Topic: Announcing the Federal Reserve of WIP centralized coin - page 2. (Read 2819 times)
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How much for a dime bag?
legendary
Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
ok, can I borrow some WIP then
The Federal Reserve of WIP is closed for the day and will resume operations and public ledger commitments during business hours tomorrow. Thank you for your understanding. You can always write to us at: [email protected] and your letters will be handled as soon as possible.
Best regards,
Federal Reserve of WIP
Best regards,
Federal Reserve of WIP
full member
Activity: 882
Merit: 102
PayAccept - Worldwide payments accepted in seconds
now everyone has lost their mind 
Notice:
As chairman of the Federal Reserve of WIP I am hereby taking a stipend of 0.5 WIP for this month. If there are public policy objections you can voice them here or in the Economics thread. The 0.5 WIP stipend is my own to use however I want.
Chairman,
Federal Reserve of WIP
* * * * * * * * * * * * * * * * * * * * * * * * *
FEDERAL RESERVE OF WIP PUBLIC LEDGER AT 11:58:37 p.m. GMT Wednesday, 17 December 2014 r2
History:
[1] Wednesday, 17 December 2014 10:55:54 p.m. GMT, the Federal Reserve of WIP hereby creates 100 WIP.
[2] Wednesday, 17 December 2014 11:54.37 p.m. GMT, TRANSFER from Federal Reserve of WIP -> Chairman. MEMO: Federal Reserve of WIP Chairman stipend for December 2014. AMOUNT: 0.5 WIP.
Total WIP in existence: 100 WIP.
--
Statement of Account.
Possessors of WIP:
[1] The Federal Reserve of WIP. Possesses 99.5 WIP.
[2] Chairman, Federal Reserve of WIP (personal). Possesses 0.5 WIP.
Repayment obligation:
- None.
Other paper/scrip: none.
* * * * * * * * * * * * * * * * * * * * * * * * *
As chairman of the Federal Reserve of WIP I am hereby taking a stipend of 0.5 WIP for this month. If there are public policy objections you can voice them here or in the Economics thread. The 0.5 WIP stipend is my own to use however I want.
Chairman,
Federal Reserve of WIP
* * * * * * * * * * * * * * * * * * * * * * * * *
FEDERAL RESERVE OF WIP PUBLIC LEDGER AT 11:58:37 p.m. GMT Wednesday, 17 December 2014 r2
History:
[1] Wednesday, 17 December 2014 10:55:54 p.m. GMT, the Federal Reserve of WIP hereby creates 100 WIP.
[2] Wednesday, 17 December 2014 11:54.37 p.m. GMT, TRANSFER from Federal Reserve of WIP -> Chairman. MEMO: Federal Reserve of WIP Chairman stipend for December 2014. AMOUNT: 0.5 WIP.
Total WIP in existence: 100 WIP.
--
Statement of Account.
Possessors of WIP:
[1] The Federal Reserve of WIP. Possesses 99.5 WIP.
[2] Chairman, Federal Reserve of WIP (personal). Possesses 0.5 WIP.
Repayment obligation:
- None.
Other paper/scrip: none.
* * * * * * * * * * * * * * * * * * * * * * * * *
Dear Bitcointalk Community,
I am very pleased to announce today the Federal Reserve of WIP centralized coin (parity with $0 during introduction.)
This coin is the opposite of decentralized crypto currencies, and is completely centralized. Transactions are recorded (currently by hand) in a centralized way. (Similar to the existing banking system.) The transactions are recorded here. During ramp-up, the coin has parity with $0 and may, by the agreement of users, ONLY be used in transactions worth precisely $0, such as in exchange for any favor that has a strict value of $0. It may not be used to conduct transactions of any value. (Other than $0.) Discovery of transactions in other value amounts can result in forfeiture of the coins.
All transactions with the coin are recorded in this thread. The actual WIP balances exist as set by The Federal Reserve of WIP and can be modified at any time for any reason or for no reason with or without notice.
The email address for the Federal Reserve Coin is: [email protected] and the public ledger is this announcement thread. There is no web site up yet, however The Federal Reserve of WIP will attempt to be responsive in this thread and by email.
Please note that this is not satire, but a demonstration. The Federal Reserve of WIP wishes to show some of the operation of the real-world banking infrastructure, and its benefits.
WIP coins have the following current properties:
- WIP balances exist by fiat.
- WIP coins are inflationary and can be created by fiat. This puts some inflationary pressure on holders of WIP coins.
- The coins are not protected by any technical scarcity.
- There is no automated remittance network, and, similar to bank transfers, must be entered manually by someone. (The Federal Reserve of WIP.)
In order to alleviate some of the gaming and attacks on currencies, WIP stands for Internet Points with a parity price of $0.
WIP coin terms and conditions (revision 1):
Definitions: WIP coins are operated by the Federal Reserve of WIP, which can be reached at: [email protected] The Federal Reserve of WIP operates by fiat and has no obligation to any 'holders' of WIP, can modify, wipe out, or take any action with any balance, at any time, with or without reason and at its sole discretion. It accepts no obligations or liability of any kind.
The Goal of the Federal Reserve of WIP is to demonstrate the benefits and pitfalls of a Federal Reserve system. In order to keep from any damages of any kind, WIP coins may only be used in transactions worth exactly $0. This keeps it in the domain of Internet Points without worth, like in-game resource points, and allows the demonstration of the Federal Reserve system without real-world consequences.
Modification. These terms can be retroactively modified with or without notice.
Your expectation as a holder of WIP coins: you are entitled to nothing and have no expectation of any kind, except that the Federal Reserve of Internet Points can act or not act, modify or not modify benefits however it sees fit with or without reason or oversight.
In case of errors, for example, it can retroactively rewrite a history of transactions, reassign points, or do any other acts and things at its sole discretion. It is completely sovereign with regards to WIP.
Here is the current public ledger.
* * * * * * * * * * * * * * * * * * * * * * * * *
FEDERAL RESERVE OF WIP PUBLIC LEDGER AT 11:06:10 p.m. GMT Wednesday, 17 December
History:
At Wednesday, 17 December 10:55:54 p.m. GMT, the Federal Reserve of Internet points hereby creates 100 WIP.
Total WIP in existence: 100 WIP.
--
Statement of Account.
Possessors of WIP:
- The Federal Reserve of WIP. Possesses 100 WIP.
Repayment obligation:
- None.
Other paper/scrip: none.
* * * * * * * * * * * * * * * * * * * * * * * * *
Next steps. If you would like to possess WIP, this can be created for you by the Federal Reserve of WIP. You must agree to be a financial institution and to repay WIP with interest. This will then be lent to you. This is not a freebie.
You must agree to all terms, which can be modified at any time by The Federal Reserve of WIP. In particular you must agree not to use WIP in any transaction with any value other than $0 or all WIP in your account may be confiscated without notice, that the Federal Reserve of WIP has complete sovereignty and discretion and that all its decisions are final.
If anyone would like to possess WIP, simply email [email protected] (or respond here) with the amount that you require.
Current rates: The Federal Reserve of WIP currently has a 5% interbank lending rate.
Come one, come all. Let's explore the federal reserve system. Simply ask and ye shall receive. (As in the real-world Federal Reserve system, WIP points must, however, be repaid.)
I am very pleased to announce today the Federal Reserve of WIP centralized coin (parity with $0 during introduction.)
This coin is the opposite of decentralized crypto currencies, and is completely centralized. Transactions are recorded (currently by hand) in a centralized way. (Similar to the existing banking system.) The transactions are recorded here. During ramp-up, the coin has parity with $0 and may, by the agreement of users, ONLY be used in transactions worth precisely $0, such as in exchange for any favor that has a strict value of $0. It may not be used to conduct transactions of any value. (Other than $0.) Discovery of transactions in other value amounts can result in forfeiture of the coins.
All transactions with the coin are recorded in this thread. The actual WIP balances exist as set by The Federal Reserve of WIP and can be modified at any time for any reason or for no reason with or without notice.
The email address for the Federal Reserve Coin is: [email protected] and the public ledger is this announcement thread. There is no web site up yet, however The Federal Reserve of WIP will attempt to be responsive in this thread and by email.
Please note that this is not satire, but a demonstration. The Federal Reserve of WIP wishes to show some of the operation of the real-world banking infrastructure, and its benefits.
WIP coins have the following current properties:
- WIP balances exist by fiat.
- WIP coins are inflationary and can be created by fiat. This puts some inflationary pressure on holders of WIP coins.
- The coins are not protected by any technical scarcity.
- There is no automated remittance network, and, similar to bank transfers, must be entered manually by someone. (The Federal Reserve of WIP.)
In order to alleviate some of the gaming and attacks on currencies, WIP stands for Internet Points with a parity price of $0.
WIP coin terms and conditions (revision 1):
Definitions: WIP coins are operated by the Federal Reserve of WIP, which can be reached at: [email protected] The Federal Reserve of WIP operates by fiat and has no obligation to any 'holders' of WIP, can modify, wipe out, or take any action with any balance, at any time, with or without reason and at its sole discretion. It accepts no obligations or liability of any kind.
The Goal of the Federal Reserve of WIP is to demonstrate the benefits and pitfalls of a Federal Reserve system. In order to keep from any damages of any kind, WIP coins may only be used in transactions worth exactly $0. This keeps it in the domain of Internet Points without worth, like in-game resource points, and allows the demonstration of the Federal Reserve system without real-world consequences.
Modification. These terms can be retroactively modified with or without notice.
Your expectation as a holder of WIP coins: you are entitled to nothing and have no expectation of any kind, except that the Federal Reserve of Internet Points can act or not act, modify or not modify benefits however it sees fit with or without reason or oversight.
In case of errors, for example, it can retroactively rewrite a history of transactions, reassign points, or do any other acts and things at its sole discretion. It is completely sovereign with regards to WIP.
Here is the current public ledger.
* * * * * * * * * * * * * * * * * * * * * * * * *
FEDERAL RESERVE OF WIP PUBLIC LEDGER AT 11:06:10 p.m. GMT Wednesday, 17 December
History:
At Wednesday, 17 December 10:55:54 p.m. GMT, the Federal Reserve of Internet points hereby creates 100 WIP.
Total WIP in existence: 100 WIP.
--
Statement of Account.
Possessors of WIP:
- The Federal Reserve of WIP. Possesses 100 WIP.
Repayment obligation:
- None.
Other paper/scrip: none.
* * * * * * * * * * * * * * * * * * * * * * * * *
Next steps. If you would like to possess WIP, this can be created for you by the Federal Reserve of WIP. You must agree to be a financial institution and to repay WIP with interest. This will then be lent to you. This is not a freebie.
You must agree to all terms, which can be modified at any time by The Federal Reserve of WIP. In particular you must agree not to use WIP in any transaction with any value other than $0 or all WIP in your account may be confiscated without notice, that the Federal Reserve of WIP has complete sovereignty and discretion and that all its decisions are final.
If anyone would like to possess WIP, simply email [email protected] (or respond here) with the amount that you require.
Current rates: The Federal Reserve of WIP currently has a 5% interbank lending rate.
Come one, come all. Let's explore the federal reserve system. Simply ask and ye shall receive. (As in the real-world Federal Reserve system, WIP points must, however, be repaid.)
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