Cyber Currencies Aren't Worth Squat

from the oh-well dept

I remember in 1998 an unnamed sales guy from an unnamed cyber currency company tried to convince the company I was working for that people would be much more willing to use his company’s cyber currency than their own credit cards to buy stuff on our site. It seemed like a really basic question at the time, but he sounded offended when I asked “why?”. After stammering for a bit, he went on this long explanation of how people don’t trust their credit cards online. So I asked what made him think people would trust his currency. That stumped him. As well it should have. It turns out that people do sort of trust their credit card companies enough that they don’t see the point of cyber currencies. That explains why they all pretty much collapsed this month. If you happen to have any cyber currencies left over, you better spend them fast.

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