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Saving Face
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Posted - 2011.06.18 21:03:00 -
[1]
 Originally by: Miilla
But it is an obligation and it has a fait currency value, at the point of purchase, it is a promisary note. The obligation has not been met, it has to be repaid.
Keep in mind that you don't actually own the PLEX; as any other in-game item, it remains property of CCP.
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Saving Face
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Posted - 2011.06.18 21:11:00 -
[2]
Originally by: Miilla
You don't actually own that Dollar/Euro/Pound in your pocket either.
It is just a promisary note owned by the bank and issued by the bank. Same for your bank cards, debit cards, credit cards.
I do own the bank note. I can never own a PLEX.
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Saving Face
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Posted - 2011.06.18 21:25:00 -
[3]
Originally by: Miilla
You will find that the bank owns the copyright of the banknotes, not you. It is just that, a promisary note.
\
Sure, it owns the copyright. Copyright is not transferable where I am, they could not give it to me even if they wanted to. How does that matter? I don't want to print more bank notes.
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Saving Face
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Posted - 2011.06.18 21:33:00 -
[4]
Originally by: Miilla
You will also find that the banknotes have a time limit and they get recalled periodically for various reasons. Prevention of diseases, anti fraud, reissuing etc.
No, I won't. They are not allowed to have a time limit here. Recalls do not affect my private stash at all.
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Saving Face
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Posted - 2011.06.18 21:38:00 -
[5]
Originally by: Miilla
Now, if we purchased GTC's then CONVERTED them to ingame items, we have therefore removed the financial liability.
I doubt there is a difference. When you buy a PLEX directly from CCP, you're explicitly buying an "ingame item that can be used to pay for your subscription". You're not buying game time. There is no liability.
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Saving Face
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Posted - 2011.06.18 21:42:00 -
[6]
Originally by: Miilla
When I say time limit I mean lifetime, I don't mean it loses its face value over time, the bank will redeem the old note for a new NOTE AT THE SAME FACE VALUE. Sure you will lose due to inflation :).
Sure, it will redeem it if I ask them. How is this relevant? I am not obliged to exchange old notes for new ones. It's convenient that I can, since they might change the legal tender again if the Euro fails or something, but I don't have to.
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Saving Face
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Posted - 2011.06.18 21:55:00 -
[7]
Originally by: Miilla
See my other comments from the BoE website? All banks are aiming at one goal, remove linking from physical metals (Gold). They have done this by and large yet people still think the notes are promisary notes to get a value of metal. Nope. Not now. That is why they are called fait currencies, THE "PROMISE" HAS NO LONGER THE SAME MEANING as it did when it was "linked" to gold.
Sorry, but I never thought that. The gold standard is long past. It was abandoned in the 1930ies and 1940ies because it failed. The successor system (Bretton Woods: currencies tied to US dollar which was convertible to gold) failed in the 1970ies and was likewise abandoned. This is old.
I don't know whether Brits confuse treasury with gold since it is not one of the topics that I typically discuss with the Brits I know.
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Saving Face
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Posted - 2011.06.18 22:11:00 -
[8]
Originally by: Miilla
Go to the government savings site in the UK for Bonds (including premium bonds), they claim your purchase is safe, because it is Backed by the TREASURY. you never hear the word gold, or anything else for that matter, but its all safe, it is backed by yet another legal entity.
Sorry, I don't know where you are going with this. Any bank that tries to sell you bonds claims it is safe because they back it ;-)
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