Canadian Mint dabbling in virtual currencies

Discussion in 'Currencies' started by mmm....shiney!, Oct 31, 2013.

  1. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    :lol: There is so much wrong with that last statement.

    http://business.financialpost.com/2...rld-of-crypto-currency-with-mintchip-project/

    http://www.coindesk.com/canadian-royal-mint-test-digital-currency-project-mintchip-year/
     
  2. petey

    petey Active Member Silver Stacker

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    I'm going to go out on a limb here and say that a physical currency would cost much less to "manage" than a digital one when you consider the cost of running highly redundant IT systems with strong security and constantly working against security breaches (loads of IT staff would need to be on board).

    That is of course, if your definition of "manage" doesn't include watching every move your people make with said currency.
     
  3. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Totally agree. :)

    I was scoffing at the suggestion that an entire government organisation/department would be replaced in the name of efficiency AND that replacing it with a "good" economist is a misnomer.
     
  4. Altima

    Altima Well-Known Member Silver Stacker

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    I don't like where we are headed.

    From sound money (gold/silver) to fiat money and now digital money.
     
  5. petey

    petey Active Member Silver Stacker

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    The possible positive of digital money is that it may allow privatised banks to offer their own currencies. With the right reputation they might be able to establish themselves as a safe haven of the digital world.
     
  6. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

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    I've had an eye on MintChip for a few years now. Don't expect anything like Bitcoin.

    Storing MintChip USD/CAD on a cellphone app (traceable to person, and potentially geo-tagging) provides a false sense of privacy when its just as traceable as an interbank transfer.

    There is one minor plus to this system - its almost just like credit chips in Deus Ex.

    By the way, in the post title, there is an missing 'd' in 'Canadian'.
     
  7. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    That would be a great way forward, this reputation would in part have to rely on some form of physical reserve - which implies hard money (gold/silver).
     
  8. willrocks

    willrocks Well-Known Member Silver Stacker

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    Would be good if private banks offered direct exchange between virtual crypto currencies, and precious metals. Perhaps even Gold/Silver vending machines that accept Bitcoin and Litecoin would be a step in the right direction.

    But unfortunately there's more money to be made stolen with a fractional reserve banking model.
     
  9. boston

    boston Active Member Silver Stacker

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    Perhaps. But would the plebs be allowed to hold gold/silver, or would it only be banks/governments like previously?
     
  10. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Put it this way. Only a libertarian govt or revolution wpuld allow banks to issue pvt cirrencies, so yes, the plebs could still hold PM.
     
  11. Byron

    Byron Guest

    What's the difference between this "brainwave" and tap and go?

    Seems like the same thing to me.
     
  12. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    No idea.

    I used "tap and go" for the first time in my life this morning, I'd seen the machine thing sitting there on the petrol station counter for ages, I always just thought it was a clock. :D
     
  13. TheEnd

    TheEnd Well-Known Member

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    Tap and Go is just a digital transfer....It is NOT a total digital currency?

    Martin Armstrong believes the new world reserve currency will be digital.....Its just a matter of time?
     

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