Department of Finance

Department of Finance

Simuwikitsi Maktoykas
Department overview
Formed	15 December 2023 (2023--15)
Jurisdiction	Chief's Council
Headquarters	1 Kors Street, Sahosam, Osolia
Director responsible	TheRandomMelon

The Department of Finance is a department of the Osolian government which is responsible for managing the Chiefdom's reserves and maintaining the exchange of Diamond Cents (DC) and diamonds.

Responsibilities

Per the Diamond Standard Act, it is the job of the Department of Finance to ensure the exchange rate between diamonds and DC is maintained. Additionally, the Department of Finance holds de facto responsibility and control over the items housed in the Storage Silo.

History

The Department of Finance was established on the 15th of December, 2023. The first director of the Department was a point of contention for the Chief, who was undecided between Pud or Hydrogen, with both candidates having no clear downsides. To settle the matter, a coin was flipped and Hydrogen became the first Director of Finance.

The Department of Finance, under Hydrogen's leadership, then set to work establishing the diamond cent, Osolia's currency. The conversion rate of 128 DC per diamond was chosen after deliberations between the community, per Hydrogen's own suggestion.

Conversions began on the December 22, 2023, a few hours after the launch of the server. The Treasury, which housed all of the Department's diamond reserves, was temporarily placed in a basement in Hydrogen's Sahosam home.

The Department's assets were moved after the April 2024 Osolian general election to another temporary location at Michael Webb's former house.

On the 6th of May, 2024, the Unite plugin was added which allowed Osolians to pay from their Osolia ATM account in-game. The plugin was extended on the 11th of June to add functionality for supporting sign shops.

Incidents

Phantom diamonds incident

On the 3rd of February, 2024, a discrepancy was noticed between the diamonds held in the Chiefdom's reserves and the DC in circulation. There were 10 more diamonds than was expected from the circulating DC.

The incident was only resolved on the 14th of June, 2024, when the extra diamonds were minted as DC and given to the government.

Sign shops incident

A quirk in how the new sign shops feature handled the deposit of Diamond Cents led to a huge discrepancy between the diamonds held in the Chiefdom's reserves and the DC in circulation.

The incident was caused by the fact the DC were technically removed from "circulation" when they were deposited into the signs, which were handled separately from the Osolia ATM accounts which were being tracked.

The large delta was tracked to Scion's Mine Depot store, which held large amounts of DC in several recently added signs. Scion later removed those signs to resolve the DC discrepancy.