Author Topic: Lithuania issues virtual pseudo-coins  (Read 162 times)

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Offline Figleaf

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Lithuania issues virtual pseudo-coins
« on: July 10, 2020, 11:23:27 PM »
A generation ago, Lithuania was a neglected corner in the vast Soviet empire. Today, only museums remind visitors of Soviet times. City centres have been re-vitalised, buildings are fixed up, tourists are flocking in and a charming set of small commemoratives is succeeded by expensive pieces of metal that are unfit for circulation. The powers that be have embraced fintech in a bid to become a financial centre in an alternative way.

Against that background, the development of a virtual pseudo-coin seems logical, but is the collecting world ready for it? The item in question is a coupon to obtain a silver pseudo coin. A coupon will cost €99. The coin has a denomination of €19.18, a reference to the year 1918, in which the Lithuanian act of independence (from the Soviet Union) was signed by 20 people. The property rights of the coupons are supported by blockchain technology. The vital point is that the coupon is good for 1 physical and 5 virtual coins. Swappers, get ready. More information here.

What do you think? Is this a first of a long series or a fluke? If you happened to have €99 lying around unused, would you consider buying some virtual coins? Would you sell the physical coin to obtain a virtual coin with a signatory you don't have?

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Figleaf

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Re: Lithuania issues virtual pseudo-coins
« Reply #1 on: July 11, 2020, 04:58:18 PM »
There's no rush to take the floor, so I'll give it a try to see if I can tickle others into action.

A virtual coin has its advantages. It is much harder to steal or fake (blockchain!) and it doesn't wear. It doesn't need an album and it can be shipped to any place virtually without cost. It doesn't use natural resource beyond a negligible amount of energy and it is guaranteed not to contain tainted gold or silver. It doesn't cause trouble when crossing a border. It won't suffer from a wet climate or bad storage.

In fact, I already have a vast collection of virtual coins: pictures on my hard disk. I use them to write up coins, to make presentations and especially to illustrate pages in WoT. I can learn from them. I feele, they are not the same as the coins and tokens I physically own. Those are less useful, since I must turn them into pretty pictures before I can use them. Yet, I can hold them. I have coins of what is now Uzbekistan of all periods. Having a coin that Amir Timur or the guy who cleaned his toilet would have recognised on sight gives me pleasure I will not get from a picture.

Now here, we are talking about pseudo-coins. They don't have a history, but they do have two stories: the story of Lithuanian independence and that of Fintech. I have weak connections with both. I like Lithuania, I have a friend there and good memories of visits. I like Fintech. It has the potential to break the monopoly of existing financial centres and to come up with something more responsive to individual customers and private clients, leaving existing big banks in the dust. However, these considerations are unlikely to overcome the gap between a physical and a virtual coin.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.