June 20, 2012
Smackers, dough, shekels, loot, greenbacks, coin, moola, scratch, cabbage, bread, clams, no matter what its called, its all money. And its something that we need to begin talking about, gridlings. No matter what anyone thinks, there will be an inter-grid economy and that means money. And that means that we will have currency.
Over at Metapundit, a very important point was raised in his posting which can be summed up by quoting his statement “If they close up shop tomorrow or decide to stop supporting OMC, good luck to all the poor folks who’ve got a balance of OMC. “ OMC is Open Metaverse Currency and it is controlled by Virwox. Nothing against the company, but the point is this; how secure are our funds? Not just with Virwox but with any company that may come along and promote the use of their virtual currency.
In the Real World, our money being held by the banks is protected through such things as deposit insurance and regulation, but there are no such things in place to protect our virtual funds. The closest we have is PayPal and credit cards. I’ve never had a problem with PayPal, but there are many others who have. And using credit cards leaves people’s private financial information open to misuse.
Let’s face reality, gridlings, there will be unscrupulous people who will come along and will setup their own currencies and they will rip us off. So, how do we protect ourselves?