On Sat, Apr 3, 2010 at 5:14 AM, Alejandro Imass <a...@p2ee.org> wrote:
> On Fri, Apr 2, 2010 at 2:06 PM, Chris Travers <ch...@metatrontech.com> wrote:
> Awesome ideas. I have thought of taking this a step further and
> instead of having a base currency in a particular coin, a
> multi-currency system could have a high precision "base value unit".
> It's much like having a base coin, but in generic value units that
> have constant value. That is, your base VU will not fluctuate due to
> exchange rates and such. I know this dwelves into some complex
> economic theory but since you are evaluating ideas for multi-currency
> there is my .02.
I am not entirely sure how this would work in practice.
Also there are some minor changes to the above proposal that have
occurred since I initially sent it:
1) The value component would be the value of the monetary element, so
monetary('1000', 'USD', '2') would be 1000 USD in $2 bills instead of
2000 USD. This makes the math a lot easier. It also allows for NULL
denominations where the money is not in a specific denomination (i.e.
a collection of cash in various denominations, a check, or a credit
card purchase). The tradeoff is that if you end up with something
like coins worth 1/12 of a base currency rate, one could no longer
keep the precision exact.
2) Two different currency exchange functions would be added: The
first (part of the core module) would convert from one currency to
another at a specified rate. The second (part of the business logic
module) would convert one currency to another as of a stored rate on a
specified date.
Also this will be broken off and implemented in C as a Pg-foundry
project and the goal would be to keep this applicable to other
software projects as well (or rather I am collaborating with someone
to do this).
Best Wishes,
Chris Travers
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