[extropy-chat] re: The Economist 14-page special on oil

Mike Lorrey mlorrey at yahoo.com
Mon May 9 04:41:16 UTC 2005

--- Adrian Tymes <wingcat at pacbell.net> wrote:
> --- Mike Lorrey <mlorrey at yahoo.com> wrote:
> > Online spends are quick and painless. Spends in
> > the real world are tiresome. Whoever makes keeping and spending
> metal
> > holdings as easy as, say, a debit card, is going to make a
> mint.....
> > ;)
> Sounds like a possibly simple problem to tackle, if you've got a
> reputable metal holding organization.  Pitch it as a new type of
> debit-account-only bank, and strike a deal with Visa or MasterCard to
> be able to start issuing cards.  Downplay the fact that you're
> investing in metal instead of in cash, but generally hide customers'
> accounts behind the account number.  Probably limit non-sale
> authorizations to 95% or so of balance, to protect against
> fluctuations
> in price making a previously granted auth no longer good a few days
> later (on top of the usual protections against auth then withdraw
> then process auth).  Gives a new meaning to the term "gold card"...
> E-commerce.  It's everywhere you want to be.

Which brings me to a project I've been working on with a group of
folks, mostly Florida libertarians. It is now named Aurum Debit Union,
LLC, a Delaware Limited Liability Company organized as a cooperative of
cardmembers. Members will have a subholding under the ADU main holding,
linked to an ADU Gold Debit Card, usable at ATMs, merchants, etc.

Spends are cleared same day (as required by banking laws) at the daily
spot price.

Mike Lorrey
Vice-Chair, 2nd District, Libertarian Party of NH
"Necessity is the plea for every infringement of human freedom.
It is the argument of tyrants; it is the creed of slaves."
                                      -William Pitt (1759-1806) 
Blog: http://intlib.blogspot.com

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