By P. Carl Mullan
This ebook offers exact case experiences of the 1st advertisement net electronic foreign money platforms built among 1996 and 2004. Transactions accomplished with the hot know-how circumvented all US monetary laws, a gap that transnational criminals exploited. Mullan explains how a complete of businesses, brokers, and individuals grew to become a blind eye to crimes being dedicated during this unsupervised atmosphere. He then tracks the next alterations made to US rules that now hinder such unlicensed job, illustrating the significance of supervising items and industries that come up from new disruptive know-how. This publication distills enormous quantities of hours of interviews with the creators and operators of early electronic forex companies to create distinctive case stories in their practices.
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Extra resources for A History of Digital Currency in the United States: New Technology in an Unregulated Market
By researching the number of transactions made each day, the size of each payment and the amount of value in the account, it was possible to theorize accurately how customers used e-gold. 0001 of a gram of gold, after 2001, the statistics page began to display thousands of tiny micropayments each day. Later research suggested a large percentage of these tiny spends had been mass “interest” payments conducted through online high-yield investment program (HYIP) Ponzi schemes. The e-gold system also paid a tiny referral fee as an incentive to account holders for promoting the company through hyperlinks.
Jackson even said that he regarded this new mission, of creating an improved private financial solution, as his duty. During the decade from 1996 through 2006, Douglas Jackson and James Turk had both explained how the Internet facilitated the creation of a global private digital currency solution. Before the commercial internet, no private individual or corporation with limited means could have established a boundless secure electronic network. James Turk commented in his early writings how prohibitive a task it would be for any single person or company to construct such a global financial system.
Furthermore, the global risks and costs associated with accepting credit cards were extremely high and horribly insecure. Before e-gold, there was no corresponding global payment mechanism operated by a private entity. While government dominated monetary systems continued to underperform, Douglas Jackson stated his belief that there was a strong business case for an alternative global currency that could circulate beyond the risks and dangers posed by conventional banks. Mr. ” After conceiving of the e-gold solution, Douglas Jackson also stated that he felt it would not make any sense to solicit an existing conventional institution for the implementation of his new concept.
A History of Digital Currency in the United States: New Technology in an Unregulated Market by P. Carl Mullan