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


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# 71  
Quote:
Originally Posted by Praveen_218
What do you say?
I say no. The only way to keep your forum bits (which are based on forum activity) is to remain active, per our forum policy.

Putting them into savings is only for earning a small amount of interest, not for "protecting" you from forum inactivity.
# 72  
Quote:
Originally Posted by Praveen_218
Hope the admin would do the needful to bring them back to me. :-)
It has been explained why this is not possible. In fact it should be this way, just like the state is claiming any property which is being abandoned without anyone inheriting it for a certain amount of time.

I have sent you 10.000 Bits out of my pockets as a donation. Welcome back, have a good time here.

bakunin
This User Gave Thanks to bakunin For This Post:
# 73  
Thanks for explaining bakunin.

To further illuminate, the total number of Bits in our system has been fixed from the beginning. That number is exactly 1,886,666,252. So, this means that there are a fixed number of activity bits in the system, we don't just "create them out of thin air".

That means that "the central bits banker" must reclaim bits from inactive members because we don't just "create bits from thin air"... so we are actually better than "a government" because they just "create money from thin air" when they need more money; which devalues all the currency in circulation.

If we just "manufacture bits" like governments do currency, then everyone's bits will have less value over time. So, unlike governments we don't do this; we fix the total economy and reclaim bits from inactive members because we are a virtual community that is defined by forum activity.

So, we really have no choice but to reclaim bits from inactive members because we are, by definition, defined by our activity - no activity after six months, bits are reclaimed for others who are active.

Stay active, at least one post every six months (and we reserved the right to change this in the future to even less time), and you will keep your bits. Not active, bits will be reclaimed and redistributed automatically (on a nightly basis, anyone who has not posted in six months - their bits are auto-reclaimed by the system).
# 74  
... and from the banking page, as of today:

Code:
The UNIX and Linux Forums: Virtual Economic Statistics (More information on Bits)

Total Virtual Currency in All Users Savings Accounts :	          501,880,948 Bits
Total Virtual Currency in All Users Checking Accounts :	          375,135,863 Bits
Total Virtual Currency in Circulation with Forum Users :	  877,016,811 Bits
Total Virtual Currency in the Forum Central Bank Account :	1,009,649,441 Bits
Total Virtual Currency in The UNIX and Linux Forums Economy :	1,886,666,252 Bits

# 75  
Bakunin,
Thank you so much of the generosity towards me... :-)
-praveen

---------- Post updated at 03:16 PM ---------- Previous update was at 02:43 PM ----------

Quote:
Originally Posted by Neo
... we don't just "create bits from thin air"... so we are actually better than "a government" because they just "create money from thin air" when they need more money; which devalues all the currency in circulation.
Absolutely & agreed!!! The annual posting of fiscal deficit figures is what they officially declare as what was created by them/central Banking system 'out of thin air' making hole on everyone's pocket.

However, just as a thought which is crossing my mind now -that by having a total number of fixed bits which is shared across all active users and also the forum banking system; members need to increase their activities proportional to the total existing active members as this forum is growing, in order to prevent their bits getting reclaimed.
This might not reflect initially, especially so long the forum's central bank is sufficiently funded. However it would reflect for sure in the time to come.
Hence the six months in-activity is bound to reduce, of course gradually, as you have mentioned, but will reduce till what?
I feel that the central banking system of the forum should also generate a few bits with the advent of each new member to prevent it from getting chaotic sooner.

After all each new member contribute to increase into the overall entropy of the system. Hence the economy needs to inflate accordingly.
# 76  
Hi Praveen,

For the foreseeable future, we are going to hold the number of bits constant and we are going to reclaim bits when members are inactive. We are not going to "inflate" bits so inactive members can keep them in their account.

And, based on the economic numbers, there is no reason to "inflate" the economy to account for inactive users. I can assure you, active members who do not have their bits reclaimed after inactivity (because they are active) are not advocating a change in the system or inflating bits Smilie And, as mentioned, the "economic numbers" on the banking page speak for themselves - there is no reason to create a policy of bit inflation to account for inactive users; as this decreases the "forum value" of "activity bits" for active members of the community.

We are going to keep things as they are for the foreseeable future; and we reserve the right to change the time period of inactivity to 5 months, 3 months, one month; based on what we see as system admins. Based on what we have seen over the past year, 6 months is just about the right "reclaim period" and this will remain our policy as long as it works well for the system.

Thank you for your comments.
# 77  
Also, kindly note we have added an additional notice on this topic to the banking page:

Kindly note that Bits are based on forum activity so after six months of inactivity, your Bits will be reclaimed by the Central Bits Bank. Make sure you are active (post) at least once in six months to keep your forum activity Bits.
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