Geek Credits: Web Currencies vs. Local Currencies

In the last couple of years we have seen the rise of local and regional currencies as complementary currency systems. But why do we still focus so much on local currencies in an increasingly interconnected world?

Regiogeldvideo

Don’t people think, trade and work increasingly in a cross-border manner? Why should currencies be bound by purely geographic limitations?

Aren’t there any other (perhaps social) structures that could be far more suitable? And why can’t social networks such as Facebook, LinkedIn & Co be the perfect levers to bring these ideas into reality? After all, Facebook with its over 150 million global users represents a population greater than many large countries and is still in need for a business model.

How can decentralized financial systems be applied in practice?

In addition to previously blogged Ripplepay (“Social Currencies for You and Your Friends”), Geek Credits is another good example for a currency model in a social context:

“If you provide a service for community (writing free software, providing your band’s mp3s for download, etc) you may ask users to pay you Geek Credits.
You may also pay Geek Credits you received or issued yourself to anyone who agrees to accept them. Issuing a Geek Credit means a commitment to provide some service in the future to the community.”

Aren’t these any less worthwhile (thought) experiments compared to simply staying trapped in a regional/national context? We are looking forward to more examples.

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