March 13, 2009 - 1:31pm
These days on forums users posted messages that reported about the recommencement of the Global Digital Currency Association (GDCA). The member noted: “Let's hope it serves us well.” Ecommerce Journal on its part wants to express its unfathomable hope that GDCA will serve its members well unlike its sister-company Liberty Reserve.
So, what is GDCA? Sifting through the numerous searching results provided by the Google you can run across just a scarce, even trifling, piece of information on this organization. A famous online resource Wikipedia provides just a couple of sentences explaining the role of GDCA in the digital currency business and several sites offer an entry of four paragraphs. Thus we learn the following:
“The GDCA is a nonprofit organization of business professionals operating in the global digital gold currency economy. Founded in 2002, it is one of the oldest and largest commercial associations of the digital gold economy. There are two categories of listings in the GDCA: listed businesses and accredited members. The GDCA has members and listed businesses whose operations cover a wide spectrum of services and commercial activities in the global digital currency economy.”
Then the source gives the interpretation of what listed businesses and accredited members are.
That is all. Nothing significant. Interestingly, far too well known companies and organizations, that actually don’t need much PR around them for they have already gained a great number of customers, are widely covered in mass media. Their history and background as well as their financial information can be found almost everywhere. Media loves to speak about big things. As for the Global Digital Currency Association it is well over strange to reveal that such a seemingly influential and important agency has only few words in Wikipedia and four little paragraphs on a more or less worthy websites. It may be due to its not being a “big thing” so much adored by the journalists. Or it may also be due to the fact that there is actually no true information about it which in turn should inspire some concerns and misgivings.
And these concerns and misgivings become even more valid if we take into consideration the agency’s relation to the infamous scam firm Liberty Reserve. In the article dated November 21, 2008 that was dedicated to LR Ecommerce Journal wrote that having checked the company info of LR and compared it to that of GDCA we noticed that both entities are registered to the same address, which turned to be fake, by the way. As you remember Ecommerce Journal noted that it was very wise of Arthur Budovsky and his partner Vladimir Kats to create the kind of organization that would have enough authority to manipulate the market of the payment systems and digital currency exchangers. Through GDCA perpetrators behind Liberty Reserve could mark certain payment systems and exchangers the way they needed and get rid of the rivals who stood in their way.
So, now when Liberty is losing its liquidity and is obviously fated to die in a short time its Ukrainian masterminds decided to remain in the business through this vulgar trick. Why, is it a coincidence that GDCA is resuming its activity just in time when Liberty was so terribly discredited on the web space? Using their rating system ‘GDCAted’ Liberty scammers will likely try to restore the tarnished name of their fraudulent payment service. It is unsurprising that exchangers prefer to remain aloof of GDCA inasmuch as no one of them wants to be a fantoccini in hands of impostors who make their profits on others not caring for the moral principles and best business practices. How can a corporate in sound mind trust the organization whose founders rob people of their hard earned money?
Surely, the existence of an organization that would have much power and influence in the world of ecommerce and virtual money is desirable as it would assure that organizations and services accredited by this agency are safe and credible. But the Internet community will unlikely agree to relate with fraudsters like Liberty Reserve whose owners make desperate efforts to continue playing their wicked drama on the stage and grab as more as they can.
So, what is GDCA? Sifting through the numerous searching results provided by the Google you can run across just a scarce, even trifling, piece of information on this organization. A famous online resource Wikipedia provides just a couple of sentences explaining the role of GDCA in the digital currency business and several sites offer an entry of four paragraphs. Thus we learn the following:
“The GDCA is a nonprofit organization of business professionals operating in the global digital gold currency economy. Founded in 2002, it is one of the oldest and largest commercial associations of the digital gold economy. There are two categories of listings in the GDCA: listed businesses and accredited members. The GDCA has members and listed businesses whose operations cover a wide spectrum of services and commercial activities in the global digital currency economy.”
Then the source gives the interpretation of what listed businesses and accredited members are.
That is all. Nothing significant. Interestingly, far too well known companies and organizations, that actually don’t need much PR around them for they have already gained a great number of customers, are widely covered in mass media. Their history and background as well as their financial information can be found almost everywhere. Media loves to speak about big things. As for the Global Digital Currency Association it is well over strange to reveal that such a seemingly influential and important agency has only few words in Wikipedia and four little paragraphs on a more or less worthy websites. It may be due to its not being a “big thing” so much adored by the journalists. Or it may also be due to the fact that there is actually no true information about it which in turn should inspire some concerns and misgivings.
And these concerns and misgivings become even more valid if we take into consideration the agency’s relation to the infamous scam firm Liberty Reserve. In the article dated November 21, 2008 that was dedicated to LR Ecommerce Journal wrote that having checked the company info of LR and compared it to that of GDCA we noticed that both entities are registered to the same address, which turned to be fake, by the way. As you remember Ecommerce Journal noted that it was very wise of Arthur Budovsky and his partner Vladimir Kats to create the kind of organization that would have enough authority to manipulate the market of the payment systems and digital currency exchangers. Through GDCA perpetrators behind Liberty Reserve could mark certain payment systems and exchangers the way they needed and get rid of the rivals who stood in their way.
So, now when Liberty is losing its liquidity and is obviously fated to die in a short time its Ukrainian masterminds decided to remain in the business through this vulgar trick. Why, is it a coincidence that GDCA is resuming its activity just in time when Liberty was so terribly discredited on the web space? Using their rating system ‘GDCAted’ Liberty scammers will likely try to restore the tarnished name of their fraudulent payment service. It is unsurprising that exchangers prefer to remain aloof of GDCA inasmuch as no one of them wants to be a fantoccini in hands of impostors who make their profits on others not caring for the moral principles and best business practices. How can a corporate in sound mind trust the organization whose founders rob people of their hard earned money?
Surely, the existence of an organization that would have much power and influence in the world of ecommerce and virtual money is desirable as it would assure that organizations and services accredited by this agency are safe and credible. But the Internet community will unlikely agree to relate with fraudsters like Liberty Reserve whose owners make desperate efforts to continue playing their wicked drama on the stage and grab as more as they can.