The value of a virtual currency
In a system based on debt, like the one which we have in real life (where a central bank issues money) the value of the money is determined by the central bank itself.
The central bank can adjust the value of the money changing the interest rate, provoking more or less inflation.
In theory a central bank could also provoke deflation, but this is undesirable in a world where growth of the GDP is required.
The value of a virtual currency based on credit, like adelphos, is instead determined by the trust that the user has in the system.
Alice gives to Bob a used phone and Bob gives to Alice a IOU of 100AC. Alice accepts them because she trusts the system that she can something value in return.
Human value
However, why Alice sells the phone at 100 and not at 1,000 or 10? How to determine the price?
In the first steps of Adelphos I suggest that every person in every part of the planet should give to Adelphos Coins a human value which is a value depending on the local level of prices.
In Italy, where I live, the real currency is the Euro, and, given the current level of prices, 1€ is still a human value. That is there are still things that cost 1 Euro or slightly more.
Before the Euro in Italy there was the Italian Lira, but one Lira had not any value.
The real currency was the Lira, but the human value of the currency was 1,000, because one thousand Lire (the plural of Lira) were the minimum amount of currency to buy anything.
If Adelphos were to be adopted in a country where the real currency has a lot of inflation then one AC could value more than one value of the real currency.
The human value determines the $ Q_{0} $ baseline as we can see in Trust