Possible to mint coins redeemable for kwh??

[byronbb]

I came across this today.

Kilowatt Cards: a store-of-value and a medium-of-exchange
Kilowatt Cards are gift cards that pay for 10 kilowatt-hours of electricity (including taxes and fees) to benefit any consumer electricity account when redeemed though this web site. The electric utility does not accept Kilowatt Cards - we do - and then send cash payment to the company at the rate it normally charges retail customers for electricity.
Because these gift cards may be redeemed by anyone to pay for electricity, they can also be used to barter for other things, anything, worldwide. Kilowatt Cards are issued by a non-profit corporation founded to demonstrate the idea that financial liabilites denoted in kilowatt-hours constitue a new asset class having stable value, and to provide fixed-value paper to those who want it.

http://www.kilowattcards.com/template/index.cfm

Now I am imagining an alternative crypto-currency that allows people in low kwh areas to effectively sell their kwh through mining a coin and selling them to someone where their costs are high who then can redeem it for their electricity payment.  Make any sense??

[Stephen Gornick]

Now I am imagining an alternative crypto-currency that allows people in low kwh areas to effectively sell their kwh through mining a coin and selling them to someone where their costs are high who then can redeem it for their electricity payment.

Currently, there is no "Credit Society" to backstop these obligations.

However, there is a risk for borrowers who need to repay loans by acquiring kilowatt-hours, which is that the price of a kWh note may change as electricity prices rise and fall.

Repayment of these kWh loans would be the responsibility of the individual borrower, but in the event of default, the larger Credit Society would repay the Kilowatt Cards owed.

So you are buying an insured contract where you own paper electrons.

We know where this ends.

 - http://www.kilowattcards.com/template/page.cfm?id=109