Money Monday: The BitCoin Stock Market
June 4th, 2012
You may have noticed that your usual Fed News Friday feature has transformed into our new Money Monday feature. Effective immediately Money Monday will be our weekly financial feature. You can still count on us to cover any big Federal Reserve news the floats along, but from now on we’re going to broaden the topic to include alternative currency. So, it’s only fitting that for our first Money Monday we go to the complete opposite side of the monetary spectrum… BitCoin. The FRN comes from a central bank. BitCoin is radically decentralized. The FRN derives its value from violently enforced legal tender laws. BitCoin is traded in a voluntary, sometimes illegal, counter economy. The FRN is used to track you, tax you and entrap you. The BitCoin is untrackable, untaxable and potentially anonymous. And while BitCoin has already revolutionized the way many people conduct commerce on the internet, now it appears it’s on its way to revolutionizing the way people trade stocks.
It’s called the Global Bitcoin Stock Exchange (GLBSE). It began a year ago a fully encrypted fully anonymous securities trading exchange, making it difficult for many BitCoin enthusiasts to use. But a recent redesign was launched that is much more user friendly for n00bs like m3.
Innovations like this only further my conviction that BitCoin is going to change everything we think we know about money. We’ve seen the counter economy in small pockets. Face to face commerce between like minded agorists occurs in alternative currencies everyday. Occasionally we see full blown open air marketplaces pop up where silver is traded alongside FRNs. With the advent of BitCoin we saw both one on one trade and commerce hubs emerge online. But now, with the BitCoin economy offering an alternative to Wall Street we are going to begin to see the counter economy begin develop alternatives to every sector of the mainstream economy. It may be a while before we’re paying university tuition or buying a home… but it’s only a matter of time now.
Ever since I saw Trading Places with Eddie Murphy and Dan Aykroyd as a child I have appreciated the concept of the stock exchange, but I have never braved its volatility, mainly because I’m a self-diagnosed “bureauphobe.” If there’s an application to fill out, or a document to sign, of tax form to submit I’m just a little bit uncomfortable, and I’ll often go through my life simply avoiding those sectors of society. So a BitCoin Stock Market is perfect for me, and I intend to dive into it post haste.
A significant advantage the GLBSE has over Wall Street is that there is virtually no barrier to entry. Signing up is free, potentially anonymous and anyone can issue a new stock on the exchange. So, it’s not just big companies. Now small start up companies have the same opportunity to court investors. GLBSE does collect a small transfer fee. Roughly .2%. That’s not two percent. That’s point two percent. Gotta love that.
Best of all GLBSE has already positioned itself to survive an attack from the feds. The website is hosted on servers in multiple countries, and backed up in many different locations around the world. In other words, the BitCoin Stock Market is poised to do to Wall Street what Pirate Bay has done to file sharing.
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