Re: "intellectual property"/virtual cash

schoolbus (
Fri, 07 Mar 1997 01:36:21 -0600

Robert Schrader wrote:
> On Thu, 6 Mar 1997, schoolbus wrote:
> {snip}
> > "nella", a virtual currency which is not related to anything in the real
> > world.
> {snip}
> Such schemes have been tried before, although the digital twist is a new
> one to me.

I've heard of other digital cash schemes, before, also... But they were
all bound up in real currency.

The perrenial problem has been the temptation to make lots
> of currency, resulting in inflation. They have to have the ability to
> make some currency for each new participant, otherwise stagnation occurs.
> So they therefore have the ability to wreck their own economy through
> inflation. Such a misdeed can be very profitable for them since they
> are the first to spend the new currency.

I think I mentioned how it worked. If not, here it is. When you
register your business/service at the gvb(global village bank), they
drop 50 nella into your account. When they have 1000 people signed up
as service providers, they will put the businesses/services on their web
page. Then, if you need a service you can look around, and then buy
their service. So, yes they do have the ability to issue the currency
to the people. Remember, this is purely fictional currency. The only
material you can purchase is digital/intellectual property. At least,
that's the way it appears to me from their rules. So, no, I could not
buy a new sofa, for example. I might be able to buy the designs for a
sofa, but not the actual thing. This is just an experiment, and I think
it's something that goes along with extropian principles. Especially
the Spontaneous Order(I know, there's been some contention within the
past couple weeks about that term)... This project is starting out
small, and perhaps it'll work, perhaps it'll fail. But, what loss would
there be to try it out, except, perhaps your time(although, you'd get
someone else's time(created work) in return). It's seems pretty
anarchic and spontaneous to me. People free to trade as they wish.
I've already signed up. I hope someone else at least thinks about it.
Did you get to visit their page yet? If not, I suggest to do so. It's
interesting, and it'll have the full scheme on how things work. Also,
you could ask the people who are setting it up your questions on
inflation, etc...

> In short, they have means and they have motive. What guarantees to
> they offer on their money supply?

As I said, it's anarchic, spontaneous, and it doesn't exist. It's
voluntary, contractual agreement. Once this thing gets going, I think
it'll grow in a great way.

> Robert Schrader


Life, Liberty, and the Pursuit of Happiness