Well, WebMoney people (Nick Senchenko, to be precise) say that they put their arbitration system in place, because ex-Soviet court systems are almost dysfunctional and pretty much useless for most of their disputes. The very legal framework, which, unlike Common Law, does not recognize precedents and requires all laws to be legislated into existence is extremely unwieldy for such uncharted territory.
Necessity is the mother of all innovation.
For low value transactions, can the chargeback system used by credit cards be improved upon?
Posted by nick at January 7, 2006 01:02 PMGeorge posts on the DGC Chat list:
In case you don't know it yet, Doug Jackson's letter is up here:
http://e-gold.com/letter.html
Posted by Doug Jackson's letter at January 7, 2006 02:44 PMe-gold has cleared an administrative issue and as of July 14, 2006 is properly registered in Nevis.
Posted by Bill Cunningham at August 18, 2006 01:24 PMAnyone who gets involved with e-Gold is in for a big surprise. When the day comes where you want to cash in your Gold for good old US dollars, you must GIVE your gold to a dealer who is free to ignore you forever after. When I tried to sell my e-Gold to an outfit called www.AnyGoldNow.com, they threw one obstacle after another
at me until I gave up trying to get my $127.50 back. If you think that e-Gold will help you in any way, think again.
They protect the scammers with a statement to that effect in
their terms of service. Put your money in the bank. It won't
get you much but at least they won't take your money away from you.