Money burning

If you read the economy forum, you'll see lot of people talking about how to prevent L$ inflation.
Here is a simple feature that would save SL:

add a way to destroy (let's call it burn) L$ you own ; you'd type on a window the amount of L$ you want to burn and it would substract them from your money. The trick is it wouldn't go back to Linden Labs's reserve ; it would effectively disappear from the economy.

In order to make people burn their money, you could have it show in world, with some animation ; like, you'd see the AV setting bills on fire and using them to lit a cigar or something. I'm sure there would be quite a number of player doing it (the "look, I'm filthy rich! I'm cool!" factor comes to my mind)

Voila, inflation problem resolved.

I am proud to announce the inception of a seminal service in the history of SL! Thanks to the generous donations of an anonymous benefactor, I have constructed a Linden Shredder. Those of you who wish to destroy your excess Lindens may send them to me via courier, and then my team of laborers will feed them into the machine. When the shredding is complete, you will be left with the warm feeling that you have helped to deflate the currency, and a little ball of shredded paper.

Give our service a try today! You won't regret it!

Good idea... very good. But you forgot to put the coordinates of your facility I want to see it working ; so exciting! (sending by courier doesn't cut it... )

You can do this simply by paying an invalid key from within a script, an inactive account, or heck, send your money to Governor Linden.

ahh, if it were only that simple.

Or you could just send it to me. I *PROMISE* not to spend it, thereby producing the same effect as burning it

Geez, better yet, send it to me... College is expensive, and I promise to remove the money from the world... eventually...

LF

Send it my way! I need to pay for school! Just give it to VERTU or something!

Plus inflation isn't only caused by too many bills and currency in the economy (narrow money/M1) I think it's a little more complicated then that. I don't think L$ has inflation, it has fluctuations (ie land prices) i guess it can have "some" inflation via the USD. But the L$ it's self doesn't get inflated (or deflated). Gah hard to say... id have to think about it a bit!

Well... I guess if LL keeps the L$ per account average pretty constant, their won't be any change via the supply curve... so it has to be all demand. What drives the SL economy (L4 value via USD) is TOTALLY controlled form LL. They realease too much land prices shoots down because the demand of money is not high, because people are "richer" because the basic land price goes from 20L$ a sq foot to 4L$\sq... So then people in SL find themselves 5x "richer" OR if you want to look at it this way... the money supply went x5!So I guess the L$ deflated... but it didn't deflate 500%. Perhaps because the market didn't have enough time to adjust or the supply changed.... dunno!

But I do know that "burning" your money isn't the long term solution... it's only short term!

Besides, isn't destroying currency illegal anyway?

LOL!

Just pay a linden or something.

There is no "linden reserve". Lindens make money when they want it. There is a theoreticly bottomless bit of money with the lindens. So it doesnt matter how much 'real' money they have.

From what I've read, at the very least L$ dwell payments come from L$ payments (upload fees). So there is a reserve.

why not put that money to good use. donate it to a group working on a project. Yoru favorit club, or favorit open source scripter. hint hint

Can't do that. Between the short term benefit of a small group of people (said scripters) , and the long term benefit of all SL population, the choice is easy.

I suspect the linden shredder advertised earlier on this thread is vaporware (the author has yet to reveal its location...) so I will make my own in the following days.

I have just started a new service -Burning Linden Dollars For You.

Send your surplus L$ to me and I will burn them for free. Please form a queue as this is bound to be a very popular service

Latonia

LMAO <<<while wiping Pepsi off the monitor sorry this is hilarious.

However, I offer up my services as a Curior

I promise as a Burn your Lindens Curior two things will happen.


A. the money will leave your pockets
B. Ardith will never see it ((it will be burnt yes?))

SW Curiors we are here to carry off your cash.

Shadow.

...actually I'm an economist by training, so let me say:

GOM will help this problem - at least to the extent that the real world dollar is stable. (then again, they do work with e-gold too, which rocks)

At some point, if lindens fly, a certain number of them will get extracted into RL money, especially by the people who have literally "lindens to burn". This will also solve some of the power imbalance problems.

The in-game money right now is ESSENTIALLY backed by land. If land doesn't increase as fast as money, land values will go up. But people will have more lindens so that's ok right? WRONG.

Who gets the freshly minted lindens will operate at a comparative advantage, buying before the prices are cleared. To some extent, this will be new users, but at the same time, they get fixed grants which become worth less and less as time goes by. Unless the Lindens (uppercase for the government) tie the basic grant and stipend to the marginal price of a 512 plot or something like that. But then the problem becomes that you must earn money at a high rate to keep up with the noobs. Which is essentially the problem in RL.

This is why the tiering system is necessary (it acts as a sort of georgist land-value tax). It is also why public land is VERY DANGEROUS. The big distortion in the economy, AFAICT, came when large amounts of land went public right around when 1.2 came out. Markets are necessary to distribute value fairly.

Linden shredder?
Dude... it ought to be easy... in a hurry, and from memory...

key gKey;
integer gListen;
default
{

touch_start(integer t)
{
llRequestPermissions(PERMISSION_DEBIT, gKey=llDetectedKey(0));
}

run_time_permissions(integer p)
{
if(p&PERMISSION_DEBIT)
{
llSay(0,"How much money do you want to shred?";
gListen=llListen(0,"",gKey,"";
}
}

listen(integer c, string n, key k, string m)
{
llGiveMoney(NULL_KEY, (integer)m);
llListenRemove(gListen);
}

}


I'll fix it later

Sadly llGiveMoney complains on NULL_KEY ; and inventing a key doesn't make it do anything.
I'd need the key of an abandonned account. But I don't see how to find that.