Currency is such a strange and fascinating concept. Well, not currency itself, which is so intuitive it keeps approaching re-invention in every new environment I encounter.
So we’re discussing micropayments, and Kevin proposes ‘microwork’, which leads me to thinking about an entire microcredit system where you can pay for work in microcredits (micropayments administered by a centralized company like paypal— bitpass, for example) and you can be paid for work in microcredits.
At some point there would have to be an exchange mechanism. Which is where my head starts hurting. Because while you’d have to buy into the system with ‘real’ money, as more and more institutions adopted microcredits, you could conceivably spend most of your money via microcredits and what about inflation and so forth? Don’t exchange rates change around based on economies?
My head doesn’t REALLY hurt. But it does feel very crowded.