GoreBank will work in the exact way that RegiBank works. See this thread here FIRST to understand RegiBank. Please and thank you.
However, we use a different commodity, and a different currency. We do keep RegiDollars and Old Saw Blade in stock in case Reginald is unable to make withdrawls or deposits, you can also exchange with Goretooth.
Creating a 2nd currency that is tied to a different commodity creates the potential for a foreign exchange market. Where currencies can be traded vs each other, based on the markets supply/demand for one or the other commodity. Profits will be able to be made by those who are knowledgeable about the market and can make good trades, but these profits will never come in an increase of currency. They will come in the result of an increase in labor, or items, or whatever you traded for and got a good deal.
Just like Reginalds bank, this will be 100% backed, and no currency creation loans will be made.
The currency is Bottlecaps Found by Goretooth. The commodity is 20VHQ nails of any type.
We will call the Goretooth Bottlecaps --- GBC. Goretooth Bottlecaps.
The next currency is Beertabs Found by Goretooth. The commodity backing these will be 20VHQ screws of any type. We will call the Goretooth Beertabs --- GBT.
The last currency is Buttons Found by Goretooth. 10 of them for everyone 1 shovel.
The commodity backing these will be any quality and durability shovels.
We will call the Goretooth Buttons --- GBU.
It will become common knowledge across the lands that 1 GBC is always good for 20VHQ nails, if you trade with Goretooth it is guaranteed. Same goes for the rest of the currencies.
At any time I am online you can come to me and withdraw VHQ nails for GBC.
The gore bank is located zone 818, position 1000,420. It is the little island just north of the big island in the south of the lake. It now has a bridge attaching to the main land.
Remember, you can also use the services of the RegiBank at the GoreBank.
I strongly urge you to read the thread about RegiBank if you have not already. It explains in great detail many things you need to understand about this monetary system.
The GoreBank and RegiBank will not trade currencies between each other. The reason for this is that we do not want to influence the exchange rate of GBC vs R$, the GBC vs GBU and the other potential crosses. We want that to be all up to the rest of the players who do not have issuing power over the currency.
We want this market to be extremely fair. If you are not trust worthy as a currency issue, the market will destroy you, that is for sure.
That's why fractional reserve (dumping more paper on the market than commodity is on deposit) will never, ever be used. The GoreBank and RegiBank will never dump our currency onto the market in exchange for any other item than the fixed amount of commodity we have backing the currency.
The foreign exchange aspect of two currencies may take a while to get going around the world, or it may not happen at all as the currencies will likely lack strong fluctuation. Still, it is good to open another bank and another currency.