Crypto Kingdom - 1991 Retro Virtual World(City)

[rpietila]

That said, I think we should start by identifying the in-game assets that will likely take the biggest hit (or most affected) with the rise in Monero. CON is a good identification, but there are many companies that were worth a significant amount (shares), CKG, CKS, coins, property, buildings, building materials, IC, SCI, all of which are in a very different situation than they were before the pause. Then there are the things that those assets are directly tied to like the state of the game itself (software, community in CKG). Taking all of these variables into account and discussing them in an itemized way might help to clarify a way forward here.

The small cap items like npc's, consumables, one-off luxuries, art, ming, suits, furniture represent the least of interest, IMO. In short, if there ever was a time in which CK could be most crucial to XMR adoption, it starts now.

Well said! Perhaps it's worth repeating that nobody (including me) has yet been supporting the idea of closing it down. But it seems to have been a good discussion starter, to get the relevant things on the table.

In my opinion, finding the right team of people to take it forward is the crucial part here. Raising and arranging the funding and ownership is secondary. The ingame asset values should fall in their places quite automatically, and are not a concern.

I already mentioned in Speculation thread that the majority of my XMR were stolen, and that affects my personal priorities, in addition to being a massive psychological hit. The finding of new people to take central and peripheral positions alike, is not a bonus, it is a requirement for us to go on.

Yesterday there has been good discussion in the IRC, I heard. Can someone please post it to my PM here

[rpietila]

Yesterday there has been good discussion in the IRC, I heard. Can someone please post it to my PM here

Got it and will comment on a few relevant points:

03:23 < Crichton__> where is the development discussion happening?

https://cryptokingdom.slack.com/messages/ck-dev/

03:54 < Crichton__> the game has merit, it's just seems to have lost its direction atm

It has not lost the direction. The issue is - the chosen direction requires sacrifice, and after XMR has already risen, will we get enough people to participate?

03:57 < sphericon> since the game is denominated in XMR, wouldn't it be at the exact same state it was 6 months ago?
03:58 < sphericon> it's not like the treasury of the town was converted from XMR to BTC, it has gained as well
03:59 < Crichton__> depends how much xmr was leaving the game for costs

During the pause, PJ has been employed. His salary up until 20.July (approx) was paid before the pause. The rest remains unpaid but is easy to pay with the windfall valuation of the Town assets.

03:59 < ArticMine> No because the value of the game lies in its play by the users. This is effectively denominated in fiat in this case EUR
04:00 < ArticMine> XBT is totally irrelevant here

Correct.

04:06 < ArticMine> The pause would only have worked if XMR / EUR had fallen. Even then there is a loss of value in terms of EUR let alone XMR

Pause was not a gamble. Just needed rest after the gamble.

04:12 < Crichton__> we know the problem--what's the solution? If the XMR market dips, that would be a nice time to re-open the doors
04:12 < luigi1112> I'm not sure what option there is besides bloodbath
04:12 < luigi1112> The least bloodbathy option I suppose
04:13 < ArticMine> There are two issues. 1) For some game assets (in particular CK gold, collectibles and land) in order to retain their
                   value in terms of XMR, the game would need to grow at least as fast as the XMR / EUR rate.

Long term, the reason to have a game is that it would grow faster than XMR/EUR, so you are exactly correct.

04:13 < luigi1112> Most assets are going to violently crash priced in xmr
04:14 < luigi1112> Which clearly hasn't happened

The game is paused, so they have not realised their new values. But the adjustment is mentally priced in for sure, and I don't think there is reason to worry about it. Markets gonna market.

04:15 < ArticMine> Consumable assets particularly those that are consumed by the commoners say for example CAN, MEAT, VEG, etc would have to
                   keep a constant value in EUR
04:15 < luigi1112> Yes those would devalue by 90% sfyl

Town Council decides the parameter that is a direct or indirect cause for this to happen, and it has historically been selected based on XMR/fiat rate.

04:19 < luigi1112> Well selling hodl doesn't raise funds. We'd need some for ico, which already happened with ckg I guess.
04:20 < luigi1112> We could revolt and take the king's gold I suppose.

In this universe with Town Council setting the rules, it is not possible to increase the quantity of gold nor steal gold from anyone. It is possible to make a fork.

04:23 < luigi1112> And we need a plan what to do anyway

Yes, good point there. As for the plans, I will now add a 4th/5th:
1) continue asap in Ultima
2) develop Clans and continue there
3) wind down
4) fork it to ditch HM_The_King, CON, etc and continue from there
5) sell it to an industry figure business angel eg. Roger Ver

04:23 < luigi1112> All of us here have a big sunk cost (fallacy but heh), so we are motivated to make it work
04:23 < Crichton__> that's an understtement

I have the biggest one, after 2 years of full time work and having characters valued at $0.5 million minimum. The fallacy still needs to be avoided - we need to ensure we have a viable path ahead, before rushing headlong to it. And our playing field has changed a lot in a few weeks.

04:39 < Crichton__> saddam, even the mention of closing up shop puts people on edge
04:40 < saddam> i did not know anyone wanted to close up the game
04:41 < luigi1112> In the thread it was hinted
04:41 < Crichton__> HM put it on the table in BCT--though I THINK he was just being overl honest

Crichton is correct. I mentioned it for completeness' sake, and to remind that it is the default option if nothing is done. Restarting the game requires effort from others in addition to me, and the communication has indeed been weak lately.

04:45 < luigi1112> CON was quite a gamble by the town... in all honesty a real king would probably be deposed for it.

King is not in charge of the Town Hang SirJacket instead...

CON was invented to be a gamble tbh - first of all we had outlawed printing more gold, and all the gold that was in the Royal selling quota had been sold. CON would work well in any scenario where XMR declines, and in any scenario where CK grows more than XMR. These are the scenarios where CK success was deemed important. CON saved our last restart in a difficult position.

And besides we have not yet defaulted on it. Last time I checked, there was enough in Town assets to pay 26 years.

04:46 < luigi1112> But there's always a way out where there's a will :-)

Exactly.

04:47 < saddam> maybe it will turn out that luigi and dr. c now own CK
04:50 < Crichton__> HM's the majority CON holder, so I wonder what his thoughts are? And Fluffypony?

My thoughts are that CON must be honored. So when we unpause the game, we do it such that we are able to pay the CON-holders what we have promised. Breaking the promises is a lethal blow to our credibility, and restarting the game weakly, also does not help anyone nor is it fun.

04:53 < Crichton__> i hope we can avoid a civil war.
04:54 < Crichton__> (the beauty of the game is that money makes it real)
04:56 < luigi1112> :-)
04:56 < luigi1112> So real

Civil war would make the game interesting. Did you think of playing with the rules or outside of them?

05:07 < Crichton__> Can we schedule a town meeting with this as an agenda? There's a lot of voices missing

I will seek to be available tomorrow in IRC, from about 1pmUTC onwards.

05:22 < luigi1112> But I think if we don't get rid of CON we're deluding ourselves about long term success.

I am not that negative really. If we scrap CON we testify that we are incapable of achieving a >XMR growth rate, which disqualifies us from the term "success". There are other options.

05:31 < ArticMine> Hard to say without knowing the real reason it was paused in the first place?
05:32 < luigi1112> For development ostensibly..maybe hm wanted a vacation, but I am not sure

Real reasons have been told. Of course the understanding of matters evolves over time but I have no reason to speak bullshit and consequently don't do it.

05:34 < ArticMine> Which is fine if at the end of the pause the game is started again as was announced.
05:36 < ArticMine> But this has not occurred. Instead the community is now asked to decide the future of the game.

When the game was paused, XMR was still in the "perpetual promise" mode. Now it has proven itself. This has caused our goal to become harder to reach. The CON issue mentioned, requires us to fork 4x the money every year. For CK to be important for the XMR ecosystem requires more professionalism. This pause accidentally became the junction where it is reasonable to re-assess the whole game.

10:15 < binaryFate> What's the original ETA for unpausing the game? If this is postponed by fear of the crash, the very fact of postponing
                    will make it worse.
10:17 < binaryFate> What is the status of the game XMR wallet? How much there?
10:19 < binaryFate> As I see it, CON is a promise of the town to pay. If finances of the town go bust (lack of tax due to XMR rise and
                    in-game deflation), then town go brankrupt, sell its assets to pay creditors if necessary, and when there is nothing
                    left to sell, creditors take the hit.
10:20 < binaryFate> (I see this as a large holder of CON)
10:21 < binaryFate> CKG is really a share of the game itself, and if there is one thing that entitles to extracting wealth it's this.

There is no "fear of crash", it is evident that things will be repriced so that XMR revaluation is taken into account.

Saddam treasury holds 90 bil of which 13.74 bil is Town or "game" money.

Town must pay 100,000 for every CON by the end of every game year. If this does not happen, Town is legally bankrupt.

Town does not have any responsibility to uphold the value of any asset, including CON, CKG, or whatever else.

[iluvbitcoins]

My question is why couldn't the game just 'resume' instead of 'reset' until the Clans version is developed?

Also, to repeat, as it was claimed already by risto, finances are a secondary issue, as proved already, investments in this game are relatively easy to get, what we need more is activity  
An active community 

Btw

Current accounts and accounts earmarked for development = 5.75 bil ($46k)
Accounts earmarked for game economy (rent pools) = 8.99 bil ($82k)
Liabilities from unpaid development, etc  = -1.00 bil ($8k)
Repayable debt = -0.00 bil ($0k)
----------------------------------------------------
Total 13.74 bil ($110k)

Isn't this 120k?  

46+82-8= 120  

[rpietila]

My question is why couldn't the game just 'resume' instead of 'reset' until the Clans version is developed?

Yes, it is the choice #1 in the list of 5 possible choices so far.

[rpietila]

HM rpietila II Dei Gratia Rex Regnum Crypto, Dux Antiqua Ducatus et alii ad inf.

PRIOR NOTICE ON WHAT SHOULD BE EXPECTED TO HAPPEN ON CERTAIN SITUATIONS
("TERMS OF USE")

PLEASE READ THIS NOTICE CAREFULLY BEFORE PROCEEDING. IF YOU CREATE ACCOUNT AND USE CRYPTO KINGDOM, IT IS LIKELY THAT THIS INFORMATION WILL PROVE HELPFUL.


INTRODUCTION

Crypto Kingdom (CK) is an imaginary world, defined as the "State of the World", a dataset listing the status of characters, land, buildings and items. It is used via Interfaces, the one here is Ultima Gaming Platform, but others exist for humans and programs.

This is no "agreement" between you and "CK", because both are ineligible to make a binding agreement at this very juncture.

"Town" is the ingame government of CK. It is chosen by players who own gold (CKG). Its jurisdiction in CK world is summarized as "Who has the gold, makes the rules." CK itself is just the world, in which the jurisdiction of the Town is supreme and enforceable. Because CK is only the world, and Town is only an entity inside CK, there is no counterparty who would have the authority to represent CK in any outside world matter.

CK also does not require you to agree - each one will reap the rewards and punishments of his actions regardless of prior agreement. The primitive laws of CK world are based on common sense and good conduct, and the more advanced ones apply to those who are in a position to understand them.

It is not mandatory to enter any personal data, but lost passwords cannot be retrieved without having some.


LIMITATION OF LIABILITY

All characters in CK including the Town and its associates, are responsible for their actions in CK, and may not disclaim liability. Disputes are settled in the judiciary system of CK, with King as the supreme judge.

Outside world has no domain of jurisdiction in the matters of CK, nor CK in those of outside world.


INTELLECTUAL PROPERTY OWNERSHIP

All information entered in CK is public domain.


ASSETS

"Assets" refers to all contents of CK world which can be transferred ingame and thus "owned". These are Urban Land titles and Items.

Urban Land Title registry is part of the State of the World. Before acquiring Urban Land, it is important to check the local terms of the title. In general, gamemaster events (such as war) can not affect the ownership of land, and the local administration does not hold eminent domain over it. There may still be mandatory taxes or building restrictions, and the refusal or inability to pay taxes may lead to loss of the land.

Items ownership is a transfer registry, similarly part of the State of the World. Items are subject to wear and destruction. Gamemaster may adjust the properties of items, add and delete items, and the value of items that is determined in the open market may change as a result of these changes.

Gold ownership is specially protected. More cannot be created at will by anyone, and gold can never be subject to tax or encumbrance, does not wear, cannot be stolen, etc.

Private depositories hold non-game virtual goods such as cryptocurrencies in proven storage and emit depository shares ingame so that the value of the shares is backed by and often convertible to the non-game assets they hold outside of the game. Using such depositories or holding their shares is at player's own risk. The ingame value of such depository shares depends on events outside CK domain, including embezzlement, hack, theft and seizure of the funds in deposit.

Town does not guarantee the market value of any item. Institutions ingame are responsible according to their respective TOS for the promises they make for their offerings, and will be prosecuted for breaches of contract.


TERMINATION AND SUSPENSION OF ACCOUNT

Each character has one account, each player may have many characters and thus accounts.

The account will be terminated as an administrative procedure if:
- A few weeks neglect makes the character starve to death, after which the heir inherits the assets of the character. If death happened intestate, there is a 1 month grace period for the account holder to manage the estate of the deceased with original account. After this, the Town escheats the assets.
If you lose the password and have not entered any recovery information, this is what happens.

The account will be terminated as a punitive measure if:
- The character is convicted of Treason, and in major or repeated cases of Felony. Treason is defined as a wilful act, attempt or plot to undermine, corrupt, damage, compromise etc. of the CK's, (State of the) World's, Town's, King's, etc rule-bound authority, integrity or function. In addition to terminating the account, the character may be sentenced to death, and before that lose all assets and decorations.
- Illegal immigrants may be expelled without warning. Illegal immigration means mass character farming, especially if characters are bot-controlled, but only with proof that it is done for the purpose of monetary gain rather than to enjoy the game.

The account may be suspended (temporarily blocked):
- As a warning or punishment for Misdemeanor or Felony.
- As a safety measure if there is reason to believe an identity theft has occurred.
- If the account is used to flood the system or other similar activity.
- If the character is under investigation or trial for Felony or Treason "arrest". In this case the character will be kept alive by Town-appointed health manager at the character's expense and released if found not guilty or if the verdict does not include termination.


DISRUPTION IN THE STATE OF THE WORLD; DISCONTINUING THE GAME

CK is designed to run perpetually, which is evident from its robust governance model and data structure, and having perpetual rules such as the gold generation script, which cannot be changed by any power inside or outside the game ever, and perpetual rights, such as the right to receive 100,000 m weekly per each consol item forever.

It is possible still that 1) hosting the state of the world becomes difficult due to eg. disruptions in Internet traffic or compartmentalization of the Internet, or 2) several key administrators disappear at once and Town management capability thus suffers, or 3) a data corruption attack has despite all precautions managed to corrupt the game state during extended time, or 4) a similar event.

There are very elaborate procedures that will be activated if such events occur occurs, too lengthy to be listed here. The short version is:

If anyone is willing to play CK, it continues to exist, and if no one is, it still continues to exist in dormancy, ready to be resumed, unless all memory of it is irrevocably destroyed. It is just imagination anyway - information in public domain.

In the case of CK, nobody reserves the right to discontinue the hosting of the game and cancel your account for no reason, and keep all your stuff. Rather, it is everybody's right to continue the hosting of the game, and your right to keep your stuff.


CLOSING WORD

Regardless or not whether you "hereby understand that you are solely responsible for your own conduct, and the decision to continue to play CK is yours, and any issues arising from that will be handled between you and the relevant third parties in the CK world as they pertain to CK, and between you and the relevant third parties in the outside world, as they pertain to the outside world", so will it happen.


DECISION

* I want to enter into Crypto Kingdom

* I do not want to enter into Crypto Kingdom

Uncertainty is on the rise in the Kingdom. Even if it feels that the time is not advancing, it feels that in the last day or week or so, certain respected citizens have raised the possibility of:
- Deposing the King
- Stealing the King's gold
- Starting a civil war
- Disrespecting the Town's promise to pay 100,000 m/consol annually forever(x2)
- Discontinuing the Game
- etc(x2)

To manage our way safely to the next level, it suits us to call a general meeting which will be held in IRC at 1pm UTC tomorrow. Everyone who has an interest in Crypto Kingdom, whatever type, may attend. The meeting will possibly decide to elect a new Town Council, in which case, the votes are according to the ownership of CKG in its different forms.

In the times of great changes, it is easy to get lost and lose what you have carefully built over 2 years, by not pulling together when it is the time to get the game up and running again.

Hopefully we will see there! 

[ArticMine]

...

Town does not guarantee the market value of any item. Institutions ingame are responsible according to their respective TOS for the promises they make for their offerings, and will be prosecuted for breaches of contract.

...

CK is designed to run perpetually, which is evident from its robust governance model and data structure, and having perpetual rules such as the gold generation script, which cannot be changed by any power inside or outside the game ever, and perpetual rights, such as the right to receive 100,000 m weekly per each consol item forever.

It is possible still that 1) hosting the state of the world becomes difficult due to eg. disruptions in Internet traffic or compartmentalization of the Internet, or 2) several key administrators disappear at once and Town management capability thus suffers, or 3) a data corruption attack has despite all precautions managed to corrupt the game state during extended time, or 4) a similar event.

There are very elaborate procedures that will be activated if such events occur occurs, too lengthy to be listed here. The short version is:

If anyone is willing to play CK, it continues to exist, and if no one is, it still continues to exist in dormancy, ready to be resumed, unless all memory of it is irrevocably destroyed. It is just imagination anyway - information in public domain.
javascript:void(0);
In the case of CK, nobody reserves the right to discontinue the hosting of the game and cancel your account for no reason, and keep all your stuff. Rather, it is everybody's right to continue the hosting of the game, and your right to keep your stuff.

...

Thank you for posting the TOS. In my mind this simplifies matters greatly. A very good starting point is to look at liquidation and then go from there. I have quoted the above since it identifies the obligations of town, since those obligations would then fall on the assets that town has outside of the game, primarily I understand this to consist of demand deposits of XMR.  These assets are encumbered by those obligations of town outside of the game. I will refer to  the obligations of town outside of the game as the senior debt. The other commitment of town is the weekly CON payment of 0.1 XMR per CON to the holders of CON in perpetuity. I will refer to the CON payments as the junior debt. At the point as far as I can see the commitments of town end. The XMR on deposit in the game by the players is on deposit with a third party and consequently does not form part of this discussion.

My first point is that the CON deposits are to be made weekly. There is no mention of the "game year" in this commitment. By this token stopping the game clock by pausing the game did not absolve town of its obligation to the CON holders, and town has theoretically already defaulted on the CON payments; however to my knowledge none of the CON members has at this point called a default on CON. My mentioning of this does not constitute the calling of a default on behalf of my character DrC.

We can now take a look how liquidation would look. First the out of game assets of town are used to pay the senior debt (out of game liabilities of town). Then the balance of the out of game assets of town is converted to XMR and applied against the junior debt (CON).  S-CON would be treated as a flow through. Everything else is written off. At this point because of the public domain aspect of the game there is nothing preventing the reinstatement of the game in a similar or different form, by forking the game.

At this point I see two main options under the rules :

1) Cure the default of town to the CON holders by making the back payments out of existing out of game assets of town, after the out of game liabilities are satisfied and then restart the game before town runs out of funds.

2) Liquidate that game with one of two options afterward fork or no fork.

A fork would of course mean the change of the rules of the game, since it would create a new game. Having said this I propose a fork along the following lines after liquidation for discussion.

1) The holders of the old CK characters are given an equivalent character with the same stature and in game assets as their old character with exception of CON and (CON derivative assets such as S-CON)

2) The former CON holders are provided with CKG for the written off balance of their CON holding in the liquidation. The CON/CKG exchange rate to be based upon the average CON/CKG market rate during the operation of the old CK. Holders of S-CON are given an equivalent amount of S-CKG

Other possible ideas:

3) Restrict town form borrowing with a principal term repayment term greater than 90 calendar days. This debt could of course be rolled over.

4) Restrict town from taking on any net debt or net short position denominated in an asset other than a fiat currency managed by a central bank with a known and established history of debasing the currency at will. For greater clarity fiat currencies such as USD, EUR etc., would be allowed while crypto currencies such as XMR, XBT etc., and precious metals such as XAU, XAG would be not. Payments made in XMR at the exchange rate at the time of the payment and funding also made in XMR at the exchange rate at time of funding. Hedging would be allowed. For example borrowing an amount of XMR that is less than or equal to the XMR on deposit.

5) Provide town with a gold mine with a fixed annual (calendar not game) yield of under 1% of the initial fixed CKG issue. A Monero style "tail emission".  

[generalizethis]

04:53 < Crichton__> i hope we can avoid a civil war.
04:54 < Crichton__> (the beauty of the game is that money makes it real)
04:56 < luigi1112> :-)
04:56 < luigi1112> So real

Civil war would make the game interesting. Did you think of playing with the rules or outside of them?

It's the unexpected which draws people to the theatre
of war--there's not a rule I can quote,
but the Roger Ver example you gave
me cause, but effect that's
the kicker

[smooth]

Then the balance of the out of game assets of town is converted to XMR and applied against the junior debt (CON).  S-CON would be treated as a flow through. Everything else is written off.

I don't entirely agree with the bold. Corporations/entities should also be treated as a passthrough to the extent they hold CON or S-CON. Example of this in particular is S-HODL, which holds S-CKG/CKG (written off under this hypothetical) as well as S-CON/CON. S-HODL shareholders should receive the proceeds of any CON/S-CON liquidation.

There may be some other edge cases that need further consideration.

[rpietila]

It is of course great that others also explore the major option #3 "close down", with the intent of finding reasonable ways in doing it. However to not make it a self-fulfilling prophecy, I'd encourage thinking and posting about the continuation options as well. Closing down is not so difficult that I would have made such a great plea for help during the last weeks!   Continuing with a goal that energises people, and a team who can perform in more demanding circumstances than before, that is.

perpetual rights, such as the right to receive 100,000 m weekly per each consol item forever.

Perpetual right to a 100,000 m annual cash flow, guaranteed by town.

Unless new information is discovered, I give preference to the ingame definition, which would imply that the Town has not defaulted on CON and will not, until there is a year when the payment is not made in full. (Because of the importance of this matter, I acknowledge that Town Council will settle it, this is my personal and GM interpretation.)

A very good starting point is to look at liquidation and then go from there. I have quoted the above since it identifies the obligations of town, since those obligations would then fall on the assets that town has outside of the game, primarily I understand this to consist of demand deposits of XMR.  These assets are encumbered by those obligations of town outside of the game. I will refer to  the obligations of town outside of the game as the senior debt. The other commitment of town is the weekly CON payment of 0.1 XMR per CON to the holders of CON in perpetuity. I will refer to the CON payments as the junior debt. At the point as far as I can see the commitments of town end. The XMR on deposit in the game by the players is on deposit with a third party and consequently does not form part of this discussion.

We can now take a look how liquidation would look. First the out of game assets of town are used to pay the senior debt (out of game liabilities of town). Then the balance of the out of game assets of town is converted to XMR and applied against the junior debt (CON).  S-CON would be treated as a flow through. Everything else is written off. At this point because of the public domain aspect of the game there is nothing preventing the reinstatement of the game in a similar or different form, by forking the game.

Town has no assets nor liabilities outside of the game (M treated as ingame).

There is a small amount of ingame debts (< 1 bil).

M balances hosted by town are earmarked to multiple ingame uses and are in their separate accounts. A large amount is in rental pools, a minuscule amount is in CKG/CON pool. Also non-earmarked funds exist. Any liquidation should take into account the owner of the funds, because Town administers the whole game economy and not only its own. The allocation of systemic funds to players in a possible liquidation cannot be done based on the already existing rules alone. The closest to a fair outcome in this event would be to unpause the time in Ultima and see how long Town can make it. Dividing any funds to CON holders in excess of the stated obligation does not seem correct in my opinion.

At this point I see two main options under the rules :

1) Cure the default of town to the CON holders by making the back payments out of existing out of game assets of town, after the out of game liabilities are satisfied and then restart the game before town runs out of funds.

2) Liquidate that game with one of two options afterward fork or no fork.

I admit that it is a precarious acute situation that the fiat value of CON payments has swollen at the same time that the game has been paused. Still it deserves mention that during the history of the game, we have never had current funds in excess of 1-2 realmonths of expenditures, and often it has been 1-2 weeks, or 1-2 weeks back! Regardless of how little of the Town-administered funds we allocate to the CON payments, we are not facing cash flow crisis in 1-2 months, in other words the Town has more liquid funds than ever, both absolutely and relatively. Furthermore, the majority of CON payments will go to people who have historically supported the game and put the proceeds back to use.

A fork would of course mean the change of the rules of the game, since it would create a new game. Having said this I propose a fork along the following lines after liquidation for discussion.

1) The holders of the old CK characters are given an equivalent character with the same stature and in game assets as their old character with exception of CON and (CON derivative assets such as S-CON)

2) The former CON holders are provided with CKG for the written off balance of their CON holding in the liquidation. The CON/CKG exchange rate to be based upon the average CON/CKG market rate during the operation of the old CK. Holders of S-CON are given an equivalent amount of S-CKG

This is a sensible idea and warrants discussion. It is important to remember that it constitutes a fork (forced redemption of protected asset; creation of more CKG). Technically it is extremely easy to do, just make CON yield a dividend in some asset that includes CKG and erase CON.

S-CKG, S-CON etc are issued by independent entities who manage their affairs themselves.

3) Restrict town form borrowing with a principal term repayment term greater than 90 calendar days. This debt could of course be rolled over.

The reason Town is borrowing at all is the original rule that no more CKG can be printed. Town borrowing XMR was consolidated in 1605 because:
- It looks bad to have debt (CON does not have principal, it can be called "consolidated stock" as well as "debt").
- The aftermarket of multiple maturity small emission debt was anemic
- Because of this, the auctions did not fetch a good rate, instead of the recent 0.5% CON, it was 1-1.5%.

4) Restrict town from taking on any net debt or net short position denominated in an asset other than a fiat currency managed by a central bank with a
known and established history of debasing the currency at will. For greater clarity fiat currencies such as USD, EUR etc., would be allowed while crypto currencies such as XMR, XBT etc., and precious metals such as XAU, XAG would be not. Payments made in XMR at the exchange rate at the time of the payment and funding also made in XMR at the exchange rate at time of funding. Hedging would be allowed. For example borrowing an amount of XMR that is less than or equal to the XMR on deposit.

This would be extremely lulzy written as a rule.

5) Provide town with a gold mine with a fixed annual (calendar not game) yield of under 1% of the initial fixed CKG issue. A Monero style "tail emission".  

There is a tail emission with Town as the initial beneficiary: a small amount of new gold is created for the "lot exploration game". We have had so few players compared to the value of the gold stock that this gold has not played a significant role (see rules).


As gamemaster, I do not support any forks in the game. We have a social contract and my job is to uphold it.

[rpietila]

Further things came to my mind as we prepare for the meeting:

* After hesitating for a while, I now support opening the Changelog again for trading. This also enables deposits and withdrawals, which require both saddam and changelog to be active. I do not support hastily starting the game.
(The hesitation was because there is an inordinately large insider trading possibility, which would put me in a position that I cannot win, because I would be accused of insider info/forcing the result, regardless of whether I trade or don't and what happens, and whether I supported it or not. Then I woke up and realised the game is not about just me any more, and everyone needs to get used to it. Also other people speculating with money, instead of concentrating on human resources felt needless. But speculating is still so fun, and provides real-time information to the decision makers, and people have right to deposit/withdraw - which cannot be done without changelog open - so I now support opening it.)

* The game finances are easier to analyse when the ingame items have reached some valuation. Before resuming trading, there are some things to do. Trading will be resumed today based on the decisions of the general meeting / Town Council / gamemaster (if they support). Negative balances will be searched and withdrawals checked that they are not connected to negative balances held by the other characters of the owner.

* To go on in any incarnation, the game needs a CEO. I have done that position as a side job for 2 years and criticism has mounted, due to me having too many roles. There is no question whether we need new blood now. Some thought we needed it long time ago, I objected, and luckily now we have the financial resources to make it happen, unlike back then.

* There are other full and part time roles to fulfil, but finding the CEO takes priority as he will organise them. I will thrive as game designer rather, and also the design will be better when it is possible to concentrate on that.

* I am very happy that the community is activated. This I see as the most important prerequisite for moving on with the game.

* Please consider if you could lead any of the corporations I started in the last years before the pause. They are important for the game economy, but the intention is not that I would pull all the strings, quite the contrary actually.

* It is possible to fork the game because it is open source. I cannot personally support any such action however. I have brought many friends to play and support the game, and defrauding them or anyone is not in my toolbox. Equally important is that the future generations of players understand that our rules hold. Especially the CON-issue is a (longterm) non-issue, only relevant now because XMR has grown faster than CK. Assuming this will be the case in the future is shortsighted. (By this I don't mean that we should not address it.)

* If promising new team members are found to take the game on, I will be ready to assist them with CKG. There is also some gold in the Coinshop, which could be opened to help if ingame value is needed to reach some deals.

* New value comes to the game via deposits of XMR, which allocate themselves to CKG, CON, land and item purchases, causing their value to go up, and enriching the sellers, who in turn buy other assets and pay taxes. Town receives the taxes, and is the initial seller in some of the assets as well. For a viable game, it is important that there is a steady inflow of XMR.
(The recent surge in price will cause an outflow with currently uncertain magnitude. Historically, the USD value of saddam's depository has been about $50k. We now have $700k worth of XMR in the depository, so it is not a catastrophe even if the size declines short-term, as long as the long-term direction is up.)

[iluvbitcoins]

I will attempt to attend the chat today
So far, I see no reason that could push me away

Those numbers certainly add credibility to this project  

A lot can be done with 750 000$, a CEO can be just the beginning of what could and should be a huge development&marketing campaign

[iluvbitcoins]

Well damn, for some reason I was certain it was 6 pm UTC 

Anyways, what was decided?

[rpietila]

Meeting lasted for 3:10 hours (plus before and after meetings). Decisions:

- Town Council working group will consist of:
* HH The Mayor Sirjacket
* HM The King
* Sir kronicblazer
* Sir Crichton
* Sir luigi1111
* Sir Mooo
* Dame Roopatra (in no particular order)

It is likely that Election will take place soon to reduce the number to 6, as defined by the rules.


- Markets will open as soon as possible, with existing bids/asks cleared.


Discussion log is probably available from someone.

[rpietila]

Gamemaster Update 1

Gamemaster (GM) is the head of admins when the game proceeds normally. In special situations like now (the time and market is paused), GM is the one to practically execute Town Council decisions concerning changes in game state and operation. GM is of course me, currently, but that will change soon when the TC rolls out its plan for new recruiting.

The plan is to find a CEO to steer the whole CK project, enabling me to concentrate on the game. We seek to pay her $70-$130k a year (figure includes perks). In return we get an enthusiastic professional.

Town finances need to be organised, because it is likely that both CKG and CON get smashed when the markets open (because the pricing currency, M, has appreciated by 5x while the game has been paused). CON entitles to a fixed payment of M, and in the case that the game goes on, it can be honored. If not, then not. It is nevertheless possible that the Council will propose something to decrease the Town burden.

Also in connection with the new CEO, new funding is needed to ensure a smooth transition. About $100k is the figure.

We also talked about the seniority of CKG/CON in the edge cases. My interpretation (which is subject to overruling by TC, who are selected by gold owners) is:
* CON is senior to CKG in dividends. CON dividend may not be reduced from its fixed value or delayed. The loophole concerning the rate of passage of time exists, but its use will cause loss of confidence. The only limitation concerning CKG dividend, is that it may not be negative. It has often been zero.
* CKG is senior to CON in voting rights. As long as the CON dividends have been paid, the CON holders do not have a direct influence on Town finances. The Town finances are an intricate web of pools that collectively contain $120k worth of M. Seldom if ever has the Town possessed several years' worth of un-earmarked liquidity to pay its expenditure, including CON dividends. Now it does, and when the game resumes, it will also get incomes in addition to the $120k in possession and the $100k to be raised. Therefore the comparison of Town funds and CON dividends fails in at least 3 counts: A)The Town funds are only partly intended for CON; B)Town has income and has managed previous situations; C)The dividends go back to the economy. What actually matters is the balance of deposits/withdrawals.

If it so happens that the game time is resumed, and the Town cannot subsequently pay the CON dividends, the default procedure is as follows:
* CKG loses the dividend and voting rights, becoming a limited-quantity luxury/collectible resource.
* CON holders will get 1 vote per CON, from where they can appoint the Council and continue the game as they wish. This is considered a default for the 1st Town Corporation, but it need not affect the game more than the CON holders decide. (It is likely that the CON holders will redefine CON to have  a variable dividend as they are unable to pay a fixed dividend to themselves anyway. CON would effectively take the place of CKG.)

Resuming the time requires an itemised action plan by the TC, and finding the CEO and other things mentioned.

The markets will open (as soon as I confirm all is ready)

All bids and asks will be cleared first because of the pleasure that XMR/M price has raised 505% during our pause so far.

The reasoning for opening of the markets was elaborated in a previous post. Enabling deposit/withdrawal and repricing caused by the rise of M.

I will provide marketmaking to some extent, based on what is expected. While being GM,King etc and still in a decisive position concerning the future of the game, I do not engage in price speculation myself. Others may certainly find bargains so blanket bids may net nice goods.

The game needs more concentration of ownership, because that brings commitment. I encourage everyone to think of the opportunity to corner CKG and CON, cheaply with the windfall XMR. I will also donate gold to those who buy the most.

Collectibles will be valued based on market as always.

Items such as SCI, WP etc should retain their value in fiat (ie. about 15% of the pre-pause value) because TC adjusts their generation price and has historically followed fiat pricing.

The situation with the game is still open. Town Council has not yet drafted the action plan, and when it is ready, it may get rejected (if consensus is needed), or fail in execution. Also possible is that the plan succeeds brilliantly, more than making up the sudden surge of XMR. It is worth repeating that this game was intended to grow faster than XMR to be able to help XMR. This of course was true for the first 2 years in the game, as XMR was stalling and CK increased 20x in value. This is still the plan.

Because of the above, the risk to invest in CK assets is big, and consequently the price is reasonable, and the upside is very large. The XMR community has swollen beyond bounds in the last weeks, which can be positive for CK.

M balances are secured in all scenarios.

Happy trading!

[luigi1111]

Councilman Luigi reporting in.

The plan is to open trading but leave the time paused, correct?

[iluvbitcoins]

I actually don't see why CKG value should fall

Since the beginning of times, CKG is tied to XMR, it has nothing to do with FIAT

All that can push down its value is if people decide to sell their CKG

However, if we held so far, why would we sell now?


Crypto Kingdom has more assets, and value then every before!

I seriously don't see why I would sell now, if I held everything I had so far, when CK had less?

We have a bigger chance to become greater then we had before, the Kingdom has a lot more money to invest in the game, programming, marketing, basically everything a game should need

Crypto Kingdom has a future, I know I am not very active, but I believe in it  





 

[noms]

I can't wait to get back into the game. A 2 month hiatus is about as much as I can take

[rpietila]

  I will promise to post a pic in the Billboard when we get the market open for real. 

Due to several small things market opening is postponed till tomorrow.

Shame that we don't have the tokens listed in exchanges now. Betting live on the valuation of CK in its critical junction is waaay more fun than pumping some unchanging and valueless altcoin!!! 

[generalizethis]

I will promise to post a pic in the Billboard when we get the market open for real. 

Due to several small things market opening is postponed till tomorrow.

Shame that we don't have the tokens listed in exchanges now. Betting live on the valuation of CK in its critical junction is waaay more fun than pumping some unchanging and valueless altcoin!!! 

Couldn't agree more. I think the CEO's main focus should be on an exchange currency and marketing to new users and investors--as well as implementing the Council's vision.

Has there been a time/date set for Town Counsel? Work sometimes interferes with CK commitments, so the earlier I know the sooner I can adjust my schedule.

Glad the game is on! Can I promote the CEO offer on twitter? Or are we waiting until after the next meeting to move forward on that front?

[rpietila]

Has there been a time/date set for Town Counsel? Work sometimes interferes with CK commitments, so the earlier I know the sooner I can adjust my schedule.

Glad the game is on! Can I promote the CEO offer on twitter? Or are we waiting until after the next meeting to move forward on that front?

Town Council is now in continuous working mode, having slack and IRC workrooms

We need to define the CEO deal well to maximize success. Every team member is very important! We can even use a consultant to help in the process. But hopefully the initial definition will be ready today