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Another nail in the coffin...

Discussion in 'BlackHat Lounge' started by blueskywalking, Jul 25, 2008.

  1. blueskywalking

    blueskywalking Registered Member

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    The Powers that Be , having decided to tighten their grip over both the internet in general and internet commerce in particular, are going to do their damnest to rack up more cases like the following. And watch out too for hype around kids exposed to porn, online crime, even cyber-terrorism as they try to whip up public support for stricter 'regulation of the Net'. Particularly in Canada. The baaassstards....

    "The executives in charge of online payment system E-gold have pleaded guilty to money-laundering charges, the US Department of Justice said on Tuesday.

    Principal E-gold director Douglas Jackson, who is also chief executive of E-gold affiliate Gold & Silver Reserve, pleaded guilty to conspiracy to engage in money laundering and operating an unlicensed money-transmitting business. Jackson now faces up to 25 years in jail and a fine of $750,000 (£376,000)."

    http://news.zdnet.co.uk/security/0,1000000189,39451568,00.htm
     
  2. The Lazy Pig

    The Lazy Pig Jr. VIP Jr. VIP Premium Member

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    Ouch...! This is a big one.
     
  3. BuzzKill

    BuzzKill Executive VIP

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    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..
     
    Last edited: Jul 25, 2008
  4. jmhmedia

    jmhmedia Junior Member

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    ..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.
     
  5. BuzzKill

    BuzzKill Executive VIP

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    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.
     
    Last edited: Jul 25, 2008
  6. Gogeta

    Gogeta Power Member

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    Good news for paypal
     
  7. blueskywalking

    blueskywalking Registered Member

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    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.
     
  8. Rambo

    Rambo BANNED BANNED

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