DailyDirt: Do You Trust Digital Currencies?

from the urls-we-dig-up dept

Global financial markets have shown that respectable currencies can be threatened by the actions of relatively small economies. The basis of modern money is trust, not the value of gold or of any particular physical goods. Perhaps digital currencies could provide some alternatives for small countries (who shall remain nameless, cough, Cyprus, cough, Luxembourg...), but there's still a problem of trust to resolve. It's not always easy to just switch to a new currency. Here are just a few forms of digital money that might be floating around. If you'd like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post via StumbleUpon.


Reader Comments (rss)

(Flattened / Threaded)

  •  
    identicon
    Anonymous Coward, Apr 16th, 2013 @ 5:08pm

    mining bitcoins takes energy and resources!

    http://arstechnica.com/business/2013/04/mining-bitcoins-takes-power-but-is-it-an-environmental-disas ter/

    But how does bitcoin mining compare to mining for gold or other metals? I would think much more favorably than diamonds or other commodities, too.

     

    reply to this | link to this | view in chronology ]

  •  
    identicon
    Anonymous Coward, Apr 16th, 2013 @ 5:40pm

    Do You Trust Fiat Currencies?

    I do not.

     

    reply to this | link to this | view in chronology ]

  •  
    identicon
    joe, Apr 16th, 2013 @ 6:06pm

    I trust digital currencies like Bitcoin and Litecoin. I just don't trust speculative markets and weakpoints of centralization like MtGox. For the foreseeable future the methodology behind Bitcoin creation and transactong is very robust, and that is what reporters should be discussing. In the interim, Bitcoin will see many booms and busts until an infrastructure to support it is in place, for normalized commerce we will see a lot of volatility.

    As to amazon coins and other such things, those are little better than gift cards, but who knows what they might evolve into.

     

    reply to this | link to this | view in chronology ]

  •  
    identicon
    Anonymous Coward, Apr 16th, 2013 @ 10:47pm

    I hope Bitcoin works out. I'm tired of paying $0.50 to Paypal for every book I sell.

     

    reply to this | link to this | view in chronology ]

    •  
      identicon
      anonymouse, Apr 17th, 2013 @ 3:46am

      Re:

      I am also one who hopes Bitcoin works out but at the moment the fluctuation in value is very high. I would have lost a lot of money if i had invested in bitcoins over the last few months as their value dropped by around 50%. Hopefully these fluctuations will become less and less and will result in a very stable currency. Maybe even one where people can use it for the majority of their transactions and as you say stop places like paypal ripping people off.

       

      reply to this | link to this | view in chronology ]

  •  
    identicon
    Anonymous Coward, Apr 16th, 2013 @ 11:24pm

    I trust things that have value.
    Paper or plastic in the case of Canada has limited value.
    As to the faith and credit of any thing, lol look at what's going on in Greece/Cyprus, what will soon happen in the USA.
    Soon the only thing that will have value are ammo cartridges.

     

    reply to this | link to this | view in chronology ]

  •  
    icon
    Zakida Paul (profile), Apr 17th, 2013 @ 1:05am

    I don't trust traditional currency because of the way it is now created, why would I trust digital currency?

     

    reply to this | link to this | view in chronology ]

    •  
      icon
      John Fenderson (profile), Apr 17th, 2013 @ 4:36pm

      Re:

      I wanted to express the same sentiment, but you put it into better words than I could come up with. So, I'll just say "me too."

      Me too.

       

      reply to this | link to this | view in chronology ]


Add Your Comment

Have a Techdirt Account? Sign in now. Want one? Register here
Get Techdirt’s Daily Email
Save me a cookie
  • Note: A CRLF will be replaced by a break tag (<br>), all other allowable HTML will remain intact
  • Allowed HTML Tags: <b> <i> <a> <em> <br> <strong> <blockquote> <hr> <tt>
Follow Techdirt
A word from our sponsors...
Essential Reading
Techdirt Reading List
Techdirt Insider Chat
A word from our sponsors...
Recent Stories
A word from our sponsors...

Close

Email This