Another nail in the coffin...

Ouch...! This is a big one.

I had a booth at the IA2000 show (porn convention) in Miami in Oct of 2000. We had the usual people walking by, wanting to know about the affiliate program, some pushing their wares. I will never forget this guy coming up to us, saying that he had a revolutionary new payment system for the web, e-gold. He explained to us how it was going to be a global payment system, yada yada yada. We thought it was the dumbest idea we had ever heard, years later when I saw that it was the preferred method of payment for carders, crooks, and pedophiles, I was impressed that he had made it as far as he did, but knew his days were seriously numbered.

hey there blue star number 2.. Thanks e-gold money launderer..

..the real winner here is PayPal. As crappy as their service is if other companies go out of business or get tarnished PayPal grows stronger.

E-gold was actually a real pain in the ass to use. There used to be services that would let you cash out via Western Union but they stopped that as soon as they started it. I would imagine the fraud was incredible. Most people would not use it because it was just too damn inconvenient, you cant fund it with credit cards, too many steps - bank wires, postal mail, fuck that. As much as paypal sucks ass, its still the most convenient.

Come to think of it, the interest that e-gold made on stagnant accounts was probably enormous. I know that I personally sold some email lists through e-gold and abandoned several accounts, free money for them.

Good news for paypal

Yeh, no great loss in terms of payment processors. God I can remember laaate nights crawling though bizare forums trying to find someone, anyone who'd exchange some egold for paypal or a CC, just cause some product vendor would accept only that!
Poor guy though, they're really gonna haul him through the coals and scapegoat him, irrespective of what he actually did.
Bloody paypal. Whoever gets the monopoly becomes the arsehole who calls the shots, sets the rules. Paypal, Ebay, Google.

Paypal execs must be laughing with joy at this news...I never used shitty E-Gold anyway...