What is a "non-repudiable payment"?

A payment is non-repudiable when it is irrevocable and irreversible.  At iGolder, once you clear a payment, you cannot reverse the transaction and take your gold back, unless we have a genuine proof of a criminal activity.

 

Likewise, iGolder will not honor any request to reverse a transaction that has been entered by an authorized user of an account.  Your only way of getting your gold back is having the the recipient giving you a refund for your transaction.  If you have any reason to doubt whether the seller will deliver the goods or services they have promised, use the Safetransit™ tool to protect yourself from from non-shipment or misrepresentation of merchandise.

 

Without the Safetransit™ tool, the buyer is taking the risks with a non-repudiable payment.  By contrast, the seller (merchant) is taking the risks when accepting a repudiable payment such as a credit card.

 

Definition of non-repudiation

Non-repudiation is the ability of a trading partner to prove or disprove having previously sent or received a particular business message to or from another trading partner.

 

To repudiate means to deny.  To make repudiation difficult, you might send registered mail, for example, so the recipient cannot deny that a letter was delivered. Similarly, a legal document typically requires witnesses to signing so that the person who signs cannot deny having done so.

 

On the Internet, a digital signature is used not only to ensure that a message or document has been electronically signed by the person that purported to sign the document, but also, since a digital signature can only be created by one person, to ensure that a person cannot later deny that they furnished the signature.

 

Since no security technology is absolutely fool-proof, some experts warn that a digital signature alone may not always guarantee non-repudiation. It is suggested that multiple approaches be used, such as capturing unique biometric information and other data about the sender or signer that collectively would be difficult to repudiate.

 

Email non-repudiation involves methods such as email tracking that are designed to ensure that the sender cannot deny having sent a message and/or that the recipient cannot deny having received it.

 

 

 

Since August 1st, 2013 iGolder is no longer accepting new accounts and balances can only be redeemed. During the past years, we have been recommending Bitcoin more than our own payment system. We believe in physical gold ownership, and developed iGolder as a mechanism for people to acquire physical gold by trading with one another.

Since iGolder has a central point of failure (our server may be raided by thugs wearing some kind of uniform), we feet it is safer for us to cease operations. The iGolder experiment has been personally rewarding as we met many gold enthusiasts and also learned about Bitcoin in the process. For those who have no idea what Bitcoin is, we recommend doing your own research. Bitcoin is far superior to iGolder in every way, both in privacy and security as our server is always vulnerable to confiscation. Bitcoin is a communication protocol with a built-in "escrow service" capable of protecting both the buyer and the seller, rendering our Safetransit completely redundant. To learn more about the Bitcoin protocol and its feature, please watch "http://www.youtube.com/watch?v=mD4L7xDNCmA (Bitcoin 2012 London: Mike Hearn).

For those having gold in their iGolder account, we will ship the physical metal to anyone having more than 1 ounce of gold, assuming the owner is willing to assume the shipping costs. For smaller quantities, we offer to settle in Bitcoin, however we will also settle with any other reasonable payment system. We will give everyone at least two full years (until 2016) to contact us to claim their gold. After that period, any unclaimed gold will go to fund an economic development project in Honduras helping local people to become entrepreneurs.

We sincerely wish you the best in life and hope to keep in contact with you.

Yours in liberty,
The iGolder Team.


Update 2014: Since we announced we no longer accept gold transfers, we have received countless emails asking to keep the free gold charts and the PGP encryption tools. We plan to keep running the domain iGolder.com for both the gold charts and the encryption tools. Better, we are developing state of the art open-source software for a secure decentralized social network with a built-in wallet. We will announce when we have a product ready for use. Stay tuned!