February 27, 2011
Alternative Currency: BitCoin
For more info: BitCoin.org
And if you think this is totally insane, check out this episode of This American Life:
This American Life: The Invention of Money
I'm still suspicious of it, only because I haven't had a chance to think it all the way through yet. I'll tell you what I do like about it:
*It's decentralized, meaning that bankers cannot control it. Because there are no bankers.
*The money supply supposedly cannot be fiddled with. It will increase steadily over time, until it reaches a cap. Which means that it is not subject to inflation or deflation.
* It's not backed by anything other than trust, much like our own fiat money supply, except credit doesn't need to be artificially borrowed from Goldman Sachs, er *cough* I mean, the New York Federal Reserve Bank... which means that the value will not fluctuate based on the availability of some arbitrary mineral resource like gold or silver.
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