10 Gold Rule and eCitizens Bank
Day 1,529, 05:43
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Published in USA 
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by
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by Mr Andrews
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est. Day 1469
Accounts: 80
Deposits: $531,327.84
"Citizens cannot aquire more than 10 Gold per day through Monetary Market and Donations. This citizen has already reached the maximum limit."
The eCitizens Bank receives 10s of thousands of dollars a day in the form of USD and Gold. Since the eRepublik has a 10 Gold donation day rule there are many times that investors are not able to buy an 8 Gold serial bond or open a 20 Gold CD. Many NEW investors find this frustrating. I have actually found a way to work around this 10 Gold rule and have been using it for a long time now with my existing customers with a lot of success. Let's break it down how to work around this rule.
Now Gold has a value in USD according to the Monetary Market. This price goes up and down daily based on many different things. Now what eCB does is takes Gold in the form of USD based on the value of gold at that time.
ie.
It's a very simple process. Here's an example of how it works. Let's use simple numbers for easier calculations.
Let's say Gold is equal to 1000 USD and you want to open a 10 Gold CD. You would send me 10,000 USD in the place of 10 Gold.
10 Gold X 1000 USD = 10,000 USD
You would also send me a message saying you are opening a 10 Gold CD with the CD info.
Also, I will send a lot of CDs and Bonds back in the form of USD to my investors. On my end I will actually send it back to you at 10 USD over the current gold price. This gives an extra cushion for the gold price to fluctuate. If the price of gold goes up I will send you the difference, within a reasonable amount of time I might add. If the price of gold goes down you made a little bit extra than what you made on the CD. If you really want gold back, buy it right away with the USD I sent you, you'll even have a little USD left over.
The reason why I pay out in USD is due to the fact that I can only acquire 10 Gold per day also, so it makes it very difficult for me to hold onto my gold when I'm continuously paying out gold to my investors.
It's a pretty simple process once you do it. I do this daily with my investors and have had only a few complaints, but once I explain this they don't mind.
QUESTION?
wouldn't this mean that if I invest usd for a gold CD today then the price of gold drops and I get paid back in usd later then I could end up with less usd than originally invested?
ANSWER
You might end up with less USD, but it doesn't mean that you end up with less Gold. Let's say I have 10 gold and I want to invest it in the bank in lvl3 Gold CD, but the bank has reached the donation limit for that day. I exchange that gold for a price of 800 USD for 1 Gold. I get 8000 USD, and transfer that money to the bank.
After 6 weeks my 10 Gold have become 12.115 Gold and I'm withdrawing that amount, but the gold price has fallen to 650 USD for 1 Gold. I receive around 7875 USD, that is without the "cushion" money. It may look like I have ended up with less USD than originally invested, but if I exchange back that money to gold for the same price of 650 USD, I still get back the same 12.115 Gold.
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Mr Andrews
eCitizens Bank CEO
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Comments
You need to buy a national org then
On Day 1535 at 00:00 eRepublik time, all the remaining organizations (except the national ones) will be deleted from the game. Make sure you dissolve them so that you won't lose your properties.
- 6.
Feels like a Déjà vu.
~hyuu~
wouldn't this mean that if I invest usd for a gold CD today then the peg drops and I get paid back in usd later then I could end up with less usd than originally invested?
@ Eisenhart... perfectly put, couldn't have said it better myself... I'm actually going to add that to the article 🙂
@The Libertine
You might end up with less USD, but it doesn't mean that you end up with less Gold. Let's say I have 10 gold and I want to invest it in the bank in lvl3 Gold CD, but the bank has reached the donation limit for that day. I exchange that gold for a price of 800 USD for 1 Gold. I get 8000 USD, and transfer that money to the bank.
After 6 weeks my 10 Gold have become 12.115 Gold and I'm withdrawing that amount, but the gold price has fallen to 650 USD for 1 Gold. I receive around 7875 USD, that is without the "cushion" money. It may look like I have ended up with less USD than originally invested, but if I exchange back that money to gold for the same price of 650 USD, I still get back the same 12.115 Gold.
oops..had to edit my comment
Wheeeeeeee... Monetary Market FTW I guess
Yup. And if YOU invest 17.000 USD in cattle farms it will bring you ~120 USD per day. In six weeks (42 days) that's ~5.000 USD = ~30% RoI (Return on investment). I don't want to be rude mate but you're trying to exploit the ordinary people who can't do the math properly. In the real life it's OK, it's a fight for survival... But here... In an online game world... Shame on you...
There are people who don't want to work their land that much, to save their health for fighting, and this is a good way to do that.
@Allianzer, what about repaying buying cost?
Lets take Cattle Farm: costs $8,500 , gives 350 raw food with all bonuses. Raw food right now is $0.13. Avg. cost for 10 wellness right now is $2.19.
To repay for Cattle Farm, you need to $8500/((350*$0.13)-$2.19)=196.2 days, or $8500/(350*$0.13)=186.8 days if you use your own food.
If you open lvl3 account with $8,500 and 2.25% compound interest in 196.2/7=~28 weeks your profit be ~$7348 but in 28*2 weeks your profit will be ~$21050.