Never seen these ones before:
I have this idea of a future with virtual peer to peer banking. A kind of
decentralized and secured system. Gone would be the times that governments
and banks can track and interfere with our money transfers. Or even
interfere with the total amount of money on earth. My envisioned sytem would
have a fixed total amount of money. But each money unit (say virtual coin)
is divisable indefinitely. So a kind of deflation would replace inflation.
The total value of the money in the world would be a fixed number. It poses
no problem for liquidity, because the currency can be divided anytime.
However maybe people will not spend their money much, because it's value
will increase often. Other problems raise in the areas of security,
malicious use, and how to come towards such system from current systems?
These are just ideas, I like to hear comments or about net resources on this
subject.
Someone replied:
What you don't understant is how money gets its value. It gets its value by
having a stck of some metal, ore, etc. i.e. if you have a $1 bill, it
represents one dollar worth of gold, silver, of whatever. If what you are
saying is to come, than the world would be overcome with inflation, which is
a misrepresentation of how much of the metal, ore, etc. a country actually
has.
Reply to that:
um, no. this hasn't been true of us currency since, what, 1890 maybe?
originally us currency was backed by gold, now it is not. the only
reason us currency is worth anything is because people believe it is.
And then someone called "Miner" says:
Maybe the community can bypass the old powers (countries and governments).
It wouldn't be a revolution, but rather evolution. Slowly a new p2p system
might take over. The current monetary systems were mainly backed with gold
(not anymore now, to my knowledge). Maybe the underlying values of a virtual
peer to peer system could be other scarce resources, relatively easy to
exchange via internet. Examples are: computer processing power, bandwith and
data storage. These resources would make a limited peer to peer money
exchange system possible. Limited to the total real life value of all these
resources. However from that point other resources could back up the virtual
currency...
Date of these messages: Mon, 9 Dec 2002 23:05:31
It's pretty interesting to find old posts of someone talking about the Bitcoin idea many years before it got released. If someone can find more post them there.
Source of these messages:
https://groups.google.com/forum/#!original/uk.finance/-Ko72tv170I/HVEGdpavKmYJ
