Once upon a time, e-gold was the undisputed leader among digital gold currencies and still is, but is fast loosing the leadership to its haphazard account blocking exercise, proxy blocking as well as a reversal of its anonymity clause. Although e-gold retains the right to adjust its policies and terms of services, the changes are exactly what many find unacceptable and thus stay away from e-gold.
I have also considered e-gold quite risky and too hot to handle especially because of their random account blocking despite the fact that I have used e-gold exclusively for about 5 years now.
Liberty Reserve seems to be the best alternative to e-gold. I signed-up for Liberty Reserve recently. It has many good qualities: located outside the USA, backed in part by gold, dual currency (US Dollars and Euro), aesthetically-pleasing website, timely customer-friendly support system, very secure login system etc. The biggest weakness I have seen so far with Liberty Reserve is their consistent downtime. Apparently, they’re been constantly hit by DDOS attacks by criminals who don’t want them to survive. As I type this, Liberty Reserve has been offline for 3 straight days now. The following is the latest post on their blog:
Out site is currently subjected to a massive ddos attack. We are taking measures to rectify the situation and will be back as soon as we are ready. We apologize for any inconvenience during this unplanned outage.
Now, how do I trust Liberty Reserve with deposits if I can’t access my account when it matters most?
I know about the other digital gold currencies like e-bullion, c-gold, Crowne Gold, e-dinar, GoldMoney, and Pecunix but I don’t think any of them is viable enough to deserve my patronage. This brings me back to the question: Are Digital Gold Currencies still viable?
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