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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?
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.
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.
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.
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.
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