Credits Exchange

[Haron]

Anyway, We are getting off topic. I would have no problem with a way to sell credits to the system and get gc - at a very poor exchange rate. The only problem I see is that this function probably will never ever be used. Like I said, if anyone ever wish to buy gc with credits at half market rate, sell them to me - I'll give you 60% of market rate!

[Maha]

a way to look at it is to change gc and credit to USD and Euro for a moment. on one continent (i simplify the canadians away ) you pay in USD and on the other continent (also simplified) you use euro's.
on both continents one currency is dominant, because the other is 'not working' there. but when you go shopping abroad than you need that other currency. but why would they sell that? only when they want to do some shopping your side of the Atlantic.
The rate between Euro and USD represents the desire/need to change currency of both sides.

another example is the dual currency diplomacy of certain third world countries. their own currency is too unstable to rely on. therefore all imported goods and most 'very expensive' goodsare traded in USD. the usd is very stable in regard to the nations currency. so is the credit a more stable currency than the gc. voodoo is imported, turns are exported and ships are too expensive to use the unreliable gc for.

a fixed low rate exchange service reminds me of the socialist system of government regulation. they set rates that in no way represent the real value. in one SE-Asian country was the official rate 1 usd to 6 gc. on the market it was 1 usd to 1325 gc. a coke sold for a 900 gc. that was officially $150 but in reality less than $ 1

[Shadowood]

+1 CJ.. Let do this

[Haron]

I agree, Shadowood - it's time for this to happen!

[Maha]

+1 CJ.. Let do this

I agree, Shadowood - it's time for this to happen!

Captain Jack adjusted the proposal a bit on page 3.

the figures mentioned there are not challenged

haron advises to use steps of 1000gc in the bidding process
DeNuts advises a dual system with 'a non-player exchange for worse rates' next to the player exchange.

i am in favor to implement the exchange, preferably a single exchange system where an npc always bids 33% more or less (whatever is worse) than the worst offer made by a player. Haron's suggestion to use steps of 1000 gc should help to make the exchange less cluttered up with slightly better deals. i am in favor of this.

[Haron]

It should NOT be possible to buy credits from the system with gc, at ANY exchange rate. I have no objection to buying gc from the system with credits, at a lower rate than the "accepted market rate". This should not be fully automated, though, to avoid abuse (e.g. I manipulate the market to get an artificially high "accepted market rate", then spend all my credits buying gc from the system at an inflated rate).

As for the fees, I think this is something that can be easily adjusted once we get used to this. We need to see how it looks and feels to be able to make adjustments to it. We need to see the "beta version" in action before being able to make more qualified comments on it, I think.

[Maha]

It should NOT be possible to buy credits from the system with gc, at ANY exchange rate. I have no objection to buying gc from the system with credits, at a lower rate than the "accepted market rate". This should not be fully automated, though, to avoid abuse (e.g. I manipulate the market to get an artificially high "accepted market rate", then spend all my credits buying gc from the system at an inflated rate).

what sort of system would be acceptable?
i proposed an automated system, for i can imagine that Captain Jack is too drunk most of the times to adjust the rates himself all through the day.

what about 'build in' triggers that monitor the exchange and stops automated trading when a sudden spike indicates exchange manipulation? i am looking for workable options that doesn't require real time monitoring by Captain Jack or his parrot

[Haron]

I don't see a need for this "trade with system feature" at all, but I don't have strong feelings against it. I think it would be best to start with a market WITHOUT such an option, though, and if there should happen to be a strong need for this (which I sencerely doubt), then I think it should be added later. As Captain Jack stated, this feature is already late

[Maha]

i agree that it would be an mostly unused addition. that's why i suggested to merge it into the player operated one. i figured that it would thus waste less resources for the admin.
still trying to accommodate those who like to have this option; what about the following:

when no offers are on the market for 24 hours then the system puts gc offers on the exchange 30% worse than the worst offer made in the last three days that trades were made. this offer stands for a day only, but will be renewed when the board is empty again by the end of that day.

i agree that it is time to start, but i realize that once started, such an addition is likely not going to happen. so, we should try to find a way to implement it. when some see value in it, it could have value that we under estimate

[Captain Jack]

First post has been edited with latest details. Check it up

-Fees reduced to a total of 0.5% and always the seller will be the one that pays it.

-Banks will not play the middle man. The system which involved banks proved to be too complicated for both us and the players to use. We will bolster banks through another way that will be discussed elsewhere.