Saw a new post today about Ven—the “green money.” It’s centrally issued by Hub Culture.
The value of Ven is determined by the financial markets in a weighted basket of currencies, commodities and carbon futures trading against other major currencies at floating exchange rates. Ven is the first digital currency to float, and the first to include carbon in its pricing, making it the only environmentally linked currency in existence.
Okay, so there’s no true way to intuitively “know” the value of a Ven, because its a basket of commodities and carbon futures. So, how much have they issued already?
Currently over 5 million units of Ven are in circulation worldwide
With about 20,000 members that averages into 250V/member (or $25) either issued as their “starter” money or bought as follows:
How to get Ven
Yes, you can Credit Card/PayPal your way into getting some Ven but you’ll need to find someone in Hub Culture’s system to convert it back into your favorite fiat-unit. 1V was set to be approximately $10 in 2008, and currently trades at 1V ~ $9.54. If this gets any viral traction like BitCoin has, it too will experience a bubble while making Hub Culture some serious coin as the only issuer of new currency. Now either Hub Culture has actually sold $500K in Ven since they started, or they’ve self-issued most of it for bootstrapping, but I can’t find any information on when/who was issued new Ven in their sites. I’m surprised they haven’t already experienced a registration bubble with just 20,000 users.
Like all new currencies, Ven has to fight the lack of network effect—no one wants to use a new money that no one else uses. Only when the existing dominant currency begins to fail do others seek out new ways to trade, and we’re still in the stages of dollar collapse where many are converting their dollar assets into hard assets as fast as possible. Just saying that the currency is based on a “market basket” without explaining exactly what is in that basket and the weights of each item doesn’t inspire much confidence in that ordinary people will be able to understand the value of a Ven.