Alternative currencies are nothing new (see Liberty Reserve, Berkshares and Ithaca Hours), and are an excellent way to break the inflationary and economically debilitating effects of fiat money. All that is really needed is buy-in and acceptance from a community that’s large enough, and commitment from other networked systems to allow for trading and exchange (the necessity of a government oversight and control framework is debatable). However, given the amount of pressure and negative attention that Bitcoins have received from regulators, central banks and other naysayers around the world — and the pervasiveness of the fiat money system (in terms of the controlling interests), this development concerns me tremendously. Something just isn’t right here!
Passionate about the Open Internet | Cybersecurity Maven | Advisory CIO | Educator
Niel Harper 