Quote Originally Posted by Duke Malcolm
I favour the Gold Standard rather than the value of money being linked to the country's wealth...
It is more than wealth, to be honest, look at the US. Our currency is pretty crap right now, but that doesn't reflect how well it is doing overall. It has quite a lot to do with how many people want it, and how accessible it is.

Quote Originally Posted by MRD
Paper money may not leave a paper trail, but it exists, and it has serial numbers.
Traditionally, paper money has been just as "fake" as digital money.
It was originally, and I suppose theoretically to this day, to simply be a piece of paper which represents real money in some bank, just as a check or something. In effect, digital money is just as real as paper money; it is a means of "universal" trade that replaced gold, ie it represents the value of trading a loaf of bread for some other thing, but it is the standard of value throughout so one can trade a dollar bill rather than some other item or service for that loaf of bread. This system has, IMO, led to some of the great developments in history, like how we are no longer a feudal system or as dependent on our employers for the basics of life; we no longer rely on them to directly give us our food, shelter or such other things.

And on topic, until this replaces the monetary systems, I can't see how this is that huge of a devolopment. One must still trade their money for this e-money, and unless the owners of this business were stupid, they would be using the same exchange rates that we all do.