About Webmoney

Webmoney is an electronic money and online payment system with similarity to Paypal, E-Gold, Pecunix, E-Bullion and other E-Currency services. It provides a fast and somewhat anonymous payment system however the registration process requires email verification and account holders are encouraged to verify themselves further through sending an SMS message from their cellphone making it more strict than E-Gold for opening and using an account. WM verification gives the following advantages: private key file retrieval if you have lost control over your WMID; complaint to the Arbitration service; credit activities; access to online services, Internet exchanges, information resources requiring personal client identification. Verified users can issue trust certificates to other users and take fees for the service. Any user can become a verified Register. Verified Registers can verify other WebMoney users.

Transactions are conducted through the WMTransfer software which comes in three distinct flavours :

• WM Keeper Classic - A standalone application, that is dowloaded and then installed onto your PC.
• WM Keeper Light — A secure browser based application that doesn’t require installation of client software onto a user’s PC.
• Telepat — A technology enabling the operation of an account via any mobile device or cell phone, that supports Java.

WM Transfer Ltd, the owner and administrator of WebMoney Transfer Online Payment System, was founded in 1998 and is a legal corporate entity of Belize, Central America. Originally targeted at Russian consumers and businesses, Webmoney is now in use worldwide and the company claims to have more than 3.7 million account holders. According to the stats on the website, Webmoney executed over 75,000 transactions worth over 10 Million dollars on this day alone. The main address for technical support is given in Moscow; the main proprietor and administrator is located in Belize. Transactions in WMR are underwritten by WMR LLC in Moscow and transactions in WME and WMZ are underwritten by Amstar Holdings Limited in Panama.

The System supports several types of e-currency, secured by various resources and tangibles. Each individual e-currency has a dedicated electronic wallet, called a Purse:

+ WMR — equivalent to RUR (R-Purse)
+ WMZ — equivalent to USD (Z-Purse)
+ WME — equivalent to EUR (E-Purse)
+ WMU — equivalent to UAH (U-Purse)
+ WMB — equivalent to Belorussian Roubles (B-Purse)
+ WMY - equivalent to Uzbek Sum (Y-Purse)
+ WM-C and WM-D — WMZ equivalent for transactions on Ñ- and D-purses

WebMoney transactions are inherently safe because they do not require credit card or bank account information to be stored in the system unlike Paypal which is well known for it’s problems with phishing schemes. Webmoney makes online businesses immune to certain scams because transactions are final and cannot be repudiated by the spender which is similar to e-gold or cash transactions but unlike credit card transactions and PayPal which can incur chargebacks.

WebMoney incorporates an instant messaging system as well as a way to send out bills and to extend credit. It is also possible to protect a payment with a password. The payment is withdrawn from the payer’s account and added to the payee’s account, but cannot be redeemed unless the password is known. The payer will typically provide the password once the promised goods have been delivered. Some operations require a higher level of user authentication known as a “WM Passport” which a user can obtain from authorized parties.

It is not possible to buy WM units online with a credit card or a Paypal account. A Webmoney purse can be funded by a bank wire, by receiving funds from other account holders, by issuing invoices, by a prepaid WM-Card or through a E-Currency exchanger.

My Opinions on Webmoney as an Online Business Owner

I’ve had my Webmoney account for a few months now because my loadable debit card provider, GoldEx, accepts Webmoney as a funding option, so I decided to give it a try as an option for accepting payment for services. I run a web-hosting service, a few internet directories and several sites that accept advertising such as this one (Code4Gold). I DO NOT accept Paypal under any circumstances due to the fact they have a nasty habit of freezing people’s accounts for 180 days for no reason at all and they will not offer an explaination why your account was frozen. I had $2300 in my Paypal account from a guitar I sold on E-Bay and the transaction was fine, both myself and the buyer were very happy, however when I logged into my Paypal account one day, my funds had been frozen. I was a Paypal account holder for 7 years with the debit card, over 700 verified transactions and not a single negative feedback on E-Bay. I eventually had to sue Paypal to get my money back and they graciously allowed me to keep my account which I refuse to use even though I know it costs me sales. Beside having a standard “Internet Merchant Account” through CardServices International for processing credit cards, I also prefer to accept as many usable payment options because the more payment options you present a consumer the more likely you are to make a sale. Considering Webmoney claims to have over 3 Million account holders, I figured it would be a good idea to try and tap into some of that market.

My Opinions on Webmoney’s Design and Implementation

As many of you readers know, I am a software developer by trade and have worked on high level projects so I’m quite critical of design and form versus function. If you don’t believe me, you should read my scathing Agloco Toolbar Review… In my opinion, Webmoney has one of the cleanest, simplest, well designed, professional, elegant and secure systems I’ve ever used. I absolutely love the fact that you can choose your authorization mode from X.509 Certificate, E-num authorization or simple Login and Password. The X.509 Certificate is my method of choice because it is possibly one of the most secure and simple methods of logging in to an account.

Making spends from Webmoney is a simple process and setting up the merchant’s interface to accept payments is similar to setting up a Paypal or E-Gold merchant transaction. The only exception is that Webmoney’s merchant interface is a developer’s dream come true in it’s configurability and in regards to the data that is returned to the merchant to verify a successful payment.

The more I work with the Webmoney interface and the merchant’s interface, the more I come to respect the incredible attention to detail the creators of this system have applied to constructing the perfect online payment system.

To open a Webmoney account and have alook for yourself, their site is available at the link below…
http://www.wmtransfer.com/

Opening an account is free of charge.

I would also sincerely appreciate any comments from other Webmoney account holders regarding your experience with them.

This was posted on ASA forum on Jun 21 2007, 02:56 AM by 15HitsDaily-Admin aka Bob Krimm… I missed it initially because I was on vacation in Ft. Lauderdale for my birthday from the 21st until the 24th…

It seems like Bob Krimm is finally feeling the walls starting to close in around him and his scam empire. I hardly could even believe that somebody who would write such a childish letter on a public forum, let alone ASA (the home of scammers), would even be considered somebody to trust with money for an investment. Unfortunately, I have been warning people for over one year now on this blog regarding Bob Krimm and his intentions, and perhaps if some people had listened to me, they would have not lost money to this thief in his Ponzi Schemes.

Tags: Bob Krimm,15HitsDaily, Treo-Surf, 24SurfPro, scammer, fraud

I just received this email a few minutes ago announcing a new hyip program from Talkgold moderatory Pluggy…

Looks pretty interesting…

The much anticipated and highly awaited Agloco Toolbar has finally been made pubic for download. Granted that it is only 6 months behind schedule, I must say that there is a sense of shock in the Agloco community as to what the “big boys” have been up to all this time.

—— begin time machine quantuum leap ——

I worked for a company in the 1990’s who was pioneering a high level client/server application to compete with the infamous Bloomberg Terminal in the arena of data dissemintion. The company was one of 11 US Firms to hold a contract with the SEC to do a manual data dump of all SEC filings into our databases for processing. We were working with DEC Unix running on GS140 Supercomputers, Oracle 7 Database for the backend server with an MFC (Windows) client application on the frontend.

I really liked working for that company because it had an intensive core group of well salaried renegade softwre developers. We had all come from a Unix background and were all well aware of the power of using native linux and shell commands to accomplish tasks was essential for speed, relibilty and monitoring in applications. Back in those days, we didn’t use third party or fourth party solutions that were sold as “toolkits” that were really what any good programmer would have in his/her bag of tricks from experience. For example, our “client pull” from the SEC each day, was a one timed data pull (the app had to be synced with the government’s computers or the pull would be denied). The application was written in Python using an old protocol called Kermit to retrieve the data. I hacked the running of all the system scripts into a TCL/TK interface one day when I was bored at work once the system was in place and most of the other original engineers were looking for new contracts because they didn’t wan to stick around through the support phase. While that may seem funny to current PHP/MySQL developers and scripters, the reality is secure protocols have been around since the birth of Unix. So has the ability to manipulate data, regardless of the GUI (Graphical User Interface).

—— end time machine quantuum leap ——-

Now, before I digress further down memory lane, back to Agloco and the newly launched toolbar. Here is my review…

Installation

The installer is an often overlooked aspect of launching a software product and creating the installer is the cycle most software vendors are not prepared for when the time comes. Professionaly, Agloco has provided a very intuitive and industry standard installer. In terms of dollars and sense, installer software starts around $2000 for the license. A lot of software development companies outsource this work for much larger amounts. To distribute an application on such a large scale as Agloco, it is obvious they spent quite a bit of money on this technical phase, otherwise, their biggest critics would be the first to announce that Agloco had used pirated software to create the installer. This is a “technical” stage of software development and is not to be considered in the overall functionality of the product, however Agloco has done a very good job with the installer.

The Software

Initially I was impressed with the look and feel of the Agloco Toolbar. I wasn’t too happy about the fact that it resizes the other windows, which is a Windows developer “no-no”. You NEVER, EVER resize the other windows because it shows that the programmers of this toolbar are focusing on appearance and the ability to grab API “hooks” to the other windows on your desktop. It doesn’t even have to take Spybot or any other spyware application to realize this is BAD. However, the fact that the toolbar doesn’t recoginze your “default” browser (from the registry) and instead calls a cheap API (OnNavigate) function to IE every time a member clicks a link in the Toolbar suggests a novice approach especially considering that the “resizing all windows” code which is freely available from CodeProject has been under debate for years. So, as far as “sinister intentions” operating inside the Agloco Toolbar, it’s highly unlikely, and anythng seen as sinister can be warded off to amateur software development.

The principals of Agloco obviously have a miscomprehension regarding the use of the word “toolbar” in the development community. A “Toolbar” represents a sub-application or plugin to an existing application, in this case, we were to believe Agloco was to be an IE and Firefox plugin or “Toolbar”, such as the Alexa toolbar, Google Toolbar or Yahoo Toolbar. I’m not seeing that, what I’m seeing is an application that looks like it was written by a bunch of teenage hackers with a professional installer that is pulling links from Commission Junction. How anybody is compensated for having this application open on their desktops is a mystery because Agloco is very slight on user documentation. God knows, while they were waiting for the software to be released they could have come up with some sort of user documention.

Weaknesses

What if somebody is surfing on their iPhone ? Agloco is totally useless at that point. It is also useless to the percentage of people who are not using IE or do not have it installed on their computers. Currently, the Agloco Toolbar is using CJ affiliate links. I’m not sure how happy the owners of the CJ affiliate sites are to be receiving the extra useless clicks on their sites that Agloco is delivering at the moment. In this business “targeted hits” is the name of the game. Again, I see Agloco founders floundering with the most basic of conecpts. Had they taken their downtime to encourage members to add their own links for the beta release for testing, they would have had real time, real world experience on how that particular aspect of the software package was to function. Instead, I forsee major problems and issues in the future because of the way this was setup. It was setup from a marketing perspective, to bring the customers in with no product and once we have them, come up with a product. So far, Agloco has failed to meet up to any members expectations or deadlines and I fear they will continue down that road.

One gets the feeling that the creators of Agloco are not listening to the members and are taking a very old school approach to developing a product which is the definite wrong road. Remember that company I mentioned loving to work for? Well, they went out of business and stranded over 60 employees. The reason why they went out of business was that other entities beat them to the punch and solved the client/server, security, spyware issues by going “web-based” instead of application based. Eventually our biggest competitor ended up getting bought out by Yahoo and everyone in that development team were millionaires.

Agloco is trying to reinvent the wheel, but they do have a hell of a marketing team. Then again, attracting people who are looking to make money on the internet is as easy as throwing a piece of london broil in your backyard and waiting for the flies. Honey, forget it. Those flies are attraced to rotting meat.