with a research I just concluded on e-currency, it is a quite a piece and I believe it will educate us more on this new revolutionary method of payment sweeping the world like wildfire.
Things are happening fast and I think we have to be part of it...
What about Wonder Banks? Sorry I haven’t heard much lately, the same old story but I am still optimistic that our hard earn investment will not go down in vain. Will keep you posted soon as I hear anything concrete.
British Airways and the humiliation of Nigerians, hmmm, what can one say; I hope we never get to hear of this sort of nonsense again. We deserve to be treated better considering the high economic gain the Lagos - London route contributes to the company’s purse. That route is one of the most lucrative routes in the world, Nigeria Village Square thanks for the good job and congratulations on your 5th anniversary.
Brother Ayodeji Omotade, the whole country is behind you now, just keep up the good fight!
The New Nigerian Club? The realities are becoming glaring by the day, with new deals springing up here and there and the mad rush to grab every piece of the action. Weekly seminars are now held in Lagos where members are taught the basics of investment, opportunities and how to utilize them. The kick of NNC is not in the MLM as a lot of people thought but in the deals that are opened to members. To Deolu and Generis team I say well-done, please keep up the good work.
Hmm ...talking about MLM, the market has been very slow lately with some new ones spring up and dying almost simultaneously. Guess we are all tired of chasing people all around. Clubfreedom didn’t make it any easier.
Stock Market? Bearish note, right time to take position for the next bull’s rush.
Congratulations my child hood friend, Oba Sejiro Olalekan James, Oba of Kwame on your first anniversary on the throne of your forefathers. Kabiyesi, k’ade pe lori, ki bata pe lese, oye a mori o! Forgive my poor Yoruba grammar.
Adieu Pa Abraham Adesanya and one time VC of my Alma matter, LASU, Professor Jadesola Akande, may your beautiful souls rest eternally in the good LORD’s bosom.
Please join me as we take a trip to the new world of e-currencies...
What is e-currency?
The “E" of e-currency stands for "electronic"; in which means the currency used on the internet related field just like email. There are several benefits of using e-currency service on the internet like e-gold and PayPal.
Basically all digital currencies are in fact “online payment systems” allowing you to transfer instantaneously, some value to an individual or a company located anywhere in the world. This transfer could be a simple gift or a payment for an object or a service that you want to get.
E-currency is precious metal-backed Internet currency. To open an account, an individual "deposits" money with an online e-currency company that then converts the amount into gold bullion. Via the Internet, the account holder can transfer ownership of some or all of that gold into someone else's e-currency account. Ownership can be repeatedly transferred.
It is a sort of online version of "warehouse banks," which similarly converted account holders' deposits into gold or silver bullion stored in the bank. These institutions became popular in the 1980s among domestic right-wing extremists, who used them to launder money, hide assets and to commit other financial abuses.
While the records of e-currency companies may be obtainable by court order, and all transactions involving $10,000 or more in cash must be reported, some economists and Secret Service officials have expressed concern about the potential for money laundering using e-currency channels.
E-currency has been widely used by perpetrators of pyramid scams. Swindlers demand payment in e-currency because, unlike with checks or credits cards, the charges clear instantly and cannot be cancelled. Experts estimate that about half of e-currency transactions are related to scams or online fraud.
The most popular e-currency service is e-gold, operated by Gold & Silver Reserve, a Florida-based company. It claims more than 200,000 accounts and more than $14 million in currency. A January 2002 account reported that its clients made 8,600 transactions daily. About half of the e-gold system's physical reserves are located in Dubai, apparently for financial reasons, but also to help in the marketing of e-dinar, which was launched in September 2000.
E-dinar is affiliated with the Islamic Mint, a private organization dedicated to reviving the gold and silver currencies described in the Quran. Officers of the Islamic Mint (who hail from England, Spain, Switzerland, Malaysia and Germany), are members of the Murabitun movement - a tiny, Western offshoot of Islam's Sufi movement, founded by a Scottish convert in the 1960s. The sect is staunchly anti-Al Qaeda and anti-Taliban and seeks to enlist Muslims worldwide in an effort to overturn world finance in favour of a "Quranic" gold and silver system.
Other smaller systems include Gold Money, Internet Dollar and Web Money. There is no indication that any of these companies, including e-gold, engage in illicit behaviour. (E-gold has been commended for its cooperation in investigations of its account holders.)
Use of e-currencies
1. The e-currency can be used on the internet related commercial applications such as shopping on the internet and doing personal investment via internet.
2. The using of the e-currency services for example e-gold and PayPal brings people a new way not to use their credit card as the only payment method on the internet since sometime there exists a big risk to provide your credit card information to the merchant you do not know them very well and most of them are far away in the other side of the earth.
3.The e-currency service companies such as e-gold ,PayPal, e-bullion, c-gold, pecunix, Liberty Reserve and EMO can provide both the buyers and merchant the convenient way to send and receive the payment just by clicking the confirm button and the deal is done. None of the payment methods in the world right now can provide this kind of efficiency capability.
Types of e-Currency
There are two major types of e-currency in the world. The major different is their backed base. One is backed by precious metal such as e-gold is backed by gold. Another type of e-currency is backed by hard currency like PayPal. Both of them are all called e-currency.
Digital Gold Currencies (DGCs) are a form of Internet money denominated in gold weight. The typical unit of account for such currencies is the gold gram or the troy ounce, although other units such as the gold dinar are sometimes used.
Due to its rarity and durability, gold has long been used as a means of payment. The exact nature of the evolution of money varies significantly across time and place, though it is believed by historians that gold's high value for its utility, density, resistance to corrosion, uniformity, and easy divisibility made it useful both as a store of value and as a unit of account for stored value of other kinds. In Babylon, a bushel of wheat was the unit of account, with a weight in gold used as the token to transport value.
Just like the Gold backed Digital Gold Currencies (DGCs) .Currency backed Digital Currency is another type of e-currency but been backed by the hard currencies .Most of those currency backed digital money are backed in USD and EURO for example PayPal, Net Pay, EMO and Storm Pay. Just like the DGCs the DC has the same key function for using in the internet related commercial applications.
Pros and Cons about different types of e-currency
Digital Currency (here we mean e-currency backed by hard currency) is widely used in the internet as the medium of internet related commercial actions. This provides those users a quick, simple and safe way for shopping instead of showing their credit card information to merchant who they do not know.
However DC is somehow been restricted in some regional area which is defined by the currency they choose to be backed .The major reason is the floating character of exchange rate between the hard currency and the local currency often used by the internet users. For example, an internet user who lives in Japan may lose money when processing the currency exchange from USD to JPY if he does not watch out the international economics careful enough.
Most of the e-currency companies backed by hard currencies become big giant because of the large number of currency users, e.g. PayPal. But no one will guarantee if PayPal can do the same good job in the future hard currency such as the RMB in China if PayPal does not provide RMB base payment service.
Other Advantages
E-currency transactions are irreversible once done and the fact that you don’t know the other party make it worse.
Highly risky: You have to be sure of whom you are dealing with before parting with your money otherwise the money is gone.
Who uses e-currency?
• e-commerce
• Business-to-business payments
• Point of service sales
• Person-to-person payments
• Payroll
• Bill payments
• Charitable donations
What is the difference between Digital Currencies?
The main difference between digital currencies is the way they are accounted. Some are simply accounted in a specific national currency and some others are accounted in weight of metal like gold or silver.
For example “E-bullion e-currency” and “Liberty Reserve USD” are accounted in USD. So if you have an “E-bullion e-currency” account with a balance amount of 500 then your account value is 500$USD. However if you have an e-gold, e-bullion gold, c-gold or Pecunix account which is accounted in weight of metal then its balance amount is a number of units of metal not a number of a national currency.
That is to say that if you have an e-gold account with a balance amount of 500 it means that you have 500 troy oz of gold. The equivalent current fiat (national currency) values are displayed for reference only, and will fluctuate with the current market price although digital metal currencies are accounted by weight; their payment system allows a value transfer to be expressed in terms of different national currencies.
For example, it is possible to:
• Transfer 5 troy oz worth of e-gold
• Transfer 4.3 grams worth of e-gold
• Transfer US $300.00 worth of e-gold
• Transfer CHF 985.88 worth of e-gold
This means that an American can pay an Australian or Japanese can pay Spanish the correct weight of gold for a good or service as easily as if the price had been quoted in his own national currency.
Advantages of Digital gold Currencies over National Currencies
By definition Money is anything that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts.
But, what makes a kind of money better than another? Simple, it’s capacity to keep its purchasing power. Therefore Gold is still the best money in the world. It exists for nearly three thousand years as a medium of exchange and on a long period of time it keeps its purchasing power contrarily to any other national paper currencies that see their purchasing power reduce by inflation.So keeping your assets in Gold in the best way to protect it against inflation and thus keep your purchasing power year after year.
However carrying gold in not practical as a form of payment, but thanks to internet and digital gold currencies that brought us the possibility exchange tiny amount of gold for a tiny fee.
Because gold has an internationally agreed value, Digital Gold Currencies systems are perfectly suited to the specific demands of e-commerce.
e-gold
e-gold is a digital currency, issued by e-gold Ltd., a Nevis corporation, 100% backed at all times by gold bullion in allocated storage. Other e-metals are also issued and 100% back by the corresponding metal: e-silver, e-platinum, and e-palladium.
e-gold is integrated into an account based payment system that empowers people to use gold as money.
e-bullion
e-Bullion.com is legally registered as a corporate entity in the Republic of Panama.
All reserve bullion backing the e-Bullion.com system is allocated and remains the property of the e-Bullion® Company and e-Bullion® account holders.
c-gold
Commerce Gold (c-gold.com) is a project of Private Gold Equities Exchange Limited, a Seychelles company (est. 2005, cert. 024795) that specializes in the development and operation of online market places and e-commerce platforms.
Liberty Reserve
Liberty Reserve is incorporated in Costa Rica. It is a 100% irrevocable payment system allowing you to send or receive money to or from anyone in the world.
An offshore Trust protects Liberty Reserve and is always backed 100% by U.S. dollars for LR-USD accounts, and by gold for LR-gold accounts, etc.
Pecunix
Pecunix is gold based digital currency and payment solution that allows people to securely make and receive payments instantly via the Internet.
Popular e-currency Exchangers
There are so many e-currency exchangers or funders across the globe including Nigeria. To find one you can use e-currency directory to search for the appropriate one that meets your needs in terms of the current purchasing rate.
However there are fraudulent ones too, so you have to be very careful when choosing an exchanger. I would advise you investigate an exchanger before parting with your money.
This article was done for information purpose only. imoisilis.com is not privy and will not be held liable for any form of transaction done by the visitors of this site based on the information provided herein. Visitors transactions are at their own discretion.
Extra materials gotten from www.giexc.com and www.getemoney.com
This week I am starting with a research I just concluded on e-currency, it is a quite a piece and I believe it will educate us more on this new revolutionary method of payment sweeping the world like wildfire.
Things are happening fast and I think we have to be part of it...
What about Wonder Banks? Sorry I haven’t heard much lately, the same old story but I am still optimistic that our hard earn investment will not go down in vain. Will keep you posted soon as I hear anything concrete.
British Airways and the humiliation of Nigerians, hmmm, what can one say; I hope we never get to hear of this sort of nonsense again. We deserve to be treated better considering the high economic gain the Lagos - London route contributes to the company’s purse. That route is one of the most lucrative routes in the world, Nigeria Village Square thanks for the good job and congratulations on your 5th anniversary.
Brother Ayodeji Omotade, the whole country is behind you now, just keep up the good fight!
The New Nigerian Club? The realities are becoming glaring by the day, with new deals springing up here and there and the mad rush to grab every piece of the action. Weekly seminars are now held in Lagos where members are taught the basics of investment, opportunities and how to utilize them. The kick of NNC is not in the MLM as a lot of people thought but in the deals that are opened to members. To Deolu and Generis team I say well-done, please keep up the good work.
Hmm ...talking about MLM, the market has been very slow lately with some new ones spring up and dying almost simultaneously. Guess we are all tired of chasing people all around. Clubfreedom didn’t make it any easier.
Stock Market? Bearish note, right time to take position for the next bull’s rush.
Congratulations my child hood friend, Oba Sejiro Olalekan James, Oba of Kwame on your first anniversary on the throne of your forefathers. Kabiyesi, k’ade pe lori, ki bata pe lese, oye a mori o! Forgive my poor Yoruba grammar.
Adieu Pa Abraham Adesanya and one time VC of my Alma matter, LASU, Professor Jadesola Akande, may your beautiful souls rest eternally in the good LORD’s bosom.
Please join me as we take a trip to the new world of e-currencies...
What is e-currency?
The “E" of e-currency stands for "electronic"; in which means the currency used on the internet related field just like email. There are several benefits of using e-currency service on the internet like e-gold and PayPal.
Basically all digital currencies are in fact “online payment systems” allowing you to transfer instantaneously, some value to an individual or a company located anywhere in the world. This transfer could be a simple gift or a payment for an object or a service that you want to get.
E-currency is precious metal-backed Internet currency. To open an account, an individual "deposits" money with an online e-currency company that then converts the amount into gold bullion. Via the Internet, the account holder can transfer ownership of some or all of that gold into someone else's e-currency account. Ownership can be repeatedly transferred.
It is a sort of online version of "warehouse banks," which similarly converted account holders' deposits into gold or silver bullion stored in the bank. These institutions became popular in the 1980s among domestic right-wing extremists, who used them to launder money, hide assets and to commit other financial abuses.
While the records of e-currency companies may be obtainable by court order, and all transactions involving $10,000 or more in cash must be reported, some economists and Secret Service officials have expressed concern about the potential for money laundering using e-currency channels.
E-currency has been widely used by perpetrators of pyramid scams. Swindlers demand payment in e-currency because, unlike with checks or credits cards, the charges clear instantly and cannot be cancelled. Experts estimate that about half of e-currency transactions are related to scams or online fraud.
The most popular e-currency service is e-gold, operated by Gold & Silver Reserve, a Florida-based company. It claims more than 200,000 accounts and more than $14 million in currency. A January 2002 account reported that its clients made 8,600 transactions daily. About half of the e-gold system's physical reserves are located in Dubai, apparently for financial reasons, but also to help in the marketing of e-dinar, which was launched in September 2000.
E-dinar is affiliated with the Islamic Mint, a private organization dedicated to reviving the gold and silver currencies described in the Quran. Officers of the Islamic Mint (who hail from England, Spain, Switzerland, Malaysia and Germany), are members of the Murabitun movement - a tiny, Western offshoot of Islam's Sufi movement, founded by a Scottish convert in the 1960s. The sect is staunchly anti-Al Qaeda and anti-Taliban and seeks to enlist Muslims worldwide in an effort to overturn world finance in favour of a "Quranic" gold and silver system.
Other smaller systems include Gold Money, Internet Dollar and Web Money. There is no indication that any of these companies, including e-gold, engage in illicit behaviour. (E-gold has been commended for its cooperation in investigations of its account holders.)
Use of e-currencies
1. The e-currency can be used on the internet related commercial applications such as shopping on the internet and doing personal investment via internet.
2. The using of the e-currency services for example e-gold and PayPal brings people a new way not to use their credit card as the only payment method on the internet since sometime there exists a big risk to provide your credit card information to the merchant you do not know them very well and most of them are far away in the other side of the earth.
3.The e-currency service companies such as e-gold ,PayPal, e-bullion, c-gold, pecunix, Liberty Reserve and EMO can provide both the buyers and merchant the convenient way to send and receive the payment just by clicking the confirm button and the deal is done. None of the payment methods in the world right now can provide this kind of efficiency capability.
Types of e-Currency
There are two major types of e-currency in the world. The major different is their backed base. One is backed by precious metal such as e-gold is backed by gold. Another type of e-currency is backed by hard currency like PayPal. Both of them are all called e-currency.
Digital Gold Currencies (DGCs) are a form of Internet money denominated in gold weight. The typical unit of account for such currencies is the gold gram or the troy ounce, although other units such as the gold dinar are sometimes used.
Due to its rarity and durability, gold has long been used as a means of payment. The exact nature of the evolution of money varies significantly across time and place, though it is believed by historians that gold's high value for its utility, density, resistance to corrosion, uniformity, and easy divisibility made it useful both as a store of value and as a unit of account for stored value of other kinds. In Babylon, a bushel of wheat was the unit of account, with a weight in gold used as the token to transport value.
Just like the Gold backed Digital Gold Currencies (DGCs) .Currency backed Digital Currency is another type of e-currency but been backed by the hard currencies .Most of those currency backed digital money are backed in USD and EURO for example PayPal, Net Pay, EMO and Storm Pay. Just like the DGCs the DC has the same key function for using in the internet related commercial applications.
Pros and Cons about different types of e-currency
Digital Currency (here we mean e-currency backed by hard currency) is widely used in the internet as the medium of internet related commercial actions. This provides those users a quick, simple and safe way for shopping instead of showing their credit card information to merchant who they do not know.
However DC is somehow been restricted in some regional area which is defined by the currency they choose to be backed .The major reason is the floating character of exchange rate between the hard currency and the local currency often used by the internet users. For example, an internet user who lives in Japan may lose money when processing the currency exchange from USD to JPY if he does not watch out the international economics careful enough.
Most of the e-currency companies backed by hard currencies become big giant because of the large number of currency users, e.g. PayPal. But no one will guarantee if PayPal can do the same good job in the future hard currency such as the RMB in China if PayPal does not provide RMB base payment service.
Other Advantages
- They are borderless. A transfer can be sent to anyone in the world.
- Transfers are instantaneous, no waiting for checks to clear or credits to be made
- Transactions fees are lower than credit cards and banks.
- Payments are irrevocable. So no charge back anymore. "Get paid, stay paid" unlike credit card payments.
E-currency transactions are irreversible once done and the fact that you don’t know the other party make it worse.
Highly risky: You have to be sure of whom you are dealing with before parting with your money otherwise the money is gone.
Who uses e-currency?
• e-commerce
• Business-to-business payments
• Point of service sales
• Person-to-person payments
• Payroll
• Bill payments
• Charitable donations
What is the difference between Digital Currencies?
The main difference between digital currencies is the way they are accounted. Some are simply accounted in a specific national currency and some others are accounted in weight of metal like gold or silver.
For example “E-bullion e-currency” and “Liberty Reserve USD” are accounted in USD. So if you have an “E-bullion e-currency” account with a balance amount of 500 then your account value is 500$USD. However if you have an e-gold, e-bullion gold, c-gold or Pecunix account which is accounted in weight of metal then its balance amount is a number of units of metal not a number of a national currency.
That is to say that if you have an e-gold account with a balance amount of 500 it means that you have 500 troy oz of gold. The equivalent current fiat (national currency) values are displayed for reference only, and will fluctuate with the current market price although digital metal currencies are accounted by weight; their payment system allows a value transfer to be expressed in terms of different national currencies.
For example, it is possible to:
• Transfer 5 troy oz worth of e-gold
• Transfer 4.3 grams worth of e-gold
• Transfer US $300.00 worth of e-gold
• Transfer CHF 985.88 worth of e-gold
This means that an American can pay an Australian or Japanese can pay Spanish the correct weight of gold for a good or service as easily as if the price had been quoted in his own national currency.
Advantages of Digital gold Currencies over National Currencies
By definition Money is anything that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts.
But, what makes a kind of money better than another? Simple, it’s capacity to keep its purchasing power. Therefore Gold is still the best money in the world. It exists for nearly three thousand years as a medium of exchange and on a long period of time it keeps its purchasing power contrarily to any other national paper currencies that see their purchasing power reduce by inflation.So keeping your assets in Gold in the best way to protect it against inflation and thus keep your purchasing power year after year.
However carrying gold in not practical as a form of payment, but thanks to internet and digital gold currencies that brought us the possibility exchange tiny amount of gold for a tiny fee.
Because gold has an internationally agreed value, Digital Gold Currencies systems are perfectly suited to the specific demands of e-commerce.
e-gold
e-gold is a digital currency, issued by e-gold Ltd., a Nevis corporation, 100% backed at all times by gold bullion in allocated storage. Other e-metals are also issued and 100% back by the corresponding metal: e-silver, e-platinum, and e-palladium.
e-gold is integrated into an account based payment system that empowers people to use gold as money.
e-bullion
e-Bullion.com is legally registered as a corporate entity in the Republic of Panama.
All reserve bullion backing the e-Bullion.com system is allocated and remains the property of the e-Bullion® Company and e-Bullion® account holders.
c-gold
Commerce Gold (c-gold.com) is a project of Private Gold Equities Exchange Limited, a Seychelles company (est. 2005, cert. 024795) that specializes in the development and operation of online market places and e-commerce platforms.
Liberty Reserve
Liberty Reserve is incorporated in Costa Rica. It is a 100% irrevocable payment system allowing you to send or receive money to or from anyone in the world.
An offshore Trust protects Liberty Reserve and is always backed 100% by U.S. dollars for LR-USD accounts, and by gold for LR-gold accounts, etc.
Pecunix
Pecunix is gold based digital currency and payment solution that allows people to securely make and receive payments instantly via the Internet.
Popular e-currency Exchangers
There are so many e-currency exchangers or funders across the globe including Nigeria. To find one you can use e-currency directory to search for the appropriate one that meets your needs in terms of the current purchasing rate.
However there are fraudulent ones too, so you have to be very careful when choosing an exchanger. I would advise you investigate an exchanger before parting with your money.
This article was done for information purpose only. imoisilis.com is not privy and will not be held liable for any form of transaction done by the visitors of this site based on the information provided herein. Visitors transactions are at their own discretion.
Extra materials gotten from www.giexc.com and www.getemoney.com
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