[MUD-Dev] [NEWS] Gaming Open Market

[Vladimir Cole]

From: "Freeman, Jeff" <jfreeman at soe.sony.com>
> From: Peter Keeler

>> Will we ever see a virtual currency in the "real" currency
>> exchange, perhaps?

> Nope.

Jeff, why not?

I would have said yes because "ever" is a very long time. =)

Long enough for a new sort of virtual world to evolve? Maybe one
could eventually come about where a virtual currency would be:

  - very liquid (easily exchanged for in-game and out-of-game items
  and currencies),

  - stable (predictable inflation levels in line with other major
  currencies),

  - well managed by a strong virtual central bank (talking about
  money supply management),

  - backed by a strong economy behind it where goods of
  widely-recognized value are produced.

Then certain risks in certain financial transactions might be hedged
against real currency risks by purchasing (options or puts) on
virtual currency.

Or individuals might like to diversify their investment portfolios
by converting a portion of their assets to virtual dollars.

Or individuals might choose to be paid their wages in this currency,
especially when faced with the prospect of hyperinflation. If a
virtual world management company were to offer its subscribers a
"debit card" that were usable just like a real debit card but that
drew on their in-game currency account at a certain exchange rate
(with a nice spread to make the deal profitable for the management
company) then the loop would be closed and this could be a viable
currency.

Of course any virtual currency that displayed these characteristics
wouldn't be found in any MMO as we know them today -- where the
means of printing currency are easy to automate (scripted-farming)
and where exploits to duplicate currency-generating items (and
currency itself) are far too frequent.
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