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:
... 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.