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LFG$$ = £ = gold.

Although the stirling gold link is now broken - the LFG$$ would follow the same system.

So when it comes to settling up the LFG$$ can be exchanged for stirling.

So we're pegging the LFG$$ to the GBP, which is ofcourse the sensible thing to do. But it somehow lacks ambition. I think securitizing NJS components would be more fun.

The gold standard for sterling was broken almost a century ago. GBP is fiat money - it has value because the government says so, we believe them, and the economy has some strength.

Could one base a currency upon work rather than goods?

i.e. an agreed unit, be it time based or goal based.

So for example one LFGSS Megabuck is worth 25 minutes of bike maintenance, or one headset installation.

Now its getting interesting. So we are securitizing labour to abstract its intrinsic value and use it elsewhere. There is the risk here that the mechanic or LBS may refuse to redeem the work - I'm not sure how Moodys or S&P would rate this, but I'm guessing that it would be below AAA.

There is also a derivative element here, as you would be issuing securities for work to be conducted in the future, thereby allowing speculation on their value. If bike mechanics were scarce then the value of our currency would rocket - as long as these mechanics didn't default. Either way, there is a lot of risk in here, and personally I would want to see some decent spreads before I got involved.

Making an actual currency like notes & coins could never actually work because the value of the currency is based on the items scarcity. The currency would always be able to be produced outside the control of individual so it would remove the confidence of a set value (like inflation) plus the notes would have no intrinsic/transferrable value like gold, oil or a rare bike part so it could never be trusted/adopted.

Thats why we need Velocio to setup the Bank of HTFU, control the production of LFG$$ and ensure that suitable liquidity is maintained. Bank of HTFU would hold your rare bike parts and give you LFG$$ thereby giving it intrinsic value to anyone who believes that rare bike parts have value (like us).

Inflation is a measure. Asking whether we need Bank of HTFU to operate and inflation targetting monetary policy is probaby something we need to discuss in a seperate thread.

The moon watches me through the window at night.

I don't trust it.

The advantage (much like all financial dealings) is that you need not transfer actual promissory notes - but just communicate the intention to do so - maybe VB could set up a simple system of recorded exchange - similar to a 'rep' system.

So VB would be acting as a central bank for this currency (Bank of HTFU?). For this to work we would need to have liquidity with the Bank of HTFU (taken in the form of t-shirts, parts and other sh*t of value) to create the LFG$$ for us to spend. If you just communicate intentions, then sooner or later someone will want to settle up and withdraw their profit from the system - if there is nothing there then the collapse in confidence will kill your currency.

On the upside, the seiniorage income could fund the forum.

Can they be called fgss Mega-bucks?

Shurely they should be called Arrospoks?

1 Arrospok = 50 LFG$$

We could mint coins with a five-spoke pattern.

I took last place in all of the Cat A's except for one race.

Are you trying to challenge for the honour of slowest Cat A?

How about a Cat A slow bicycle race next time?

"A Scottish Government spokeswoman said: "Scottish ministers have no plans to charge cyclists for using the roads in Scotland"

So a non story then?

Perhaps they are going to charge cyclists for using roads in England. A kind of fiscal Hadrian's wall, only in reverse.

Can I just say how fantastic Estelle was yesterday? She served young gizmond in his own event (priceless, I'll start a thread shortly*) and showed everyone what amazing strides can be made in twelve short months... Inspiring... Incredible... And she looks great in a skin suit**...

• ;]
  ** Apols to both Estelle and Matt... ;o
  
  

+1. What are your training secrets Stelle?

[I already look great in a skin suit, so no need for any tips on that ;-)]

....oh and did anyone else wake up this morning with their throat feeling like they had been puffing cigars all night?

I had a moulton midi in the 70's - when all the other kinds had Choppers. I don't know why my dad didn't just beat me up himself.

What is it with the forum James-es? If it ain't Dancing James its Crazy James...

Change your name to Jim. This stuff never happens to Hillbilly or JustMouse.

1. Moog
   
2. DMCZone
   
3. hillbilly
   
4. Gustav
   
5. tika
   
6. 31tRum
   
7. fruitbat
   
8. Mini..Cooper
   
9. JD
   
10. Anna (maybe I'll make it in time to actually race this time)
    
11. Aleksi (racing on new tark machine)
    
12. andy
    
13. BlueQuinn. And I'll actually complete a race this time. Then it's on to the ale!
    
14. gizmond (if I am in the country, and for beers only this time I would think)
    
15. brett
    
16. mikec
    
17. TT Tom
    
18. Sam
    
19. Oliver Schick
    
20. Radius
    
21. CG
    
22. Sainsburys Ed
    
23. Buddha Fingaz
    
24. MrSmyth
    
25. fatboyralph
    
26. Elaine
    
27. Tom.
    
28. konijn
    
29. Last Caress. Given a reason to finish building up the track specific whip.
    
30. veLLo
    
31. babydinotrackboy
    
32. BenJam (sans Langster)
    33.Mullerbugs +a mate
    
33. braker (can't race, might race)
    
34. Willski (trying to be a bit less shit this time)
    

They set Dogs onto him. Dale, you are doing this right?

...and then smear the blood on your children's cheeks.

I have done the reverse. Was fast asleep and dreaming about riding when a gust of wind blew my alarm clock of the window ledge waking me up. For a split second this translated into the worst bike-crash dream imaginable. I threw the duvet off and was waving my arms and legs about in a massive adrenaline rush.

I might be up for this. I've much less riding than I anticipated this year and need to get moving again. What sort of kick-off time are you looking at?

I've asked him to email me a picture because he got this AWESOME cut on his arm as well. He looks like a pirate or cage fighter or something.

Every cloud has a silver lining, eh?

Is it NJS?

Echo & the Bunnymen at the Brighton Centre in 1987. A lesson in less-is-more. When Pete de Frietas hit the cymbal at the end of the Killing Moon guitar solo it made me want to cry.

Swans

I have only timed myself once and got home in 7 minutes 40 (white city to Parsons Green) thats about 5 mile.. but i had a bad day in the office and was red lining it so had to calm down

Johnny says that he could have Omar Shariff in a game of darts. Come down and find out how.....

it's in the wash, i'm having trouble getting some stains out.

..after the photo shoot for Hippy's naked calendar? Was he trying to make you his Miss February?

I thought we started as the Women's Institute..

Only because you wanted to do a naked calendar

i'll wear my pinafore if you ask me nicely.

Please MrSmyth can you wear your pinafore? If it's not to much trouble I would be very grateful.

... i totally owe you one after that awesome cake last weekend though.

..have we turned into the women's institute?