Hi everyone,

Hope you're enjoying a merry and festive holiday season.

As many of you know the Federal Reserve of WIP launched a centralized, fiat currency a few days ago (based on a centrally controlled public ledger - see my other posts).  In the few business days that have passed since, we have seen a 44.22% day-over-day growth in number of new users, as well as a 100% growth day-over-day in number of coins and their velocity, while the money supply was increased by only 5% since inception.  Please note that WIP is currently pegged to $0 and may only be used in transactions without monetary value, such as favors, gifts, and so forth - so that this strong demand in the face of such restrictions is particularly exciting.  Within days of launch, we also have had our first applicant bank into the Federal Reserve of WIP banking system, which has been approved.  The Commercial Bank of Internet Points, CBIP, is now an official lending institution in the Federal Reserve of WIP system.

The main difference between WIP and other currencies is that the Federal Reserve of WIP retains complete autonomy over the coin and its ecosystem.  This means we can rewrite the public ledger at any time.  It also means that unlike other coins, we are able to enact laws and rules for our ecosystem, reverse fraudulent transactions, and so forth.

In keeping in mind the vast power we exercise over our coin, I was wondering what the community's thoughts were in terms of formal governance?  For example, how should the limits of the Federal Reserve of WIP be set constitutionally, how should there be oversight over its actions?

As Chairman of the Federal Reserve of WIP, I would welcome feedback into the kinds of formal processes that the community believes works.  We have seen companies go from two graduate students to a market cap in the several hundred billion on a policy of "Don't be evil."  We would like to follow in those footsteps.

As an Internet currency, what can we do to be the best, fairest, and most accessible currency on the planet?

We welcome your feedback, and thank you for the fantastic feedback to date.  Don't forget to bank with CBIP, where I will be keeping my own personal money.

Best regards:

Chairman of the Federal Reserve of WIP