Minting Coins

Yes, I think that's accurate. Although I suspect highly that not everyone that reads or posts in this thread has any idea how money works.

 

And we're saying one of the reasons it will be fixed is because NPCs won't have a way to track it. In theory it could be done but it'd be too much work.

 

Agreed, that pretty much has to be true since some folks will be interested in this topic without knowing the mechanisms.

Which I understand, but not yet in agreement. I'm taking a more wait and see attitude. I hope player owned vendors will have more flexibility than the vendors in NPC towns.

 

There's nothing difficult about just not letting NPC's buy player minted coins.

 

That's a pretty big misunderstanding of the argument being made. We aren't talking about paper money who's value is backed by some perceived legal authority who guarantees a certain value. We're talking about coins made of precious metals with actual market value.

Paper money is assigned a value from whomever issued it. Precious metals have a universally accepted value based on its mass/purity no matter what form its in. In this case.. it's 1 coin vs 1 coin of equal size. So 1 gold = 1 gold.

 

True but you're limited their value as currency. Custom coinage would be effectively reduced to any other player crafted item you could barter with.

 

I don't see a difference (for the purpose of our discussion) between the United States and Pax Lair. Which is why I would happily buy Pax Lair minted coins.

You do see a difference and would not buy the coins. But that doesn't mean the system isn't working, it just means that you and I will work within that system differently.

 

That's how money works. We're always bartering (in a sense).

Money is just a promise to pay with a future good or service.

 

Sir, I stand corrected. I regret to presume another man's knowledge. I wanted to point out what he did there: not knowing how the mechanics will work in the future, he offered the fact that PLC would be limited to a fixed amount. This is a way to ensure value retention. regardless if they will be used by vendors or remain collector items.

I digress.

 

Drocis, the issue is that Shroud is essence a small open world that has a currency with loose pricing fluctuations attached to it. Any additional currency created will always be measured relative to the standard currency. If there is no calculated exchange rate or an NPC where you can exchange coin, it will fail as it cannot exist realistically outside of say a PoT.

It almost makes me feel like crafting my own coins, selling 1,000 for 20,000 Gold with the prices on my vendors set accordingly.....then the next day either taking my vendors down or changing the items to sell at standard gold price. You just bought 1,000 items of junk from me for 20,000 real currency.......and at 1,000 really is worthless because I have another 100,000 stashed away...................why would I do this? because I can, there is nowhere else for you to spend the coin.

So without a complex mechanism unless 1 Player Coin = 1 Gold Coin, it will fail.


And seriously I'm not posting again because I'm really getting bored.

 

Please watch this...
https://wetheeconomy.com/films/cave-o-nomics/




And every other video on this site.

 

It won't fail, people will barter.

Like this....

 

If a gold is mined and converted into bars which are in turn converted in coins, then what have we seen that suggests we can make actual gold coins (the global currency)? The article originally made me think there would be a link; however, the Q&A between Drocis and Richard suggests that there might not be. There could be a link between gold ore / bars and player minted coins, but not direct link to actual gold coins.

If these minted coins are never accepted by any vendor (neither in POTs or NPC cities) then we'd appear to have another commodity. Albeit one with Paxlair's name on it. There is no obvious economic gain but it could have roleplay value.

However, I do think this is sufficient for floating exchange rates.

 

Barter for what?? I just sold you 1,000 pieces of junk for 20,000 Gold.......they only thing you could buy with that is manure or a bucket of piss for tanning.

 

Ok let me try a different angle here. You want to talk economy.. let's talk supply and demand.

Let's say we have a 100 member strong guild with 10,000 players in the world. (We know there will be a lot more but 100 is a respectable guild size in any world).

This guild prints its own coin and all the members use it faithfully. How then are they to entice the remaining 9,900 players to use their currency.. or to even give a rip about it? How much coin would the handful of maybe 4-5 minters have to mint (and I think that's probably generous).. for the 9,900 other players to gather enough of these coins for them to spend them on anything? Assuming a reasonable exchange rate between gold bars and gold coin.

Every other guild or town minting their own coin will have the same problem. There will essentially be too little supply to create any real demand in a market that already has a plentiful and reliable currency that anyone can use anywhere.

Only instead of 10,000 players.. it'll at least x20 that much. I doubt even Beren's Reach could corner more than 1% of the market on custom coin.

 

Right, you could totally do that - to someone else.

I'm talking about buying coins from Winfield, not you. Now sure, Winfield could do that too. But I'm betting he won't. I'm betting that based on what I know about him and what I know about Pax Lair. If I get cheated, I could tell the world about that and it would impact Winfield's ability to do it again.

That's why I think only a few viable currencies will be made and last for a long time.

 

What are you worried about here? That all the player currencies will fail and this will leave us with no easy way to buy and sell things?

Based on supply and demand, that would be a situation where there would be a LOT of demand, which would (or should) eventually increase supply of currencies. I don't see the problem from an economic standpoint. Do you?

 

Cross-guild agreements. I've already been talking about this with a couple of different guilds and people for a number of months. We think it is possible and will require bootstrapping trust. All speculation at the moment, of course, but pre-alpha should give us a taste of whether it might be possible or not.

I have some ideas on how to get the currency adopted en masse but keeping that to myself for now.

 

Just to clarify it is Demand that determines Supply (not the other way around).

So in terms of the masses, if they can buy the same goods elsewhere with Gold, why would there be a need for them to obtain Player Coins. Cool; a community will use it as part of their RP...that's great; but don't be under the illusion that it is viable outside the player town.

 

Well... if there was a currency exchange market...