What exactly is a nation? It has borders… though they may be porous. They have armies for defense… which sometimes are weak or overly adventurous. They have taxes and hierarchies and issues of legitimacy. And with few exceptions they each have a currency. And with so few nations on the gold standard, that means that nations survive based on the assumption that those little slips of paper in your pocket actually have value. The unshakable pillars of the world’s mightiest economies are held up by our collective belief in the value of money. Funny, but it works.
During my search online, I found many students engaged in cryptogames games. This was not suitable for their studies.
But what might happen if currency itself became a completive market, where any corporation could release its own placeholders of value, and use them to buy and sell goods and services? Backed by faith (like the Dollar); redeemable for goods and services (like the Dollar). Usable anywhere without exchange (like the… no… wait… the Dollar isn’t like that). Nor is the Pound or the Yen or any single national currency. And the Euro isn’t much better, as it’s only freely used in the EU.
So what might happen if a non-nation currency was released? Its value would be driven by its acceptance (faith in its value), the ease at which it could be used to support transactions, and the rules which would govern the supply of that currency (supply rules are important to insure that a currency neither Inflates or deflates at a rate which would lead to a loss of faith in its value.)
In an age of virtual books (Kindle, Nook), virtual phones (Skype), virtual friends (Facebook), and virtual computing (cloud), virtual currencies were inevitable. Bitcoin is such a non-nation currency, served up in a completely virtualized fashion. But can the modern nation states permit these would-be competitors to flourish?
First, a virtual currency has questionable controls, meaning that while the goals of its preservation may be stated, the individuals involved in managing the currency can, at their discretion, change the rules. It would be like if you or I lived in a universe where we just happened to be the ones in charge of the global currency. We could change the money supply, inflation rate, etc. to suite our private needs, or being small fish in a very big pond be compelled to do so by those with lots of gold or large fists.
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