Introducing digital cash in a MOO, Metaverse

sameer@netcom.com (Sameer Parekh):
>        I was thinking that metaverse.io.com would be an interesting
>ground to implement digital cash, because this MOO seems like a very
>commercial-oriented system. I know that Fringe Ware, Inc. has set up
>an office in the MOO where once it's up and running will serve
>people's requests for information.

I have been poking around in Metaverse this last week, (under the handle of
"PlasticBeethoven"). I think you are very right about this. They have a
whole area reserved for *REAL* business, called Freegate. WIRED, EFF,
Fringeware, BoingBoing, and of courese Steve Jackson Games all have virtual
offices there. In most cases the offices are just shadows of what they
could be. I'm also considering setting up an office there (details may
follow once I get it set up).

A hobby store has also set up shop, and will allow you to order from them.
Billing, alas, is done the old fashioned way.

I've noted, that there seems to be a vague interest in dealing with these
issues, if it does not represent a tremendous investment of time for them.

Also note that Doug Barnes (metaverse: CoffeeMan) and Lloyd Blankenship
(metaverse: Mentor), who are both "Wizards", also frequent this list. They
are also the very same Austin-Cypherpunks featured in the "Bank of the
Internet" thread about Internet Credit Unions. Looks like a possible
convergence.

>        Paco, in his article on Metaverse in the new Fringe Ware
>Review, talks about how small start up companies can get offices in
>metaverse, if they can't afford (like apple) an ftp site to serve
>their customers.
>        This might be extended to an actual *commerce* system. Someone
>could lease a plot of MOO-space, set up a digital bank, issue bank
>notes, and users could use these digicash notes to purchase products
>at the offices of small companies located in the Metaverse.
>        Because io.com is a commercial system, it might actually not
>be that tough to implement a us-dollars-backed system. I.e.: a
>digibank would take actual DOLLARS from users, give them digicash
>notes, and users can use the notes to make transactions in MOOspace,
>and vendors and users alike may redeem their digicash for us-standard
>cash.
>        In order to deal with the legal issues associated, it might be
>easiest for io.com to actually run the digibank, but not necessary.
>Personally, I'd prefer a digibank run by a third-party, but I have no
>real problem with io.com running the thing.
>        It certainly seems promising.

Well they already have credit card numbers for most of they're users, they
could do something like Compuserve's MALL and just set up a system were
they bill through connect fees. (At least that's how I thought CI$'s system
worked. I haven't used it much.)

State banking regulations might prohibit the creation of a bank in the
metaverse, if thier customers are all over the world.

My $.02, as citizen of the Metaverse.

_______________________________________________________________________
Geoff Dale    -- insert standard disclaimers here --    plaz@netcom.com
               "We are the shock troops of reality."
                - Voice of the Friends (Wild Palms)

Geoff writes:
> I have been poking around in Metaverse this last week, (under the handle of
> "PlasticBeethoven"). I think you are very right about this. They have a
> whole area reserved for *REAL* business, called Freegate. WIRED, EFF,
> Fringeware, BoingBoing, and of courese Steve Jackson Games all have virtual
> offices there. In most cases the offices are just shadows of what they
> could be. I'm also considering setting up an office there (details may
> follow once I get it set up).

Note that while we are technically 'open for business', we are the first
ones to admit we have a ways to go before we are 100% ready for prime
time.

> 
> A hobby store has also set up shop, and will allow you to order from them.
> Billing, alas, is done the old fashioned way.

This will change as better tools emerge. This is the plan.

> 
> I've noted, that there seems to be a vague interest in dealing with these
> issues, if it does not represent a tremendous investment of time for them.

The interest is considerably more than vague; we're hesitant to commit
to it or hype it while we're sorting out more fundamental issues. 
 
> Also note that Doug Barnes (metaverse: CoffeeMan) and Lloyd Blankenship
> (metaverse: Mentor), who are both "Wizards", also frequent this list. They
> are also the very same Austin-Cypherpunks featured in the "Bank of the
> Internet" thread about Internet Credit Unions. Looks like a possible
> convergence.

Imagine that... :-)

> Well they already have credit card numbers for most of they're users, they
> could do something like Compuserve's MALL and just set up a system were
> they bill through connect fees. (At least that's how I thought CI$'s system
> worked. I haven't used it much.)

We will (obvoiusly) be working very closely with the attempt to set up
the Digital Credit Unions, and will (obviously) be one of the first 
vendors to be able to process electronic checks written in the MOO etc.
Certainly various kinds of anonymous 'tokens' will be available as well, 
which could become a medium of exchange (although it is unclear at 
present whether these will be redeemable for cash).

Most of these things have been in the plan from the beginning; things
will be announced as they happen, and hopefully not too much before.

-- 
----------------                                             /\ 
Douglas Barnes            cman@illuminati.io.com            /  \ 
Chief Wizard         (512) 448-8950 (d), 447-7866 (v)      / () \
Illuminati Online          metaverse.io.com 7777          /______\