Economics
ColCraft's unique economic system puts a new spin on traditional economics.
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Please note that the current Economic System can be found here. These are the Government Departments for Season 1, not the current season.
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ColCraft's economy is based off the bit system, the principle that "bits", or small units of land, can be used as currency. There are a total of 250 bits that can be bought, sold, and traded between colonies. The number of bits never changes, so there is no inflation or deflation in the bit system.
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This might seem counterintuitive. If there's no inflation or deflation, what motivates colonies to stimulate the economy? The short answer: taxes. The council acts as a colony and taxes players each month in order to fund public works projects to help the server. Colonies can then work on those public works projects, get paid by the council, and resume the cycle all over again. This encourages both economic activity and public service, as inactive colonies will be drained of their funds over time. Once a colony has no bits, it is bankrupt and the council convenes to vote on its future.
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Isn't the bit system technically vulnerable to inflation and deflation? Well, no (kinda). The council must spend the bits immediately, so the bit supply stays the same over time. Because the bits are immediately returned to players who work on public works projects, the bit supply stays constant and inflation or deflation is avoided.
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The bit system eliminates inflation, deflation, the hassle of currency conversion, and most importantly, doing taxes (the council does it for you)!
The Bit System
Companies
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Short on bits or want to become an economic superpower? Start a company. Above are the top 7 companies in ColCraft, and they're well worth the investment. The highest earning company in 2019, PRISM, was once valued at over 50 bits, or 20% of the entire bit system. ColCraft has companies in industries ranging from casinos to pig rentals, but the real money is in transportation. ColCraft has four transportation companies (Galena Subway System, ZOOM!, Interrail, and Skyrail), and transportation is the only industry directly funded by the council.
Patents
Companies and colonies can each apply for patents on machines or ideas that they've created.
Stocks and Statistics
Only members can access stocks and statistics from the Department of Information and Statistics, as they must be approved for access. If you do not have access to the data and would like access, contact colcraftofficial@gmail.com or send a message in the "business" section on discord.
