Pubby Cash and the P-Wallet
Pubby Cash is a virtual currency that is issued, managed, and controlled by GoPubby.com.
Like other virtual currencies, Pubby Cash relies on a system of trust and is not issued by a banking regulatory authority. It derives its value based on a underlying mechanism: appreciation of article creation work by the fellow Pubbies and appreciation of the moderation work loads by the moderators during the article publication processes. It is also backed by the underlying asset - the supreme quality of each article that is published on GoPubby.com and gains a number of likes. Pubby Cash can be used in circulation among the members of the online Pubbies community who transact online for supporting the author of an article, for peer-to-peer payments, and for the purchase of virtual goods and services.
I have several recommendations for the admin team to consider regarding the promotion of Pubby Cash:
Ways of Gaining Pubby Cash:
1. Absolutely writing. As long as Pubbies write, they should be awarded certain amount of Pubby Cash for appreciation of their devoted work and time. We could set up a base salary, say 40 weekly, as long as they are active and publish at least one article in a week. The base salary commensurate with experience. For Pubbies of higher rank, it should be higher.
2. Gaining likes. Writing is not a the sole purpose. We need to award Pubbies who write high-quality and in-depth articles. Undoubtedly, such articles will gain a number of likes and extra Pubby Cash will be given correspondingly as a bonus in addition to the base salary to those Pubbies.
3. Helping moderation. Moderation as a moderator is a volunteering work for the Pubbies' community. For Pubbies who work temporarily as moderators should be awarded with extra Pubby Cash for compensation of their extra work and time devoted to maintaining the online community.
4. Peer-to-peer transfer. Other Pubbies can transfer their Pubby Cash to you to show their support on one of your articles, or simply transfer to you for the online goods and services you could offer.
5. Exchange with real currency. If a Pubby would like to support the running and growth of the website by donating real money, the website should respond with giving back the Pubby Cash at a fixed exchange ratio (say $1 USD = 100 Pubby Cash) as a sort of appreciation. Note that, this is economics as it comes to currency issues and is quite complicated. There should be no other uncontrollable means of gaining the Pubby Cash. Otherwise, inflation will occur for sure and the issuance of the currency will fail in the end.
The value of Pubby Cash definitely lies in a fact that it can be used to obtain virtual goods and services. We need to think about what kind of virtual goods and services the website could support or offer for the community. I've hypothesized three of them that can be used to stimulate consumption of the Pubby Cash.
Ways of Spending Pubby Cash:
1. Spend as virtual gifts and donations. When a Pubby writes a good article, in addition to clicking the "like" button, other Pubbies can send Pubby Cash as a virtual gift to encourage the author. This promotes a mechanism of stimulating the Pubby to write more high-quality articles. This also presents a virtual social activity between the Pubby and the readers.
2. Exchange for virtual goods. The virtual goods could be offered by the Pubbies by posting ads in the "market" page. The goods could also be offered by the web admin, say one week of high rank status can be priced at certain amount of Pubby Cash as noted in a shop page.
3. Exchange for virtual services. There could be some trivial online or offline services that offered by the Pubbies that do not need to bother to use real cash. Then Pubby Cash can step in and fill the gap.
4. For more information on how to use and spend your Pubby Cash, continue reading to check out the P-Wallet tips. Note that by no means that Pubby Cash should be used to trade for real cash. That might throw the website into some legal issues. There should be a User agreement on the use of Pubby Cash specifying this point.
So how are you going to transfer money from one account to another? By using the P-Wallet of course! Located in the dropdown in the top-right, the P-Wallet has many beneficial features. Not only will it show you how much Pubby Cash you currently have, you can also transfer cash to another person. Additionally, there is a transaction record for anything you do that's related to money. That includes transferring money to another Pubby, awarding Pubby Cash to another article, buying raffle tickets (and winning them), and more is to come.