Bits - The Unix and Linux Forums (Experimental) Virtual Currency

[Neo]

Here are the (first) settings for the initial conditions when we initiated the new Bits system. We will update this table (and perhaps add new activities or substract old ones) from time-to-time based on test results (over time) and user comments.

Activity \ Usergroup	Administrators	Moderators	Registered Users	Remarks
Activity Interval (Days)	1	1	1	Internal Counter for time interval awards
Induction Credit	100000	60000	5000	Bonus Bits: 2,000,000 Bits to Moderators and 1,000,000 Bits to Advisors
Referral Credit	1000	1000	30000	Awarded when you refer someone to this
Paycheck Credit	100	50	0	Awarded each Activity Interval to moderators and administrators
Activity Credit (Posting)	300	200	10	Awarded each Activity Interval for posting
Infraction Credit	0	0	-5000	Multipled by infraction points
New Thread Credit	600	400	200	Awarded each time you create a new thread
Thread Rated Credit	100	100	50	Awarded each time you rate a thread
Posting Credit	300	300	100	Awarded each time you reply to another persons thread
Your Thread Posting Credit	50	50	50	Posting or replying in your own thread
Your Thread Viewed Credit	20	20	10	Awarded each time your thread is viewed
Your Thread Rated Credit	100	100	100	Awarded each time your thread is rated
Your Thread Replied Credit	50	50	50	Awarded when someone replies to your thread
Your Profile Viewed Credit	100	100	10	Awarded when your profile is viewed
Poll Created Credit	300	300	100	Awarded when you create a poll
Poll Voted Credit	100	100	50	Awarded when you vote on a poll
Attachment Credit	100	100	50	Awarded when you upload an attachment
Private Message Credit	100	100	10	Credit for sending private message (PM)

Note that Admins and Moderators receive more Bits for their activities since they have considerable more experience, cultural knowledge and spend considerable time on the site helping others.

We are considering adding new primary user groups for experienced members, who are not moderators or admins, with higher points than regular members as we move beyond the alpha stage and into beta.

Your comments and questions on Bits are welcome.

Consider this the "comment phase"

[CRGreathouse]

Originally Posted by Neo

Savings accounts pay interest, current around 0.50% interest every 30 days, which is approximately 6% per year.

0.30% per 30 days now, which is about 3.7% (compounded) per year. Of course there's a deposit fee of 0.15% (and a withdrawal fee of the same amount?) so moving things back and forth isn't a good idea.

[Neo]

Originally Posted by CRGreathouse

0.30% per 30 days now, which is about 3.7% (compounded) per year. Of course there's a deposit fee of 0.15% (and a withdrawal fee of the same amount?) so moving things back and forth isn't a good idea.

Ah, interest rates for Admins and Mods is 0.50% interest every 30 days.

I guess we should raise the interest for Registered Users or lower the transaction fee between the two accounts?

[CRGreathouse]

Originally Posted by Neo

Ah, interest rates for Admins and Mods is 0.50% interest every 30 days.

I guess we should raise the interest for Registered Users or lower the transaction fee between the two accounts?

Probably not a bad idea. I see that transaction fees have gone up since my post, though: 0.40% rather than 0.15%.

[Neo]

Originally Posted by CRGreathouse

Probably not a bad idea. I see that transaction fees have gone up since my post, though: 0.40% rather than 0.15%.

Yesterday the central bank reclaimed all Bits from members who have not been active since January 1, 2006. We zeroed their Bits registers and shifted the same amount to the central bank. Because if this, we can lower banking fees.

What do you think the fee should be for transferring between savings and checking?

Cheers.

-----Post Update-----

Today we added the forums MegaBits lottery to the Banking page.

[CRGreathouse]

Originally Posted by Neo

Yesterday the central bank reclaimed all Bits from members who have not been active since January 1, 2006. We zeroed their Bits registers and shifted the same amount to the central bank. Because if this, we can lower banking fees.

Originally Posted by Neo

What do you think the fee should be for transferring between savings and checking?

0.2% or 0.15%, probably. If I knew *why* we had a bits system maybe I could make recommendations other than off-the-cuff, but I imagine you're just playing with it for now.

[figaro]

Can we have a calculation on the size that breaks even with a transfer from checking to saving and vice versa. For instance, if the average transfer is 100.000 bits, it should be charged with the same amount as starting one thread (or replying to a thread), which is 200 or 0.2% (or 100 at 0.1%). We need to see some break-even type of calculations which also show what we want the users to encourage to do: post messages, reply to messages, solve problems?
I also think some of the awards are quite high: for instance rating threads is 50 bits. Are we encouraging users to rate threads?