NP$ System Revaluation - Important

[RJ]

Just wanted to make a thread here to make sure everyone's seen the NP$ announcement here:

http://www.namepros.com/namepros-info-and-suggestions-announcements.html

I noticed it didn't allow for comments when I posted it as a forum announcement.

Discuss here if you want!

RJ

 

[Charley]

Yes, I haven't been on the forum lately. Thanks for asking.

How can I pull out the exact previous balance to calculate at the new rate ?

Another question, can I withdraw the balance to Paypal ?

 

[-REECE-]

Hi Charley,

All the NP$ got reevaluated at 0.017 of the new ones, so if you divide the 33 NP$ you currently have by 0.017, you'll end up back at 1900+. They're now basically worth the same as USD which is why the change was made -- makes it easier to buy services on Namepros using NP$ now because there's no need to do any math.

I don't believe the exchange is up and running yet. I believe RJ was paying $0.012 for buyback before, so I imagine it would be something like $0.70 per NP$ under the new system (not official, I just divided the old amount by 0.017).

Yes, I haven't been on the forum lately. Thanks for asking.

How can I pull out the exact previous balance to calculate at the new rate ?

Another question, can I withdraw the balance to Paypal ?

 

[Charley]

Thanks, I have more questions.

Is NP paying for each post/thread like before ? Also, I don't see that NP Click page, is that off the forum ?

 

[-REECE-]

No the pay per post seems to have been taken out -- I know I'm no longer being paid anyway. I'll ask about the NP Clicks.

Thanks, I have more questions.

Is NP paying for each post/thread like before ? Also, I don't see that NP Click page, is that off the forum ?

 

[RareIQ]

I had actually purchased NP$ from other members in the NP section where members were selling NP$.
I purchased NP$ with good solid Paypal cash with intentions of using the NP$ with the upcoming Auctions. This was the way to pay for domains in those Auctions.
I work a fulltime job and not on NP everyday or every week.
A short time later, I logged into NP, only to find this all had happened and my NP$ TAKEN AWAY and drained and nothing I could do about it. :td: I lost over 200 NP$ ?

 

[RareIQ]

I lost over 200 NP$ ? Am I going to be reimbursed ?

 

[-REECE-]

Hi RareIQ, did you see the message at the top about the reevaluation? RJ just made it so that the NP$ is equivalent to the USD. Your balance was converted to the new system at a rate of 1 old NP$ = 0.017 new NP$, so everything like auctions are going to be much cheaper as well in the new NP$, so it's not like you actually lost money -- just seems that way until you see how much cheaper it is to buy things (like bookmarks or seo services from members here) with the new NP$. Everything has gone down -- not just your NP$ but also the prices, so the effect is essentially zero change.

I had actually purchased NP$ from other members in the NP section where members were selling NP$.
I purchased NP$ with good solid Paypal cash with intentions of using the NP$ with the upcoming Auctions. This was the way to pay for domains in those Auctions.
I work a fulltime job and not on NP everyday or every week.
A short time later, I logged into NP, only to find this all had happened and my NP$ TAKEN AWAY and drained and nothing I could do about it. :td:

I was particularly worried about one thing and thought it deserved a thread:

I noticed that there is no longer a second confirmation before NP$ are sent. With them being worth so much more now than before, a typo could result in quite a large tip. Also, there's no confirmation that NP$ have been received by the seller, so people who aren't too observant to their NP$ balance might think they haven't been paid for any sales done.

 

[-REECE-]

Hi RareIQ,

See my last post in this thread: http://www.namepros.com/namepros-info-and-suggestions/575560-np-system-revaluation-important.html

I lost over 200 NP$ ? Am I going to be reimbursed ?

 

[RareIQ]

So you are saying that my old 200 NP$ is now the same exchange rate in value as my current 1.85 NP$ ?

 

[Gene]

Nobody lost ANY value. Your current N$ is worth exactly the same US dollar amount as it was previous to the update.

Before: 5882NP$ = $100 USD
Now: 100N$ = $100 USD

So when you look at your balance, there is no longer math to calculate.

 

[RJ]

I noticed that there is no longer a second confirmation before NP$ are sent. With them being worth so much more now than before, a typo could result in quite a large tip. Also, there's no confirmation that NP$ have been received by the seller, so people who aren't too observant to their NP$ balance might think they haven't been paid for any sales done.

Good point, let's see if we can get confirmation page working.

 

[wangjinhk]

This is not a good change IMO.Everyone has NP$ lose their money.0.017 is not a fair rate IMO.I am not glad to see the change beacuse I lose money.

---------- Post added at 01:16 AM ---------- Previous post was at 01:09 AM ----------

Nobody lost ANY value. Your current N$ is worth exactly the same US dollar amount as it was previous to the update.

Before: 5882NP$ = $100 USD
Now: 100N$ = $100 USD

So when you look at your balance, there is no longer math to calculate.

But the rate is 0.20 before,now 0.017,everybody lose money IMO.That's not a good idea to change the rate.

 

[Gene]

The US dollar used to be worth $1.30 in Canada. Now it's worth under a dollar. Economy changes. NamePros is no different.

 

[Peter]

But the rate is 0.20 before,now 0.017,everybody lose money IMO.That's not a good idea to change the rate.

Go back 2 years and the standard namebuck rate was 0.024 however that was the rate then not now.

The rate has been sitting at around 0.017 for a while. It became quite difficult to sell for any more than that even during times of auctions when the prices historically increased.

This was the most obvious rate to convert from as this was the selling price for namebucks.

As Gene states exchange rates fluctuate not even namepros is immune from the recession at the moment.

 

[snowbird]

Will the NP$ Exchange system be brought back online? I found that to be a critical asset to the forum for members buying and selling NP$.

At this point I have NP$, but have no easy way of converting them back into US currency. There is no feature as far as I can see allowing me to sell them to a bank like before. And there is no feature for listing your NP$ for sale. Bringing the NP$ exchange back would seriously help other members as well as myself. Some of us are conducting business on the forum such as selling hosting, ad space, etc. Being able to sell those NP$ easily via paypal or some other form of method would be very much appreciated. Without the NP$ exchange, you may begin to see some of those offers disappear.

 

[kashif]

No one replied me..

Here its is again asking the same question...

I have more than NP$ 400 before the change and now my balance is showing just N$ 1.40! Why? I dont remember the exact amount but I am sure it was more than NP$ 400!

According to new conversion rate it should be at least N$6.8. (400 x 0.017) if I only calculate NP$ 400.

Please tell me why its happening to me???

 

[NPQueen]

The exchange system is still being worked on. In the meantime you can sell them here http://www.namepros.com/namebucks-np-sales-and-auctions/

 

[snowbird]

The exchange system is still being worked on. In the meantime you can sell them here http://www.namepros.com/namebucks-np-sales-and-auctions/

Thank you for your responce. It is good to hear that the exchange will be returning.

 

[Pred]

okay gonna add my weight to this:

firstly why the hell weren't people sent pm's about this, considering i just saw this as was forwarded a link. i spend loads of time on here and never saw this before

so all the np$ i bought i haven't got back yet, i saw the announcement on homepage about you fixing all that stuff and ribbons by friday so thought they would show up then, tomorrow

i had about 9 np$ in my account which i thought was from posting

so the other day i paid 3 people 'just' 3 np$ each

so are you telling me that cost me like real dollars and sent by mistake???

if it did i'm hopping mad

how many other thousands of members don't know about this/??

that aside the idea is a really bad one and will kill the incentives area and just make calculations more of a pain

look forward to hearing something back

---------- Post added at 05:56 AM ---------- Previous post was at 05:54 AM ----------

Nobody lost ANY value. Your current N$ is worth exactly the same US dollar amount as it was previous to the update.

Before: 5882NP$ = $100 USD
Now: 100N$ = $100 USD

So when you look at your balance, there is no longer math to calculate.

by the looks of things sure people lost money as loads of us lost $ as we didnt know about it. me included

the post on homepage leads people to believe the np$ issues will be resolved tomorrow.
consider how much i am on this forum and never seen this thread before

 

[Ross]

Don't fix something that isnt broken IMO.

Yes it might be better in the long run but if people see that they are getting like 3cents for incentives it might put some people off. The old system should have been left alone along with the exchange rate. Just because they didn't sell in the bank does not mean its not traded or sold at the old exchange rate. This is not real currency we are dealing with just a simple conversion and safe trading IMO. This is not forex.

There should have been something in the rules and agreement to all that stuff. Legal troubles could hit you hard by members with lots of NP that see the change in this and do not like it. As far as i have seen there is no disclaimer to the NP$ system or anything that says rates may change, like i said this is not forex.

 

[Pound]

The US dollar used to be worth $1.30 in Canada. Now it's worth under a dollar. Economy changes. NamePros is no different.

Good to know. So I assume that means the exchange rate, now tied to the dollar, will be updating in real time?

---------- Post added at 03:19 PM ---------- Previous post was at 03:16 PM ----------

Go back 2 years and the standard namebuck rate was 0.024 however that was the rate then not now.

The rate has been sitting at around 0.017 for a while. It became quite difficult to sell for any more than that even during times of auctions when the prices historically increased.

This was the most obvious rate to convert from as this was the selling price for namebucks.

As Gene states exchange rates fluctuate not even namepros is immune from the recession at the moment.

The point is, though - WE, the community, chose the price at which to trade. Therefore, it was fair as the economy truly could dictate the value of NP$. However, it seems that NP has simply chosen a value at which they're worth, thus hurting a lot of NP$ holders.

---------- Post added at 03:22 PM ---------- Previous post was at 03:19 PM ----------

Namepros isn't the one making the money here

Of course they are. By taking money out of the economy (by effectively devaluing the currency), there are less NP$ that can be sold (and therefore less money needs to be paid by NP). Thus NP has made (or, rather, saved) money from this change.

 

[Pred]

how difficult would it have been to pm members about this ??

this is money after all, and i lost some by shipping some to other members unaware of the 'changes'

see my post above

trying to get refunds

what a completely ill thought idea, mismanaged etc
need i go on?

hey, a suggestion, listen to your members

 

[-REECE-]

Of course they are. By taking money out of the economy (by effectively devaluing the currency), there are less NP$ that can be sold (and therefore less money needs to be paid by NP). Thus NP has made (or, rather, saved) money from this change.

Something like 80% of the NP$ in the economy are from the weekly bonus Namepros had been giving moderators in the past despite them having volunteered for their position. Most people sell their NP$ to other people, not Namepros, because the Namepros rate is below what some other members here are willing to pay.

Even if the old NP$ had been reevaluated as if they were worth 0.02, it'd quickly fall from that as it's been very apparent lately that 0.02 was no longer the going rate and was pretty much impossible to sell for.

I really think this is getting blown out of proportion -- the value was changed so that it'd be equivalent to the USD and people like me could buy services on Namepros and not have to take out a calculator to figure out what we actually owed the other person.

 

[Pred]

Something like 80% of the NP$ in the economy are from the weekly bonus Namepros had been giving moderators in the past despite them having volunteered for their position. Most people sell their NP$ to other people, not Namepros, because the Namepros rate is below what some other members here are willing to pay.

Even if the old NP$ had been reevaluated as if they were worth 0.02, it'd quickly fall from that as it's been very apparent lately that 0.02 was no longer the going rate and was pretty much impossible to sell for.

I really think this is getting blown out of proportion -- the value was changed so that it'd be equivalent to the USD and people like me could buy services on Namepros and not have to take out a calculator to figure out what we actually owed the other person.

the biggest point is people were unaware about it dude!

how difficult would it be to pm all emebers an important pm? explaining

see my earlier posts
i mistakenly paid 4 members now 3np$ when should have been a fraction

how many other members still dont know?

i have posted a thread in discussion area to highlight this balls up and to alert embers

quite simply once this mess is cleaned up i predict members will just pay each other by paypal in real $

think about it, why would you convert into np$ something that uis the same as real $ and have to work out silly fractions

that is once everyone is aware

not aimed at you reece, but management
everyone i have spoke to and seen comment is against it
food for thought, or maybe not


also, i want a bloomin answer why people weren't pmed
banks dont change currency and put a small poster in window on cahnce you'll see

 

[Pound]

Something like 80% of the NP$ in the economy are from the weekly bonus Namepros had been giving moderators in the past despite them having volunteered for their position. Most people sell their NP$ to other people, not Namepros, because the Namepros rate is below what some other members here are willing to pay.

Even if the old NP$ had been reevaluated as if they were worth 0.02, it'd quickly fall from that as it's been very apparent lately that 0.02 was no longer the going rate and was pretty much impossible to sell for.

I really think this is getting blown out of proportion -- the value was changed so that it'd be equivalent to the USD and people like me could buy services on Namepros and not have to take out a calculator to figure out what we actually owned the other person.

Out of proportion? Effectively I have paid for this NP update. One I didn't even want/request.

I bought NP$ because I knew they fluctuated with economic times and therefore was a safe investment for small purchases (i.e. they would eventually go back up). I find it convenient that you wait until one of the worst times to hold $s and then revalue the currency.

You say most people sell their NP$ to other people. Then why the need to revalue the currency in the first place in tie with the $? Also, the fact most NP$ are held by moderators who work here is irrelevant, that is simply the problem caused by the owners causing inflation by injecting more NP$ into circulation.

Why did the forum not consult members, who make NP what it is, about this? For example, now that the NP uses a fixed currency should we not have been consulted as to which currency NP$ are fixed to? At least we could have been given significant warning! If a government were to put something like this into practice it would have had many rounds of voting, etc. We're simply told at the last minute - "We're taking your money and doing this with it".

I'm sure the damage has been done. However, as Gene implied earlier, if the value does genuinely go up and down with the $ then, for me, it would be acceptable.