For some time now many people have noticed some financial problems when using ace and have done the proper thing in reporting them through the support ticket system. This is not something new that has come to light just now and anybody who takes a moment to study the forums will see small things that can lead one to believe something is amiss.
To save the trouble of searching those posts I have compiled some of them here so you can gain a broader understanding of the situation. It is worth to note that we are not saying all this claims are rightfully made but rather showing all the material in this topic.
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PAYPAL PAYMENT!!! NEARLY 2 MONTHS!!
Posted Jun 14th, 15:30 by Mick Waffle
I have been waiting since the 20th of April for arrival of my paypal payment! i have IMed people, i have sent tickets, i have posted in the forum, yet still nothing has happened! this is outrageous! how are people expected to trade Lindens if they have to wait over a month to receive payment?!?!
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Two Months and NOTHING...
Posted Jul 15th, 16:35 by Lokki Larsson
Im waiting TWO months for my PayPal withdraw, in this time i have NO money, no ticket support answer... nothing.
Can you guys CANCEL my withdraw, or tell me something about that?
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I was not paid tough I made A withdraw...
Posted Sep 9th, 20:56 by Roger Spyker
It was not paid though it made a withdrawal.
Please pay after it confirms it.
[14:35] Object: Your withdrawal of 50000 has completed. Your new balance is 5,094.21. Thank you!
There is no answer after two days though it contacted Mr. IntLibber Brautigan and Mr. Hamncheese Omlet.
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Re: It was not paid though it made a withdrawal.
Posted later today by Roger Spyker
It is anxious that Status is Closed though there is no answer.
Closed Customer Support Issues
Ticket# Issue Status Created
1108 It was not paid though it made a withdrawal. Closed 2009-09-07 17:54:51
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Now this information is factual and in the three instances none of the people got their money back. I know this pertains to Paypal transactions too but it helps show that something isn't right with the way Paypal withdrawals are being taken care off. If to this we add the fact that the ATM gets emptied every so often then we can clearly see that accusations of ace being non liquid have some supporting facts. This is not just a random rant or attack but rather something more serious.
Fully Loaded ATM Vs. Partially Loaded ATM
The main discussion regarding the unvailability of funds right now is that having a fully loaded atm would represent a huge risk for traders. Now I myself believe that can indeed complicate the probleam because it puts traders in a you may lose all your money if we get hacked or you might not be able to acess your money when you need it most.
Lets put ourselves in the second situation for which I will give an examples.
Example 1
Bob is a real estate entreprenur who manages a bunch of sims with money from his stock exchange IPO , he believes that having the money at ACE will be the secure and best way to go. So he lets his reserved funds seat there until the day he owes tier to LL and drops by the ATM only to notice is empty. At this point he can't make tier so he might lose his land which in turn could crash his company because we all know nobody is going to pay for the lost assets. Now some may argue it was his fault to put all the money in ACE and wait till the last minute to pay tier but if he compleatly trusts ACE can you blame him?
Example 2
Michael is a well versed community trader who keeps most of his money in stocks and in his ACE account in order to carry on his daily trades. He realizes he needs to pay his premium membership but the ATM is empty he can't count of his saved money to pay LL so his account goes to red numbers. At this point he has to wait until ACE replentishes the ATM. Linden Lab however is well known for taking rash actions so they ban his account until he is able to make his payment. He is now locked out of SL with most of his money trapped inside what is his only option to get money from another person pay his account and wait till his LL service is restore. This might cost him a lot of opportunities for his trading and other SL business because he of course trades in several exchanges.
So this examples are made up situations in which someone could get royally screwed by the partially loaded ATM. Could this same thing happen in a worst manner if the ACE ATM was hacked? Of course it could but we can't be certain. The Ancapistan Stock Exchange has a right to shield themselves from that liability but at the same time they should also make it clear that they dont " Hold 100% of reserves " what they do is put a percentage of that available for shareholders . A new sign would be " For security reasons traders may not be subject to withdraw all of their money at any given time" since we traders depend on someone filling up the atm.
Does ACE keep the full amount of deposits inside their vaults 24/7?
Truth be told we will never know, the security argument shades any glimmer of certainty we traders may have as users of the service. Something to be consider however is that some times when the ATM goes off it takes hours for it to be refilled. Now of the ACE Management is aware of this and knows how important it is for some people to have acess to their money wouldn't they make it a first priority? Drop anything else to fill the ATM , which as far as I know is just pay the avatar from which the ATM withdraws money, in order to provide us with a exellent service?
For this matter I won't give you may opinion but rather let you make your own, I have tried to give you all the information you need to create your verdict within this post but the rest is up you. I want to also take this opportunity to invite you to comment on this article to get yourself involved in our small magazine. That way we can see what many traders think about this topic.
Thanks
Matt
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