Canadians take another bite in the wallet for Podex.
From August 15, 2015 to August 15, 2016 the CDN>US exchange was as follows: High 0.79 cents US; Low 0.68 cents US; Today 0.77 cents US
And our buying power? In December 2015 $1 CDN dollar purchased MC$ 193, then shortly after MC$ 190, then May 2016 MC$ 178, and now July 2016 it's down to MC$ 173 and yet while the Canadian dollar has actually recovered since March our buying power from Podex has declined. I emailed Podex about the decline in rate, as reported in May 2016, and this was the response I received from Jacek of Podex Exchange “As for exchange course I results from the rate to USD. The rate of grid currency is stable comparing to USD, and other currencies are calculated on the base of financial markets. It means that if exchange rate of CAD (or EUR, GBP …) to USD changes, the rate of virtual currency in CAD, EURO or GBP changes too.”
At the same time they strategically got rid of affiliate bonuses and changed their system to allow for "variable exchange" for a virtual currency that does not actually exist (in Canada). Add to that I'm now told there is a sell fee, a tax, applied to the selling of Maples for real world currency through Podex - so we are double taxed. And how is this better than our own IN GRID currency?
Can someone please explain to me how or why this system exists? I am a Canadian citizen using Canadian Paypal to buy Canadian virtual coins on a Canadian owned grid... and for that reason I must pay a US Exchange rate to a UK company?
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Kevin M. Klerks, Editor
(aka Winter Silversmith)