29 Oct '12, 4pm

Do Bitcoin, Paypal etc threaten Positive Money’s ideas?

Do Bitcoin, Paypal etc threaten Positive Money’s ideas?

One of the basic claims made by Positive Money is that government and central bank should create and spend money into the economy as required. Francis Coppola claims that idea is “fundamentally flawed” because of the existence of various forms of unofficial or quasi-money. These include Bitcoin, Payal, Airmiles, supermarket reward points, local currencies and government debt. Frances has an MBA and has worked in banking, so I take her views seriously. Plus I follow her blog. I’ll argue below that some of these quasi-monies certainly need watching. But the claim that they render Positive Money’s ideas “fundamentally flawed” over-states the case. There are numerous reasons why these types of quasi-money are not too much of a problem . I’ll begin by running thru these. But not every one of these reasons is applicable to each type of quasi-money. So I’ll then consider each typ...

Full article: http://www.positivemoney.org.uk/2012/10/do-bitcoin-paypal...

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