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Article ID: 202
Article Date: Wednesday April 09th 2008 1:02:00 PM (UTC +11:00)
Article Publication: Public
Article Title: DXSystem DXCredit Update

News Article Content

The upgrade to the DXSystem's 'storage and credit' service is almost complete and to help move this key area of the system along we are opening up the service to DXUsers who want to become active now before the full upgrade.
To become active a DXUser will need to pay the Service fee that is being re-introduced, which takes over from the OA & Admin fee of the past. The Service fee is charged on the highest amount of DXCredit that is held in the account and portfolio during the last 30 day period.

When an account is activated this will direct any 'DXCredit' OutXchanges to a higher processing.
All the system's 'storage and credit' service is moving into position now and while the final merging of this section of the system with the global trading platform is being checked by our technical team we are able to begin processing the activation of DXUser accounts who want to begin.

The changes that can be made with this process is,
- Exchange of the DXG Rewards with DXCredit at a conversion rate of 25%.
- Debit the Service fee on the highest amount of DXCredit that has been held in the account(s) and portfolio(s) during the previous 30 days.
- The Service fee is debited from the DXUser's choice of Federal Gold Reserve at 1.75% or from the DXGold in the Incoming balance at 2.5%.

A DXUser can prepare their account and portfolio by following the details:

- DXDebit Withdraw the amount of DXG Rewards from the portfolio out to the DXAccount' Available balance.
- List an OutXchange using 'DXCredit' as the 'fund source' ready for processing or wait until the exchange to DXCredit is made.

Once the OutXchange is processed the 30 day period will begin during which time the OutXchange can be used before either 'Repaying' the OutXchange with an InXchange or allow the OutXchange listed for 'Repayment' to be dropped after 30 days.
The 'Repayment' will immediately change and move the repaid 'DXCredit' amount that was OutXchanged over to the 'DXGold' balance to help build the asset base of the DXUser. At the same time the amount of DXGold 'On Hold' will also be returned to the Available balance.

This means that by using the system credit for 30 days just like a credit card the DXUser can pay back the withdrawn amount of credit but instead of it returning as credit (DXCredit) like with a credit card the fund type exchanges from DXCredit to DXGold and provides the advantage of increasing the amount of DXGold that is held as the DXUser's (input) asset base.
If a 'Repayment' is not made within the 30 days then the amount of DXGold 'On Hold' will be deleted and the DXCredit OutXchange amount will be returned to the account balance. The DXGold 'On Hold' is deleted because the asset base that has been held is simply being withdrawn from the DXUser's account.

If you would like to take advantage of the account activation you can contact Support at, 'Contact Support at 'DXSupport > General Information & Inquiries'


Link to original news article

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Succeed2k

Wouldn't it be wiser to not open it up til AFTER you get it live? Unless you're in a rush to get those system fees or something.

I guess you'd better hope all your auditing gave people the right amount of DXCredit then huh?

What's the rush? You've years just to get to this point, why put a rush on people activating (by the PAYING of FEES) their accounts now? A little bit confused by this, as activation means sh*t if the system is not fully usable.

An open invitation to offer support and communication... WOW!

Disclaimer: I make no apologies if people read this post as being sarcastic or negative. I am in no way in control of how other people react. If you don't like it, simply do not read it. If you disagree, i respect that.

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lynnette

Not quite sure I understand this part:
What has this got to do with "preparing the account and portfolio" I'm a little lost here on what this part will achieve unless outxchanges are going to speed up considerably, perhaps I need more coffee.

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Lynnette
If you always do what you've always done, you will always get what you've always got. If you want what you've never had, you have to do what you've never done.

Fredx

"Exchange of the DXG Rewards with DXCredit at a conversion rate of 25%"

"If you would like to take advantage of the account activation you can contact Support at, 'Contact Support at 'DXSupport > General Information & Inquiries'"

I wonder if a different rate would apply when the final merging takes place?

oneplanet

And who is going to process this OutXchange ?

Existing DXUsers ?
New DXUsers ?

At the moment, I'd prefer to never see my OutXchange, then to know that someone put more money into DXSynergy to allow me to get my OutXchange.

When we have a working system, I may see it differently, but we don't have that, or anything like that.



From experience, we have seen that their "rates" can change on a whim, so I think you have a good point Fredx.

We need to remember thats it's "monopoly money" until we have a system that will actually work and lets you OutX efficiently.

the Guru

I would suggest anybody trying to do this take VERY careful note of their balances before and after any repayment.

eg. Say you were to repay a $100 DXCredit OutXchange. First off, when you InXchange your IB and DXGold balances should increase by $100.
Now, according to the above statement (which is surprisingly clear and unmistakable), so your DXGold balance has actually increased because of the DXCredit you OutXchanged. Fair enough and completely understandable.
But watch this This means that the $100 of DXGold will be returned from 'On Hold' back to your DXGold balance, meaning your DXGold balance should increase a second time (which I am yet to see actually happen, but hopefully this is fixed)

Overall though, after a DXCredit OutXchange and complimentary InXchange/Repayment, your DXGold balance should have increased by the amount OutXchanged (less fees) and your DXCredit should have decreased by that amount.

For those users who MAY still want to remain active in DXS and wish to reduce their DXCredit level, it appears to be possible by OutXchanging your DXCredit and then bringing it back in as DXGold. Reducing your DXCredit level will NOT initially reduce your Fee though as this fee is calculated on the highest DXCredit balance over the past 30 days. You will have to wait for a month for the fee to get reduced.

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PeteUK

Christ, here we go again.

Can anyone translate this into English for me please.


P

Fredx

"When an account is activated this will direct any 'DXCredit' OutXchanges to a higher processing. "

I guess that would mean shorter time before the outxchange is processed?

CuriousGeorge