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BoingBoing Update on Bitcoin Alternatives

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mouser:
I have to say this Bitcoin thing makes no sense to me -- but then neither does any of economic theory.

Today boingboing has a nice couple of links to an alternative proposal that uses some of the same ideas as bitcoin, and a link to a crazy true story of how a virtual currency in Brazil solved a huge country-wide financial crisis in Brazil by tricking people into thinking their currency had magically become stable.

Am I the only person who gets the feeling that the entire world economy is one big confidence game sham?


http://boingboing.net/2011/07/25/bitcoin-alternative-distributed-but-not-decentralized-cash.html

Renegade:
Am I the only person who gets the feeling that the entire world economy is one big confidence game sham?
-mouser (July 25, 2011, 11:27 AM)
--- End quote ---

Nope.

rgdot:
Am I the only person who gets the feeling that the entire world economy is one big confidence game sham?
-mouser (July 25, 2011, 11:27 AM)
--- End quote ---

No, it's not only you.

nudone:
I think that's become common knowledge over the past couple of years.

Deozaan:
That summary of the Brazilian currency story doesn't seem accurate to me. They didn't trick the people into thinking their currency was suddenly magically stable. They phased out an unstable currency and replaced it with a new, stable one.

Sounds to me like they allowed the value of their URV to inflate at the same rate as inflation. Which sounds a lot like how the "gold standard" works to me.

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