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(Wired)   New digital currency is based on your reputation. We're all rich, because nobody has ever, EVER so much as fibbed once on the interwebs   (wired.com) divider line 41
    More: Asinine, digital currency, software architect  
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2079 clicks; posted to Main » on 18 Jul 2014 at 12:11 PM (19 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



41 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest
 
2014-07-18 09:00:22 AM  
A cache of cash based on your cachet?
 
ZAZ [TotalFark]
2014-07-18 09:22:00 AM  
The future is barter of useless trinkets, the system that currency was designed to replace all those millennia ago.
 
2014-07-18 11:56:08 AM  
Community did it already.
 
2014-07-18 12:13:01 PM  
I turned down sex with Morgan Fairchild because she has sharp knees. True story...
 
2014-07-18 12:14:55 PM  
Ah, cryptocurrencies, how else are we going to know who to defraud on the basis of having more idealism than sense?
 
2014-07-18 12:15:35 PM  
Do we all have to live at The Magic Kingdom?
 
2014-07-18 12:16:39 PM  
i'm the 4th best urgot in OCE. how much am i worth?
 
2014-07-18 12:18:48 PM  
It matters not to myself: the King of all Africa.
 
2014-07-18 12:20:40 PM  
You know I was talking about this in bed last night with my girlfriend Anna Kendrick.
 
2014-07-18 12:21:04 PM  
1) Build up rep on small transaction
2) Cash out on big fraud.

People do this on Ebay all the time.
 
2014-07-18 12:21:29 PM  
So... It's essentially a personally autographed photo/painting/memorabilia, traded on the barter system, where value is determined by its price in the market, its importance to the recipient, and the total number of others that come up on the market.


Virtual currency is already hard enough for people to understand.

Can you imagine trying to convince Rick or the Old Man that your LeBron coin is worth mega money?
 
2014-07-18 12:24:16 PM  

ZAZ: The future is barter of useless trinkets, the system that currency was designed to replace all those millennia ago.


It ain't worth a shiat until I can use it to pay for hookers and blow.
 
2014-07-18 12:24:29 PM  
What's the conversion rate to Stanley nickels?
 
2014-07-18 12:24:34 PM  
I got paid in digital scrip when I was back in the Core.
 
2014-07-18 12:24:42 PM  
jehovahs witness protection


I turned down sex with Morgan Fairchild because she has sharp knees. True story...

I did the same thing with Morgan Freeman...not really

Titty Sprinkles.
 
2014-07-18 12:27:36 PM  
GDubDub:

Virtual currency is already hard enough for people to understand.

Can you imagine trying to convince Rick or the Old Man that your LeBron coin is worth mega money?


I don't get that really. How does those people relate bankstatements and such. Or just paying with credit cards?
 
2014-07-18 12:29:21 PM  
This makes a great Wired article. Because Wired doesn't have to make sense.

Meanwhile if you really want to use a cryptocoin: The value of any money is already technically entirely subjective and variable. It's just that a lot of subjective valuations tend to cluster around the same guessed value. This whole project suggests to me this guy doesn't understand monetary econ even as well as I do, and I don't claim to understand monetary very well.

/and you thought BTC volatility was bad
//imagine a coin made to be volatile
 
2014-07-18 12:35:59 PM  
I want to be paid by the word, thank you.
 
2014-07-18 12:37:39 PM  
Glad to see that I'm not the only one to have ever come up with a really bad and pointless idea.
 
2014-07-18 12:39:03 PM  

jehovahs witness protection: I turned down sex with Morgan Fairchild because she has sharp knees. True story...


Don't knock sharp knees! They feel great when a lady sticks them in your anus!
 
2014-07-18 12:41:08 PM  

brokenhandle: Community did it already.


img2.wikia.nocookie.net
 
2014-07-18 12:43:27 PM  

Vacation Bible School: Do we all have to live at The Magic Kingdom?


dammit
 
2014-07-18 12:44:15 PM  

brantgoose: I want to be paid by the word, thank you.


You would never be short on money
 
2014-07-18 12:45:47 PM  
Great, another measure of my dead-ass broketude.
 
2014-07-18 01:00:54 PM  

brantgoose: I want to be paid by the word, thank you.


Paid by the word, that's chicken feed.
 
2014-07-18 01:04:36 PM  
I approve.

Sincerely yours,

Bernie Madoff
 
2014-07-18 01:08:49 PM  

ikanreed: Ah, cryptocurrencies, how else are we going to know who to defraud on the basis of having more idealism than sense?


Really the only difference between cryptocurrencies and reserve currencies is full faith and credit.  The early depression bank runs and devaluations look very similar in pattern to the Bitcoin crashes earlier this year.  The only difference is that it happens faster and there are no safeguards.
 
2014-07-18 01:09:24 PM  
What was that quote Forrest's mama used to tell him????????  What was that/?????


forrestgump227.files.wordpress.com
 
2014-07-18 01:10:02 PM  

grokca: brantgoose: I want to be paid by the word, thank you.

Paid by the word, that's chicken feed.


You haven't seen Goose's posts.
 
2014-07-18 01:24:05 PM  
For fark sakes I'm still broke.
 
2014-07-18 01:47:57 PM  

Vacation Bible School: Do we all have to live at The Magic Kingdom?


First thing I thought of.
 
2014-07-18 02:12:24 PM  

Vacation Bible School: Do we all have to live at The Magic Kingdom?


Came for this, leaving satisfied.

/I'll probably be down and out there
 
2014-07-18 02:13:00 PM  

brokenhandle: Community did it already.


Cory Doctorow did it first.
 
2014-07-18 02:30:34 PM  

ZAZ: The future is barter of useless trinkets, the system that currency was designed to replace all those millennia ago.


Since when is currency inherently valuable?
 
2014-07-18 02:48:11 PM  

jpo2269: What was that quote Forrest's mama used to tell him????????  What was that/?????


[forrestgump227.files.wordpress.com image 559x357]


At high speed scrollby speeds, its as if he's holding a CFL bulb.

Really makes you think of neon lights, las vegas and vampires or some sort of gay disco stew of colors racing towards an objective direction of the entire spectrum representing our biological adaptation to resist direct light radiation damage after electrons decide what colors go where more often.
 
2014-07-18 03:13:00 PM  

brantgoose: I want to be paid by the word, thank you.


I'll gladly pay you Tuesday for a 100gm gold bar (.99999 fine) today.
 
2014-07-18 03:24:30 PM  
"What is reputation?  People talking."  - Niska
 
2014-07-18 03:51:03 PM  
*brushes out mutton-chops, grabs quill and parchment, opens ink well, begins to scibe*

"Dear Online Purveyor of Goods and Services:

As a full-bonded member of the Genteel Class I can assure that my word and reputation are absolutely and thoroughly beyond reproach.  Be assured that my footman will be sallying forth with your payment upon the morrow; or, if not the morrow, then certainly within a fortnight.   Please have the goods sent around to the servants entrance where the Chef will receive them.

Again, I assure you that I am completely a legitimate member of the Landed Gentry.

With Most Sincerity,
William J. Starchshirt
Certainly Good for the Money"
 
2014-07-18 06:37:34 PM  
Make everyone the head of their own personal reserve bank with the power to issue currency backed by their credit rating.
 
2014-07-18 11:53:23 PM  

Mouser: Make everyone the head of their own personal reserve bank with the power to issue currency backed by their credit rating.


That would require every person to have or be able to donate a large chunk of their times absolute worth, it guarantees debt through dilating the rate of denial of access to designated property in transitional ownership.
 
2014-07-19 11:10:19 AM  

AngryDragon: ikanreed: Ah, cryptocurrencies, how else are we going to know who to defraud on the basis of having more idealism than sense?

Really the only difference between cryptocurrencies and reserve currencies is full faith and credit.  The early depression bank runs and devaluations look very similar in pattern to the Bitcoin crashes earlier this year.   The only difference is that it happens faster and there are no safeguards.


That is the only difference huh? Well sign me up!
 
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