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Reader Comments (29)

Posted: Jan 13th 2010 12:08PM Anatidae said

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Then who regulates the game designers? Most government currency is regulated. Even the casinos in Vegas have very strict regulations on them. It isn't as though Vegas can mint more coins without the promise of them being backed by US currency.

However, in an MMO, the developers don't set rates for their gold. And say a developer releases something new that floods the market with twice the available game gold - then will they get sued by players for devaluing their assets? Then there is the whole issue of insider trading! Game developers who know something is up and sell/buy tons of in-game currency so they can turn it over after patch day for a big personal profit.

Sounds tricky.

Posted: Jan 13th 2010 12:18PM (Unverified) said

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Fantastic... they just turned game developers into Central Bankers.
Get in with a good (corrupt) game dev, or even GM in a Korean game, and sell massive amounts of whatever that game currency is.

Thankfully I recently quit Koreans lates export to the US market, and I think I won't take up another one ever from them.
It's bad enough when their games were defacto santioned as gold selling/botting fests. Now it'll be far far worse.

Posted: Jan 13th 2010 12:18PM archipelagos said

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Whoa! Seriously. Whoa!

Posted: Jan 13th 2010 12:25PM (Unverified) said

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This does not mean that it will still not be in breach of a games terms of service.

They can still ban people if they like.

Posted: Jan 13th 2010 12:27PM Barinthos said

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So who's the one that regulates the exchange rate? The players? Right, because having video game players regulate the flow and trade of currency is always a good thing.

Take for instance the Aion bug that gave trillions of gold to players. You saw random crap items on the AH for millions. I'm sorry, but I don't want to have to spend $50 just for enough money to buy "Petrified Gnoll Feces Shoulders of the Donkey+1"

Posted: Jan 13th 2010 1:36PM (Unverified) said

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Well, with the current state of the United States I would not put it past these two dirty politicians to try something like this.

I foresee this in the next five to ten years:

1) Legalization of Marijuana.

2) Legalization of (Random MMO) currency into real dollars.

3). IRS taxes said dollars on all U.S. Citizens.

Posted: Jan 13th 2010 1:45PM Barinthos said

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Well if

"2) Legalization of (Random MMO) currency into real dollars. "

Becomes a reality, I'm quitting my job and playing games all damn day for my paychecks. Just like i'm sure millions of other people would do.

But wouldn't that destroy the employment rate in the US even more than it is now?

Posted: Jan 13th 2010 1:47PM (Unverified) said

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Wow. A note guaranteed by the national government is now equal to a virtual PRETEND piece of gold created by a programmer. I wonder if the bankers have crashed their servers yet, trying to assess the amount of new currency that's just been dumped into their market.

This is a truly epic clusterf*ck my friends.

Posted: Jan 13th 2010 1:58PM (Unverified) said

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@Barinthos

The problem that lies with this whole transfer from virtual to real life currency is what is the exchange rate going to be and how is it going to be tied to something for financial backing. The U.S. from the founding in the 1790s up until the 1930s was back by gold (real life heavy bricks ).

Posted: Jan 13th 2010 2:09PM Barinthos said

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@Elvaz - That's actually my point. Real world currency actually has something of value behind it's..umm...value. So the whole "pixels for cash" transition is ridiculous. And since the currency in games are made of NOTHING how can any kind of exchange rate even be established.

I know, how about you give me 10,000 fake gold and i'll give you 100 monopoly dollars? What?...not gonna fly?

Posted: Jan 13th 2010 2:13PM (Unverified) said

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Only if you throw in Park Place.

Posted: Jan 13th 2010 2:20PM Barinthos said

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You sir, drive a hard bargain...but it's a deal!

Sucker...Park Place isn't even real...

Posted: Jan 13th 2010 3:12PM Pingles said

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Before anybody panics or starts hoarding in-game gold it's important to note that in some countries you can be whipped for spitting.

Just because a law passes in one country does not mean that every country will follow suit.

Posted: Jan 13th 2010 3:23PM mszv said

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The US currency is not backed by gold, not since 1971. From what I've read, no major currency in the world is backed by something such as gold anymore. I would not say it's backed by "nothing", but you can't go to a vault somewhere and get your dollars exchanged for gold. That's not how it works.

that's an aside, now back to to the topic. I'm not saying there aren't issues with this, but it's oh so interesting! Where are economists around when you need them, to talk about the repercussions of this decision?

So, I'm thinking, in most games it's illegal to buy something in a game for real money, except for free to play games, though in many of them you can't buy an item directly from each other for real world money. Does this mean that you can do this now, if the transaction goes through a legal Korean institution? Wow, so interesting.

Posted: Jan 13th 2010 3:25PM (Unverified) said

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So if I'm banned in said game, for any number of EULA's that I violate, can I now sue the gaming company if I have a significant amount of gold on my account? Even if I'm in violation of the EULA a court has said that my gold is "currency". Say I have a million gold, do I deserve the right to obtain that currency so I can sell it? What about a player that is scammed of gold, can I insist that my MMO support see that my currency is returned? How soon would that translate to any of my "assets" such as gear and weapons. I don't understand how they can put a sweeping change in place on virtual items and than not regulate it further. Surely, this can't be the bottom line: "A ruling by the nation's supreme court has stated that virtual currency is the equivalent of real-world money."

Posted: Jan 13th 2010 4:09PM ravenstorm said

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You can still be banned, maybe even sued if the game publisher wanted to pursue it. You just can't be arrested and charged with a criminal offense.
Reply

Posted: Jan 13th 2010 3:42PM Zontix said

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It's "Adena" not "Adeena."

Posted: Jan 13th 2010 4:05PM ravenstorm said

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As far as I know, RMT isn't a crime in the U.S. (Was it a crime in Korea before this ruling?) There's no need to "legalize" something that isn't illegal. It's a violation of the Terms of Service of most games, but that's not a criminal issue.

Posted: Jan 13th 2010 7:11PM (Unverified) said

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practically printing your own money.. cool!

Posted: Jan 13th 2010 9:36PM (Unverified) said

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I don't necessarily agree with this, but it is important to note that this could perhaps be the first step to virtual property rights when it comes to mmo characters.

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