Correct me if I'm wrong, but aren't virtual currency providers required
to register with the government now (ala BitCoin)? I know on the SL side
of things they made some changes wherein those who cash out over a
certain amount yearly need to register their tax information. Maybe it
would be worth running this past your lawyer or accountant?
On 12/18/2014 05:18 PM, Ethan Grammatikidis wrote:
On Thu, Dec 18, 2014, at 02:07 PM, Erik Gordon Bainbridge wrote:
What are the advantages and disadvantages of using Paypal as a grid
currency rather than OMC or Podex? I'm interested in the
perspectives both of people who sell in grids and of grid owners. I
am building a grid for a company that wants to use a Kitely model of
fictional currency combined with Paypal instead of using OMC or
Podex. I think the complexity of setting up fictional currency +
Paypal could outweigh the advantages. I need both perspectives so I
can give my client the best advice.
What? OMC and Podex both offer "fictional currency" backed by real
money. Any grid with an exchangeable currency provides "fictional
currency" backed by real money in one way or another. Your choice is
whether to contract with a company (OMC or Podex) which specializes in
this, or to making your own system.
Making your own system doesn't just mean writing code, you will also
have to choose what rules to apply. If I were doing this, I'd think
deciding on the rules would be harder work than writing the code.
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