Re:A Revolution in Money
by gus_massa on Wednesday April 02, 2014 @01:54PM
(#7517537)
> We are going to have individually issued currencies. We already have corporations issuing currency: frequent-flier miles, although people don’t see them as that from a legal perspective.
Imagine that A issue A-coins and send them to B, then B sends the A-coins to C, C send them to D and D sends the A-coins to you. But a few days later you discover that A was a fake account of a scammer, or A goes bankrupt, or A an all his family died in a car accident and he was renting his house, or ... Then the A-coins are worthless and you are screwed.
A few years ago, here in Argentina each province (state) issued it’s own money, and paid all the public employed with that money. It was technically a bond, but it looked as money and was used like money. The more successful case was the Patacón http://en.wikipedia.org/wiki/Patac%C3%B3n_(bond) . But in all the other provinces, after a time it was very difficult to exchange the bond to real money (pesos or dollars) or products, and in that case you get only the 70% of the face value. (Now they have been absorbed.)
I don’t trust in the money of the province, and I really will not trust in the money issued by Joe Doe.
Imagine that A issue A-coins and send them to B, then B sends the A-coins to C, C send them to D and D sends the A-coins to you. But a few days later you discover that A was a fake account of a scammer, or A goes bankrupt, or A an all his family died in a car accident and he was renting his house, or ... Then the A-coins are worthless and you are screwed.
A few years ago, here in Argentina each province (state) issued it’s own money, and paid all the public employed with that money. It was technically a bond, but it looked as money and was used like money. The more successful case was the Patacón http://en.wikipedia.org/wiki/Patac%C3%B3n_(bond) . But in all the other provinces, after a time it was very difficult to exchange the bond to real money (pesos or dollars) or products, and in that case you get only the 70% of the face value. (Now they have been absorbed.)
I don’t trust in the money of the province, and I really will not trust in the money issued by Joe Doe.