FAQ:
| FAQ | |
| Why did you start the exchange? | |
| There needs to more than one currency exchange in Second Life. Competition is a good thing. | |
| Does the exchange use real money? | |
| No the exchange uses the virtual currency, Linden Dollars. | |
| Will fraud occur? | |
| Just like in real life there is always a possibility that one of the listed companies intend to commit fraud. The ICE will comply with any valid regulating agency that is created in Second Life and will require the companies that list to do the same. | |
| What will the commission be? | |
| At this time the commission will 1.5% of the transaction price. The ICE will also explore the feasibility of reducing our percentage of the commission and placing a small percentage of each transaction in a fraud insurance fund. | |
| How much of a cash reserve will the ICE carry? | |
| Our reserve will have to be much higher than a traditional bank and it is anticipated that the reserve will cover 50% of deposits. The rest will be invested in short term investments. | |
| Does the ICE support auditing of companies? | |
| If the auditing can be done cost effectively and can be trusted, then yes the ICE fully supports auditing. | |
| Does the ICE support a governing body similar to the SEC in Second Life? | |
| Yes, but the agency will have to be able to have some real power and legitimacy. Also, the requirements can not be near as stringent as in real life. This is a virtual currency that can be converted into other currencies, but the amount is fairly limited as compared to companies in real life. A balance will have to be found. | |
| Will I make a lot of money? | |
| There is a very good chance that you could lose hard earned Lindens. There is a lot of risk in investing in companies in Second Life. | |
| How do I set up an account? | |
| Go to the Login page in the menu and follow the instructions from there. | |
$L> ICE INDEX
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