Friday, February 21, 2014

(Related update): Alternative currency

Related update:  In the event you weren't convinced that Milton Friedman was a genius, maybe the fact that he basically predicted Bitcoin 15 years ago might help sway you.  From a post at Cato-@-Liberty:
Nobelist Milton Friedman, champion of free market economics and noted expert on money and banking, anticipated the coming of digital currencies, and foresaw the potential impacts that they would have on finance and economics.
In addition to a brief discussion of Friedman's prescience, the post contains a whole lot more about Bitcoin, its future, and it's amazing price volatility.  Read it all, here.

Original post (2/11/14):  I've posted here several times on Bitcoin, so my knowledge of alternative money is not non-existent.  I must confess, however, to not having heard about, yet alone understand, dogecoin, apparently another internet-based alternative form of money.  So, the topic of this post is alternative currency, about which three links below are concerned:

First, though Russia may be hosting the Winter Olympics currently, they're definitely not hosting bitcoin as a currency.

Second, things are looking bleak for bitcoin, at least according to this article from Yahoo Finance.  Of course, the currency has been declared dead several times before, so I wouldn't be surprised to see it rebound.

And last, here's an excerpt from an article at The Freeman on dogecoin:
There is quite a debate raging on the forums about whether DOGE is a viable competitor to bitcoin or the US dollar for everyday purchases. It has already proven itself as the dominant Internet tipping currency. It even crossed over into the non-digital world when fundraisers collected 26 million DOGE, worth nearly $25,000 at the time, to send the Jamaican bobsled team to the Sochi Olympics. Additionally, the dogecoin community raised $30,000 worth of DOGE to help provide service dogs to children in need.