After two days of no sleep trying to figure this egold mes out
I am about about to Update Mgg position. After I hare from
the pay master. Which should be within the hour
M
Mgg Position.
Well the news isnt news for most of you so I will get to the point. On Friday a indictment
against egold owners Dr. Jackson & Co. was made public and is now the topic of debate on
forums since. Indictments are charges of misconduct but you are innocent until proven guilty.
On Friday before the news was made public payout requests from the 25th were completed
and requests from the 26th were started. Then the news was released and payments could not
continue because of the major egold exchangers Mgg had funds with accounts were suddenly
blocked for the time being as indirect targets of the indictment.
MGG being aware of problems faced with HYIPs history of being hacked and having egold accounts blocked put into
place a system where we relied on the transfer of funds from exchangers for what was needed to payout.
This was done for security reasons.
We cannot get answers from egold, icegold or TBE the exchangers are not answering phones or emails.
The situation with egold right now is unknown except for speculation by many. Until things are made clear the program will be on hold and deposits and cashouts will be stopped.
As it stands until and unless the situation with exchangers is brought to light then MGG is in a corner like any other
programs accepting egold right now.
Whatever happens after this week I do not think egold will stay the same. Verification and even
denial of access to future US customers might be a result. I am not sure. What bothers me is
the most customer friendly exchangers are targets of this and there is nothing we can do
unless they are free to continue with the business they have committed to for the past ten years.
Personal opinion here but egold is been around for ten years and the accusations of money transmitting
without a license are absurd. It took ten years to work that out but only a few months to nail EMO with it?
What about CEP Trust? Hmm. I wouldn’t jump on board to the cash only processors right now that might
claim to be licensed and legal because they are not and are just feeding off the uncertainty with digital gold.
Program status is up in the air as far as things are concerned, we are waiting for the exchangers to tell us
when they will be back in business and programs are the least of all concerns. These events were not foreseeable and yes they really bring MGG and others to a standstill.
We will see what happens, growth and site interest was positive until the news and now it is a matter
of just waiting to see. Other processors will be considered and any implementation will take time if that route is taken.
Two Points:
We have a contingency plan that is being worked in case things
become extreme but this does depend on what the gold exchangers
next move is.
We have other business plans that were to be implemented at a later
date that are now being brought forward as quickly as possible.
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