Pants&Co is happy to announce something that has been tried before in-game but maybe not implemented 100% the best. That idea is a commodity-backed currency. (One where the value of the item is backed by a good itself). What: GrimmCoin @5k/'coin' | GrimmCoin Lite @500r/'coin' Where: SMP3 --> /v 7888 When: Yesterday GrimmCoin (GC) and GrimmCoin Lite (GCL) dropped in the late hours of the day Why: The value of rupees themselves fluctuates rapidly. EMC currently has a rampant issue with everybody making their farms 100% public which destabilizing value in goods and causes in-game economic issues (I'm going to avoid the politics of Free-market vs communist/socialist style shared/communal economics etc). Needless to say though, EMC could use another benchmark commodity to help anchor value among shops and items traded by players. ------------------------------------------------------------------------------------------------------------------- Abstract (optional reading): The currency is rather simple. It is dragonstones renamed to 'GrimmCoin', smaller sums can be paid in GrimmCoin Lite (renamed dragonstone fragments). While I'll skip over the complexities of blockchain tech, basically dragonstone fragments are the basis of this currency. While many other goods can have huge swings in value from 1 month to the next, GrimmCoin/GrimmCoin Lite is based on an item that is obtained mostly from enraged mobs/minibosses; as such while the supply does increase with time, it is very little (and only then if ppl actually convert it to GC/GCL, so even more limiting to its sourcing). This is vital as it helps to combat runaway inflation, which IS VERY BAD. Another important aspect of this alternative in-game currency is that the underlying items isn't going to be used for alternative purposes. It does have a current small value due to its rarity, but ppl won't be 'melting' GrimmCoin for use in tools/etc. Hint: Think of enraged/miniboss hunting as a form of coin mining. Besides loot you can receive GCL's from it. The conversion of 9 GCL --> 1 GC has a nominal increase in ICO value from ~4.5k (9@0.5k) to ~5k to reflect time/effort of crafting and distributing them, thereby also incentivizing distribution of GC over GCL. This ICO will begin with round 1 involving the creation of only 64 GrimmCoin and 128 GrimmCoin Lite. GC will initially anchor roughly to the value of 5k for a dragonstone, and GCL at 500/r to a fragment optimally. As they become used for purchases across EMC naturally DO NOT think of this as the flat price, as it is meant to be revalued on a purchase-by-purchase basis. *Announcements will be made with regards to circulation and a 2nd round in about 2 months after it has had time to circulate a bit.
I like the idea but..... What's stopping anyone from making their own? I can buy just 1 GC and then rename my plethora of dragon frags and stones myself. Just curious how you planned to protect against that?
^^^ this My suggestion would be to make the GrimmCoins signed books backed by the Dragon Stone standard. Similar to how US Dollars were once backed by the gold standard. Each dollar was unique, but could be redeemed for a certain amount of gold if so desired. With this system of renamed stones, anyone sitting on tons of chests can just sell it all.
Personally, if a signed book is needed, then just use the books because that is the value determiner not the stones. I was thinking of using stones for bidding on an auction..but I have to see if that's allowed...
See you could do that, but then you just have books. I remember Gianluca did a G-Coin a while ago, where he had signs for B 500 : S 500. So in that sense, you could always buy and sell them for 500r each. But if you just have written books that you buy for 5k, but the original seller does not buy them back for that price, then you really don't have much. In any case all of these systems (both here and in real life) are useless if you cannot purchase things with them, so that will have to be seen
Personally, I planned to have a section in my store where peeps could purchase items with dragon stones and frags. My only issue is that I have to be online to facilitate.
I've already got a problem with this system. I jumped on the initial public offering announced in chat. That offer was 10k r for 1 GC and I bought 1. Well the price already halved so something is already broken.
I don't see how this system works at all because it's not run by EMC itself. The only value is what Grimm assigns it, basically. Dragon frags and stones have set values in the promo price thread. Who determines how their value goes up and down? And, how often would these values flux? I mean, the market is saturated with these rocks from years of collecting without use. 10k buy in was wayyy too high to begin with imo. Should've only been like 50r a share to start. Letting one player determine the value before it's an accepted new currency is a recipe for disaster.
Well, to look for that elusive silver lining, I can probably say my GC is the first one ever purchased. Might be the only one in circulation. I'm sitting on a gem of a treasure. 🙂
Only if your certificate shows it's #1 of however many. If it does, then yeah, may be worth a bit later
I should note Grimm is only paying 20r a fragment as well... wayyyy overpriced stock. Feels like a smash and grab.
The buy-in was set at a reasonable rate, which happens to be the price of the underlaying commodity. 5k/stone and 500r/frag being current nominal prices for the commodities. I can go into methodologies for why a currency is backed by something, but as explained it is actually quite complicated. You can't back it by something that is going to be 'melted' down or reused for that purpose (IE diamond blocks) bcuz just like if IRL quarters were made of silver atm, then ppl would be melting them down for silver. So dragon stones/frags are ideal: they do have a promo value but they don't have special abilities that are desirious, so they get pushed to the wayside. If ppl don't convert their reg dstones to GC or GCL etc then they aren't part of the # of circulating GC/GCL: somebody still needs to spend the lvls and effort to find theirs and then trade them for something. There is a lot more related to these things, but as I stated, 90% sure that going 100% into it will be lost on ppl here.
Again, you don't have any "investors" willing to use your currency. One or two, even 5 shops aren't enough. You're purporting that this is a new currency that is worth investing in and no one uses it. No demand = no value. But you're making a pretty penny at 10k a share basically (assuming 1 share is valued at 2 dragon stones) and only paying 20r per frag...you're printing your own currency man.
maybe it shut be an item that cant be farmt like a promo or somsorts that also can be used tho pay in chest shop if the owner seleckts it and maybe multiple like irl coins and ther shut be a ruppy exchance that u can buy the promo for rupees but if huge amount of pipel buy it gets more expensife tho buy resulting in the item slowly coming on the market if pipel dond over pay and add that u can sell them back after luke 24 uurs of last buying them that not tho many of them get sold back
