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the enigmatic Viking Koder says ...
....There have been discussions about a whole range of new currency possibilities. What if the working model of 1mdc is taken and expanded upon? Instead of a currency overlayed on a specific GBC, what would be the pros/cons of a currency redeemable (backed is too vague of a term) for any of a basket of GBCs?
Exactly right, VC.
Often at 1mdc people say "well, 1mdc is based on e-gold, but no fees - could you also make one that is based on goldmoney, but no fees?"
So that would be fair enough, you could have a "1mdc" based on egold, goldmoney, pecunix or whatever.
But then people have said "well why not base it on all of them" - like you say above.
There are a couple of different approaches to this, dealing with what to do around the margins when an underlying IG system fails.
(ONE) say the system is 1/3 each of egold, pecunix, and goldmoney. Say pecunix totally evaporates. What would happen is that each user loses one third of their conglomerated-gold. (Sucks, but better than losing it all.)
(TWO) the system has total flexibility of redemption *entirely based on the operator's personl preferences* at any time. Thus, I could say at any moment "tough tittie - we no longer hand out egold" This has the Hoppeian advantage of anything being personally run runs better, ie, the operator would be right on top of things, and use inside info to weed out shitty IG systems before they become a problem
(THREE) more of a sort of "meta exchange" system. The operator would keep stocks of all three IGs on hand. If a user wanted any particular one, they could have it. It would be up to the operator to balance stocks of all three (perhaps moving bars etc). All this would, of course, have a cost to the operator. But then evertything has a cost. It costs egold money to store bars and bail and unbail bars. People would whine that it can't magically be free, but just the usual spend fees etc would be income and the other would be a cost.
So that is three variations of this theme.
(I think Robert you have Gone Mad here and you have gone off on a different sort of tack in this dicussion - youa re talking about more of a gold banking system, I think.) (Nothing wrong with that, I think, it just has nothing to do with what Engimatic Viking Koder mentioned.)
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