X-Spam-Status: No, score=-2.6 required=5.0 tests=BAYES_00 autolearn=ham version=3.2.0-r431796 Sender: -2.6 (spamval) -- NONE Return-Path: Received: from newman.eecs.umich.edu (newman.eecs.umich.edu [141.213.4.11]) by boston.eecs.umich.edu (8.12.10/8.13.0) with ESMTP id kAKN8uTK017210 (version=TLSv1/SSLv3 cipher=DHE-RSA-AES256-SHA bits=256 verify=FAIL) for ; Mon, 20 Nov 2006 18:08:56 -0500 Received: from dave.mr.itd.umich.edu (mx.umich.edu [141.211.14.131]) by newman.eecs.umich.edu (8.13.8/8.13.6) with ESMTP id kAKN8qNT021279; Mon, 20 Nov 2006 18:08:52 -0500 Received: FROM rwcrmhc11.comcast.net (rwcrmhc11.comcast.net [204.127.192.81]) BY dave.mr.itd.umich.edu ID 4562357F.56F5E.6639 ; 20 Nov 2006 18:08:47 -0500 Received: from rmailcenter78.comcast.net ([204.127.197.178]) by comcast.net (rwcrmhc11) with SMTP id <20061120230846m1100t706oe>; Mon, 20 Nov 2006 23:08:46 +0000 Received: from [128.244.206.176] by rmailcenter78.comcast.net; Mon, 20 Nov 2006 23:08:45 +0000 Message-Id: <112020062308.16259.4562357D000D4C8900003F8322007613949C0E049A01059C9A010597 Æ comcast.net> X-Mailer: AT&T Message Center Version 1 (Oct 4 2006) X-Authenticated-Sender: eWtvdXNrb3VsYXNAY29tY2FzdC5uZXQ= X-Spam-Checker-Version: SpamAssassin 3.2.0-r431796 (2006-08-16) on newman.eecs.umich.edu X-Virus-Scan: : UVSCAN at UoM/EECS Date: Mon, 20 Nov 2006 23:08:45 +0000 To: Daniel Reeves , michael schwarz Cc: yootopia-discuss Æ yahoo-inc.com, ykouskoulas Æ gmail.com, bethany soule , improvetheworld Æ umich.edu From: ykouskoulas Æ comcast.net Subject: Re: Yootles Status: O X-Status: X-Keywords: X-UID: 867 I've had the flu for the last couple weeks, (yuk!) so I only saw and was able to respond to your e-mail recently. I enjoy thought experiments and exploring ideas like this, so I hope you don't mind the questions... Michael's comment about gaming the system by deliberately going bankrupt is an interesting one. > let me start by claiming that yootles do not in > fact need to be tied to anything of value. Yes, let me work on understanding this one better before we talk about the level playing field. So I can ask some questions: 1. Practical usage question: If yootles are not tied to anything of value, how do I know how much each is worth? I don't know how to come up with a number in negotiations without having an idea about its value. I.e. is a backrub worth 20 or 2000 yootles? 2. Stabilization of value over time question: If I just start by throwing out a number, is there an expectation that the value of a yootle will stabilize as the currency is used over time? Or does the worth of a yootle fluctuate from month to month? 3. Philosophical, 'how does currency get its value' question: I was given to understand, based on economics classes that I took that currencies got their values by being tied to something else of value (a good or service). If yootles are not tied to anything of value, how do they get their value? Mabye some economists (Michael?) could chime in here to elaborate or correct my understanding of this. How do currencies get their value? Do I just have the wrong idea here? If so, what is the right idea? Phrasing the question in another way, "why is a dollar bill in my pocket today valued such that I can buy a cup of coffee* with it, and not a new computer?" What determines its value? -Yanni * Ok, a cheap cup of coffee, not at starbucks.