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A New Currency for the Internet

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A New Currency for the Internet

Post by DigDog on Sat Jun 23, 2012 9:38 am

A New Currency for the Internet

Though its merely a global system of interconnected computers, the internet truly exists within its own spatial realm, in many ways a world each of us are citizens of in addition to our own countries. It lacks, however, its own unique and universal superstructures established in the physical world like governments, law enforcement and economic systems. That may be changing.

Last weekend, amongst the artists, musicians and entrepreneurs at Northside Festival, an innovative start-up launched a project that may literally alter the internet as we know it: Kurrenci, a digital money platform touted as the “internet’s own money.”

We spoke with Mosheh Poltorak, the V.P. of Marketing & Business Development at Kurrenci, about the inception of the project, its uniqueness against competitors and how Kurrenci will benefit artists.

Read more: http://hyperallergic.com/53181/kurrenci-a-new-currency-for-the-internet-at-northside-festival/
Discuss.
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Re: A New Currency for the Internet

Post by Rage on Sat Jun 23, 2012 10:36 am

Invest in Bitcoins
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Re: A New Currency for the Internet

Post by DigDog on Sat Jun 23, 2012 11:39 am

There have been examples in the early days of the internet (mid 1990s, early 2000s) of digital currencies that failed. Most recently, Bitcoin started gaining some traction but hasn’t reached mass-appeal. We are very different from these as we are focused on value as opposed to the cryptology of the currency (because we are a centralized stored-value system we don’t need that).
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Re: A New Currency for the Internet

Post by Rage on Sun Jun 24, 2012 12:01 am

I could probably find a bunch of quotes to post as well, but for the sake of simplicity I will probably just stick with the government issued currency. Bitcoins and any other internet currency are kind of retarded anyway.
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Re: A New Currency for the Internet

Post by DigDog on Sun Jun 24, 2012 12:38 am

It's easy to say that as an American, because all the stuff you buy online is in dollars. But for other countries who always have to put up with conversion rates and other crap this isn't too bad of an idea. And of course it would eliminate the need for all these different payment methods like Paypal and whatnot and have one unified method instead.

The idea is good, if they manage to pull it off.
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Re: A New Currency for the Internet

Post by Mrsebi on Sun Jun 24, 2012 10:38 am

Economically, this poo poo just doesn't work.
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Re: A New Currency for the Internet

Post by DigDog on Sun Jun 24, 2012 11:01 am

Do you have any facts to back that opinion of yours?
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Re: A New Currency for the Internet

Post by Mrsebi on Sun Jun 24, 2012 11:23 am

An education in business. To put it simply: each individual currency has many different methods in which it can actually increase and decrease in value, from a floating currency, to semi-floating, to tied to another currency specifically. The main issue here is that this is to do with global economics: in essence stuff that's way bigger than the internet.
Then you bring in this idea. It's like Steam started charging for only Game-Points that could THEN be used to buy games, rather than buying the games directly. Except all it would mean is that the process was more convoluted and irritating. Now replace game points with some stupid obscure point system that another company would ideally have everyone use so they can profit of it, this is opposed to the individual companies like Paypal, Ebay, Steam, whatever. There will still be the same imbalance between currencies that there always is (because that imbalance exists for a reason, it's not a poorly designed economic system), just someone else making money.
All in all, this has the validity of you tearing your skin off, writing numbers on it, and trying to get it approved as an international currency. It's stupid, nobody is going to accept it, and quite frankly: you would be dead due to having no skin.
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Re: A New Currency for the Internet

Post by Tim Hortans on Mon Jun 25, 2012 8:11 am

my post is going to be easier to read than sebi's!

how are they going to get enough services to support this currency to make it a valid method of buying/selling?
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Re: A New Currency for the Internet

Post by DigDog on Mon Jun 25, 2012 10:14 am

I'm not a business major but they seem to have a proper plan there, seeing that they're been working on it for a while. I guess only time will tell.

But I bet if you promise them a new source for customers then they'll happily give it a try.
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Re: A New Currency for the Internet

Post by Tim Hortans on Mon Jun 25, 2012 11:37 am

i dont bet that at all because anybody with a brain would see this and say "this is a waste of my time to incorporate this since its just recently starting out and has a laughably small amount of users"

and if everyone says that, it will never get off the ground.
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Re: A New Currency for the Internet

Post by DigDog on Tue Jun 26, 2012 2:13 am

Yes because every successful internet thing immediately started out with millions of users so it didn't have to worry about that.
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Re: A New Currency for the Internet

Post by Tim Hortans on Tue Jun 26, 2012 3:53 am

how many successful internet things do you see today that are similar to this?
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Re: A New Currency for the Internet

Post by DigDog on Tue Jun 26, 2012 4:27 am

How many successful internet things did you see that were like eBay before it was invented?

Everything has to start somewhere, that's the point of inventing something that doesn't exist yet.
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Re: A New Currency for the Internet

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