The current monetary systems have different problems. What is the best monetary system for the entire planet? One currency or multiple, gold or something else? What is the best monetary system for a state, for a company, for a circle of friends?

slug: article2 date: 2012-01-29 15:36:15 title: author: tags: type: answer toslug: article1 —

Try bitcoins:

  • Decentralized Bitcoin is the first digital currency that is completely distributed. The network is made up of users like yourself so no bank or payment processor is required between you and whoever you're trading with. This decentralization is the basis for Bitcoin's security and freedom.

  • Worldwide Your Bitcoins can be accessed from anywhere with an Internet connection. Anybody can start mining, buying, selling or accepting Bitcoins regardless of their location.

  • No small print If you have Bitcoins, you can send them to anyone else with a Bitcoin address. There are no limits, no special rules to follow or forms to fill out. More complex types of transactions can be built on top of Bitcoin as well, but sometimes you just want to send money from A to B without worrying about limits and policies.

  • Very low fees Currently you can send Bitcoin transactions for free. However, a fee on the order of 1 bitcent will eventually be necessary for your transaction to be processed more quickly. Miners compete on fees, which ensures that they will always stay low in the long run. More on transaction fees (Bitcoin Wiki)

  • Own your money! You don't have to be a criminal to wake up one day and find your account has been frozen. Rules vary from place to place, but in most jurisdictions accounts may be frozen by credit card collection agencies, by a spouse filing for divorce, by mistake or for terms of service violations.

In contrast, Bitcoins are like cash - seizing them requires access to your private keys, which could be placed on a USB stick, thereby enjoying the full legal and practical protections of physical property.

slug: article5 date: 2012-01-30 08:16:21 title: author: tags: type: answer toslug: article1 —

If i remember correctly, Bitcoin has been hacked:

However, i think first we need to ponder whether having anonymous money (such as cash or bitcoins) is the way to go. This is what money launderers are doing: obtaining money illegally, then use powerful feature of money's anonimity to become legit, and even respected, first class citizens.

slug: article10 date: 2012-01-31 09:39:18 title: author: tags: type: comment toslug: article5 —

It looks like was not hacked, but the some systems of some owners where hacked.

slug: article6 date: 2012-01-30 16:03:20 title: author: tags: type: answer toslug: article1 —

Maybe we should first identify and define the problems of the current monetary system.

One idea would be to see where it all started: take the simplest possible monetary system and see what the problems were, how they were solved and retrospect if those solutions were correct or if a bigger problem was masked into said solution. A start in this direction would be this book: "Globalizing Capital: A History of the International Monetary System (Second Edition)" by Barry Eichengreen.

More details here:

Upload sites are more and more cautious these days, so the pdf took a little digging. I am unaware if I am allowed to put a link to it here, but I will email it upon request.