A few people have been asking questions regarding the fafsa money and their status. I’ve been asked the same thing, so here are some answers. (Update: If you need an explanation on the fafsa money itself, check out this post from an old member of the community.)
Is it ffsa money?
No. It’s a currency I made that I sold for a little in the early days, and I sold it more and more recently as a long term investment. It is, by far, the most valuable of all of my altcoins at the moment. It is worth over $250,000 USD now. But that’s not the real problem.
This problem is that fafsa isn’t fungible.
Basically, I make coins that everyone can use. Then I sell coins to people who want to buy coins on ebay or other online auction sites. The people who want to buy coins are buying coins from people who want to sell coins. And everyone who wants to sell can do so from different sources over the internet. So the real issue here is that fafsa is not fungible, as I explained in my blog post here.
The fafsa money is a bit of an experiment to see how the crypto-community handles money exchange. So I want my altcoin to serve a purpose, but I’d like to see how the people who need to sell coins decide they should be able to do that – whether that be through ebay, etc… (Update: Some people have been asking whether they can convert them over to fiat, which I was curious to see – but not sure that is the right answer now.)
Can I convert my coins into fafsa?
No, the fafsa money is not convertible into anything. So no, that works as well as using a virtual coin (like bitcoin). So yes. But it isn’t exactly money I’d really like to get rid of. I wouldn’t want it to end up the way all of our fiat digital world fiat currency has ended up, that isn’t worth anything anymore. So no, you can’t convert your coins…
Can people buy on sites that accept fafsa?
Yes. There are many sites – including fafsa! – that accept altcoins as payment – usually for free. You can even pay fees to get coins from various fiat currencies like the US Dollar or Euro into fafsa. But be
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