<div dir="ltr">I do not think paypal, omc, podex or others are the virtual currency providers of the grids. The grids sure have do their taxes in the country the reside in. <div>There is no such requirement thing for the grids to report transactions over a certain amount. (The banks in the eu have got some rules about reporting large transactions and so, but there does not exists such a requirement for the companies living here.) </div></div><div class="gmail_extra"><br><div class="gmail_quote">2014-12-19 3:27 GMT+01:00 John Sheridan <span dir="ltr"><<a href="mailto:john@pseudospace.net" target="_blank">john@pseudospace.net</a>></span>:<blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div text="#000000" bgcolor="#FFFFFF">
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?<div><div class="h5"><br>
<br>
<br>
<div>On 12/18/2014 05:18 PM, Ethan
Grammatikidis wrote:<br>
</div>
</div></div><blockquote type="cite"><div><div class="h5">
<div>On Thu, Dec 18, 2014, at 02:07 PM, Erik Gordon Bainbridge
wrote:<br>
</div>
<blockquote type="cite">
<div><span style="color:rgb(64,64,64)"><span style="font-family:"arial""><span style="font-size:10pt">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. </span></span></span><br>
</div>
</blockquote>
<div>
<div> </div>
</div>
<div>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. <br>
</div>
<div> </div>
<div>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.<br>
</div>
<br>
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