Back in the day, say 2004 or 2005, some far-seeing folks tried to set up virtual currency exchanges. Traffic was too light at the time, but now it seems to be a sustainable business model with some venture buy-in. See this article in Forbes. Here's the skinny: The exchanges stand ready to transfer balances in either direction for a large number of currencies, including $. It's a natural next step in the evolution of this space. When there were a zillion European currencies, banks made a lot of money just helping you switch from one to another. "If it's Drachma, this must be Greece! Therefore, Tuesday!" Followed by "O Noes it's SPARTAAAAAaaaaaaa......." -Splat-
Comments on Virtual Currency Exchanges on the Upswing:
And after you hit the bottom of the Great Spartan Pothole, they give you a nice government job with a fat pension, paid for by Germany.
Posted Apr 18, 2012 9:00:47 AM | link
Is there any sort of regulatory oversight of these currencies? What would happen if 1000 people give Bob $1000 in exchange for 1000 Bobbucks each and Bob devalues his virtual currency and keeps the dollars?
Posted Apr 18, 2012 1:49:09 PM | link
If only the European markets had destroyed themselves when GOM was around, huh?
Posted Apr 18, 2012 7:47:16 PM | link