Bitcoin Forum
December 09, 2016, 03:26:31 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: What are the most promising local currencies apart from Bitcoin?  (Read 802 times)
Fog Fence
Jr. Member
*
Offline Offline

Activity: 55


View Profile
December 26, 2010, 03:58:11 PM
 #1

There are hundreds if not thousands of alternative currencies round the world. Their diversity is the key to their success. Competing currencies will ultimately increase wealth in our society.

So apart from successful local projects like Ithaca dollars, is there anything else that looks like it could work on a large scale?

Thanks

Could Ten Million Suitcase Stalls Sort Out Half the World’s Problems?
Now on Medium: http://tinyurl.com/k789fwf
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
hugolp
Hero Member
*****
Offline Offline

Activity: 742



View Profile
December 26, 2010, 07:47:24 PM
 #2

There was the liberty dollar, but since it was getting big, it was hit by the Feds.
MoonShadow
Legendary
*
Offline Offline

Activity: 1666



View Profile
December 27, 2010, 03:30:13 AM
 #3

Ithica Hours can't work on a scale larger than a small town of about 2K families.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
hugolp
Hero Member
*****
Offline Offline

Activity: 742



View Profile
December 27, 2010, 04:21:06 AM
 #4

Ithica Hours can't work on a scale larger than a small town of about 2K families.

Why? (I have my own opinion, but Im interested in hearing yours).
MoonShadow
Legendary
*
Offline Offline

Activity: 1666



View Profile
December 27, 2010, 06:56:21 AM
 #5

Ithica Hours can't work on a scale larger than a small town of about 2K families.

Why? (I have my own opinion, but Im interested in hearing yours).

1)  It doesn't really float, as it is functionally tied to the US dollar via the standard exchange rate, which I believe is still $8 per Hour.

2)  It's still an unbacked currency by ongoing agreement, so it's acceptability is highly dependent upon the trust that users have that the issuing body can support the currency in times of trouble, if only by buying them back at $8 each.

3)  It's velocity is a factor of not just who accepts the Hour, but who accepts it from whom as the Hour is much easier to counterfit than most national currecies, so there is a measure of trust required between parties, which usually requires some level of pre-existing relationship.  (i.e. the I know where you live factor)

Any of these conditions would make it unsuitable for use over the Internet, but taken together they limit the use of any such currency to the very local level.  Even a mid-sized American city couldn't make it work unless the city government itself were the issuing body and could adaquately resolve the issue of fakes.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!