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Virtual gaming's elusive exchange rates

People who play online fantasy games routinely buy and sell fantasy game currencies and other cyber game assets using real dollars, sometimes on Web sites hosted by the game developers, sometimes on third party sites.

Because there is no regulator controlling exchange rates for virtual currencies, rates vary widely from site to site, making market prices for virtual currencies difficult to track. These micro economies fascinate academics, who point out that as the volume of virtual currency trades pandora charms on sale increases, so will the tax implications, which may eventually force the exchanges to regulate their pricing.

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But according to two of the leading experts in the economies of these virtual worlds, getting a fair price in the exchange of real dollars for fantasy coins can be a crapshoot. Turns out it's hard to find reliable data about pandora charms outlet the dollar/virtual currency exchange rates in a pretend world where there's no Alan Greenspan setting interest rates and scolding everyone about irrational exuberance.

Given that millions of real dollars are being spent every year on these virtual currencies perhaps as much as $880 million annually buyers could well be getting short changed if they're paying sellers more than the true value, whatever it is, for their gaming gold. While some game companies try to keep a tight lid on rates of exchange between real dollars and fantasy coins on their own sites, they can't control the impact of secondary exchanges.

Here's how it works: Since most multiplayer games allow players to transfer their virtual gaming possessions, enterprising players can temporarily leave the gaming world and buy and sell their virtual currencies on exchanges like IGE and auction giant eBay.

Players looking to sell or buy typically use the secondary exchange sites to find one another. On IGE, for example, a buyer and a seller can strike a deal for 10 million "Ultima Online" gold pieces and exchange real dollars for them. But in order to transfer the fantasy gold, they have to meet up back in the gaming world pandora jewelry for the handoff pandora outlet of the goods.

IGE also acts like a middleman, buying with real money fantasy coins from game players and, in turn, selling them to other players.

It's the currencies and the behaviors of these massive multiplayer games' virtual economies that pandora charms sale fascinate academics who find that they often mirror real world economies and can sometimes predict the way people behave in the real world. And like the black markets of the real world, the secondary exchange sites of the fantasy gaming world are a difficult to quantify factor.

One Chinese Web site, GameUSD, is trying. GameUSD claims to have the most up to date exchange data for several of the biggest games. Its results show that, ironically, given the dollar's weakness pandora rings canada pandora charms deals in world markets, in almost every case, the games' currencies are losing value against the greenback because of inflation.

The problem is pretty simple: Without a central bank controlling the flow of all this virtual currency, more and more of it floods the market every day. So what can buy a castle today is perhaps only enough to buy a battle ax tomorrow.

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