‘virtual currency’ to ‘real currency’, a very sweet business if you can build one
Coin of the Realm, revisited
Posted on April 2, 2008 by Kaiser Kuo at Olgivy Digital Watch China covers a story on the issues surrounding virtual currency called QQ coins, and the potential impacts of its trade into Yuan (RMB).My comment on this:
‘virtual currency’ to ‘real currency’, a very sweet business if you can build one.
SecondLife’s ‘virtual currency’ of Linden Dollars are sold for ‘real currency’ US dollars.
So SecondLife’s business model seems predicated on a similar approach to QQ coin as a means of converting ‘virtual currency’ to ‘real currency’ and vice versa, with the company and other brokers taking a cut.
I put ‘real currency’ in quotes quite deliberately as all fiat currencies are inherently virtual by nature anyway.
All fiat currencies are worth only as much as what the confidence of the mass of people holding them places in them.
Look at Zimbabwe - no confidence in the state = 200,000% inflation.
Remember the dying days of the Wiemar republic.
The lady with the wheelbarrow full of cash was surprised to turn around to find her wheelbarrow stolen and the cash upended all over the footpath.
Making people’s virtual pets sick and selling virtual vet treatment is pretty sick in itself.
What next, ‘virtual avian bird flu’ sweeping SecondLife? Or ‘real avian bird flu’ sweeping the globe?
Wheels within wheels within wheels. Humans running hard in the wheels everywhere.
Run Forrest Run!
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
Comments
No comments yet.
Leave a comment