Big Ideas For A New Economy: Social Currency Unleashed

[Enki]

http://www.fastcoexist.com/1679259/big- ... -unleashed

Will part of remaking the economy involve rethinking our currency, changing from money supported by governments to money supported by communities? And is Bitcoin the model for this shift, or merely a flash in the pan?

In last week’s article we suggested alternative currency was one of the "next big things” for the new economy. In particular, Bitcoin has enabled an explosion of interest in alternative currency. But what can Bitcoin’s approach and scale teach us about the future of such currencies? While Bitcoin has been successful, local currency movements have never truly taken hold. So what are the drivers of Bitcoin’s success?

For those of you following along at home, Bitcoin is a new breed of currency (this is a great primer). After a series of failed Internet-currency dotcoms in the 1990s (Beenz anyone? Flooz?), Bitcoin has seemingly solved one of the core problems: Who controls an alternative currency?

[Typhoon]

TechCrunch | Royal Canadian Mint’s “MintChip” Looks To Officially Digitize Cash

Moving everyday transactions into the digital realm seems an inevitability, but as yet there have been no breakout successes. Sure, there are fringe efforts like Square (which relies on existing card and bank infrastructure) and Google Wallet (which is a bit early to the NFC party), but there’s nothing that the average consumer would see and think “yes, that is as simple as handing the merchant a five-dollar bill.”

The Royal Canadian Mint is hoping to create such a system: a multi-platform, simple, and secure alternative to cash. Others around the net have likened it to Bitcoin, but that’s really an inapt comparison. MintChip isn’t a virtual currency, it’s a virtual wallet, something which has been tried before. But, naturally enough, they hope to succeed where others have failed. But are they writing a check they can’t cash?

Briefly, it must be explained why MintChip is nothing like Bitcoin. Bitcoin is a fundamentally different style of currency: a regulated “resource” that uses a totally different method of exchange than cash. It’s very secure in a way, but the aspects that give it that security also make it foreign to existing and familiar payment methods, and by extention, users. Furthermore, its value fluctuates wildly, making it unsuitable for everyday purchases like coffee and cab fare.

Royal Canadian Mint | The MintChip Challenge

[Juggernaut Nihilism]

Debt-based, centrally-controlled currency is literally the lynchpin of the global power structure. The things you are talking about may be a possibility, but there is a world war between here and there.

[Enki]

Debt-based, centrally-controlled currency is literally the lynchpin of the global power structure. The things you are talking about may be a possibility, but there is a world war between here and there.

It is an interesting issue. Probably why they are cracking down on OWS.

[noddy]

if you dont use the central government money, your evading tax and thusly killing anyone dependant upon it, which may or may not be moot in the american future but probably isnt currently... the GOP's plans and all the hyperbole about how evil they are pale in comparison.

careful now, thats somalia your asking for, cant have people cooperating and forming systems that arent centrally controlled....

[Enki]

if you dont use the central government money, your evading tax and thusly killing anyone dependant upon it, which may or may not be moot in the american future but probably isnt currently... the GOP's plans and all the hyperbole about how evil they are pale in comparison.

careful now, thats somalia your asking for, cant have people cooperating and forming systems that arent centrally controlled....

No, Somalia is filled with illiterate people. I think it'll be more like Snow Crash.