Archive for the ‘Economy’ Category
January 22nd, 2012 | 
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Virtual Economies
The way that we comprehend money, in terms of its value to us, is mainly based on trust and shared belief in common value. This isn’t really news to anyone, and it does not stop being true if you stop thinking of currency and start thinking of precious metals such as gold instead; while a handful of hard commodities retain value as material used in manufacturing, much of the reason we value gold so highly is because we perceive it as valuable. With that out of the way we can really start to think of why we value money and how we go about doing it, and with that in mind let’s analyze the complex phenomenon of the digital age: the virtual economy.
The 1st place to look for an example of a virtual economy is the world of online gaming. Massively Multiplayer Online Roleplaying Games (MMORPGs or MMOs for short) feature in-game economies of varying robustness as part of the structure of the game. Depending on the game, this may range from common trading of goods between players to auction houses using in-game currency to manipulation of in-game investments, commonly including unaffiliated however inextricably linked side economies involving exchanges of real currency for in-game items through eBay or other sites specifically created for this purpose.
One game in particular, EVE Online, focuses heavily on economics and trade in its gameplay, with players often taking on the roles of outer-space traders and merchants. What makes EVE particularly interesting is its approach to the interaction of real money to in-game commodities: because of rampant abuse by unscrupulous individuals, the game’s 30-day subscriptions have been commoditized as in-game PLEX items which can be actual items that can be picked up and carried around. CCP, the game’s publisher, doesn’t place any additional restrictions or penalties on player behavior, so it is not only possible for someone to steal these kinds of PLEXes and resell them, it is a definite concern given the community of in-game pirates and raiders.
Between the open market economy and the sideline economy of selling PLEXes and in-game currency for real money, it is entirely possible to trade and raid in-game with the end result of turning a real world profit. Recently, one player manipulated other players in an investment scheme that allowed him to gain majority control of an in-game corporation and liquidate its assets. “Negative Bobby” walked away from his months-long scheme with some 850 billion worth of the game’s currency, that can then be used to buy over 2500 PLEX. Given that each PLEX is worth $ 14.95, “Harmful Bobby” was able to turn his months of gameplay and fictional currency into around $ 45,000 worth of cold hard cash. “Bobby” is just one example, indicative of the thousands of players who keep this virtual economy running.
Virtual economies don’t just appear online, though. In 1992, the Brazilian government launched a plan to save the country’s economy, which was in a terrible state since the Brazilian people didn’t trust the government to control inflation because of decades of failed attempts. This plan, at its core, involved using a new currency called the “real” (which means both royal and exact in Portuguese) which remained stable, while the old cruzeiro’s value fluctuated. Before the real, if you went to the store to buy an apple, the nation’s 80% inflation rate meant that you might see an apple for 1 cruizeiro one day and eight cruzeiros the next month. After the real was implemented, that same apple would cost 1 real every single day, but the number of cruzeiros that made up a real would be different from day to day.
Basically, the Brazilian government tried to trick its people into choosing to use a currency that was not tied to any other currency and did not have any physical representation as a way to convince the people that inflation was not an issue. And it worked. As of August 2010, the Brazilian inflation rate is 4.44%, and though a sizable number of people live below the poverty line there, the fact that Brazil still exists as a country and that an orange does not cost eight million reais shows that the plan was a success.
Let’s stop and consider that for a minute, because the comparison is extremely interesting. What this says, deep down, is that for a time the Brazilian economy was even less real than the economic system of a video game is nowadays. What’s more, each of them are entirely viable in their own way: the Brazilian government really succeeded in its goal, and the EVE economy acts like a real one in every way, with currency and commodities and relationships with other currencies. This means, at its core, that it’s entirely possible to create an economy wholesale online which can theoretically be linked to national economies in a way that actually affects the national economies in a meaningful fashion. The trick to it, as with any economy, is convincing people that it works.
I am a computer repair technician at Geek Choice. I love repairing a slow computer. I have many certifications, and have strived to keep educating myself throughout the years.
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Alex also covers the latest news on Ron Paul’s electrified presidential campaign, the economy and other items. He takes your calls. www.infowars.com www.prisonplanet.tv
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Even the middle of the road journalists are beginning to question Europe’s elected and appointed leadership. This past Monday the plan for the euro zone was laid out for a final capitulation to world government. The financial crisis has been handled from behind the scenes by the Fed, so that Germany’s Chancellor Merkel and France’s President can concentrate on more important matters, namely the final federalization of the euro zone to be followed by the entrapment of the remainder of the European Union. The calls for major changes to the current treaties have little to do with the debt crisis. What these two emissaries of the world elitists are up to is to tear down the legal strength of monetary and political union of this unnatural association, and replace it with a stricter budgetary discipline known as the ESM, the European Stabilization Mechanism, this ostensibly to support countries in difficulty. Within this major change is a complete shift away from the original Maastricht and Lisbon Treaties, which is being done without the consent of the public in these countries. There is one exception to that in the case of Germany that must approve the changes. On the 9th the final proposals will be laid out and agreed upon by various heads of state, some elected and some appointed. This “leadership” could care less what the people of these countries think. There are no trappings of democracy here, just the iron fist of Illuminist … theinternationalforecaster.com www …
Video Rating: 4 / 5
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James Martinez reads a statement from representatives of a new global currency that is being announced and slowly integrated into our consciousness as a way to end the tyranny of the current banking systems. A New Global Economic Restructuring: Conscious Media Network has been approached by a representative of global leaders and financiers from 130 nations to broadcast a statement about a new global economic restructuring arising in 2012. The statement will be delivered via a video-taped interview with a layperson on behalf of the consortium that has been working behind the scenes, on the problem of the unsustainable global economy for the past 8 years. The party who drafted this statement has stated, in response to conspiracy concerns, that “The usual suspects are not the suspects” and that the Global Elite also understand that the unsecured, digital money system has failed us all, including themselves. This announcement is to serve as the introduction of a New Global Economic Structure that will begin surfacing in 2012. Those involved in this plan are calling it the “greatest humanitarian effort” in modern history. It will be for each of us to determine over time if this is a truthful statement. CMN is serving as a neutral party for this broadcast and its claims as the economic consortium does not wish to break this news through mainstream media at this time. Please give this your serious attention, as it may be heralding a new way of conducting commerce on the planet …
Video Rating: 3 / 5
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