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Would a single global currency be the most dependable way to insure efficient trade or is a thousand floating currencies more efficient?Stephen Morris answers well, and includes an intruiging policy option:In a world devoid of transaction costs every person could have his or her own personal currency.
Personal currency enables indirect reciprocity without relying on any central banks or authorities.
The acceptance degree of a personal currency depends on the issuer's service capability and reliance.
Peer credit limit is introduced to represent the amount of personal currency that will be accepted by other peers.
On January 4th an article in Die Weltwoche, a Swiss weekly magazine, accused Philipp Hildebrand, president of the Swiss National Bank (SNB), of personal currency speculation while the SNB was intervening to stabilise the Swiss franc/US dollar rate.
SWISS BANK CHIEF QUITS AFTER UPROAR OVER TRADES The resignation of Philipp M. Hildebrand over personal currency deals came as a surprise since he appeared to have the support of the council that oversees the Swiss National Bank, Jack Ewing reports.
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In this paper, we propose an indirect reciprocity scheme, called FairTrade, in which peers issue personal currencies to trade services in a P2P system.
Individual skills, expertise, reputation and authority have become the personal currencies of our economy.
Ms Reding termed personal data the "currency" of the digital economy.
But they do not as a category fit neatly into existing regulatory buckets, such as, currency, personal property, or securities.
Not everyone was comfortable with that revelation, but beneath the backlash, Professor Turkle said, loomed a larger struggle: users coming to terms with the Web's evolution from a free-wheeling Wild West into a mature marketplace where the currency, personal data, will finance and fuel the next generation of products and services.
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