I have changed the system we are using for the money managment from iConomy to mineconomy. The iConomy system has not been maintained since more than a year now and I wanted to make sure we continue with a properly maintained system.
Most of the money transactions are currently done directly through the database however, not even touching the system. Also, the new system allows for banks to be created, but all of them have the same interest rate (which we are not using at the moment). But the idea of banks gave me an idea of a system that would be fairly easy to program, and I wanted to know if there is a strong interest in that. Please also comment on how the system could work in the respective details, this is only a draft.
The Uncovery Server Banking System: “Uncstreet & the Empire Bank”
The Empire Bank: Users can have accounts at the Empire bank just as now. There is no interest, and you cannot loan money. It’s nothing more than a piggybank with access to the money-tools we have, such as the shop, the lottery etc.
Uncstreet (User-Run Banks): Users, from a certain level on, can make their own banks and define 4 basic parameters, all of which can be zero:
- Interest on loans
- Interest on deposits
- Fee to open a bank account
- minimum balance
The fee should prevent users from switching accounts too quickly. The minimum balance can work as a guarantee for the bank owner (it can be negative or positive) to make sure the account is worth maintaining, so people do not have to deal with a 1 Unc loan.
There could be also a deposit system that serves as a collateral. If someone takes money (the bank or a user), they would have to deposit (how much %?) a collateral at the Empire bank. If they do not have the cash, it would have to be generated through selling of goods on the market of course. The collateral would be paid if the user owing the money gets banned for example. required deposits would be automatically checked so people cannot take money without a required deposit being available. They also cannot withdraw the deposit as long as there are outstanding loans.
Interest would be always paid out of the lender’s personal account at the empire bank, once a (real life) day. If there is no money available to pay the interest, the account (or the bank) get’s frozen.
There would be credit reports for each user and balance sheets for the banks online so everyone can see what is happening on each bank.
What dynamics would this have?
I can imagine the following dynamics that makes this interesting:
- There would be a certain risk involved in lending money. Is the user trustworthy? How long is he on the server?
- Since people have a way to make more money, they can finance larger projects by paying other users to build something (like the user-run contest recently).
- The server would have a stronger economical dynamic and a stronger “game of life” characteristic.
I would be happy to hear what you think about this
- Is there something that I overlooked?
- Is it to complicated?
- Do we need the collateral deposits?
- What else could we do (in a second step for example)
- Would you open a bank? Would you take deposits or give out loans?
- Would you deposit in a bank with an interest if there was a certain risk?
- Would you take a loan if it would cost you interest?