What exactly is the game of knife and candle?

What exactly is the game of knife and candle? I ask because despite all my research into the game via the wiki and forums, I have yet to determine the actual risks (If any) of participating in the game of knife and candle. I am a wary man when it comes to any form of PVP, and I have subsequently refrained from joining the game for quite some time. I apologize for my naivety in the matter.

The Iron League, which would join at first, would basically be a giant game of Rock/Paper/Scissors between three stats, known as Savage/Elusive/Baroque. You would pick a form that has a distribution of values, and would either be attacked in a contest of one of those values or choose to attack another.

The only things you would risk losing are Knife and Candle items, and you could abandon your form with a candle, Sense of Urgency, or K&C storylet and become immune to attacks until you choose to take another. Knife and Candle would be a sporting pastime, designed to fit within the busy lifestyle of today’s Londener-on-the-go without interfering with neathly affairs.

That is, if it existed.
edited by The Machinist on 4/24/2015

This may be a silly question - but does your character die when you lose? And if so does one visit the Boatman?

Knife and Candle does not exist, of course, so of course one cannot die from it. It is merely a rumour.

But if hypothetically, it did, then no. The flavour text might tell your opponent that you do, but you just take wounds, so unless your wounds are already very high, you should be safe enough. If the game existed. Which, of course, it does not.
edited by Lady Eris on 4/24/2015