NP$ System Revaluation - Important

[RJ]

Just wanted to make a thread here to make sure everyone's seen the NP$ announcement here:

http://www.namepros.com/namepros-info-and-suggestions-announcements.html

I noticed it didn't allow for comments when I posted it as a forum announcement.

Discuss here if you want!

RJ

 

[Gene]

Okay, you don't. Then back to the question. How then does one sell the N$ they have earned? If sellers are locked at the same rate as the bank, and the bank is inherently safer to buy from, then how does anyone sell their N$? Or is the intent to just use N$ only for NP Services and no longer to cash out via Paypal?

I suppose you could simply offer your N$ to someone for a discount. Don't hold me to that, as I don't know if this will be openly allowed.

 

[Michael]

I needed to come back to this thread, it has been bothering me all night.

Let me be clear. We made no money on the revaluation. That wouldn't have been any different had we used .017 or .023 for the conversion rate.

I feel strongly that using the market rate of .017 for the conversion was the most fair compromise for NamePros and its members in transitioning to the new system. That was the true average rate that they were actively being bought and sold at over the previous two months.

If you want to look at it like I, Ron James, personally bought your NP$ from you for actual cash as it seems you're implying, then let's pretend I did so. Look at your current NamePros Account Balance and imagine it is worth exactly what it says now, in US Dollars (1:1).

I paid you $.017 for your NP$. Please explain to me why I should have paid you more than $.017 cash for your NP$.

From my perspective, I've bought all this NP$ from you in full at the current market price, the transaction was done instantly, no one incurred any PayPal fees, nobody wasted time dealing with a seller or worrying about chargebacks or anything else.

Is your whole reason for wanting me to pay everyone a premium rate for their NP$ is just to have me be altruistic? If so, why?

If you forced me to pay $.02 for your NP$ wouldn't I be the one being ripped off? $.02 is what NP$ were worth on a good day. It's not what they were worth on April 30th. People plainly admit this when they say that they wanted $.02 because they intended to hold them until they appreciated back to previous rates.

Maybe I'm misunderstanding something, but what were you buying from us? If we paid $23 to have 1,000 NP from the bank, when you revalue it to make it equivalent to the dollar, shouldn't it make sense that we have $23 instead of $17? Where did the $6 go? I'm really glad the change was made as conversion was annoying, but people should have now what they paid into the system imo. If someone bought NP$ at a better rate than 0.023 from another member, it was the seller that lost out. It doesn't cost Name Pros anything to have it still be worth 0.023, because that is what Name Pros got paid to give out that NP$.

Sure, currencies fluctuate, but NP is not an economy in the same way that the United States is. Let's pretend that there was never a conversion rate at all. If I paid $23 to put money in the forum account, I should have $23 in there. Would it be right to at some point say "hey, the dollar is worth less, you now have $17 in your account"? I don't think so.

I'm no economist and maybe I'm missing something painfully obvious, but I don't get it. I still think it shouldn't have been converted at the market rate, but rather at what the bank was selling it for.

---------- Post added at 02:36 PM ---------- Previous post was at 02:32 PM ----------

Besides, if the dollar weakened, shouldn't we technically have more dollars than we put into the system?

---------- Post added at 02:56 PM ---------- Previous post was at 02:36 PM ----------

One more thing. The "market rate" which is what you call members trading between each other isn't a reflection of the value of an NP$. It is a reflection of what the bank is selling it for, less a discount for the risk and hassle of buying it from a member instead of the bank. It is also a reflection of what the bank will let you trade it back for.

I don't think it is a coincidence that the "market rate" was pretty much half way between what the bank would give (0.012) and what it cost the person to buy it (0.023). If now NP$ is worth 0.017, it will start trading between members for 0.013 probably. If you revalue it to .013 because that is the "market rate", it will start trading for .009, and so on. Obviously it can't work like that.

 

[RJ]

With the old system, the bank was setup to sell NP$ at a rate that was higher than market price and sell them at a rate that was lower than market price. When someone bought from the bank, they were knowingly paying over the market value for NP$. The missing $6 in your example was the premium paid to buy from the bank. It was setup that way to allow the value to fluctuate within certain price points and give members the first opportunity to sell their NP$.

Having a fluctuating value may have been fun and interesting for those who took it upon themselves to invest in NP$, but trying to run a business based on a fluctuating currency is difficult. I do want something that has a stable value.

We could have left NP$ as-is and let it run side-by-side with the new dollar based account balances where members could use either one. Doing that would eventually lead to a fair market rate being established for the conversion between the two. By me using the NP$ Exchange history to determine market value, I was trying to simplify things for everyone.

But nothing is irreversible... what would you do in my position?

RJ

 

[equity78]

In all honesty to make this stop snowballing RJ I would just make the conversion rate .02 instead of .017 so you can move on and adjust whatever products you were going to offer by 10%. So if Domain reg was going to be $8 its now $8.80.

 

[ronald01]

I do want something that has a stable value.

I was trying to simplify things for everyone.

But nothing is irreversible... what would you do in my position?

RJ

Hi,

In my opinion you have simplify things for everyone with the
revalution NP$ to N$ and haved a stable value,that whas
good and whas good job because you have only changed NP money
inside the system giving a new value and new name.


I think the biggest problem is that many don't understand the revalution. NP$ in N$
Many are talking that they lost through conversion,because 0.20
whas the actual current rate for $? And the change whas 0.017
through revalution? But i think many don't understand this:

0.020 whas a outside rate Forum Money to $(USD)

0.017 whas a inside rate Forum Money to Forum Money


They have not loose anything and nobody have earned.

Why members changed NP$ in $ in bank or outside the bank?,
there whas no need for this because $ have not changed,
and nothing have changed before and after the revalution.
(the change whas in a new name inside the system and a new
visual value)

The $ whas not changing... the NP$ whas changing...not the $

first: 0.02 whas a rate between NP$ and USD , outside system changing .... example: like EUR for USD

second:

0.017 whas the rate between NP$ and the new N$,.......
example: EUR not changed the value of USD, EUR
changed value to for example new EU this changing whas
inside the system!!!

And this 0.017 have nothing to do with outside
money $ because for all Namepros money whas the
same changing rate.The only difference is a new
name and a new visual value of Namepros money.
This rate that RJ picked could be also 0.05,5,50,500
and still it would be the same because the
system have made revalution inside the system,not outside.

example: 0.02 whas the rate before revalution, between NP$ and real $

50 NP$= 1$

after the revalution

50 NP$x0.017= 0.85 N$ = 1$

i don't see any problem.

would you feel better if the changing rate be 0.04(this is 100% higher before the revalution) ?

50 NP$= 1$

50 NP$ x 0.040= 2 N$ = but it is still 1$

it's the same, the value "$" have not changed before and after the revalution the 1$ have
the value in N$,NP$...however name...
the only important whas that all NP$ are converted to
the new N$ with the same rate and that whas done and in my opinion this whas good and correct.


the revalution whas ok because the changing whas inside the system and have not touched
the "$" outside the system(RJ have not revaluted the "$", he revaluted currency inside the system).

1$= 50NP$= 0.85 N$ ... you can use any exchange rate inside the system and name it however you will
but on the end 1$ is 1$(all money with the same changing rate inside the system can be changed in
whatever rate),other problem is that many have changed there NP$ in whatever rate for $

Maybe i'm wrong or maybe i calculate wrong,please correct me if i'm wrong and i apologize in advance
if i'm not right but i think that the N$ whas good and correct(nobody earned,nobody loose) and good
idea.

regards
Ron

 

[Michael]

At the very least, when revaluing the currency, it should have been done at the agreed upon rate of 0.02 that everyone was using to conduct business. Not at the discounted rate members traded at between each other.

Not trying to make this into a big deal, I couldn't care less about the $10 I lost in the revaluation. All I'm saying is there is no "market rate" for NP$. The rate is what RJ says it is, and it will trade between members at a price point lower than that to account for the inherent risk and hassle of dealing with an unofficial source. Try making the conversion rate .5 instead of .02... and it will trade at somewhere in the neighborhood of .4. In that scenario, did the market change the value? No, the NP bank did.

Running NP$ side by side with USD and saying a conversion rate would set itself isn't true. NP$ has no inherent value, it's value is derived from a predetermined and generally agreed upon conversion rate. If I'm willing to sell a domain for 1,000 NP$, it's only because I'd be willing to sell it for $20, and I know I can cash out for around that amount. If there was no agreed-upon rate, nobody would use NP$ because it would have no worth. The conversion rate sets the value, not the other way around.

As fun as it is to think of NP$ like real currency, and that it fluctuates based on NP economic conditions, that is far from accurate. A country's currency value is determined by a number of factors including GDP, consumer price index, retail sales, etc. On the other hand, NP$ value is determined by whoever decides on the conversion rate. Change a field in the NP$ plugin and poof, you could make it more valuable then the USD. The "market" has nothing to do with it.

The $6 wasn't all a premium to the bank. The agreed upon conversion rate was .02, and the bank sold at 0.023, which means $3 of that $6 was a premium to the bank. The other $3 was "lost" in changing the official rate from .02 to .017.

Leaving the "premium" aside, based on the agreed upon rate, for every 1,000 NP$ in the "economy" there should have been $20 in RJ's bank account. The bank only buying it back at 0.012 ensures that only $12 needed to be left in the bank account to back the "economy" for every 1,000 NP$ purchased. So for every $23 spent on 1,000 NP$, $11 could be safely pocketed. That's the worst case scenario, to be prepared if every single person sold back all their NP$ to the bank.

Anyway, just saying it should have been done at the agreed upon conversion rate of .02, not the discounted rate that members traded between each other at.

0.020 whas a outside rate Forum Money to $(USD)

0.017 whas a inside rate Forum Money to Forum Money

That's the point, if they were trying to make NP$ equivalent to a dollar, they should have used the Forum $ to USD rate, not the other one.

If the goal is just to make it "close" to a dollar, then 0.017 is fine. But what's the point in changing it to be "close" to a dollar if you still have to use a conversion?

50 NP$= 1$

after the revalution

50 NP$x0.017= 0.85 N$ = 1$

i don't see any problem.

The goal is not .85 N$ = $1, the goal was 1 N$ = $1. See how it didn't work?

If you sold a domain for $20 before the revaluation, and the buyer paid in NP$, you would have 1,000 in your account, because of the agreed upon conversion. After the revaluation you would have $17 in your account, not the $20 you should have if the account balance was actually supposed to reflect USD. See the problem?

 

[ronald01]

At the very least, when revaluing the currency, it should have been done at the agreed upon rate of 0.02 that everyone was using to conduct business. Not at the discounted rate members traded at between each other.

it is only a disscusion

i don't agree because 0.017 whas inside changing and you can take
any rate,the results on the end would be the same,

you can take 0.04 for changing rate,this is far better then the
0.020 that most people suggest,i hope you agree with this,

100 NP$ = 2 USD that whas the value before revalution

take the 0.04

100 NP$ x 0.04 = 4 N$

but still this 4N$ worth 2 USD-before and after revalution

what is different?

new name,new visual value of new money inside the system,
(you have no more 100,you have 4 but the value is the same
to the outside money)
the outside money is still the same and the changing rate inside
the system is really not important because you can change higher
or lower,no matter,the only matter is that all money is changed
at the same rate,

regards
Ron

 

[Michael]

Ronald, the point of the revaluation was to make 1NP in your balance equal to $1 USD. Re-read my example at the bottom of my last post of you selling a domain for $20 (and the buyer paid 1,000 NP$) before the revaluation. If the balance in your account after the revaluation is supposed to reflect USD, your account balance should be $20, not $17. There's no debating that.

 

[ronald01]

If I'm willing to sell a domain for 1,000 NP$, it's only because I'd be willing to sell it for $20, and I know I can cash out for around that amount.

before revalution NP$ in N$,

you pay 1000 NP$(value 20 usd) for domain

after new system:

you pay 17 N$ (value 20 usd) for domain

1000 NP$= 20 usd

after revalution

1000 NP$x0.017= 17 N$ = 20 usd ???

 

[Michael]

Do you understand that if you pay 17 N$ for something that costs $20 USD, then N$ is not equal to USD? Read the announcement at the top of the forum... N$ is supposed to equal USD. It is not equal. End of story.

Right now if a domain sells for $20 USD, the seller is going to expect to get 20 N$. There are no more conversions. If you had $20 USD (1,000 NP$) in your account before the revaluation, you now have $17. You used to be able to pay for this $20 domain, and now you can't. Problem? Youbetcha.

 

[ronald01]

Do you understand that if you pay 17 N$ for something that costs $20 USD, then N$ is not equal to USD? Read the announcement at the top of the forum... N$ is supposed to equal USD. It is not equal. End of story.

Right now if a domain sells for $20 USD, the seller is going to expect to get 20 N$. There are no more conversions. If you had $20 USD (1,000 NP$) in your account before the revaluation, you now have $17. You used to be able to pay for this $20 domain, and now you can't. Problem? Youbetcha.

the seller can't expect 20N$ because 20$ is not 20 USD !

and you are still able to pay 20 USD because you have 17$,

1000 NP$(forum money)=1000NP$(forum money) x 0.017= 17 N$(forum money) = 17$(forum money,bad name) = 20 usd (outside money)


this i math and the buyer can expect 1000 if he want,it is not matter
what the seller expect, the new namepros money have his value and that
have nothing to do with sellers expecting.i expect a ferrari but still
not get it.

why can you pay 20 USD? you have the 17$(namepros money) and if the buyer accept namepros money then he can get only 17$(namepros money).The buyer can expect 100$(namepros money)or more,would you give him so much???


i understand that N$ is not equal USD,and it is good that you understand this also because thats mean that you have understand
the revalution.

and have read also the announcement:

"As part of this, on May 1, 2009, NP$ balances will be automatically revaluated at the rate of 1 NP$ to = N$ 0.017

This small change will make your NP$ balance on NamePros similar in value to US Dollars and can be still be used to register domain names, buy domain names, advertise on NamePros and participate in domain auctions."

i'm not a native english speaker but i think that

equal and similar is not the same? please correct if i'm wrong.


you only look at the first revalution but not the second,the
bad think is that RJ called the new forum money $(like the real $) but it is still forum money


you say: the seller is going to expect to get 20 N$

i say: why would he? you say the N$ is not equal with USD and
you are right,it's not and how could he expect when you are saying that
the forum money is not equal with USD?you can give him 30 namepros money if you want,namepros money is a inside value,not outside.

in your account you see the name of namepros money(forum money)?

$ this is forum money, not usd

the only bad thing is that after second revalution the new forum money have the same name(sign) like the outside money.


1000 NP$(forum money)=1000NP$(forum money) x 0.017= 17 N$(forum money) = 17$(forum money,bad name) = 20 usd (outside money)


you think you have not the 20 usd ? but you have because the new 17 $ is forum money...not usd...and after second revalution 17$=20 USD

and the new value of the new money is:

17$ = 20 USD

would it sounds better:

17 RJ = 20 USD ? RJ is inside money not outside money !

but i think you understand this,like you said,you have now 17$ and this 17$ worth now 20 USD(you don't understand this),and it's not equal(you understand this),who says that is equal? your buyer? he can expect if he want 100$ but will not get this.nobody say this because it's not equal and must not be, but similar:yes

see the difference?

only the name.

17$(new forum money with bad name) / 20
and you will get the value of 1 USD!!! = 0.85 N$

the same value like after first revalution

0.85 N$ / 0.017 = 50 NP$

the same value like in old system.

i don't see any problem in this calculating.

if i would pay for a domain 20 USD i would pay today 17$(namepros money,if buyer accept namepros money),

you don't see the difference between namepros money and real
outside money because you propose that the namepros money is equal with the USD and you have said correct: namepros money is not equal with USD and you are right!

who said that the namepros money is equal with USD?

you said,not the system

if a buyer want 20 USD i give him 17 $(namepros money),not 20$(namepros money)!

would you give more then the new changing rate is?
i propose not.

maybe i'm wrong in all this calculating(but i think not)

the only matters in all this story:

the USD have not changed,only the namepros money have a new
name and look

i only suggest that the new money take a new name because
1 USD is not 1 $ but on the end you can calculate from front,
from back,from side,from mars,from jupiter,you will have the same result

1 USD = 1 USD

best regards
Ron

p.s.i'm tired,my wife will kill me,it's 6:00 AM in my
land and i'm still writing
good night

 

[Ross]

@Ronald01
You are forgetting something, 1N$ after the conversion equals $1USD. Therefore you math is off, 17N$ does not equal $20USD it equals $17USD.

This is not NP$ anymore it is the equivalent to the USD. Think of the balance you have as a paypal balance.

You would be correct if the going rate was still .02 but its not.

Old Rate:
1000NP$ x $.02 = $20USD

New Rate:
1000NP$ x $.017 = $17USD

Your Conversion:
1000NP$ x $.017 = $17USD = $20USD!? (sorry but makes no sense unless you use the old conversion rate) Do not think so.

 

[abcde]

Ohhh. get over it people. you will eventualy get used to it.

 

[Captain Tycoon]

I've read the entire thread and I think I'm getting to understand what everyone is getting at. As far as I see it, the current NEW balance IS Equivalent to the USD - but only those who purchased NP$ from the bank before the upgrade have been 'screwed'; this is because they have paid 0.02 for each NP$ and forced to sell out at 0.017 to RJ (only-buyer) at the market value rate.

If the rate changes to 0.02, then those who purchased so many NP$ before the upgrade for a rate under $0.02 and decide to sell to the bank at 0.02; then RJ will loose alot of money as it would be the same thing as refunding everyone their money back for purchasing the NP$ (excluding the paypal fees). This wouldn't be fair on RJ as he never agreed to buying back the NP$ at the same price it was sold, hench why the bank buy-out rate was 0.012 (or similar).

Only solution I see that will make everyone happy is probably to make the rate still at 0.017 but pay 0.02 for the NP$ that was purchased from the bank in the last 30 days (or whatever) before the upgrade (think of it as a refund but your paying them in N$ and not PayPal for the NP$ that they have got left from what they purchased). This way members wont feel 'robbed'.

Just what I think

 

[sibaong]

I'm glad I read the NP$ announcement, I sold all my NP$ @ 0.02 rate before it was being upgrade :red:

 

[ronald01]

@Ronald01
You are forgetting something, 1N$ after the conversion equals $1USD. Therefore you math is off, 17N$ does not equal $20USD it equals $17USD.

This is not NP$ anymore it is the equivalent to the USD. Think of the balance you have as a paypal balance.

You would be correct if the going rate was still .02 but its not.

Old Rate:
1000NP$ x $.02 = $20USD

New Rate:
1000NP$ x $.017 = $17USD
Your Conversion:
1000NP$ x $.017 = $17USD = $20USD!? (sorry but makes no sense unless you use the old conversion rate) Do not think so.

Hi,
maybe i really wrong and i apologize but i think that here is your mistake:

Old Rate:
1000NP$ x $.02 = $20USD that is correct

this 0.02 is a current that whas between forum money and outside money(EUR to USD,two different money).

New Rate:
1000NP$ x $.017 = $17USD , mistake,it's not $ or USD


this new rate 0.017 is only convertation inside a system(land),forum money to forum money, he did not converted in outside money!!!

your new rate is not good,
it is not like you say:

1000NP$ x $.017 = $17USD you call this USD,but it's not

because:
"If you have 100 NP$ in your account on April 30, on May 1 you will have N$1.70"

you will have N$ 1.70 ! not USD ! it is not equal but it is similar,

"As part of this, on May 1, 2009, NP$ balances will be automatically revaluated at the rate of 1 NP$ to = N$ 0.017"

this 0.017 is N$...not USD


it is

1000NP$ x 0.017= 17 N$ forum money, not usd

"You are forgetting something, 1N$ after the conversion equals $1USD."

why equal,it can't be equal because you propose it's equal but it's not


"1000NP$ x $.017(mistake,this changing rate is not USD like you think and nowhere says this,the conversation whas in new forum money,the N$,not USD) = $17USD = $20USD"!? i have not say this


i say:

1000NP$ x 0.017 = N$17 = $17(all is forum money) = 20USD (outside money)

this 0.017 rate whas inside the system,i have give you a example where you can take the 0.04 and you would have 2N$ in your account but still this 2N$ would have the value like 1 USD or old 50NP$.

the only problem is the name of the new forum money in my opinion,and that many have converted before revalution in
not good rates because there whas thinking that forum money would be equal with USD,but it's not,the 0.017 is not a converter in USD,the 0.017 is a converter for a new forum money.

In my opinion no rule is broken:

1. 0.017 whas a rate inside system,not outside(not USD)
"If you have 100 NP$ in your account on April 30, on May 1 you will have N$1.70 " you will have N$,not USD !

2. the new N$ or new $(not USD) is similar,not equal. nobody says equal!
"This small change will make your NP$ balance on NamePros similar in value to US Dollars." nobody says equal! it is similar.

this is only my opinion,my goal is not convince someone,but i still think that many are wrong because the 0.017 whas not USD rate,it whas a simple rate that RJ picked,he could also pick 5,500,1000 and still the new money would have his new visual value(like now) and new name(like now,bad name because the sign match with the sign of outside money,i think the N$ whas good),
other problem is that many whas thinking that 0.017 is USD rate but it was not(and in announcement nobody says USD,he says:
N$, N$ and USD are not the same.
Do you know why you think it should be equal? Because you think that the 0.017 is a USD convertion,but it's not.the 0.017 is a convertion rate under the same system for the same money,we can call it however we want,we can give this money however we want convertion,we can do it thousand times but on the end:
1 USD=1 USD.

thanks and regards
Ron

 

[Michael]

Ronald, you're not getting it. You can think of your account balance as being in USD, there is no more NP$, there are no more conversions to do. If an auction closes at $10.12 USD, you will have to spend your entire balance. I think it is fairly obvious that the account balance is not equivalent to USD, you're just not getting that it was supposed to be... notice the huge red forum notice:

"Your NP$ balance has been converted to a dollar balance."

Got it?

And this talk that RJ bought something back is nonsense. NP$ didn't exist, it was simply a silly name to reference a small fraction of the USD. The only thing sitting in the NP$ system was a bunch of our USD, and an account balance not showing how many USD we had, but how many bundles of 2 pennies we had. If I had 1,000 NP$, I had 1,000 bundles of 2 pennies, or $20. What exactly has to be "bought back" to call $20 as $20, instead of calling it 1,000 bundles of 2 pennies? Nothing! I could call $20 as 400 nickels, or 200 dimes... it doesn't cost anything to change the way you report the balance... it's all the same thing. Nothing has to be "exchanged" because NP$ WAS NOT A CURRECNY, it was a silly name for two pennies.

 

[FreshAvails.com]

The new system is in place. This is how it is going to be. Some of you who were not on top of what was happening on NamePros might have lost the opportunity to get a dollar or so more for your balance prior to the change. That is the way it goes.

Do you really feel cheated? The announcement was on Namepros for 6 WEEKS regarding the change to the NP$. Shouldn't you bear some resonsibility on this FREE forum for keeping track of your own account? RJ could have just given us the bank rate for the NP$ at .012. He offered the prevailing rate. Lets move on and take advantage of what is coming up.

Thanks RJ and the team for all your work that I am able to take advantage of for free!

 

[Gene]

Thanks RJ and the team for all your work that I am able to take advantage of for free!

Amen!

 

[Michael]

So if someone didn't log in to NP during that period, or didn't notice the message, they aren't entitled to their money? By your logic, RJ could say "Forum money is being completely discontinued, you have two weeks to sell off all your NP$, and then the data is being deleted from the database and nobody gets a refund". Hey, as long as there was a few weeks advanced notice, NP is not responsible.

I'm continuing this discussion under the assumption that this was an oversight/mistake into how the revaluation should have occurred, and that management would want to make it right.

I'm all for NP making money, RJ doesn't get enough for the work put into this great community. But call it like it is, don't say 1NP = $1 USD when it doesn't, don't say RJ bought our NP$ from the bank and gave us USD when really it is just changing how our balance is reported, don't say we had plenty of notice when there were no PM's or emails (I didn't see this until after the switch).

 

[-REECE-]

Back in I believe 1933 the U.S. government did that with gold. There is very little value in an currency -- a $100 bill is still just a piece of paper with some fancy artwork on it and if the U.S. were to ever go bankrupt like say Germany after WWI, you'd quickly find people using them for firewood because they're cheaper than wood (eg. just look at Zimbabwe).

Many countries have decided all of the sudden one day to fix their currency to another one, something that might have huge effects at first but will be better in the long run.

So if someone didn't log in to NP during that period, or didn't notice the message, they aren't entitled to their money? By your logic, RJ could say "Forum money is being completely discontinued, you have two weeks to sell off all your NP$, and then the data is being deleted from the database and nobody gets a refund". Hey, as long as there was a few weeks advanced notice, NP is not responsible.

I'm continuing this discussion under the assumption that this was an oversight/mistake into how the revaluation should have occurred, and that management would want to make it right.

I'm all for NP making money, RJ doesn't get enough for the work put into this great community. But call it like it is, don't say 1NP = $1 USD when it doesn't, don't say RJ bought our NP$ from the bank and gave us USD when really it is just changing how our balance is reported, don't say we had plenty of notice when there were no PM's or emails (I didn't see this until after the switch).

 

[~ The 34 Year Buzz!!]

Simple + advanced options...

By me using the NP$ Exchange history to determine market value, I was trying to simplify things for everyone...

"Simple for everyone" is a good start;
How about "advanced options" for those who want and need them? (more details below)

We could have left NP$ as-is and let it run side-by-side with the new dollar based account balances where members could use either one. Doing that would eventually lead to a fair market rate being established for the conversion between the two.

Amazing idea RJ.

* (The old) NP$ would still allow "10 cent" incentives which are offered as NP$5. Plus, people could continue having active low-priced auctions with $NP used for bidding.

* Real$ (ie. New$, Pro$, RL$, or whatever they are called) would provide stable pricing for NP domains and services, while being set to the USD.

Why not have two exchanges for members, one for $NP and another for Real$ ?

 

[Michael]

Back in I believe 1933 the U.S. government did that with gold. There is very little value in an currency -- a $100 bill is still just a piece of paper with some fancy artwork on it and if the U.S. were to ever go bankrupt like say Germany after WWI, you'd quickly find people using them for firewood because they're cheaper than wood (eg. just look at Zimbabwe).

Many countries have decided all of the sudden one day to fix their currency to another one, something that might have huge effects at first but will be better in the long run.

Granted, but like I said earlier, NP$ was not a currency as much as some liked to pretend it was. An NP$ was just another word for a pair of pennies, nothing more, nothing less. You can call a pair of pennies one NP$, or one bidripoli, it doesn't matter... you still have two pennies.

If someone puts $20 in his account, whether you call it 1,000 NP$ or a millidripoli, it is still just another word for $20. If the reporting is changed to show how many dollars you have in your account instead of how many pairs of pennies you have in your account... you should still have the same $20 you always had.

This was not a pretend currency or a pretend economy fluctuating... it was a conscious and arbitrary decision to change the amount we have in our account. Whether or not it was intentionally done wrong, everyone holding NP$ made an involuntary donation of 15% of their account balance to NamePros.

Edit: Also, whichever one of the good ol' boys club left that pleasant message as a negative rep point for me arguing this situation, but were too cowardly to sign it, please send me a PM. I'm not holding my breath though... I wouldn't expect someone that childish to fess up.

 

[equity78]

Well the NP$ were indeed a virtural currency, a forum currency to say they = 2 pennies is not true. Where on Namepros TOS does it say that NP$ equals two pennies ? When I came here in 2004 np$ were not worth 2 pennies closer to 1.2 pennies. So they have fluctuated like any currency. Currency defined as, Currency is the prevalent money accepted for exchange of goods in an economy.

NP$ were the prevalent money accepted in the NAMEPROS economy.

RJ if there was ever a time to change a membership fee its now IMO, change the revaluation to .02 and then make it $10 to join Namepros and all members join or copy their data and sell their N$ if they are not. Or if no membership fee I would raise the pricing of all np offerings by 10 %.

 

[GF]

Edit: Also, whichever one of the good ol' boys club left that pleasant message as a negative rep point for me arguing this situation, but were too cowardly to sign it, please send me a PM. I'm not holding my breath though... I wouldn't expect someone that childish to fess up.

Who's the good 'ol boys club?