[ExI] Bottom-up currencies

[Samantha Atkins]

On Mar 12, 2011, at 12:47 PM, Kelly Anderson wrote:

>> 
>> And I guess we see it all the time. Online games and social networks
>> create new currencies all the time. There are lots of historical
>> examples. But, it never seems to take off as a mainstream concept. And
>> meanwhile, I think we often have opportunities for creative and
>> productive endeavour stifled simply due to there not being enough
>> currency around to make them go, largely because the community that
>> understands the opportunity doesn't have the cash, and the people with
>> the cash don't understand the opportunity.
> 

Actually they are very careful to say their monies are in world  game tokens and not currency.  The reason is because the financial restrictions are so onerous that it would be nearly impossible to run a game if you said otherwise.  If your in-game tokens are currency then the exchange thereof makes you effectively a financial institution with all the hassle and limitations that implies.  

> The Second Life money (Linden Dollars) is an interesting case study.

I did at one time spend some energy thinking about a new in game currency where each unit is rigorously pegged to say 0.001 g of gold.  The gold would be held by something equivalent to e-gold or GoldMoney and convertible to from various RL currencies with the customary gold buy/sell margins.  It has the advantage and disadvantage of drawing a lot of money into the game[s] that use it as a hedge against RL currency problems and as a play on gold.  

- samantha