CIM Mutual Update
Community Investors Mutual has issued an official update. Thar she blows:
"8/20/06
Dear members:
We are now in the second month of having opened CIM to outside investors and as the club’s membership grows steadily, with more deposits coming in constantly, it is becoming apparent that we need to do something about increasing the security of our funds from hackers. When the club was limited to a few members there was not much liquid cash in our ecurrency account to worry about. But now there is a constant flow of cash entering our accounts and very little withdrawals so that it is becoming necessary to move funds in and out of various ecurrency exchangers and bank accounts to maintain safety and security from hackers.
As you will note from many reports in forums, e-gold is constantly under attack from hackers and we see many of their customers’ accounts being successfully emptied of funds. While this is a risk we have to face in this industry, I am trying to minimize this by keeping our egold balance as small as possible. In so doing I have to move funds out of egold and into safer places and back again into e-gold when there is a need to do so. This moving of funds in and out of banks and ecurrency exchangers entails having to pay fees each time and these fees range from 1% to as high as 4% per transaction. As you can well guess these charges eat into the club’s profits.
There are very few sales or redemptions of MPUs so there is hardly any income derived from the 7% redemption fee. It is gratifying to see that members have enough confidence in the club not to want to sell MPUs but at the same time the anticipated revenue from this source is not happening.
It is therefore decided that to recover some of the currency exchange fees and maintain the club’s profitability we will now be collecting an entry fee of 3% for all new investments or new purchases of MPUs. This will apply to all new members as well as new purchases from existing members. The money generated from this new fee goes directly into the club’s coffers and not to me or anybody else.
I’m sure all of you will agree that we cannot afford to compromise the club’s safety and profitability and this new policy is for the good of the club and its long term existence.
Admin"
Very reasonable. Though I hope everyone realizes that it's not E-Gold itself that gets hacked, it's people's accounts (e.g. spyware stealing their passwords, for a very simle example, or people not using the SRK. Most instances of E-Gold 'hackings' are in fact laziness, or a misunderstanding of security, on the users behalf.)
"8/20/06
Dear members:
We are now in the second month of having opened CIM to outside investors and as the club’s membership grows steadily, with more deposits coming in constantly, it is becoming apparent that we need to do something about increasing the security of our funds from hackers. When the club was limited to a few members there was not much liquid cash in our ecurrency account to worry about. But now there is a constant flow of cash entering our accounts and very little withdrawals so that it is becoming necessary to move funds in and out of various ecurrency exchangers and bank accounts to maintain safety and security from hackers.
As you will note from many reports in forums, e-gold is constantly under attack from hackers and we see many of their customers’ accounts being successfully emptied of funds. While this is a risk we have to face in this industry, I am trying to minimize this by keeping our egold balance as small as possible. In so doing I have to move funds out of egold and into safer places and back again into e-gold when there is a need to do so. This moving of funds in and out of banks and ecurrency exchangers entails having to pay fees each time and these fees range from 1% to as high as 4% per transaction. As you can well guess these charges eat into the club’s profits.
There are very few sales or redemptions of MPUs so there is hardly any income derived from the 7% redemption fee. It is gratifying to see that members have enough confidence in the club not to want to sell MPUs but at the same time the anticipated revenue from this source is not happening.
It is therefore decided that to recover some of the currency exchange fees and maintain the club’s profitability we will now be collecting an entry fee of 3% for all new investments or new purchases of MPUs. This will apply to all new members as well as new purchases from existing members. The money generated from this new fee goes directly into the club’s coffers and not to me or anybody else.
I’m sure all of you will agree that we cannot afford to compromise the club’s safety and profitability and this new policy is for the good of the club and its long term existence.
Admin"
Very reasonable. Though I hope everyone realizes that it's not E-Gold itself that gets hacked, it's people's accounts (e.g. spyware stealing their passwords, for a very simle example, or people not using the SRK. Most instances of E-Gold 'hackings' are in fact laziness, or a misunderstanding of security, on the users behalf.)
posted by chancer at 12:37 PM
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