Where's my cyberdollars?
February 11, 2008 10:39 AM Subscribe
Will a online, untraceable, virtual currency reshape the world as we know it? And if so, why hasn't it happened yet?
posted by greytape to Work & Money (15 answers total) 5 users marked this as a favorite
I firtst learnt about virtual currencies through Neal Stephenson novels. In 'Cryptomonicon' our heros are searching for a colossal amount of gold to use as collateral for starting such a currency. Then in 'The Diamond Age' it is mentioned that it was the use of such an untraceable currency that destroyed the nation state as it meant governments could no longer collect taxes. Exciting stuff.
However, I've since spent a bit of time googling the issue, and have discovered that while currencies like this do already exist, they haven't taken the world by storm. Has Stephenson's idea of virtual money changing the world simply been proven false, or are we still waiting for some technological piece in the puzzle? And what would be the advantages to such a currency anyway?