New Currency

[Lenniguti7]

We used to have a rock solid currency back in the day. But it was ruined by players itself. In my time a diamond had the prize of 150 pxlz. Almost all shops had this. No matter the town. This later became 100 thanks to the inflation, but was still kinda solid. But there was a reason the economy kept going. For every monster killed you would get 7-15 plxz. Thanks to this every new member had a chance to get money and the economy actually kept growing. But then players started building Pxl farms wich thanks to that people would become rich in minutes and monsters would no longer give pxlz. And ofcourse the reset. If there was a way to let monsters give pxlz again then there is a chance the economy might get alive again. At this moment everyone just needs pxlz and there are not many ways to gain them. So I suggest that monsters give Pxlz again. (Except endermen because of the endermen farm)

The spawning and killing of monsters can easily be influenced by players --> Mobfarms obviously.
Even if you have 3 Mods 24/7 looking for such farms in order to protect the currency system I can assure you 100% that people will secretly find a way to build and hide gigantic farms with massive output. This is just like in the real world. Lets look at cannabis for instance: In most countrys and states it is illegal. Does that stop people from growing and buying it? Nope - it is still somehow being sold because you are not able to prevent it due to such high demand. Same applies here.

What I think are good items for a currency:

Emerald and Diamond

Why? You simply can't farm those and they are rare. Goldfarms are possible, so not Gold.
I would favour Emerald as you need diamonds for tools and armor etc. So taking that away might cause some trouble. Then have a fixed exchange rate for Emerald at the Central Station starting with say 1 Emerald = 100 Pxl that you can adjust accordingly. When inflating lower it to say 80 when deflating bump it up to say 120. That way you have a stable currency.

This would require a clean reset of all bank accounts of course.

[mvdhauten]

Instead of a reset of the accounts, give players a week or two to trade their pxlz for gold, for they got their current pxlz by selling gold. After that reset the accounts so those people who didn't redeem their pxlz will have cleared accounts as well.
Also, remember many prices with emeralds will be fixed due to villager trading, which might add complications. Diamond is still my favourite, but emerald is a good alternative.

[yupie_123]

I stick with Lapis, it is rare and will play a huge part in the MC 1.8 update..
And not all mobs can be farmed creepers, witches and more.

My second choice would be emerald.
Diamond is actually used for a lot of stuff so people would be less likely to sell diamond.

[zoniczedro]

Maybe an item that the server stops you from crafting/finding so only admins can introduce more money to the server. This certainly would stop the inflation problem you've been talking about.

Also, though you've been talking about inflation, prices for pretty much everything have gone down on the server like diamonds from 120PXLS to 50PXLS. Though this may be because no one has got any money apart from a few people with tons.

[yupie_123]

Though this may be because no one has got any money apart from a few people with tons.

I wonder who this could be...

[zoniczedro]

Mm. Also, inflation is where there is too much money so people have more money to spend making prices rise..GamerIG. This means that the inflation you've all been talking about should have pushed the prices right up.

[mvdhauten]

Strictly speaking there is no inflation in the prices, you're right about that, instead there's something curious happening; even though the amount of money on the server keeps on growing (through mining gold), prices keep on going down. The only explanation I have for this is a lack of trust in pxlz, but I've already written a lot about that so scroll back if you forgot.

Also, "an item that the server stops you from crafting/finding so only admins can introduce more money to the server" exists, it could be sponge, but it wouldn't work. People should be able to trust their currency whatever happens, and sponge (or gold for that matter) represents nothing but trust. When the trust falls away, poof, your economy is dead.
That's why I argue for using an item with actual value, like diamond (my fav), emerald, or lapis.