Lesson plan
1mdc
1mdc was a digital gold currency (DGC) that existed from 2001 to 2007 in which users traded digital currency backed by reserves of e-gold, rather than physical bullion reserves. The website appeared to switch between various offshore hosting locations, and used software designed by Interesting Software Ltd, an Anguilla company. As of April 27, 2007, a US court order has forced e-gold to liquidate a large number of e-gold accounts totalling some 10 to 20 million US dollars' worth of gold. A small part of this seizure was 1mdc's accounts and assets [http://www.usdoj.gov/opa/pr/2007/April/07_crm_301.html]. If the court order in the USA is reversed, a user's e-gold grams remaining in 1mdc will "unbail" normally to the user's e-gold account. Ultimately e-gold is owned and operated by US citizens, so, 1mdc users must respect the decisions of US courts and the US authorities regarding the disposition of e-gold and the safety and security of US citizens. Even though 1mdc has no connection whatsoever to the US, and most 1mdc users are non-USA, ultimately e-gold is operated from the USA.
Article summary
1mdc was a digital gold currency (DGC) that existed from 2001 to 2007 in which users traded digital currency backed by reserves of e-gold, rather than physical bullion reserves. The website appeared to switch between various offshore hosting locations, and used software designed by Interesting Software Ltd, an Anguilla company. As of April 27, 2007, a US court order has forced e-gold to liquidate a large number of e-gold accounts totalling some 10 to 20 million US dollars' worth of gold. A small part of this seizure was 1mdc's accounts and assets [http://www.usdoj.gov/opa/pr/2007/April/07_crm_301.html]. If the court order in the USA is reversed, a user's e-gold grams remaining in 1mdc will "unbail" normally to the user's e-gold account. Ultimately e-gold is owned and operated by US citizens, so, 1mdc users must respect the decisions of US courts and the US authorities regarding the disposition of e-gold and the safety and security of US citizens. Even though 1mdc has no connection whatsoever to the US, and most 1mdc users are non-USA, ultimately e-gold is operated from the USA.
Key claims
No claims recorded.
Discussion questions
- Summarise the article in your own words. Which single claim would you verify first, and why?
- Which claim in this article is most likely to be revised as the sources update? How would you check its current status?
- If two sources disagreed about one of these facts, what would you need in order to trust one over the other?
Bibliography
No sources recorded.
Key claims and bibliography are generated from the same tracked claims and sources as the article page.