===THE BANK OF ZINEON=== (Closed)
Edit: I am no longer working on this project, leaving the thread up for historical purposes


Welcome to Zineon's first commercial bank. It is wholly owned by ChadDX.

The Purpose of this institution is to maintain a "Currency Peg" to allow for easier trading.

Now we can have "Diamond Dollars"

D$1.00 = 1 Diamond in Zineon
D$0.50 = 0.5 Diamonds in Zineon
D$0.125 = 0.125 Diamonds in Zineon

or if trading vanilla, face to face...

D$1.00 = 1 DIA
D$0.50 = 1 IRON
D$0.125 = 1 LAPIZ

so we now have coins

1 Diamond = D$1.00
1 Iron = D$0.50
2 Lapiz = D$0.25
1 lapiz = D$0.125

1 Diamond = 2 Iron = 8 Lapiz
"Complexity, is just a lot of Simplicity"
Who wants a bank account?

I am offering an interest of 1 diamond per stack of 64 diamonds per month.
"Complexity, is just a lot of Simplicity"
(12-22-2015, 10:15 PM)ChadDX Wrote: Who wants a bank account?

I am offering an interest of 1 diamond per stack of 64 diamonds per month.
The bank accounts should also offer a storage option, while their bank account(or themselves paying up front) pays for the price of storing materials.  This would be for people without regular access to enderchests, or people who have overfilled their enderchest capacity.
Technically there is a storage option.

The Bank_Of_Zineon account only offers storage of currency (diamonds and lapiz)

However I have 2 other related accounts...
1. CommodityExchange account will allow players to convert (sell) high value commodities into currency.
2. TheBlockMarket account will allow players to convert low value blocks into currency.

This currency can then stored with the Bank_Of_Zineon.
Players can then withdraw their funds and purchase items from CommodityMarket or TheBlockMarket.

The main risk I see with bank accounts is that I could die in real life. Sorry, but if that happens, anyone with a bank account is fucked.
A smaller risk is that I could get raided. However, right now the Bank_Of_Zineon is small enough that it can store all it's wealth in an Echest.
As the bank grows, I will create separate accounts and separate storage areas, so that no more than 10% of the bank's wealth can be raided in one go. Also... if the bank becomes insolvent, I have no problem spending 20+ hours mining diamonds to pay back players with accounts. I have morals, and I always pay debts (in real life, and also in minecraft)
"Complexity, is just a lot of Simplicity"
Technically speaking, I think that its a Great Idea for people to put their money somewhere. In case of his/her's base getting raided.!
I am no longer working on this project, but I'll update the forums on what happened with it and my thoughts.

Iron was quickly dropped as currency, and instead I focused on Diamond and Lapiz.
I established a price of 1 dia = 1 lapiz block which became accepted on the server.
The idea was that instead of varying the price of lapiz, I'd vary the price of my finished enchanted diamond products. With hindsight this price was not sustainable. A more realistic price would have been 1 dia = 2 lapiz blocks.

Why did I want an additional currency? Well, I was working towards a payment transfer system for the elected government so that Ministers could easily transfer funds to people as compensation for work done on government projects, without having to travel to spawn and wait to meet up face to face, or even be online at the same time. Using lapiz for payments going through my system instead of diamonds would have helped with both security and cashflow. No reason to be handing out diamonds if you don't need to.
Anyway, it's fair to say that the Elected Government fizzled out, which is the main reason why I stopped work on this project.

Without the payment system, there was no point continuing to support lapiz as a currency as diamonds will always be preferred as they are more versatile and take up much less echest space
"Complexity, is just a lot of Simplicity"

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