Gems Subject To Tax?

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Control Core.1079

Control Core.1079

Anyone know if you loose a percentage of your gems when selling them for gold?

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Rouven.7409

Rouven.7409

It’s not a tax per se. If you would exchange x amount of gold to gems and then back right away you lose about 30% (on top of my head).
What you may be experiencing is that the exchange rate changes and you are as far as I know not locked into a rate – so from looking at it to the time you press OK it might have changed already.

Hope that helps.

“Whose Kitten is this?” – “It’s a Charr baby.”
“Whose Charr is this?”- “Ted’s.”
“Who’s Ted?”- “Ted’s dead, baby. Ted’s dead.”

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Control Core.1079

Control Core.1079

That answers my question indeed. Now the only question remains, why is there no warning when you sell your gems that you’ll loose 30%?

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Rouven.7409

Rouven.7409

How would the system know that you exchanged gold to gems first in order to determine this? What if I did the exchange months ago and I’m effectively now getting more back?

You might like this.
http://www.gw2spidy.com/gem

“Whose Kitten is this?” – “It’s a Charr baby.”
“Whose Charr is this?”- “Ted’s.”
“Who’s Ted?”- “Ted’s dead, baby. Ted’s dead.”

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Control Core.1079

Control Core.1079

I think I can wave the gems goodbye then (all 500 of them). I don’t think a refund is in order, I mean it’s not like the TP warns you they just take +/- 30%. Would be nice if they warned players before trading.

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: John Smith.4610

John Smith.4610

Next

You receive exactly the amount of gems or gold the exchange quotes you. There is a difference in exchange rates between the two currencies, but no additional tax from what you’re presented with when you hit the trade button.

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Control Core.1079

Control Core.1079

Is there a possibility to undo it? I was under the impression gems and gold were one for one.

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Inculpatus cedo.9234

Inculpatus cedo.9234

If you wait, you eventually will receive more gold than you initially traded in for gems. Way back when, I traded in 70s for 100 gems, now I can get back, gee, about 2 and half? gold for 100 gems.

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Aeneas.6852

Aeneas.6852

Thanks for the tip John Smith. You’r a great economist. Look forward to discussing more econ with you in the future!

PS. When you put an item on the trading post for sale, what percentage is the listing fee?

Thanks

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Lucas of the Desert.2165

Lucas of the Desert.2165

Listing fee is 5% selling fee is 10% they add up to a 15% tax, 5% of which you have to pay to put it on the tp and another 10 if it sells.

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Behellagh.1468

Behellagh.1468

Listing fee is 5% selling fee is 10% they add up to a 15% tax, 5% of which you have to pay to put it on the tp and another 10 if it sells.

Yes but not converting to and from gems. They operate on the two exchange rates where the Gems to Gold rate is 72.25% of the Gold to Gems rate.

We are heroes. This is what we do!

RIP City of Heroes

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: John Smith.4610

Previous

John Smith.4610

Please don’t switch topics in this kind of conversation, especially to another topic that’s so similar, it will confuse people.

The currency exchange gives you exactly what it shows it will give you.

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Control Core.1079

Control Core.1079

Well it is on topic, because this is what happened to my exchange. I wasn’t informed about this sort of thing, I assumed gems were worth just as much in gold when I sell or buy them. If I knew my gems were worth less when I sold them I would have never sold them in the first place.

(edited by Control Core.1079)

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Behellagh.1468

Behellagh.1468

Obviously that wasn’t directed at you because you are the OP (the switch topics comment from JS that is).

A lot of people are surprised initially since the default screen shows the Gem to Gold rate and when they go to the Gold to Gem screen they find out entering that amount will only by them 77 or so Gems instead of 100. You unfortunately didn’t need to go to the Gold to Gem screen so this is entirely a shock to you. Some have lobbied for a more informative opening screen on that tab along the lines of what you find on GW2Spidy when you look a gems, displaying and charting both rates.

http://www.gw2spidy.com/gem

So questioned answered. Two different rates with a fix ratio between them. It’s not a tax or fee since there isn’t an expense deducted from your profit or added to your cost of that transaction. Hard lesson learned, you’ll never do that again, yet another voice on a QoL issue with the TP.

We are heroes. This is what we do!

RIP City of Heroes

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Control Core.1079

Control Core.1079

I understand, but I find it weird how the staff always tries to burry things that make them look ‘bad’. I mean if people knew these things upfront there would be less moaning. So why not implement a warning, or clearly show in a graph buy and sell prices of the gems, just as you showed on that site you linked.

With things like this I can’t help but feel they know something is wrong with it but instead come up with an excuse to make it sound right.

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Rouven.7409

Rouven.7409

What are you talking about? John Smith’s last comment was about the totally different question in regards to selling on the TP and he specifically stated again that:

The currency exchange gives you exactly what it shows it will give you.

There is no reason whatsoever to feel tricked – I can exchange 1G right now and receive 30 gems and when I turn around and try to exchange the 30 gems back into gold it will tell me how much I will get before I do it. It’s right there.

Have you ever exchanged currencies at a real bank? There are indeed two rates, depending on which way you are exchanging – you never switch back and forth within a minute, what would the purpose of that even be?

Nothing is swept under the rug, there is no conspiracy and no one is making excuses.

“Whose Kitten is this?” – “It’s a Charr baby.”
“Whose Charr is this?”- “Ted’s.”
“Who’s Ted?”- “Ted’s dead, baby. Ted’s dead.”

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Behellagh.1468

Behellagh.1468

Yes, but CC didn’t know that, he assumed you could convert with no loss. After all the initial screen at the exchange shows only one rate, the Gems to Gold one, but unless you click on Gold to Gems “button” you wouldn’t know there’s a different exchange rate. Sure, it’s a lesson quickly learned and won’t be repeated but you have to admit it is a misleading screen when you first use it without investigating first. As I said if you are converting Gold to Gems, you notice the two rates right away.

And unless you’ve traveled internationally you won’t know about exchange rates in real life.

We are heroes. This is what we do!

RIP City of Heroes

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Rouven.7409

Rouven.7409

I think I’m starting to understand. You buy gems with real money. Convert x amount of those gems to gold – then later when trying to buy the same amount of gems back with gold realizing it costs more …

Ok, I get that.

I don’t think I can remember any kind of “hint” popping up explaining how it works and when I learnt this I most likely just went “yeah ok, makes sense”.

“Whose Kitten is this?” – “It’s a Charr baby.”
“Whose Charr is this?”- “Ted’s.”
“Who’s Ted?”- “Ted’s dead, baby. Ted’s dead.”

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Behellagh.1468

Behellagh.1468

I think I’m starting to understand. You buy gems with real money. Convert x amount of those gems to gold – then later when trying to buy the same amount of gems back with gold realizing it costs more …

Ok, I get that.

I don’t think I can remember any kind of “hint” popping up explaining how it works and when I learnt this I most likely just went “yeah ok, makes sense”.

Exactly. Now if they show the two rates on that opening screen it’s self explanatory and doesn’t require you to try both options to notice the rate changes. But it doesn’t it only shows the Gems to Gold rate (I admit this is the preferred use of the exchange from ANet’s POV, they want you to buy Gems with cash and let you convert some to gold).

It’s almost as if the Gold to Gems process came later in the development process and someone wedged it in there.

We are heroes. This is what we do!

RIP City of Heroes

Gems Subject To Tax?

in Black Lion Trading Co

Posted by: Control Core.1079

Control Core.1079

I think I’m starting to understand. You buy gems with real money. Convert x amount of those gems to gold – then later when trying to buy the same amount of gems back with gold realizing it costs more …

Ok, I get that.

I don’t think I can remember any kind of “hint” popping up explaining how it works and when I learnt this I most likely just went “yeah ok, makes sense”.

Exactly. Now if they show the two rates on that opening screen it’s self explanatory and doesn’t require you to try both options to notice the rate changes. But it doesn’t it only shows the Gems to Gold rate (I admit this is the preferred use of the exchange from ANet’s POV, they want you to buy Gems with cash and let you convert some to gold).

It’s almost as if the Gold to Gems process came later in the development process and someone wedged it in there.

Pretty much this.