Millennium Dollar
From Wikipedia, the free encyclopedia
| Millennium Dollar | |||||
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| ISO 4217 Code | None | ||||
|---|---|---|---|---|---|
| User(s) | Individuals and businesses primarily in the USA | ||||
| Inflation | Indexed to US inflation | ||||
| Symbol | MR$ | ||||
| Central bank | VirtualMoney, Inc. | ||||
| Website | www.millenniumdollar.com | ||||
The Millennium Dollar is a private currency indexed to inflation. It is based on the value of the USD on January 1, 2000. It uses TIPS (Treasury Inflation Protected Securities) as backing, since they're also indexed to inflation.
The Millennium Dollar is intended to be used as a store of value and also as a circulating currency. It can be bought from and redeemed to VirtualMoney, Inc.
[edit] Criticisms
While this currency is an interesting idea, the implementation has some flaws. One major flaw is that, according to the official website, notes that have been lost or stolen cannot be redeemed. This is a problem for someone who unknowingly accepts one of these notes, and only later finds out that it is worthless. The site also implies that the notes themselves are very susceptible to damage by water.
[edit] External Links
http://www.millenniumdollar.com/
