Entropia News: Introducing Utrust - Digital Currency Deposits

Discussion in 'Entropia News' started by EP-Newsbot, Mar 23, 2022.

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    Introducing Utrust - Digital Currency Deposits

    MindArk is pleased to introduce Utrust as a new deposit method for Entropia Universe. Digital currencies through Utrust are now available to be used as a regular deposit method.

    “Allowing our customers to use cryptocurrencies to deposit into their Entropia Universe accounts has been part of our long-term strategy. The Utrust system fits with our business model which facilitates fiat money transfers to avatar accounts.” – Henrik Nel, CEO.

    With Utrust, Entropia Universe participants can now add funds to their avatar accounts using cryptocurrency. The unique real-cash economy of Entropia Universe allows participants to fund their avatars’ activities for entertainment or to build their own businesses inside the unique MMO game experience of Entropia Universe. The Entropia Universe currency (PED) is tied to the value of the real-world USD at a rate of 10 PED to 1 USD.

    Utrust is available for transfers of 5 USD or more in digital currencies.

  2. Wistrel

    Wistrel Kick Ass Elf

    March news 22
  3. Maybe it's just me, but I don't get it. So you dep a crypto currency, or bits of a crypto currency, that's worth x-amount of pounds, dollars, etc, that then gets converted into peds. Why not just dep in pounds, dollars, etc in the first place?
    • Agree Agree x 1
  4. Wistrel

    Wistrel Kick Ass Elf

    Maybe this? Dunno

    • Like Like x 1
  5. Yer, I get the washing bit, but it's still got to go through the exchange and transfer system at some point, so not untraceable, right?
  6. San


    Until it also works for withdrawals, it's just a little convenience. Also advertisement, of course, since Entropia is now featured prominently on their merchant list. (Or maybe it's just that there aren't so many yet. We'll see if Utrust stays.)

    People need to get off the illusion of remaining untracable. Unmarked coins of precious metal were untracable, that's a thing of the past. At some point, you need to get something out of virtual space and into your hands. And if your income statement doesn't match what Big Brother already knows, you know what follows. Which implies that the humiliating ritual of reporting is actually unnecessary, but that's the joy and whole point of having power. Officially, this is only for doing good deeds and protecting you from fraudsters, of course. Which is not totally invalid either and therefore complicates the matter.
  7. Wistrel

    Wistrel Kick Ass Elf

    No implying untracability just convoluting the origin. But yeh I agree with San for the most part, lets face it crypto is popular with some people. It's a kind of funds they have available so if it doesn't cost MA too much to do it, no reason why they shouldn't have it as an option.
  8. Exactly, ppl need to get off that illusion, and using crypto wouldn't be untraceable (Wistrel's pic suggests dep using crypto could be for money laundering purposes...), so you may as well dep using ££, $$, etc in the first place. I'd rather keep my crypto and try selling it on crypto exchanges when the value goes up, but it's ok for MA to offer crypto dep as an option...
    Last edited: Aug 1, 2022
  9. San


    Not to be misunderstood, I don't criticise MindArk for doing this. It has been requested a lot and certainly makes business sense to include this way of making deposits. I just find that some people still hold false expectations about the use of cryptos. It will never be allowed as a mainstream means of exchange unless authorities get full control over it, which runs counter to its early adopters' vision.
    Last edited: Aug 1, 2022
    • Agree Agree x 1
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