Without the gold standard, argues consultant Dave Birch, pounds are no more real than World of Warcraft gold. Photograph: Getty Images
From The Guardian:
Money. The stuff that makes the world go round. Every day we earn it, spend it, exchange it and lose it. But you won't find any Linden dollars, Eve ISK or Facebook credits down the back of the couch.
Virtual currencies like these are used for transactions in online worlds and social networking sites. While real-world currencies are on the slide, many virtual ones are going from strength to strength. In the second quarter of the year the equivalent of $144m (£91m) was traded on the LindeX, the official currency exchange of Second Life, where residents buy and sell Linden dollars for their US counterpart – a 20% increase on the previous quarter, while the US economy shrank by 1%. Trading activity increased by 6% in the last quarter of 2008.
Read more ....