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This was a post from the Inevitable Syndicate RE: The Byte Coins, I wanted to Repost it Here just in case people didn't get the chance to see it buried amongst the RP Thread.
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Taking A Byte Out Of The Economy
Syndicatians Jump On ByteCoin Bubble
THE INEVITABLE SYNDICATE---- The past week has been a turbulent one for computer geeks the world over, as the ByteCoin Federation, a Testlandian company, unveiled a new currency that is generated via computer power. Named “ByteCoin”, the currency is generated by having computers solve complex algorithms, known to those in the business as “mining”.
While the coins began to take a foothold in the Syndicate’s most nerdy of basements, it wasn’t long before the media began to take interest. The price of these coins was rising fast, and by buying and selling at the right time, some were becoming millionaires. Paul Berry, 36, from Mertagne, found that the price of his ByteCoins had increased by over 1000% overnight. The media descended on his house, forcing him to come out for an interview - and in the process left his ByteCoins still sat in an account, where the value then instanly dropped, losing Paul all of his money.
So, these ByteCoins are a fickle currency, but it hasn’t stopped thousands from buying and selling their own. Many foreign nations have set up their own exchanges, and in a joint move from Commerce Heights and Vilita, last Tuesday the Atlantian Oceania “ByteCoin Safe” was set up and released to the world. Located on secure servers in the regional territory of Wapahkoneta, the ByteCoin Safe’s purpose is to keep the region’s coins safe from hackers, as the Vilitian Exchange suffered an attack just two days prior. Many Syndicatians have taken to storing their ByteCoins there.
Most intranational trading, however, has been done on Corvidae’s new exchange, which is not open to those living in other nations and promises “a fair trade, allowing you to gain the upper hand for the Syndicate”. Simply called The Exchange, but dubbed L’EXchange by the media in a reference to the Supreme Administrator who created it, it’s secure servers already trade over 2 trillion ByteCoin, with more coming into the nation every day. It’s made many people a lot richer than they were previously, with one of the biggest profits of the day going to Rowman Street Sixth Form, Burgess, whose Computing and Economics students collabrated their knowledge and managed to generate a 15000% profit on their ByteCoins using some clever market knowledge.
It also seems that the government themselves have jumped onto the craze, taking a cut of any ByteCoins sold on L’EXchange, and dealing them overseas. Popular ‘donations’ included half a million ByteCoins to Astograth (to congratulate the Ascendancy of the Lord Protector, Gaskon Ugarte), Starblaydia (as a thank your for their continued support), and Audioslavia (because sharing is caring).
This rapidly fluctuating currency is certainly like nothing seen before, and seems like it can serve as a great source of wealth for many, but, like everything, there will be a cost, and hopefully we can all pull out of the system once the chips turn sour. Until then, happy mining!
Henry Bael
Syndicate News
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