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Virtual currency

A virtual currency or virtual money has been defined in 2012 by the European Central Bank as "a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community."

Gambling, casino, slot machine or devices

AcmeTutor is not a casino and while it uses virtual currencies to make payouts, it clearly separates the virtual currencies into disparate types for investments, services and gaming. You cannot buy virtual currency, gamble on games of chance, and cash it out.

Gems

AcmeTutor at present uses 4 different types of gems (Diamonds, Rubies, Emeralds, and Sapphires) as virtual currency. They each have a different purpose and not all can be cashed out.

Diamonds are a long term investment in AcmeTutor. Buy and hold them for years. Their value varies with the company's value. They can be sold back to the company at the set buy-back price.

Emeralds are short term investments in AcmeTutor. They can also be traded and used to pay other players at AcmeTutor for their services. Their value varies with daily activity levels. The company does not cash them out to prevent day trading and is not liable for any secondary markets created by players without the company's involvement. For more details on a case related to secondary markets see: Court Rules Virtual Currency Casino Not Illegal Gambling Despite Secondary Market.

Rubies are for purchasing courses and other goods from AcmeTutor. These fall in the services category and can be cashed at set price by the service or goods provider such as the teacher.

Sapphires are great for in game purchases and can also be won as awards. Normally, these cannot be cashed out except in regions and times where AcmeTutor may be legally allowed to run casino or gambling activities.

Investments

AcmeTutor is a privately held company and is not publicly listed or traded. Investments made by purchasing gems like diamonds are treated as purchasing the virtual good at your own risk. The company's management aims to grow the company and the trust in it. Our expectation is that as the company grows the value of your gems will grow with it. However, there is no liability for the purchase. The cashout value at any time is intentionally always kept much lower than the buy-in value to prevent arbitrage which can potentially hurt the company, its cash flow and growth plans. The method of use of the company funds is entirely up to AcmeTutor's founder and management. While you might contact the management, petition or provide suggestions there are no obligations created by merely making an investment. AcmeTutor may choose to publish its initiatives and growth plans upon its own discretion so it makes it interesting for investors without giving away trade secrets to competitors.

Services

Service providers such as game providers or teachers may earn Ruby gems in return for their services. They may accumulate them and cash them out as payment for their services. AcmeTutor tries to make payouts as easy and transparent as possible through software and direct deposits. AcmeTutor may block or refuse payment in case AcmeTutor believes there has been any kind of fraud, illegal behavior, or impossibility of payment in some foreign country.

Payments

AcmeTutor uses Braintree, a division of PayPal, Inc. (Braintree) for payment processing services. By using the Braintree payment processing services you agree to the Braintree Payment Services Agreement available at https://www.braintreepayments.com/legal/gateway-agreement, and the applicable bank agreement available at https://www.braintreepayments.com/legal/cea-wells. Where AcmeTutor uses Stripe or other processors, their terms apply when those services are used.

Transaction fees

AcmeTutor uses Braintree and other processors for payment processing. Applicable transaction or payout fees may apply as disclosed in your account or payout settings.

Responsibility of earnings and taxes

Federal, state, and/or city taxes are the responsibility of anyone who makes earnings from AcmeTutor by providing services or investments.