View Poll Results: Could virtual currencies pose an economic danger?

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Thread: Could virtual currencies pose an economic danger?

  1. #1
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    Could virtual currencies pose an economic danger?

    Facebook seems poised to launch a virtual currency sometime in the next few months, known as Facebook Credits. It will only be used for on-site Facebook applications...at least at first. But in the long term, I'm worried what a ubiquitous virtual currency could do to the global economy.

    What happens if Facebook (or some other website) develops an extremely popular virtual currency? Even real-world merchants might start accepting payments in that currency if it was popular enough. Then we would all be at the mercy of a monetary policy which we had no control over, just like Greece currently is. So many people don't trust the independence of the Federal Reserve System; just imagine if we become dependent on a system with no accountability to the public whatsoever, like the Facebook Central Bank or the Bank of Twitter.

    I realize that this scenario probably will not happen for at least a decade, but it seems troublesome enough that our government should step in to regulate it now, before the virtual currency systems become entrenched enough that they can lobby against regulations.

    What do you think? Could this pose an economic danger a few years down the road, or am I just overthinking this?
    Last edited by Kandahar; 05-31-10 at 08:46 PM.
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    Re: Could virtual currencies pose an economic danger?

    Quote Originally Posted by Kandahar View Post
    Facebook seems poised to launch a virtual currency sometime in the next few months, known as Facebook Credits. It will only be used for on-site Facebook applications...at least at first. But in the long term, I'm worried what a ubiquitous virtual currency could do to the global economy.

    What happens if Facebook (or some other website) develops an extremely popular virtual currency? Even real-world merchants might start accepting payments in that currency if it was popular enough. Then we would all be at the mercy of a monetary policy which we had no control over, just like Greece currently is. So many people don't trust the independence of the Federal Reserve System; just imagine if we become dependent on a system with no accountability to the public whatsoever, like the Facebook Central Bank or the Bank of Twitter.

    I realize that this scenario probably will not happen for at least a decade, but it seems troublesome enough that our government should step in to regulate it now, before the virtual currency systems become entrenched enough that they can lobby against regulations.

    What do you think? Could this pose an economic danger a few years down the road, or am I just overthinking this?
    I think it would be wonderful if multiple virtual currencies developed.
    Decentralizing monetary policy is good, in my opinion.

    It would eventually face the same fate as the alternative hard currencies that were developed though.
    Government stopping it.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Could virtual currencies pose an economic danger?

    Quote Originally Posted by Kandahar View Post
    Facebook seems poised to launch a virtual currency sometime in the next few months, known as Facebook Credits. It will only be used for on-site Facebook applications...at least at first. But in the long term, I'm worried what a ubiquitous virtual currency could do to the global economy.

    What happens if Facebook (or some other website) develops an extremely popular virtual currency? Even real-world merchants might start accepting payments in that currency if it was popular enough. Then we would all be at the mercy of a monetary policy which we had no control over, just like Greece currently is. So many people don't trust the independence of the Federal Reserve System; just imagine if we become dependent on a system with no accountability to the public whatsoever, like the Facebook Central Bank or the Bank of Twitter.

    I realize that this scenario probably will not happen for at least a decade, but it seems troublesome enough that our government should step in to regulate it now, before the virtual currency systems become entrenched enough that they can lobby against regulations.

    What do you think? Could this pose an economic danger a few years down the road, or am I just overthinking this?
    Things like Second Life have had virtual currencies for years. I don't think it is going to be a big deal.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
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    Re: Could virtual currencies pose an economic danger?

    Quote Originally Posted by Redress View Post
    Things like Second Life have had virtual currencies for years. I don't think it is going to be a big deal.
    You ever play it?

    BORING!

    Geesh, that is the most boring game ever.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Could virtual currencies pose an economic danger?

    Quote Originally Posted by Redress View Post
    Things like Second Life have had virtual currencies for years. I don't think it is going to be a big deal.
    Yeah but they aren't really ubiquitous yet. You can't do much with a Linden Dollar outside of Second Life. My concern is that a virtual currency could become a standard method of payment online...and shortly thereafter would become a standard method of payment in the real world. If the US dollar gets supplanted by a privately-controlled currency, then we will no longer have any control over our monetary policy and we'll be less able to get through economic downturns.
    Last edited by Kandahar; 05-31-10 at 10:55 PM.
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    Re: Could virtual currencies pose an economic danger?

    Quote Originally Posted by Harry Guerrilla View Post
    You ever play it?

    BORING!

    Geesh, that is the most boring game ever.
    It is, but those who like it really do like it, and a few people are making bigtime money playing it.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: Could virtual currencies pose an economic danger?

    Quote Originally Posted by Kandahar View Post
    Yeah but they aren't really ubiquitous yet. You can't do much with a Linden Dollar outside of Second Life. My concern is that a virtual currency could become a standard method of payment online...and shortly thereafter would become a standard method of payment in the real world. If the US dollar gets supplanted by a privately owned currency, then we no longer have any control over our monetary policy.
    I don't think this will be an issue as long as they convert to real money. I could potentially see a situation where you could pay with a virtual currency, but I don't see a situation where you would have to pay with them.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

  8. #8
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    Re: Could virtual currencies pose an economic danger?

    Quote Originally Posted by Redress View Post
    It is, but those who like it really do like it, and a few people are making bigtime money playing it.
    I bet, I cruised around the add on designers and they have everything.

    Still though, there isn't that much to do in that game.
    I created a naked man/women elf with wings and flew around for a while.
    Last edited by Harry Guerrilla; 05-31-10 at 10:58 PM. Reason: spelling error.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Could virtual currencies pose an economic danger?

    Quote Originally Posted by Harry Guerrilla View Post
    I bet, I cruised around the add on designers and they have everything.

    Still though, there isn't that much to do in that game.
    I created a naked man/women elf with wings and flew around for a while.
    As best I can tell, it's mostly a cybersex tool.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

  10. #10
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    Re: Could virtual currencies pose an economic danger?

    Just think of the implications on college recruiting. Reggie Bush would have had the biggest farm ever.
    "Loyalty only matters when there's a hundred reasons not to be-" Gen. Mattis

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