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If I want to purchase a case of Alpo from Pets.com using my American Airlines frequent-flyer miles, why shouldn't I be able to do so? If Amazon.com wants to issue special "Amazon dollars" that are worth 1.20 a piece at selected merchants, why wouldn't I start changing my U.S.dollars for Amazon dollars at a furious pace? I can spend them anytime, so there's room for me to do a little speculating: Should I hold on to the cash in the hope that this story ignites a flurry of flattering notes, or should I spend quickly in case it bombs? Some e-cash will be traceable, but much of it will be as anonymous as a wrinkled ten-spot. And with jillions of alternative currencies out there, it's possible that Greenspan—who controls the economy by controlling dollars, may find his power tools are losing their torque.