Wired Magazine: The Future of Money

Economics Economics Questions
1

Great article in Wired Magazine: The Future of Money: It’s Flexible, Frictionless and (Almost) Free (http://www.wired.com/magazine/2010/02/ff_futureofmoney).

Excerpt: This is the kind of revolutionary fervor that PayPal was always intended to foment. Peter Thiel, PayPal’s cofounder and a die-hard libertarian, launched the company as a means of creating a stateless monetary system, making it possible for anyone to switch, instantly and easily, between global currencies. “PayPal will give citizens worldwide more direct control over their currencies than they’ve ever had before,” he told new employees in 1999, according to the book The PayPal Wars. “It will be nearly impossible for corrupt governments to steal wealth from their people.”

2

Cool stuff. I applaud anything that takes away power of big banks.

3

Not that revolutionary. We need a base form of money that is not US Federal Reserve Note based. How about pricing things in terms of Silver or Gold or some other form of money. It is a good idea that is based upon fiat currency that. So it is just a room build on the current house of cards.

Also does Twitpay or Paypal fraction its currency, in other words does it allow users to loan money from other accounts to pay debts with? If so then it is anti-revolutionary.

4

Yeah. They reserve the right to close your account and take all of the money without notice or reason. Revolutionary.