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Bizarre idea - Journal of Omnifarious

Jun. 9th, 2003

08:46 pm - Bizarre idea

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I just thought of a rather bizarre idea.

A unit of currency in which there is only one unit in existence, and everybody has fractions of that unit. For example, positing a gross world product of $4*10^12, one dollar would be &2.5*10^-13 SUC (Single Unit Currency).

This could be shortened or made more understandable in some way, say &2.5e-13 SUC, or some similar notation. Or, perhaps having a word for e-13 would be good.

This would be interesting, because all the money in the world would be 1 SUC. If someone every had anything even closely approaching this number, that would mean something was seriously distorted and wrong about the economy.

I'm not sure how the whole creation of money through lending money that's also stated to be on deposit that banks do would work with this system. But, I think it's an interesting puzzle to contemplate.

Current Mood: [mood icon] contemplative
Current Music: Mark Mallman - Humankind

Comments:

From:(Anonymous)
Date:June 9th, 2003 06:50 pm (UTC)
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From:omnifarious
Date:June 9th, 2003 09:37 pm (UTC)

Re: But that's my opinion.

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I did figure someone would say it. :-)

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From:neonex
Date:June 9th, 2003 06:55 pm (UTC)
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That would be horribly confusing to remember how many 0's you had before any who number of the currency you had...

"yeah i have .0000000000001 SUC on me" or somethin like that...
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From:neonex
Date:June 9th, 2003 06:56 pm (UTC)
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besides, wouldnt people just start breaking it down, x SUC = 1 SUCie or something like that...
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From:omnifarious
Date:June 9th, 2003 09:40 pm (UTC)
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Well, this is true, but that doesn't invalidate the idea. Everybody would know that all the SUCs in the world combine together to make 1 SUC. But, counterfeiting, forging, and other kinds of fraud would be detectable in total, but also have a bad effect on the currency as a whole.

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From:omnifarious
Date:June 9th, 2003 09:38 pm (UTC)
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Yes, it would be. Hence the use of exponential notation and the suggestion of abbreviations for some commonly used exponents. :-)

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From:neonex
Date:June 9th, 2003 10:09 pm (UTC)
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The other point you made makes sense sadly... eww...

but the problem is then every one would have to agree to use one currency, and we cant agree on anything, so it would mess everything up...
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From:omnifarious
Date:June 9th, 2003 10:14 pm (UTC)
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This is true. It's partly a thought experiment, and partly something that popped into my head while I was thinking about digital currencies.

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From:brighteyez
Date:June 9th, 2003 11:54 pm (UTC)
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Usually when I see the word "units" I am looking to see how many units of insulin I'm going to give a patient. :P ok...not funny. hehehe
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From:mabelmundane
Date:June 10th, 2003 12:41 am (UTC)
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you like mark mallman? yay! he used to go to my school...but not at the same time as me. he is really fun live.
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From:omnifarious
Date:June 10th, 2003 03:21 am (UTC)
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My housemate discovered him. :-)

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From:agnosticfont
Date:June 10th, 2003 07:12 am (UTC)
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This would be interesting, because all the money in the world would be 1 SUC. If someone every had anything even closely approaching this number, that would mean something was seriously distorted and wrong about the economy.

I agree that someone having approach 1.0 SUC would be wrong. But then isnt 90% of wealth in the hands of 5% of the worlds population now ?

So 0.9 SUC would be owned by 300,000,000 people. Maybe there would have to be some sort of redistribution of wealth as the portions of SUC were handed out. (are you a closet communist ? ;-))

I'm not sure how the whole creation of money through lending money that's also stated to be on deposit that banks do would work with this system. But, I think it's an interesting puzzle to contemplate.

Effectively there couldnt be any interest on loans or interest paid on money in bank accounts - which is how things are run in Muslim countries btw. Unless other portions of SUC were written off to allow for the creation of interest SUC portions.


Hmmm interesting
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From:omnifarious
Date:June 12th, 2003 11:40 am (UTC)
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Actually, in a book I recently read: Linked: The New Science of Networks, they presented convincing evidence that as long as an economic system has certain properties I consider extremely valuable, the 80/20 rule will still hold in some form. Those properties are:

  • People are free to have economic interactions with whoever they choose.
  • Some entities will be more preferred for economic interactions than others due to percieved value.
  • New entities regularly enter the system.

As long as those properties exist, the graph of economic relationships will result in a power law graph with the entities that are the focus of the most economic transactions having the most money.

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From:lunasoleil
Date:June 11th, 2003 10:17 am (UTC)
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I'm glad I don't think as much as you, Omni ;)
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From:omnifarious
Date:June 12th, 2003 10:55 am (UTC)
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*laugh* Why? :-)

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From:lunasoleil
Date:June 12th, 2003 11:12 am (UTC)
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Because my head would explode ;-)
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