Topic: What are the most promising local currencies apart from Bitcoin? (Read 1059 times)
ethereum
XEM, TRX
Bitcoin has not just been a trendsetter, ushering in a wave of cryptocurrencies built on decentralized peer-to-peer network, it’s become the de facto standard for cryptocurrencies. The currencies inspired by Bitcoin are collectively called altcoins and have tried to present themselves as modified or improved versions of Bitcoin. 
There are hundreds if not thousands of alternative currencies round the world. Their diversity is the key to their success. Competing currencies will ultimately increase wealth in our society.
So apart from successful local projects like Ithaca dollars, is there anything else that looks like it could work on a large scale?
Thanks
So apart from successful local projects like Ithaca dollars, is there anything else that looks like it could work on a large scale?
Thanks
I believe CAT tokens by BitClave is another good thing to pay attention to! The market they plan to conquer is worth more than $550b! Besides, they already have 3 working prototypes.
December 27, 2010, 02:56:21 AM
Ithica Hours can't work on a scale larger than a small town of about 2K families.
Why? (I have my own opinion, but Im interested in hearing yours).
1) It doesn't really float, as it is functionally tied to the US dollar via the standard exchange rate, which I believe is still $8 per Hour.
2) It's still an unbacked currency by ongoing agreement, so it's acceptability is highly dependent upon the trust that users have that the issuing body can support the currency in times of trouble, if only by buying them back at $8 each.
3) It's velocity is a factor of not just who accepts the Hour, but who accepts it from whom as the Hour is much easier to counterfit than most national currecies, so there is a measure of trust required between parties, which usually requires some level of pre-existing relationship. (i.e. the I know where you live factor)
Any of these conditions would make it unsuitable for use over the Internet, but taken together they limit the use of any such currency to the very local level. Even a mid-sized American city couldn't make it work unless the city government itself were the issuing body and could adaquately resolve the issue of fakes.
December 27, 2010, 12:21:06 AM
Ithica Hours can't work on a scale larger than a small town of about 2K families.
Why? (I have my own opinion, but Im interested in hearing yours).
December 26, 2010, 11:30:13 PM
Ithica Hours can't work on a scale larger than a small town of about 2K families.
December 26, 2010, 03:47:24 PM
There was the liberty dollar, but since it was getting big, it was hit by the Feds.
December 26, 2010, 11:58:11 AM
There are hundreds if not thousands of alternative currencies round the world. Their diversity is the key to their success. Competing currencies will ultimately increase wealth in our society.
So apart from successful local projects like Ithaca dollars, is there anything else that looks like it could work on a large scale?
Thanks
So apart from successful local projects like Ithaca dollars, is there anything else that looks like it could work on a large scale?
Thanks
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