http://tags.gawker.com/assets/base/img/thumbs140x140/gawker.com.png http://gawker.com/tag/valleywag/acebucks http://gawker.com/tag/valleywag/acebucks Buddy Media, the company that developed widget Acebucks which allows Facebook users to hand out fake money as part of a "loyalty program," has received a $6.5 million second round of funding, bringing the total invested to $8 million. [PaidContent]

]]> http://gawker.com/index.php?op=postcommentfeed&postId=380662&view=rss&microfeed=true According to Mike Lazerow, the founder of Buddy Media, creator of Facebook application AceBucks, his company's virtual-currency service is just misunderstood. The "boo birds" just don't get it. Lazerow & Co. aren't competing with PayPal, Facebook's own rumored micropayment system, Beenz, or Flooz. Acebucks is not a payment processor and its not an online currency that translates into real goods or real money. So what the hell is it? It's a "loyalty program." In other words, it's a frequent-flier program — without the free plane trips, though. Remind us why Peter Thiel, Mark Pincus, Howard Lindzon, and other net bigwigs invested $1.5 million in this company?

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