Interview in DeathMetal.org

December 4, 2014 by  
Filed under Articles and Interviews

Metal Music Coin launches first heavy metal virtual currency

 

Starting with BitCoin, virtual currencies or crypto-currencies have changed the face of economics as well as the purchasing ability of the ordinary citizen. Unlike normal currency, which is backed by perceived value of assets, crypto-currencies make themselves rare by requiring cryptographic computation to generate the currency.

Much as gold or a national economy is a limited amount held under control of a responsible party, virtual currencies constrain themselves by the difficulty in generating cryptographic keys, or “bit mining” the coins. This guarantees their value will not be obliterated by the equivalent of reckless printing of money, which spams the market and reduces their value. However, their value fluctuates with what people are willing to exchange for them.

Crypto-currencies have one sizable disadvantage: unlike conventional currencies which are backed by governments and (in theory) overseen through transparency and financial markets enforcing their value, virtual currencies are held in the hands of their creators and have no guarantee. If the source goes down or is confiscated, they can lose all value; further, as Bitcoin fans found out when the Mt. Gox exchange was compromised, there are no guarantees. Virtual currencies are entirely determined by demand for them in the market at the moment. However, this anonymity is also what makes them appealing; using darknet exchanges like Silk Road, patrons can use crypto-currencies to anonymously purchase objects and information that would otherwise be illegal with impunity.

Last year a shadowy figure known as Core Adrian launched a new virtual currency for heavy metal fans to use and possibly, to form the basis for a new metal market in anonymous trading that would rival what currently eBay, Amazon and Google control. He took the time to give us a few words on Metal Music Coin and its future.

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