I'd be interested in how much of the private Scottish money turned
out to be bogus (either counterfeit, or being issued by the 18th
century equivalent of Romanian scammers)?
It would be great in an ideal world, but given the problems with the
existing fiat currencies, and the suspicions many people have about
some (OSgold being the most commonly mentioned), and the ethereal
nature of the internet, is it as feasible?
One of my eccentricities is reading business magazines, and a number
of articles recently have been commenting on the economy in Somalia,
which is doing quite well all things considered despite there being
no central government or even local governments in many areas. While
some of the institutions there have started issuing currencies,
smugglers from neighbouring countries have been importing
counterfeits by the truckload (and of course there is no government
to try and stop them or punish them if caught!).
Especially if/when digital currencies move to an encrypted model,
where the actual exchangeable currency will consist of either
computer code, or a smart-card/chip with heavy encryption, what is to
stop the plunderers and scam artists from starting to 'mint'
themselves endless funds, or 'copy' other people's funds?
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