Wednesday, September 07, 2005

Mind Market

I had this idea for a website, which is like a share market for ideas.
There is a currency, which we might call Memons. There is a currency
market, which an official bank to loan out amounts of memons.

The good to be traded is an idea -- a meme. Hence, memons. The idea
takes the physical form of a text segment, image or video, but the size
of an idea is related to its value. The IPO of an idea will always be a
segment of text, or very small image - any file < 50KB. It will go
through an automated but formal lodgement procedure, and the market will
be informed.

People will then be able to loan memons from the bank, with which they
can buy ideas which they would like to have ownership in. There will be
an interest rate, and a repayment scheme. People can earn money, as the
bank is willing to pay people to undertake certain tasks, such as
monitoring cases of insider trading, putting out news bulletins etc etc.

For every citizen who joins, the bank will pay itself $M1000, which will
then be loaned out at a cash rate of 5%, assuming the loan applicant
meets certain criteria, such as holding shares to the value of 5% of the
loan amount.

Additionally, each new citizen will get $M100 with which the enter the
world, and which will be extracted from the value of their holdings, or
the banks own reserves, in the event of their untimely demise.

I think this is a great idea.


Anonymous Wilson said...

It does sound like an interesting idea, but then again I was always interested in "market simulation" games.

But do you plan to connect it to the real world? I mean, would holding "shares" of a meme be, in any way, related to the application of that idea in the real world? (my guess is that it wouldn't)

And, hmm, where would the memes originate from? The citizens themselves?

Sounds promising, but more details needed...

9/16/2005 02:53:00 PM  
Blogger MelbournePhilosopher said...

Well, one idea would be to link it to a blog site or similar. People are obviously interested in promoting and being connected with ideas for its own sake.

The other would be to sell access to ideas and use meme shares to distribute returns, thus giving them an actual dollar value.

I'm planning on giving myself a sabbatical over Christmas. Maybe I'll try to put up a demo!

What do you see as the most important / interesting aspect of this?


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