DD Support Board and Research Team

[hothoochie]

Freicoin: Occupy's online currency for the 99 per cent

The Occupy movement rails against the richest 1 per cent and the banks that support them, while supporters of the online currency Bitcoin want to do away with banks all together. So perhaps it's only natural that the two have come together to create Freicoin, a currency controlled by the general public rather than central banks that makes it impossible for the rich to hoard cash.

Bitcoin users run peer-to-peer software that handles transactions and keeps the currency secure, receiving small transaction fees in exchange for their computer time. Freicoin, created by engineer Mark Friedenbach and photographer Aaron Blumenshine, uses a version of the Bitcoin software with one key difference - all account balances are charged a 4.4 per cent annual fee, which is distributed to all of those running the software.

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http://www.newscientist.com/blogs/onepercent/2012/06/freicoin-occupys-online-curren.html