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Title: Testing the Limits of Definition of Digital Currency! Post by: Mageant on August 10, 2014, 08:33:52 PM Governments are getting the idea that they can somehow regulate or forbid "digital currencies" even though at a basic level they are just information.
I would like to gather suggestions of how we can push the limits of what a "digital currency" can be. For example, what if we had an Altcoin - just for fun - that had a huge amount of inflation (say 100% per year). Obviously people would not find this valuable, but from a pure software standpoint you could run the program and send each other these tokens just like you would with Bitcoin. Would digital currency regulations then also apply to this software? Even more extreme, what about a token exchange system where every participant can just create as many tokens as they like. Is that also a "digital currency"? I'm looking for ideas that are right on the borderline between a useful digital currency and one that cannot really be seen as such. Does anybody have any more ideas? Title: Re: Testing the Limits of Definition of Digital Currency! Post by: fish731 on August 10, 2014, 08:42:08 PM I think as far as Governments are concerned, a Digital Currency is anything digital that people are prepared to swap for cash. If people were prepared to swap monopoly money for real cash, then governments everywhere would try to regulate it, even though it's not digital.
Title: Re: Testing the Limits of Definition of Digital Currency! Post by: Mageant on August 10, 2014, 08:54:22 PM I think as far as Governments are concerned, a Digital Currency is anything digital that people are prepared to swap for cash. If people were prepared to swap monopoly money for real cash, then governments everywhere would try to regulate it, even though it's not digital. What about mp3 or movie files, or software programs then? Seems kind of unlogical that those would be considered digitial money. Title: Re: Testing the Limits of Definition of Digital Currency! Post by: fish731 on August 10, 2014, 09:13:54 PM I think as far as Governments are concerned, a Digital Currency is anything digital that people are prepared to swap for cash. If people were prepared to swap monopoly money for real cash, then governments everywhere would try to regulate it, even though it's not digital. What about mp3 or movie files, or software programs then? Seems kind of unlogical that those would be considered digitial money. There is a dev on here trying to sell BEEPs as a new form of crypto. Apparently each one sounds like a different farting noise, and he expects people to use them as a currency, though I don't think they are on an exchange yet. Title: Re: Testing the Limits of Definition of Digital Currency! Post by: fish731 on August 10, 2014, 09:15:52 PM I found the link to the BEEP announcement page. The dev calls BEEP an asset backed by sound and he says you can buy BEEP on the counterparty decentral exchange http://counterwallet.co
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