Editor’s note: Stan Stalnaker is the founding director of Hub Culture, a social network that revolves around a virtual currency called Ven. In this guest post, he extrapolates where virtual currencies like Ven and Bitcoins may take us.
Virtual currencies are in the news again with all the discussion around Bitcoins, which is limited in supply and can be exchanged anonymously. Our own long experience with another digital currency, Ven, has made us think about the logical conclusion of these activities, and what it means for money at large. And what it means is the end of money as we know it.
Digital currencies are really just online account books that measure and record transactions of financial value between nodes on the Internet. The first ones—Beenz, Flooz and others, arrived with the first wave of the Internet in the 1990s and failed. By the middle of the…
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