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Monday, October 24, 2011

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Patchouli Woollahra

What you might not be aware of is the fact that Facebook takes a 30% cut of all Facebook credits used. If I used 10 FBCs (1USD) to buy Lindens from LL through the currency exchange, LL would be obliged to supply me with barely more than 67 US cents' worth of L$ after deducting the cost of that Facebook commission (30 cents on the dollar) and the per-transaction fee levied on buyers (3 cents on the dollar)

Having said that, it would still be cheaper for me. I currently tend to get my L$ off First Meta Exchange.

Assuming I bought 2500 L$ at current rates of exchange:

For a direct L$ buy off LL's currency exchange, I would need to pay $10.09. To maintain the same level of profit, LL would need to bill me for 1309 FBOCs (about USD$13.09).

Via First Meta Xchange, using MOLpoints as a alternative virtual currency - I would need to pay US$14.47. As MOL levies a 15% commission at the time the points are purchased (rather than when they are spent), I would have had to buy about US$17.02 worth of MOLpoints.

That's almost four dollars worth of savings. There probably would be even more if more L$ were purchased, and for purchases of L$ exceeding US$200+ in value, it would become impossible to use MOLpoints because of limits imposed (and because if you can afford to spend more than US$200 in one shot regularly, you surely must have access to a more direct form of payment like bank cheques or Paypal!)

Just a quick analysis. I could be wrong of course, as First Meta is currently reducing its infrastructural requirements in order to reduce the cost of servicing its traders, including the removal of convenience-at-great-cost payment services like Zong Mobile payments. If I check in six months' time, it might be conceivable there might be a plunge in the price offered by FMX attributable to these changes.

But that is later, and this now.

/Just my L$5 worth to open discussion.

shockwave yareach

I will never use EITHER Facebook nor LL credit/moonrocks/beans/clams/pepsipoints outside of their systems. The day I would trust either company with a realworld business application will be the day I suffer a stroke. Both companies have shown themselves to be utterly untrustworthy and unbusinesslike -- LL has gone so far as to be criminal with bait and switch tactics. So neither will become a universal currency for the internet for anyone with more than a split second to research the companies wanting their money.

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