How does Ven work compared to Bitcoin?

1

The Ven FAQ states that Ven is a basket of currencies, but how is it determined? Is it done privately or in the style of a committee? What trade offs are there in relation to Bitcoin?

Links: official site, wikipedia entry

miscreanity

Posted 2012-03-27T14:50:59.567

Reputation: 99

Question was closed 2012-03-27T23:28:20.440

1Hello and welcome to the Bitcoin SE. Please add links to relevant information about Ven and its FAQ you are reffering to for clarity. – ThePiachu – 2012-03-27T16:22:20.563

2While we do allow questions about non-Bitcoin cryptocurrencies (a la NameCoin, IXC, TBX, etc) non-crypto currencies are off-topic here. I don't know enough about Ven to say whether it belongs or not. Does anyone out there have better knowledge to share? Simply adding "compared to Bitcoin" doesn't make things any more on topic than adding "as a programmer" on programmers.stackexchange.com. – David Perry – 2012-03-27T16:25:23.320

I'm uncertain as well - it does appear to be a meta-currency rather than a cryptocurrency. It seems to also be a competitor to Bitcoin at a functional level. Whether it's just another fiat representation like SDRs or has something structural that Bitcoin can adopt, I don't know. – miscreanity – 2012-03-27T16:40:19.883

Answers

3

It appears to be completely unrelated (hence the close vote I just casted).

Ven is a digital social currency used to share, buy, sell and trade in the world of Hub Culture and beyond. The value of Ven floats against other currencies and the price is based on a basket of currencies, commodities and carbon futures.

,

Can I trade my Ven back to national currencies like the Dollar, Euro or Pound?

No

Apparently it's just a bad-old centralised virtual currency.

Nothing new, nothing special, nothing relevant. And definitely nothing related to Bitcoin.

since I just skimmed over it, I might have got something wrong, but as far as I've read that's unlikely

o0'.

Posted 2012-03-27T14:50:59.567

Reputation: 5 220

If you agree, please just cast a close vote, thanks :) – o0'. – 2012-03-27T21:52:17.463

1Close vote and +1 to you. – ripper234 – 2012-03-27T23:26:00.750