Alternative Currency?

http://banoosh.com/...apple-savvy-pros-push-bitcoin-currencyand internet based currency?not backed by any government an no government control?Good or bad?Enjoy

Thread moved here from the Proposed New Topics forum.

It fits the paranoia of some people well.I wouldn't use it except on rare occasions, and never keep much of a balance in it.

Non-governmental currencies have been tried and used in the past and in fact, have been fairly common.

The big problem I see with this bitcoin idea is that the value of the currency is going to be wildly volatile. The value of a bitcoin is completely free-floating - there's nothing concrete to anchor, and you have little idea how much the coins you buy today are going to be worth tomorrow.Of course, government-backed currencies also fluctuate in value, but the sort of exchange rate fluctuations that would indicate a colossal government crisis with a normal currency seem to be the standard for bitcoins. We're talking a currency that increased in value almost 2000% over the course of a couple of months, then more than halved in value in a few hours. That's not something I'd want any savings in.

I think what you are seeing is fluctuations from investors playing it like stocks.And the value of the $ could be fluctuating instead -- that's the problem with multiple currencies, each one is always going to fluctuate, yes?If it were the only currency then what would it fluctuate against? Milk? Gold? Hours of work?Enjoy

It's a pollyanna world you are thinking of.RAZD writes: Remember the Mowgli story about the King's Ankus?

Sex has the potential to become an alternative currency when the sexual more allow bartering between those who desire sexual attention, even the mere company of a harlot who receives favors in return.The Invisible Hand of Prices according to Adam Smith, will immediately adjuct the value of such trades.When we see that 80% of all the Nation's wealth ends up in the control of women, while things like the present $1 Trillion Dollar Welfare budget illustrate how Food stamps, free contraceptives, Federal paid Abortions, Housing, Special Education stipends, etc are really collective contributions of the society to the women who qualify it become apparent that this is a currency second the visible economy.It is a second currency within a sub-economic environment where the transaction as hardly different fro Black Market Enterprises.