Because in the
Galactic Milieu we like to be able to compute a "fundamental" value for an asset by adding up the net worth of the nation, civilisation, treasury, warchest or whatever that presumably "backs" it - the nation or Corp whose currency it supposedly is, kind of thing - we have been putting together a warchest to back DeVCoins themselves directly. Basically the treasury of some as yet unidentified Civilisation whose currency is DeVCoins.
It is the account labelled "DVC Holdings" on the HORIZON platform.
For years DVC has been one of the entities that has had loans out, denominated in DeVCoins, so currently the net worth is not just what is in that "DVC Holdings" account but also what is owed to it by debtors. As of the latest (at time I am writing this) Latest Rates include-file, the net worth of DVC is 9148766769.80688876 DeVCoins, I am not sure exactly how many DeVCoins have so far been minted but I think nine bilion is only about half of them, so this initial start toward "backing" DeVCoins is so far only enough to "back" about half of them or so. We need to double or more the holdings before we can compute a "fundamental" value of DeVCoins from it that would meet or beat the value reflected by the current Latest Rates file; so far we have not been using the "fundamental value" mothod of coming up with a value for DeVCoins, we have throughout history-so-far used actual rates on exchanges. But really, the current batch of exchanges are not realistic. We have had so many exchanges fold under us running away with all our DeVCoins that the exchanges remaining now are just silly. Thus it seems wise to move to using a "fundamental" value, hence this "DVC Holdings" account whose value of course now needs building up to allow it to operate as proper "backing" for DeVCoins.
The DVC account has actually existed for years, it is just that it has been on the books as a Corp having a million shares. What needs to happen now is we need to adjust its number of shares regularly to be the number of DeVCoins that have been minted. Which is inconvenient with a coin that has no known maximum number that will be minted.
This is just an initial calculation to see how far the current "treasury" falls short of being able to back all the DeVCoins in existence at their current purported value.
NOTE that the sDVCrate shown in the Latest Rates file refers to shares of DEVcorp (which has a million shares), not to shares of DevCoin. The initial lowercase s in the variable names means shares, a convention inherited from the Open Transactions server.
Unthinkingbit never seemed to understand why I always wanted to have a whole bunch of different coins (currencies), but this idea of each currency having a "reserve" of other currencies "backing" it is a large part of why. Look around this planet we live one, nations do tend to have reserves of each other's currencies, don't they? And maybe it is not even such a great idea for them all to use the same currency (the U.S. dollar for example) as the one and only "reserve currency"?
So I have always wanted us to be working with all the merged-mined coins, maybe also other coins too, so that we could in fact have, for each coin, reserves of other coins with which to "back" them.
-MarkM-
