In support of the performers, artists, and merchants on the Hypergrid. I have contacted Christopher Colosi, CEO and founder of Gloebits, LLC., regarding the “monthly cap” on the amount of Gloebits that can be converted to a cash transfer to Paypal.
The following are copies of the emails of that conversation:
On Thu, Jun 4, 2020 at 9:22 AM <email@example.com> wrote:
It has come to my attention from talking with several entertainers on the Hypergrid, primarily singers or DJs, that there is a 2500 Gloebits per month cap on their ability to convert their Gloebits to cash.
You should know that many of these artists are using their time and talent as a way of supporting their livelihood and 2500 Gloebits is very little cash per month.
Many of these artists are quite successful and this small amount of cash is unacceptable in their minds and what is happening is that they are now converting their tip boards to Paypal rather than Gloebits.
Remember that most of these artists have been on Second Life and are used to using that virtual currency which to my knowledge does not have this limitation.
I also use Gloebits quite often to tip artists and they are asking me now to not use Gloebits and use Paypal instead.
I would really like to see Gloebits survive the long term as the Hypergrid needs a virtual currency for many of the varied transactions.
Would you please consider either eliminating this cap or raising it to the point to where these artists can cash more of their tips per month to make it more desirable for them to continue using Gloebits?
My grid has been Gloebit enabled since the beginning and I use Gloebits very often throughout the Hypergrid, primarily as tips. I have had no problems and really like your currency and support.
I fear that if this cash out situation isn’t resolved soon that Paypal will become the preferred, and perhaps the only, Hypergrid currency.
I have never tried to personally convert Gloebits to cash so I really don’t know the policies involved. I am asking for you to give this some serious thought and await your reply.
Take care and kindest regards,
Owner of GridExperience.com
From: Christopher Colosi
Sent: Thursday, June 04, 2020 1:03 PM
Subject: Re: Gloebits cashout limits
Thanks for bringing this to my attention. Please tell those merchants/performers/artists to place a sell order for their initial limit and then immediately email me directly to ask for an increase to their sell limit. That is just the limit that everyone starts with. We don’t have any mandatory waiting period for increases. When someone is doing serious business, we get their limit raised pretty quickly to where they can sell everything they earn each month without hitting their limit. We might do it in a series of steps rather than all at once, but we will get them to where they need to be. It’s just a mechanism for preventing fraud that we need to have tiers and can’t immediately set everyone to a high limit. Also, another grid asked us to increase even that initial limit because they felt it was scaring new sellers who assumed we might add serious delays to selling more, so we’ll likely remove our first tier and start everyone a tier higher soon. That initial tier (which I think is 5,000 gloebits) was set up when we first launched and were being very cautious.
Thanks for your concern and help.
Christopher M. Colosi
Founder & CEO
On Thu, Jun 4, 2020 at 11:24 AM <firstname.lastname@example.org> wrote:
Thank you for your quick reply.
I am very pleased to hear that you are sympathetic to the needs of the artists/entertainers/merchants on the Hypergrid.
With your permission, I’d like to post copies of our email correspondence on my grid’s blog and direct people there so that they can read your comments and learn how to increase their limits.
Please let me know if this is acceptable.
I appreciate your help and am sure that all involved will be encouraged to know that your company is willing to take the necessary action to make Gloebits their preferred Hypergrid currency.
Kindest personal regards,
That is acceptable.
I appreciate your help in getting the word out. Thanks.