>e-gold was processing more than US$2 billion worth of spends per year,[1] on a monetary base of only US$71 million worth of gold
The value of transactions divided by currency in circulation has a name: the velocity of money. I took every undergraduate economics, finance and accounting course. Far more is processed in transactions than there is any currency.
Remember the $2.3 trillion missing from the Defense Department? That was stated in inter-agency bookkeeping transactions. The actual amount was only 10s of billions.
Egold was taken down for money laundering because they were not reporting transactions to the government, not because the system was not sound.
thank you, tes I mentioned the fraud in my post
Respects