Digital Monetary Trust
Encyclopedia
Digital Monetary Trust was an anonymous internet banking
system using electronic money
.
It consisted of a three-layered computer system. Its function was to abstract the identity of the account owner from the accounts. That is, the account holders transfer money into the DMT network, which becomes the legal owner of the money. Then, the account holder can make a private DMT transfer to another account in the system,. The system is based on trust between the "bank" and the account holders, hence the name.
It was allegedly owned and maintained by James Orlin Grabbe
and hosted on Dubai Internet City servers.
known as the rand http://www.orlingrabbe.com/rand.htm, named after Ayn Rand
(not related to the South African Rand).
It was a private currency and unit of account, defined in terms of highly liquid assets whose prices, or values, were readily determined in markets around the world.
DMT stopped accepting inbound monetary transfers on October 10, 2004 due to abuse of the system by fraudsters via ebay 'passthough' scams.
The websites and related systems were shut down on June 24, 2005.
Anonymous internet banking
Anonymous Internet banking is the proposed use of strong financial cryptography to make electronic bank secrecy possible. The bank issues currency in the form of electronic tokens that can be converted on presentation to the bank to some other currency...
system using electronic money
Electronic money
Electronic money is money or scrip that is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems...
.
It consisted of a three-layered computer system. Its function was to abstract the identity of the account owner from the accounts. That is, the account holders transfer money into the DMT network, which becomes the legal owner of the money. Then, the account holder can make a private DMT transfer to another account in the system,. The system is based on trust between the "bank" and the account holders, hence the name.
It was allegedly owned and maintained by James Orlin Grabbe
James Orlin Grabbe
James Orlin Grabbe more commonly referred to as J. Orlin Grabbe, or just JOG, was an economist and prolific writer with contributions in the theory and practice of finance...
and hosted on Dubai Internet City servers.
DMT rand
As well as USD, EUR, GBP, Yen, CHF, e-gold and gold, the DMT offered a private currencyCurrency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
known as the rand http://www.orlingrabbe.com/rand.htm, named after Ayn Rand
Ayn Rand
Ayn Rand was a Russian-American novelist, philosopher, playwright, and screenwriter. She is known for her two best-selling novels The Fountainhead and Atlas Shrugged and for developing a philosophical system she called Objectivism....
(not related to the South African Rand).
It was a private currency and unit of account, defined in terms of highly liquid assets whose prices, or values, were readily determined in markets around the world.
Fraud allegations
In June 2004, claims were made that DMT had failed to deliver services. After an independent investigation as of August 2004 this was resolved with no indication of fraud on DMT's part (see last external link). However, independence of this investigation is disputed by some (see links below) and was not conducted by the appropriate authorities.DMT stopped accepting inbound monetary transfers on October 10, 2004 due to abuse of the system by fraudsters via ebay 'passthough' scams.
The websites and related systems were shut down on June 24, 2005.