Fiat institutions in virtual worlds

This is re-published from Elaine’s Idle Mind. Editor’s note: In a time of crypto unrest due to regulatory crackdowns, this is a gentle refresher on the concept of decentralization through the lens of alternative virtual economiesLong before the age of billion-dollar Bitcoin mines, China was the world’s richest source of World of Warcraft gold.
WoW gold is a virtual currency that players use to buy weapons and animals for in-game missions. The currency is normally earned by