Your feedback—what we forgot to say—combining the functionality of e-currency issuer, exchanger and third party processor.
All under one roof
We’re already starting to get a lot of feedback on our last blog entry. It’s certainly got some people thinking! One of the emails pointed out that you don’t have to be a Pecunix or an e-gold to get started. It’s a good point, one that we failed to mention.
Setting up as a primary e-currency issuer like Pecunix or e-gold takes quite some time and some capital. Setting up as a secondary e-currency issuer like 1mdc takes almost no time and very little capital. So there’s nothing to prevent some entrepreneur from setting up as a secondary e-currency issuer and then offering additional e-currency features, like reserved fund accounts.
Even better, any business could combine the functionality of secondary e-currency issuer, e-currency exchanger, and third party credit card processor. Even if these functions were presented under different brands there is nothing to prevent centralized control and management, eliminating the need to coordinate between different businesses. While separating the functionality of issuer and exchanger provides confidence for the investor wishing to store substantial quantities of gold, it’s not an issue that concerns the average merchant or his customers. A consolidated business operating from an offshore base could offer a one-stop shop for customer and merchant alike, bringing everything under one roof. Now that would be interesting!