Re: [s-d] [s-b] miner forty niner

[Jay Campbell <bnomic@xxxxxxxxxxxxxxx>]

Mike McGann wrote:
> So, would the following be true:
>
> Assume Trustee starts with 0 macks.
> 10 players each buy 1mg of gold for 5 macks. Trustee gets 50 macks.
> Exchange rate goes up to 20 macks.
> All 10 players trade back the 1mg of gold for macks. Trustee has to
> pay out 200 macks, but since he doesn't have 200 macks....
>
>   
I don't think I put any Availability clauses into this version, I'll 
need to add those here. I don't intend to set up fractional reserve 
banking. The Trustee should not post an Exchange Rate that could not be 
fulfilled. The value of player holdings would at worst fall back to its 
physically delivered value.

Of course the Trustee could get involuntarily stripped of his Macks. If 
someone else wants to set up an Insurance Contract so I can FDIC my 
ledgers, I'll pay into it :)
> Am I missing something here? Why would the exchange rate ever change?
> Is there an actual reason to trade concrete currency like macks into
> an unregulated non-game object unit like gold?

The Exchange Rates would change because the values of the respective 
currencies fluctuate. Macks don't exist in a vacuum, their perceived 
(and therefor actual) value changes month to month.

The Contract is an attempt to turn those non-game objects into regulated 
units. Justification: whimsy. And an attempt to add legitimacy to MeFiNo 
Spork via inter-nomic relationships.

j

_______________________________________________
spoon-discuss mailing list
spoon-discuss@xxxxxxxxx
http://lists.ellipsis.cx/mailman/listinfo/spoon-discuss