Virtual World Currency Exchange Launches

Thanks to Terra Nova for the news that a MMO currency exchange website now allows cross-trading of virtual world currency, meaning you can trade your Ultima Online gold directly for simoleans from The Sims Online. Terra Nova notes that the site, the Gaming Open Market, "plans to cover [currency for] Ultima, Sims Online, There, EverQuest, Camelot, Star Wars Galaxies... and of course the US dollar." The FAQ page on GOM's site explains that "...in-game commodity transactions are handled by meeting a GOM representative (called an "associate") in your game", and explains the service's alleged advantages: "the GOM Currency Exchange (GCX) gives you the speed of a real-life discount stock brokerage, and provides the security of an escrow service, while bringing together buyers and sellers of common goods."

Comments

Embezzlement.

[jfisherwa]

This time next year, we should be reading about a nice big embezzlement scam and possible charges filed against employees or associates of one of those MMORPG developers.

Hmm. I wonder if they're hiring? ;)

I hope they hire an accountant

[automandc]

From their "Fees" Page:

GOM charges 1% of the total amount deposited as an in-game deposit fee. The fee is payable in the currency being deposited and will be automatically deducted from your deposit upon delivery. For example, if you deposit 101,000 UO gold with a GOM in-game associate, you will be charged 1% (1,000 UO gold) and your GOM account will be credited 100,000 UO gold.

I may be a lawyer because I failed math, but even I know that 1% of 101,000 is 1010, not 1000. So, if you deposit 101,000 you should be credited with 99,990. A better (more accurate) example would be: deposit 100,000 and we will credit you 99,000 (100,000 less 1%).

Incidentally, this is exactly the same incorrect application of percentages that is used in Candadian rest stops along Route 401 in Ontario.

I hope they clear that up before any regulators get involved!

Re:So what stops me from...?

[Chester K]

So what stops me from Setting up some bullshit bot to make as much money as possible in one game, and then just trading it for US dollars?

Currency devaluation. Basically the same reason that Bill Gates can't just print off new Microsoft stock certificates indefinately and expect them to keep selling at today's price.

One would assume that the people at GOM have done their homework and have a fluid pricing system that reacts to the changing market desires. If they don't, they'll be broke within the week.