Large amounts of cash on ships

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PsiTraveller
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Large amounts of cash on ships

Postby PsiTraveller » Tue Sep 27, 2016 8:49 pm

I realized that with the lack of interstellar banks a Free Trader, all ships really are moving around with all their assets in one spot, their ship. A Megacorp may have local offices and have accounts with Starports for berthing fees and suppliers. The challenge is that a ship coming into a system new has no history, no credit history. They are a massive risk to any company doing business with them. Cash on the barrelhead might be the standard doctrine.

So a Free Trader that gets lucky on spec trade and makes a million cash in profit is going to have a suitcase full of cash after delivering the goods to the customer. If they cannot find anything to buy for the Jump to the next system, and instead get a freight job, they have a million in cash in the captain's cabin. This would make ships targets for pirates, and cash is easier to spend then captured cargo.

Anyone have an answer for this? How do you move assets from system to system? Prepaid Imperial Credit Cards? or bundles of cash?
phavoc
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Re: Large amounts of cash on ships

Postby phavoc » Tue Sep 27, 2016 11:05 pm

The Imperial banking system is quite advanced. So depositing your cash locally will allow for it to spread throughout the banking network. You also would be able to deposit credits in the bank and get a letter of credit. Your credit worthiness is also going to travel through the banking system as well.

Somewhere I remember reading about something similar in regards to the Travellers Aid Society (the in-game one, not the publishing version in the real world).
wbnc
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Re: Large amounts of cash on ships

Postby wbnc » Wed Sep 28, 2016 12:09 am

phavoc wrote:The Imperial banking system is quite advanced. So depositing your cash locally will allow for it to spread throughout the banking network. You also would be able to deposit credits in the bank and get a letter of credit. Your credit worthiness is also going to travel through the banking system as well.

Somewhere I remember reading about something similar in regards to the Travellers Aid Society (the in-game one, not the publishing version in the real world).
One of the earliest and still used methids of travelling with large sums of money, without actually carrying money were bank drafts and letters of credit.

if a bank has branches in multiple systems the holder could go to the bank with the draft from one branch to another branch/bank and withdraw funds from that bank.The issuing bank is guaranteeing the funds are on deposit and that the issuing bank will transfer those funds to the bank 'cashing" the draft on demand.

a letter of credit ensures repayment of funds up to the amount of the letter, or that the holder has sufficient credit to cover the funds issued to the holder.

ts fairly likely secure courier services and x-boats would be utilized by banks to handle the actual interbank transfers to balance the books between banks. Letters of credit, and bank drafts would definitely be scrutinized very closely, and have a significant number of security features to prevent counterfeiting and fraud. And you can bet those secure courier ships are probably pretty well protected from hijacking, or piracy.

Thre are probably dozens of services like Wells Fargo or brinks armored car services that handle high-risk, hi-priority transfers between system.

paper currency was originally used as a substitute for hauling around silver and gold...If I remember right the British pound was originally started out as one pound weight of silver...way back when people rode around on horses in tin pajamas whacking each other with swords. banks would issue their own notes which could be traded for gold or silver as desired. then nations started issuing them.

Hint: if you ever find an American bill with a red, or blue seal instead of a green one, hold onto it those are gold and silver certificates. Some of them are worth more than the face value to collectors if they are in good shape :D
AnotherDilbert
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Re: Large amounts of cash on ships

Postby AnotherDilbert » Wed Sep 28, 2016 12:29 am

In other words your plastic card generally† works fine.

† Except when the Referee doesn't want it to work.
PsiTraveller
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Re: Large amounts of cash on ships

Postby PsiTraveller » Wed Sep 28, 2016 2:42 am

I was thinking of this article http://wiki.travellerrpg.com/Imperial_Currency

Imperial Currency (Economy) Banking

Within the Imperium, banks exist only as deposit accounts, safety deposit boxes and investment groups, requiring an in-person visit to the same, or nearby, branch every time.

This results in an essentially cash-only economy, though local banks may provide electronic banking services on an intra-planetary level or within a single star system.

Interstellar banking has not proven feasible without faster-than-light data communications, at least not in the sense that banking was understood on ancient Terra. There are factors preventing this:

In the absence of near-instant faster-than-light data communication, there is no way for a local trader to accurately assess a balance in a distant account at any given time and no way to quickly transfer money to distant accounts. Archaic methods of electronic funds transfer such as direct deposit, direct debit and wire transfers do not work.

Local time does not synchronize with distant time. Time is only constant locally; time may pass faster or slower at a distant bank, relatively speaking. Therefore it is virtually impossible to enforce expiry dates on credit guarantees, and unwise to assume that a distant financial institution is still liquid, if indeed it still exists. Cheques and credit cards (in their old Terran forms) cannot function. See also Offices of the Emperor with regard to the Office of Calendar Compliance.

Data encryption is problematic. Certainly by the time of the Reformation Coalition's founding in 1200, data encryption had become essentially worthless for financial purposes, and therefore one could not rely on some method of portable money transfer device similar to the old Terran prepaid debit cards since there would be no way of electronically authenticating either the user or the sum available. Essentially, widespread quantum computing negates data encryption. See the discussion under Talk:Imperial_Currency#Banking .

Imperial Standard Credit Card This card is effectively a portable bank teller. A microprocessor unit tracks the account and contains information for personal identification. Made of plas-steel, the card is practically indestructible. It is nearly tamper-proof, in that most attempts to tamper with it merely result in blanking the card.

Merchants in systems with a technology level of 13 and higher accept this card. It may be used in any Imperial starport to get Imperial credits, local currency or debit cards drawn on local banks if local technology supports it. Identification information consists of a thumbprint activator and a record of the owner's retina print. The latter is checked for verification on all transactions over Cr100,000.

Only the very wealthy may obtain the Iridium Edition of the card. It contains the owner's DNA code, allowing for positive identification and unlimited reliability. Starships have been purchased on these cards.
History & Background (Dossier)

End of quote:

Ignoring the Reformation Coalition section, the issue is that a bank in one system cannot guarantee that a Letter of Credit from a bank in another system is valid. The Imperial Standard Debit Card seems to act a a prepaid credit card in that it says you are worth X amount of money and as you draw that money out you have less money. This is recognized, but to be honest I am not sure how this is different then a letter of Credit from a bank in another system. The letter of Credit says you gave X amount of money to that other bank. How is a card different?

Even with X boat service you are still looking at 2 weeks delay in finding out if the Letter of Credit is any good. So all transactions may be delayed until you can establish an account in a new system? I am not sure.
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Re: Large amounts of cash on ships

Postby Condottiere » Wed Sep 28, 2016 7:30 am

It's a niche that could be serviced by a gray economy, which means it's outside the supervision of Imperium Agencies, whether Internal Revenue, Financial Compliance, or Internal Security.
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Re: Large amounts of cash on ships

Postby -Daniel- » Thu Sep 29, 2016 2:31 am

I have to agree with PsiTraveller. Given the lack of FTL communications, banking as we know it now on "modern Earth" would just be impractical. There would be lots of cash or cash substitutes like trade bars or gems and precious stones. people would need to learn to transport more than an ATM card. :D
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Re: Large amounts of cash on ships

Postby wbnc » Thu Sep 29, 2016 4:12 am

-Daniel- wrote:I have to agree with PsiTraveller. Given the lack of FTL communications, banking as we know it now on "modern Earth" would just be impractical. There would be lots of cash or cash substitutes like trade bars or gems and precious stones. people would need to learn to transport more than an ATM card. :D

There will definitely e some system to avoid having to haul large amounts of currency and other negotiable commodities around. A travellers "card" ay look like a credit card but it will probably work very differently.

Not to say occasionally a person y have a safe full of imperium notes, but those would be for petty cash, and on the spot purchases when the seller isn't open to using other means of transactions.Especially somewhere where planet may not be allied witht he same Stellar power. You could jump a few parsecs and your Imperium backed credit is worthless, or trading at a slightly unfavourable rate
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Re: Large amounts of cash on ships

Postby -Daniel- » Thu Sep 29, 2016 5:24 am

wbnc wrote: There will definitely e some system to avoid having to haul large amounts of currency and other negotiable commodities around. A travellers "card" ay look like a credit card but it will probably work very differently.
I read a book once where the people had small "sticks" that held digital cash. A stick could be "open" or unlocked kind of like cash is now. He who holds it has the money. Other sticks were bio-locked and only the owner could pull the cash from them. In the book one of the characters had a card that held cash and his share certificates in the corporations.

I do not expect things to work like they do now, regardless of how it works. The idea I deposit my pay check in a branch on planet A and can access the account a week later in another system just feels off to me for the setting. But I do agree, the idea of a small safe with tons of bills in it is also not how I imagine it will be either. :D
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Re: Large amounts of cash on ships

Postby Epicenter » Thu Sep 29, 2016 11:02 am

Wow. This article triggers me so badly.

It is facedesk material.

"I don't even" doesn't even begin to describe it.
PsiTraveller wrote: Interstellar banking has not proven feasible without faster-than-light data communications, at least not in the sense that banking was understood on ancient Terra.
As understood on Ancient Terra...in what era? Most of human history on "ancient terra" didn't feature effectively instant communications and it functioned.

The the article states:
PsiTraveller wrote: Data encryption is problematic.
But then blithely rambles on with:
PsiTraveller wrote: Imperial Standard Credit Card This card is effectively a portable bank teller. A microprocessor unit tracks the account and contains information for personal identification. Made of plas-steel, the card is practically indestructible. It is nearly tamper-proof, in that most attempts to tamper with it merely result in blanking the card.

Merchants in systems with a technology level of 13 and higher accept this card. It may be used in any Imperial starport to get Imperial credits, local currency or debit cards drawn on local banks if local technology supports it. Identification information consists of a thumbprint activator and a record of the owner's retina print. The latter is checked for verification on all transactions over Cr100,000.

Only the very wealthy may obtain the Iridium Edition of the card. It contains the owner's DNA code, allowing for positive identification and unlimited reliability. Starships have been purchased on these cards.
Um...how do you "Imperial Standard Credit Card" when data encryption is so problematic there's no trust?

The Imperial Credit is a fiat currency. Fiat currencies only exist with trust (and fairy dust and dreams). They just went through listing how there's no good trust mechanisms in the Imperium and no discussions on what replaces it, and now there's a credit card? How does anyone know that huge balance on your credit card (more like a debit card) is real when data encrpytion a joke? We can spoof DNA even now - an identical twin has the same DNA, even retina prints and thumbprints are more secure (since identical twins don't share those), but even those can be spoofed. So this Imperial credit card is such a terrible idea for the reasons the article earlier stated. You have to assume two different people wrote the different parts. Since there's no trust, no fiat currency, the Imperium economy loses all of it liquidity which directly contradicts "canon" because one of the greatest strengths of the Imperial economy was its liquidity. The Imperium would likely fall apart and at the very least, Megacorporations wouldn't exist.

The problem with "cash on barrelhead" is problematic as well. For the same reason as data security, it wouldn't be that hard to counterfeit cash - especially by actors outside the Imperium. No-one could know if the cash you're using is real or not. Admittedly, the Zhodani probably wouldn't do it because they're not actually interested in destabilizing the Imperium beyond a certain point, the Solomani wouldn't do it for game theory reasons 'if we do it to them, they'll do it back to us and then we both lose', but the Vargr and Hivers might engage in quite a bit of counterfeiting.

Barter is inelastic and has little liquidity.

However, I do believe that Imperium has a trust system that'd work and is the one I use IMTU. That trust, of course, is the nobility.

Nobility would be involved in any kind of interstellar banking transaction. The greater the amount of money, the higher rank of noble is required. The noble is the guarantor of the transaction - he or she does not actually have to work at the bank but is involved. Letters of credit are accepted or denied by how much the receiver of the letter believes the letter to be genuine; every noble essentially guarantees letters of credit by using his or her good name and reputation. Nobles would essentially have a kind of "Michelin Guide" on nobles throughout the Imperium, stating their liquidity a guide that perhaps updated every five years.

The system has its pitfalls and advantages, but I think it makes things more interesting.

In theory, at planet A, a traveler we'll call Mary plans a trip to planet D. She desires to have a quite a bit of cash at her destination and doesn't want to lug it around with her so she goes to the bank that offers letters of credit. She speaks with the noble there who asks her where she is going and so on. If the noble decides that Mary seems trustworthy enough, she deposits with the noble 100,000 Cr. In return, the noble writes a letter and seals it, saying he guarantees the letter for 100,000Cr for Mary. The noble is within his rights to do a credit check on Mary, seeing what her assets are and her ability to pay beyond this and so on to see if she's trustworthy. The noble may put other stipulations as he wants on his letter; for instance he might say that it's only valid on world D. Or he might (depending on how well he trusts Mary) say it is also valid on worlds B and C, both of which are necessary for her to get to World D using a Jump-1 ship. If the noble particularly trusts Mary, he might simply say she can turn this in anywhere and get 100,000Cr. In this way, a letter of credit is created.

Once Mary reaches planet D and desires to have her funds, she goes to see a banker on Planet D. She presents her letter to the noble. Nobles in the Imperium tend to all go to a few schools (probably on the subsector capital) as well as mix and mingle throughout the year, visiting each other and so on within a subsector and often within the sector - the higher rank the noble the more likely he or she travels widely. This allows valuable personal contact between nobles. So when Mary shows up with the letter, the noble receiving it is likely to know the person who wrote the letter and will accept it, fronting the 100,000Cr to her. At the end of her trip, Mary might have some portion of the monies left over which she doesn't want to take back with her (again, she doesn't want to lug cash around). She'd once again go to the bank, get the credits converted to a letter (same process as before) and take the journey home.

This simple example is likely to cover the vast majority of letters of credit situations that'd arise - most travelers don't go very far.

More difficult examples might arise if Mary (who is from the Spinward Marches) wants to go to the Solomani Rim for whatever reason (or even a shorter distance but still in a trip spanning subsectors). She arrives in the Solomani Rim and presents a letter from Mora. This is a difficult situation. The nobles in question are unlikely to know each other. They probably don't even have recent reports on their liquidity. It's too long to send a ship to get a confirmation (it'd also defeat the purpose of the letter of credit anyway). The noble probably isn't even sure if the noble who wrote the letter even exists. If Mary wanted to be safe, this situation wouldn't arise - every few jumps, Mary should have "traded" her letter of credit to a local bank and gotten a new one, ensuring that the personal relationship chain between nobles existed. This isn't always possible. The question of if the letter is honored or not depends on trust. However because this is the underpinning of the Imperial economy, it's more than likely the letter of credit will be honored - there's nothing more damaging to trust in an economy than denying letters of credit.

Other interesting cases might cover huge letters of credit (featuring hundreds of millions of credits) or old ones - adventurers might find a letter of credit on centuries old derelict spaceship where the crew and passengers are assumed to be long-dead. However, in the process of salvaging the ship they find a letter of credit for 3 million credits issued on Trin and redeemable on Mora (originally). The players might consider flying their ship over to Trin to see if that secured money is still available (it may or may not be, likely dependent on local banking laws - it's likely the next-of-kin could "invalidate" the letter of credit after a point and take the money back) or they might go to Mora and try trading it in (again, in this case the bankers on Mora are within their rights to go check with Trin).

Now, you might be thinking this system is open to fraud, especially since nobles almost always honor letters of credit. The answer is yes. There probably is trillions of credits worth of fraud in the Imperium every year (the exact amount is likely kept secret for various reasons). However, nobles are not entirely without recourse. Private investigators, bounty hunters, even mercenaries can be hired to repossess items purchased fraudulently, catch swindlers, or even assassinate them. In addition, letters of credit are based on fiat currency - unless the losses are huge, they can often be covered and the losses simply considered a business expense by the noble. This isn't as odd as you might think - for instance, unless banks are local within a subsector or two, getting the money for a letter of credit may be an arduous task (like the instance of Mary going from Spinward Marches to the Solomani Rim). Letters of credit are often used as a kind of cash in themselves - banks trade the letters between each other to cover debts, which can cause issues if some bank is hit by perfectly valid letters of credit being redeemed over the course of the last 150 years for some huge amount of money at a point when their own liquidity is low (in which case they get loans from other banks).
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Re: Large amounts of cash on ships

Postby PsiTraveller » Thu Sep 29, 2016 12:56 pm

Epicenter: You got triggered from a question about a role playing game and want to facedesk about a question on transferring money from one imaginary star system to another imaginary star system? Sorry to hear that.

I asked a question about transferring money around, and then quoted an article from the traveller wiki, I posted the link. I even asked the same question about the credit card at the end of my post, after the line "end of quote". I have to admit I did not use the quote code to make the nice blocks of text like you did, But I did quote the article at the start and say end of quote at the end. So I asked about the article and the issues it raises. Issues that even your solution does not answer.

After I quoted the article I said:

"Ignoring the Reformation Coalition section, the issue is that a bank in one system cannot guarantee that a Letter of Credit from a bank in another system is valid. The Imperial Standard Debit Card seems to act a a prepaid credit card in that it says you are worth X amount of money and as you draw that money out you have less money. This is recognized, but to be honest I am not sure how this is different then a letter of Credit from a bank in another system. The letter of Credit says you gave X amount of money to that other bank. How is a card different?

Even with X boat service you are still looking at 2 weeks delay in finding out if the Letter of Credit is any good. So all transactions may be delayed until you can establish an account in a new system? I am not sure."

So I am confused as well as to how an encryption problem and lack of trust is solved by a card, especially one that can buy spaceships.

AS it turns out this is addressed on Page 91 of the Core rulebook, something I missed when I wrote my question. You can have a bank send your records ahead of you to the next system to transfer your balance. The problem of the lack of FTL communication is addressed in the same sidebar. It also mentions that physical cash, radioactives and precious metals are used as barter on many worlds.

Your letter of credit solution is a system that might work, but there are risks as you mentioned. The risk of Nobles not knowing each other, or even not liking each other is one. The need to speak to each Noble along the way to keep the letter of credit fresh may well slow down travel times. (You can see his Lordship next thursday afternoon). The risk of fees and shakedowns to get a letter of credit rears its head. One option is to have daily ships bringing daily updates. but that could get to be expensive.

As for Megacorp banks sending updates on the X boat networks or similar systems to synchronize important records does not address the issue raised in the wiki article about not trusting data from another system. There could have been a massive earthquake or stock market crash or military attack or anything else the GM comes up with to cause assets to just disappear.

1st edition addressed this on page 86 of the Core rules and offered the same letter of credit solution but then said that private citizens must make arrangements for themselves.
"It is possible to notify one’s bank and have a line of credit sent ahead (or at least sent at the same time) if you know your destination but wandering travellers must often use physical cash or trade goods. In addition to physical credits, precious metals, gemstones, radioactive elements or technological wonders are sometimes used as barter on many worlds."

So the triggering problem of a lack of monetary trust among star systems has been in the game since the first edition. And the issue of wandering travellers needing physical cash or high value goods as barter goods has been in the game the entire time.

The Fiat currency of the Imperium is addressed in the same article I quoted http://wiki.travellerrpg.com/Imperial_Currency
Imperial Currency Usage

Sub-polities within the Imperium may and often do issue their own currency including the following:

Planetary (World) Currencies: Individual worlds may issue their own currencies, and those currencies may or may not be acceptable on other worlds.
Corporate (Megacorporation) Scrip: Similarly, corporations and megacorporations may issue scrip, and its acceptance outside of the corporate environment is a matter of conjecture.

However, Imperial credits are accepted everywhere in the Third Imperium and in many locations outside of it.

The Imperial credit is backed by the massed economies of the Imperium's 11,000 member worlds. This has made the Imperial credit safe from the economic effects of inflation and deflation for over a thousand years.

Credits on a polity scale are typically measured in MCr or Bcr:

MCr: Millions of credits or 1,000,000.00.
BCr: Billions of credits or 1,000,000,000.00.
So physical cash is always trusted, but banks are deposit only as per the article. My question to the board was has anyone else come up with an answer for the problem of the lack of FTL information?
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Re: Large amounts of cash on ships

Postby Epicenter » Thu Sep 29, 2016 1:58 pm

PsiTraveller wrote:Epicenter: You got triggered from a question about a role playing game and want to facedesk about a question on transferring money from one imaginary star system to another imaginary star system? Sorry to hear that.
Not your question, the article in question.

It bugs me when a game like Traveller, which has been out for so long, having so many editions still can't have some sort of internal consistency regarding such a basic cornerstone of its world such as how currency and trade works.

Normally in RPGs, I could care less, except while Traveller can be played in any number of ways, I've always thought the enduring and iconic version of Traveller is that of a tramp freighter and its owner-operator trying to make ends meet along with his (or her) band of misfits trading in various ports and the trouble they get into trying to keep their ship in the black (or at least breaking even) and the issues they run into on layover.

In such a system, that even today, Traveller cannot have at least an internally consistent system regarding things like money and credit, a modular system for trade (as complicated or as simple as required) which is driven by the GMs requirement to allow their players to be as rich or as poor as necessary to drive their game (a game where the theme is the players trying to build a merchant company is very different from one where you want players to always be struggling to make ends meet and keep their ship running) is one of the enduring issues of a game. That's Traveller has had so many versions spread across a number of different authors and over so many decades to get it right just bugs me.
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Re: Large amounts of cash on ships

Postby phavoc » Thu Sep 29, 2016 2:01 pm

NONE of these issues are new. They have all occured in Earth's past, and all of them were addressed with in some form or fashion.

In the future there will still be thefts, cons, hacks, etc. There will still be attempts at counterfeiting money. The tech will make it harder, but the criminals will have better tools, so all in all it's probably going to be somewhat the same as it is today. The communications system will be used to transmit banking and stock information from world to world. Stock markets will operate the same as ours today - there will always be someone trying to get information about the market faster than anyone else to take advantage of the market. Merchants had to deal with local equivalent slower-than-light communications before, they can certainly do it again.

Letters of credit will be used (or at least the 52nd century equivalent). Though you can expect banking houses to put limits on transfers until the official information can be verified (i.e. a portly trader shows up with a letter of credit issued from Trin for a billion credits... you can bet they are going to politely decline it until they get official word from the issuing bank on Trin that it's valid). In instances like this you would see a portion of the funds being made immediately available upon deposit, and the rest frozen. Banks do it today with checks (though with electronic check scanning replacing physical scanning it's down to as little as 24hrs instead of up to a week like it used to take).

Plus while the standard Imperial credit is good on every planet within the Imperium that doesn't mean you won't see local currencies outside of the starport. They may only be good on the planet, or say within the planetary system. For the most part I don't see a lot of planets doing that, but simple economics says that 1Cr on a TL3 world won't have the same buying power as it does on the TL15 world. Where you should find local currencies is going to be on the lower tech worlds, probably starting at 8 and trending downward from there. For anyone who used to read the now "classic" Star Wars novels, Brian Daley, starting with Han Solo at Star's End. To make a long story short, Han was transporting some very high tech printers to a lower tech world, and the person who was supposed to receive the cargo didn't want to pay. Han pointed out that the printers could easily mint the local currency, and to make it undetectable all he needed to do was obtain local raw materials. But the printers could NOT function the same way to print Corporate Sector (or Imperial) currency, because their currency was higher tech. So for the enterprising player looking to disrupt local economies this could be an entire adventure. Actually a number of the earlier SW Han Solo books make for excellent adventure seeds and campaign ideas.
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Re: Large amounts of cash on ships

Postby phavoc » Thu Sep 29, 2016 2:02 pm

Epicenter wrote:Not your question, the article in question.

It bugs me when a game like Traveller, which has been out for so long, having so many editions still can't have some sort of internal consistency regarding such a basic cornerstone of its world such as how currency and trade works.

Normally in RPGs, I could care less, except while Traveller can be played in any number of ways, I've always thought the enduring and iconic version of Traveller is that of a tramp freighter and its owner-operator trying to make ends meet along with his (or her) band of misfits trading in various ports and the trouble they get into trying to keep their ship in the black (or at least breaking even) and the issues they run into on layover.

In such a system, that even today, Traveller cannot have at least an internally consistent system regarding things like money and credit, a modular system for trade (as complicated or as simple as required) which is driven by the GMs requirement to allow their players to be as rich or as poor as necessary to drive their game (a game where the theme is the players trying to build a merchant company is very different from one where you want players to always be struggling to make ends meet and keep their ship running) is one of the enduring issues of a game. That's Traveller has had so many versions spread across a number of different authors and over so many decades to get it right just bugs me.
Werd!

Word, too!
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Re: Large amounts of cash on ships

Postby -Daniel- » Thu Sep 29, 2016 6:33 pm

Epicenter wrote: That's Traveller has had so many versions spread across a number of different authors and over so many decades to get it right just bugs me.
Don't forget different publishers each with their own vision of what Traveller is and should be along with different authors and editions. :wink:

Back to talk of cash and other fun things. :mrgreen:
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Re: Large amounts of cash on ships

Postby Condottiere » Thu Sep 29, 2016 8:32 pm

Confirmation of the credit would be sent by separate mail, so unless the Traveller is in a hurry, it should arrive around the same time as he does, if not earlier.
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Re: Large amounts of cash on ships

Postby xnet445 » Thu Sep 29, 2016 8:35 pm

In the CT campaign I was in many years ago a common form of large "currency" was bearer bonds issued by the megacorps. These could be redeemed/traded at any class A or B starport. Said starports also had heavily guarded vaults available to store your cash and other valuables while docked there. Our first party wiped trying to take a vault down, in fact.
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Re: Large amounts of cash on ships

Postby -Daniel- » Thu Sep 29, 2016 11:27 pm

Condottiere wrote:Confirmation of the credit would be sent by separate mail, so unless the Traveller is in a hurry, it should arrive around the same time as he does, if not earlier.
I am just having a hard time swallowing a bank on one planet would be able to get my money and then another bank on a different planet would have record of it a week later. Just the clearing and transfer of funds between banks seems like it would take longer. But in the end, do what works for you. As was pointed above, Traveller does not have any hard fast rules or fluff per say.

xnet445 wrote: Our first party wiped trying to take a vault down, in fact.
Not sure why but this made me think of a remake of Heat but staring the Three Stooges. :mrgreen:
PsiTraveller
Lesser Spotted Mongoose
Posts: 655
Joined: Thu Dec 04, 2014 11:47 pm

Re: Large amounts of cash on ships

Postby PsiTraveller » Thu Sep 29, 2016 11:53 pm

I've been thinking of how I might handle this. I am looking at Starports as the source of banking stability. A system, even in a low tech system still has a higher tech starport capable of doing the TL 12 repair work. There is a level of continuity to a starport if it maintains the ships traveling across a Sector.

So Mary in system A may go to Bank in System A , likely located in the Starport and tell the bank she wants to take her money with her. The bank takes the money and issues a letter of credit. It could be DNA coded, or bearer bond with proper id and such, or it could be a card with an encrypted file on it. It may be virtual currency encrypted with Mary's code, and the bank code of origin, and the bank code of destination if known.

When Mary gets to where she is going she needs to have the local bank unlock the credits using their decryption codes that the banks in the Sector have agreed upon. This could cut down on the theft of the cards by pirates since someone has to be in the bank to unlock the credits.

Extra currency added to the credit card by way of the Virtual Currency app would be made available when cashing up at a local bank.

The local bank unlocks the currency, deposits that virtual currency into the bank, and can then proceed to issue money to Mary. This gets rid of the chest of cash on ships. Now to crack a credit card you need a TL 15 computer and 500 years of cracking time. The decryption keys the banks hold are their big secret and the way the banks offer ease of money use across a Sector. With the keys out of the hands of the customer it makes it hard to crack. No Bit Torrent of credit card information. You cannot torture of read minds on Mary to find out for her password because it still needs to go to an official bank to get decrypted.

It's a thought anyway.
xnet445
Weasel
Posts: 31
Joined: Sat Apr 30, 2016 8:34 pm

Re: Large amounts of cash on ships

Postby xnet445 » Fri Sep 30, 2016 12:31 am

-Daniel- wrote: Not sure why but this made me think of a remake of Heat but staring the Three Stooges. :mrgreen:
There were 5 of us, but, yeah, pretty much. :oops:

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