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China bans online 'gold farming'

China has unveiled the first official rule on the use of virtual currency in the trade of real goods and services to limit possible impact on the real financial system. The Chinese government also spelled out the definition of "virtual currency" for the first time, which includes prepaid cards of cybergames, according to a joint announcement from the Ministry of Culture and the Ministry of Commerce Friday. It said:

The virtual currency, which is converted into real money at a certain exchange rate, will only be allowed to trade in virtual goods and services provided by its issuer, not real goods and services.

The ban is primarily aimed at "gold farming," an Internet-age phenomenon in which players in less developed countries collect and sell virtual gold (common to games like World of Warcraft) to wealthier gamers in the developed world. This enables gamers who have the means to buy virtual gold to get ahead in the games without actually having to accomplish the grunt work.

The trading of virtual currency for real cash generates between $200 million and $1 billion annually, according to a 2008 survey conducted by Richard Heeks at the University of Manchester. … Read more

Facebook payments: Think virtual

It might be Facebook's worst-kept secret.

It's become increasingly clear in recent weeks that Facebook is finally inching toward the launch of a micropayment platform. The social site has been expanding the presence of its virtual currency, which Facebook debuted last November when it changed the monetary units for its "Gifts" product into "credits" rather than U.S. dollars.

Credits are now bundled with some promotional items in the Gifts app. And soon, select developers on the Facebook Platform will be able to start working "credits" into their own applications, in a … Read more

A tool for everything?

9-Toolbox is a collection of ten calculators, converters, and other mini-tools (nine tools plus one bonus) that can help you with everything from divvying up a restaurant bill to measuring an incline while you're rappelling down an icy precipice.

9-Toolbox provides a utilitarian but surprisingly friendly interface for each of its tools, which include a Currency Converter (straightforward and automatically updating), Date Calc (to help you track the distance between dates), Days Until (a simple countdown tool), Holidays (major holidays by year for seven countries), Inclinometer (a flexible leveling tool with results in degrees, slope, and pitch), Loan (lets … Read more

The platform should be making more than Facebook--for now

You'd think, based on what the blogosphere is saying about dual sets of numbers in Advertising Age and VentureBeat, that Facebook has a new reason to freak out about revenues. Namely, signs point to the fact that the third-party developer platform that Facebook launched two years ago now collectively makes more money than the social network itself.

Well, of course it does.

From some of the headlines, you'd think that it were some sort of Silicon Valley equivalent of humans creating robots that eventually outstrip them in intelligence. While it's sort of amusing to think about Facebook … Read more

Facebook launching virtual currency? Don't get too excited

On Tuesday night, a Los Angeles Times blog post pointed to an soundbite that Facebook "gaming guru" Gareth Davis produced at the GamesBeat conference in San Francisco: that the company is "looking at" offering a virtual currency to developers. The virtual goods industry, the article notes, is a $1.5 billion behemoth.

This would mean that games and other apps with a presence on Facebook could use a universal "Facebook currency" that would not only be interoperable between apps, it could also line Facebook's pockets with some extra cash. But Davis' language ("… Read more

Exchange rates at a glance

It's easier being prudent with your travel budget when you know how much those souvenirs really cost. This free converter lets you compare the value of currencies against each other. It is ideal for tracking international exchange rates, but loses something of its value from previous versions, when comparing among currencies was more intuitive. This newer version also adds banner advertising; thankfully unobtrusive.

You can still swap the master currency and compare to monies from other countries, but to do so you'll need to tap the currency name--U.S. dollars, for instance--and enter the amount you'd like … Read more

Attent turns Outlook into a microeconomy/MMORPG

If you're a Microsoft Outlook user at work, managing your in-box could be one of the most challenging things you have to wrestle with each day. Handling incoming e-mail and categorizing its importance is a skill, and a process people have to learn. There are several third-party apps to help you figure out what's important beyond the stock methods included with the Outlook (colored flagging, and urgency), but many are for the individual, rather than the entire company.

Likewise, as a sender, figuring out how to prioritize the e-mail you're sending to others is a balancing act, … Read more

Free 'World' mentality: WorldMate now free for Nokia S60s

It's not uncommon for publishers to start nailing dollar signs on freeware products or release a pro version requiring some financial obligation. It's a little more rare, and always refreshing, to see publishers introduce a free version of a commercial product. PK Ware did it with SecureZIP back in April, and MobiMate is doing it now with WorldMate S60, all-in-one travel software that incorporates a world clock, global currency converter, weather forecaster, and time zone map that tracks night and day around the globe.

The limited-feature release offers users free reign over five WorldMate capabilities, but dangles flight … Read more

When in Rome, Prada is plentiful. Bringsome?

It's always those little things spotted in a foreign country that I wish I'd grabbed more of to bring back home, like $2 cartoon-print chopsticks from Tokyo, a $3 sack of paprika from Budapest, or $1 bottles of local lavender oil from Zagreb. I may not revisit those places, but I could ask for someone going there to snag some stuff for me. If you're my friend, however, that could interfere with your carefree vacation. Why not ask a stranger instead?

Bringsome is built just for that. Travelers on the site offer to bring back goodies from … Read more

My-Currency rates real estate pros

My-Currency.com, launching at Demo 07 on Thursday, is a complicated solution to a very simple problem: people can't tell if real estate agents are any good.

My-Currency is designed to bust through friends' recommendations and real-estate advertising campaigns in order to help you find the agents with the best knowledge of their market, as shown by how well they predict the outcomes of real estate transactions.

The site is built around a prediction market. It asks agents to predict how much properties will sell for. Agents "wager their reputation," and put in their predicted sales price … Read more