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In spite of the numerous problems which have manifested themselves with cryptocurrency, I find have always found the idea of a monetary system not owned by the

by skohan 7y ago

In spite of the numerous problems which have manifested themselves with cryptocurrency, I find have always found the idea of a monetary system not owned by the state to be interesting. A monetary system owned by corporations is downright horrifying.

JulianMorrison 7y ago
It used to be common. It was called "company scrip". You got paid in Wonka Wooden Dollars, nominally the same as regular dollars, and then could only spend them at a Wonka grocery store. No matter what you did, the company clawed back a bit more and a bit more, because they had a controlling hand in the entire ecosystem.
- C1sc0cat 7y ago
  Which is why there are "Truck" acts on the books in the UK and USA. Though I suspect the current US president would like to revoke those and I am not sure that Boris wouldn't
dannykwells 7y ago
... Who did you imagine would have the resources and credibility to create a non - state currency, except for a (large) corporation??
- sjtindell 7y ago
  The Bitcoin project is a great example of the potential for something like this. To this day the creator or creators have never been identified. Key word potential.
  - scarface74 7y ago
    And the value fluctuations of bitcoin compared to stable currencies isn’t something that should give users confidence in it.
- feanaro 7y ago
  Even if a large corporation was the one to design a non-state currency, it doesn't imply they would have to possess ultimate control over it. At least several thriving and established cryptocurrencies have been created without a single corporation having control over them, regardless of how you count them.
mc32 7y ago
People complain about account suspensions now. Imagine how upset they would be if their money were tied into this account. Or, you’re attempting to purchase from an unapproved vendor. This vendor was suspended for donating to a candidate who voted for breaking up Facebook. You used unapproved language, that incurs an automatic deduction of $X from your account.
- aerique 7y ago
  Still, if Facebook makes the currency interesting and convenient enough (discounts at stores when using ƒ!) a lot of people will lap it up. The only hope is it will not become popular enough to become too big to fail.
- youtubeShooter 7y ago
  Wouldn't be the first time. For people who carve out their livelihood on these platforms (or TRY to), the consequences of getting blacklisted ruins them, and things can become quite desperate. Getting your PayPal account hacked and drained is pretty bad. Getting blacklisted on Patreon is possibly worse.
Errancer 7y ago
I think this book might give you some insight on this topic: https://en.wikipedia.org/wiki/Debt:_The_First_5000_Years https://en.wikipedia.org/wiki/Debt:_The_First_5000_Years

by skohan 7y ago

JulianMorrison 7y ago

It used to be common. It was called "company scrip". You got paid in Wonka Wooden Dollars, nominally the same as regular dollars, and then could only spend them at a Wonka grocery store. No matter what you did, the company clawed back a bit more and a bit more, because they had a controlling hand in the entire ecosystem.

C1sc0cat 7y ago
Which is why there are "Truck" acts on the books in the UK and USA. Though I suspect the current US president would like to revoke those and I am not sure that Boris wouldn't

dannykwells 7y ago

... Who did you imagine would have the resources and credibility to create a non - state currency, except for a (large) corporation??

sjtindell 7y ago
The Bitcoin project is a great example of the potential for something like this. To this day the creator or creators have never been identified. Key word potential.
- scarface74 7y ago
  And the value fluctuations of bitcoin compared to stable currencies isn’t something that should give users confidence in it.
feanaro 7y ago
Even if a large corporation was the one to design a non-state currency, it doesn't imply they would have to possess ultimate control over it. At least several thriving and established cryptocurrencies have been created without a single corporation having control over them, regardless of how you count them.

mc32 7y ago

People complain about account suspensions now. Imagine how upset they would be if their money were tied into this account. Or, you’re attempting to purchase from an unapproved vendor. This vendor was suspended for donating to a candidate who voted for breaking up Facebook. You used unapproved language, that incurs an automatic deduction of $X from your account.

aerique 7y ago
Still, if Facebook makes the currency interesting and convenient enough (discounts at stores when using ƒ!) a lot of people will lap it up. The only hope is it will not become popular enough to become too big to fail.
youtubeShooter 7y ago
Wouldn't be the first time. For people who carve out their livelihood on these platforms (or TRY to), the consequences of getting blacklisted ruins them, and things can become quite desperate. Getting your PayPal account hacked and drained is pretty bad. Getting blacklisted on Patreon is possibly worse.

Errancer 7y ago

I think this book might give you some insight on this topic: https://en.wikipedia.org/wiki/Debt:_The_First_5000_Years https://en.wikipedia.org/wiki/Debt:_The_First_5000_Years