The problem with most online currencies is that they have no online basis. They are metaphors for offline currency. In these days of the Internet's infancy, as in the days of society's infancy, currency must have a practical equivalent, such as gold or livestock. Online, there are four variables that could be used in trade: information, speed, access, and space.
Most people would immediately assume that information is the natural choice. After all, data is what the Internet is all about. The problem is, of course, not only that content is in the eye of the beholder, but that by the very nature of computers, content can be multiplied at will.
Speed is highly dependant upon location, so that leaves the one great online constant: space and the access thereto. Imagine, if you will, a webhosting service that gives you a definite number of bytes per dollar, and then allows you to give out those bytes to others. Before being allowed to view a certain webcomic or what-have-you, you have to click a button to sign over a megabyte of space on the server of your choice. The artist can then consolidate these megabytes to host his page, or cash them in for real-world currency.
As I see it, there are two problems with this system. The first and most obvious is that most people don't need that much space... yet. The second is that this system requires third-party confirmation. Any thoughts?
Space-based currency
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...also, correct me if I'm wrong, but doesn't this system also ultimately rely on offline cash?
Very interesting train of thought, though.
Very interesting train of thought, though.
Vince Coleman
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sure, and since we are all interested in a new sort of economic system, it is worth while to toss any idea, no matter how crazy, into the hat for the sake of brainstorming...
The key to a new economic system is new ways of thinking, not just a new way of working with an old system. When Alexander Hamilton thought up the idea of the dollar, it was totally crazy and new at the time.
(I did a report on Alexander Hamilton in highschool... I'm not just some know it all who throws around obscure facts to sound obtuse... though I guess I could try to be if there were some money in it...)
The key to a new economic system is new ways of thinking, not just a new way of working with an old system. When Alexander Hamilton thought up the idea of the dollar, it was totally crazy and new at the time.
(I did a report on Alexander Hamilton in highschool... I'm not just some know it all who throws around obscure facts to sound obtuse... though I guess I could try to be if there were some money in it...)
Vince Coleman
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Hamilton
I like the gold-standard net currency idea.