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The online monies are not robust enough to trade competitively against real-world currencies, but people underestimate the large amount of cash that is transferred from the real world into virtual currencies, said Edward Castronova, a professor of telecommunications at Indiana University.

Castronova says people transfer at least $1 billion into the virtual currencies each year, with most of that money going into online games. The actual amount could be much higher, he said, but the market is hard to quantify.

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