Banks get ready for virtual cash

[Saturn7]

"Leading financial institutions and experts are betting that virtual currencies such as those used in video games will become mainstream tender in the real world within three to five years." 



http://afr.com/p/technology/banks_get_ready_for_virtual_cash_I7LI6KZ7wx9TXNwUKWuc9I#

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[Gabi]

in videogames? 

[Saturn7]

in videogames? 

It mentions bitcoin later, I guess there will be a difference between crypto cash and game cash like in farmville.
Like Gold is bitcoins and paper money would be equal to farmville cash.

[proudhon]

in videogames? 

It mentions bitcoin later, I guess there will be a difference between crypto cash and game cash like in farmville.
Like Gold is bitcoins and paper money would be equal to farmville cash.

I need to diversify into FarmVille cash. 

[evoorhees]

Any onlooker who puts a real currency like Bitcoin in the same category as FarmVille cash has missed the point entirely. The fact that they're both "digital" is where the similarities end... and indeed both Bitcoin and FarmVille cash share the "digital" trait with USD and all other fiat. All money is digital these days - even "paper money" is just redeemable coupons for digital currency in your bank account. The only serious non-digital currency is gold/silver.

USD is actually more similar to FarmVille cash than BTC, because the former two are A) centrally controlled and B) can be created at whim - two crucial attributes, and far more important than that all three of these are digital.

[Kazimir]

Any onlooker who puts a real currency like Bitcoin in the same category as FarmVille cash has missed the point entirely. The fact that they're both "digital" is where the similarities end... and indeed both Bitcoin and FarmVille cash share the "digital" trait with USD and all other fiat. All money is digital these days - even "paper money" is just redeemable coupons for digital currency in your bank account. The only serious non-digital currency is gold/silver.

USD is actually more similar to FarmVille cash than BTC, because the former two are A) centrally controlled and B) can be created at whim - two crucial attributes, and far more important than that all three of these are digital.

+1, exactly!

Comparing Bitcoin to "FarmVille cash" is symptomatic for the total lack of understanding and insight by these stone age bankers. Cryptography, P2P, decentralized, I guess most of them haven't got a single clue what these concepts are actually about. But I guess they'll find out soon enough. Cryptocurrency (and more specifically: Bitcoin) is here to stay.

[Piper67]

Any onlooker who puts a real currency like Bitcoin in the same category as FarmVille cash has missed the point entirely. The fact that they're both "digital" is where the similarities end... and indeed both Bitcoin and FarmVille cash share the "digital" trait with USD and all other fiat. All money is digital these days - even "paper money" is just redeemable coupons for digital currency in your bank account. The only serious non-digital currency is gold/silver.

USD is actually more similar to FarmVille cash than BTC, because the former two are A) centrally controlled and B) can be created at whim - two crucial attributes, and far more important than that all three of these are digital.

+1, exactly!

Comparing Bitcoin to "FarmVille cash" is symptomatic for the total lack of understanding and insight by these stone age bankers. Cryptography, P2P, decentralized, I guess most of them haven't got a single clue what these concepts are actually about. But I guess they'll find out soon enough. Cryptocurrency (and more specifically: Bitcoin) is here to stay.

Or... they understand Bitcoin and its potential implications only too well, so are desperately trying to lump it in with Farmville cash, WOW gold and other "toy" currencies.

[Fear]

We know for sure that bank chiefs will try to control digital coins and if they don’t succeed, they’ll prohibit such coins at all. Governments are likely to support banks because of available taxes for the budget.