Monday, May 17, 2010

Interview with

From Realforum
Sunday, May 16, 2010

Hi. Could you please introduce yourself to the readers of Realforum and tell us about what your personal involvement with eurogoldcash is? Maybe you could also introduce us to some of the senior staff members that are working for you. Who are they and what do they do?

Not counting our team of programmers, EuroGoldCash has several full-time executive-level employees including myself. We share responsibility for the efficient and secure performance of the EuroGoldCash system. We also have support staff, full-time and part-time, that handle customer service inquiries, lost password retrieval, and other issues.

Can you also give us some background information on EGC? Just the basics, like how long are you in operation?

EGC is in operation since 2008, but EGC management's background comes from the digital currency industry since its inception in the old days of e-gold (1999). Our management has more experience in the market than any other system's management except e-gold.

Where are you based and how many people are working for you? Why did you start the company and did you ever expect to be so popular? Just how popular are you by the way? (How many active accounts do you have?)

We are registered in Panama, but our main headquarters are in Europe.

We started EGC in order to fill a void in the market for private financial transactions in a secure, honest, and multi-jurisdictional venue. Most digital currencies block accounts or do other things with their system to restrain the free flow of money. Our founders believe that the transfer of value (money, gold, other metals) should be free, and flow easily throughout the internet.

As for our popularity, it is increasing steadily. Within the first year of EGC's inception, EGC already had over $1 million of value in trust for our clients. For client privacy reasons, we do not reveal the number of accounts. We can only say that they are growing exponentially.

Would EGC consider some form of chargeback system in the event of a scam?

All systems, including LR, have a "chargeback system in the event of a scam." Barring a few fraudulent currencies out there, no digital currency, EGC included, wants to reward scams. But how do you prove
that a scam exists? Who will be the judge and jury? Which officer should we appoint to decide who's account is frozen and who's isn't?

With thousands or even millions of daily transactions, it is impossible to decide, effectively, what is fraud and what is not. A hit-or-miss policy is also not acceptable because we believe that no innocent account should ever be blocked for no good reason.

Therefore we rely on outside courts to investigate fraud. We respond to correctly filed subpoenas from a court of legitimate jurisdiction. For more information about this, it is best for users to review our terms of service.

If more payment processors did this maybe scammers would think twice about their activities.

From our experience, scammers and fraudsters think twice, three times, and even four times, but all about the same thing: how to do more and better scams. There is no better way to find scams than to have a buyer beware attitude which is why EGC has a page warning users to beware of various types of scams and frauds. This page can be found here:

Is it possible to freeze an account and issue refunds?

Unlike other systems, we follow our terms of service. We may freeze an account, but only if we receive a properly executed subpoena. We have other anti-scam and anti-fraud measures that help our users, but they are proprietary and we cannot reveal them.

I am a eurogoldcash member and appreciate their services. I have noticed that EGC is not a favorite of a lot of HYIP's. Any idea why and what could be done to improve EGC status?

I am not sure that having EGC become a "favorite of a lot of HYIPs" will improve its status.

We allow all users to use our system, including HYIPs (which we consider gambling businesses), but we are not directly reaching out to HYIPs (like other competing systems are doing). Instead, we are concentrating on acquiring mainstream online businesses such as casinos, ForEx, hosting, and others, and we are successful with this strategy.

From our experience, we know that more HYIP businesses will be using our system whether we actively reach out to them or not. One thing we learned about HYIPs is that they know a good thing when they see it, and they love secure, private financial transactions. That is what EGC is all about.

We have recently finalized a contract with the largest mainstream ForEx broker in industry to use EGC:

PFGBEST is larger than any other ForEx broker in the digital currency industry, and they have chosen, exclusively, to provide their users with the ability to fund their PFGBEST accounts online.

We are adding several legitimate, medium to large clients every week including the popular casino, which is adding EGC to their accepted currencies shortly.

Who do you see as your main competitors? AlertPay or StrictPay or LR?

Neither and all of the above. We built EuroGoldCash to be the best, both in technology, design, security, privacy, and functionality. We are not overly concerned with competition. We have a global strategy to provide the best service and best value to our customers. We have the best and most experienced management of any functioning digital currency. We also, through our incentive program for exchangers, are
the cheapest currency to buy for users. We know that the choice is clear. Most users will realize it as well sooner or later.

What do you think of other online processors in general? How trustworthy would you find them and what makes EGC so much better?

I think one should go to to check out any trust issues with digital currencies. Even if we did have strong opinions about the trustworthiness of a particular digital currency, it would be unprofessional for us to voice them.

Speaking only on behalf of EGC, I can say that we are built on trust, privacy, and security. There is no better system out there than EGC.

The recent emergence and relative (and growing) popularity of GlobalDigitalPay would seem to indicate that this is still very much a thriving and lucrative business as well as highly competitive. Has this affected your own business in any noticeable way? How are you planning to keep EGC competitive in the future? Will there be significant changes made in the company?

Again, we do not consider the fact that a bunch of HYIPs accepting a digital currency is necessarily a good thing, though it does make the currency "seem" popular. We are concentrating on gaining legitimate
clients. We are not looking for a bunch of new accounts to be opened and then 95% of them to be closed or abandoned within a month or two after an HYIP closes. This is not a good foundation for a long-term strategy. We do not turn away HYIPs (or anyone else from using EGC), and we do have many HYIPs adding EGC already, but we are not chasing after them.

Reprinted with permission from

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