Bitcoin is not for goverment. Bitcoin is digital currency of the internet
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Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#2Let's extrapolate, and say that no country should adopt a purely digital currency. Would that be accurate?
I don't know too much about the topic domain, so for those who do, what would be required of a purely digital currency to be a good candidate for a national currency?
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#3Let's extrapolate, and say that no country should adopt a purely digital currency. Would that be accurate? I don't know too much about the topic domain, so for those who do, what would be required of a purely digital currency to be a good candidate for a national currency?
This slides in the assumption that you need a national currency.
No traditional nation-state will _really adopt_ a crypto-currency unless it bakes in some ability to seize or inflate it's subject's currency. If that exists in their desired crypto-currency then, of course, no one will ever use it without the threat of violence. Catch-22 for modern nation-states.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#4Let's extrapolate, and say that no country should adopt a purely digital currency. Would that be accurate? I don't know too much about the topic domain, so for those who do, what would be required of a purely digital currency to be a good candidate for a national currency?
The article is pointing out that governments like to increase the money supply every year and Bitcoin doesn't allow that.
But a purely digital currency need not be a distributed cryptocurrency with a limited supply like Bitcoin.
From electronic transactions with the Fed down to direct deposits and debit and credit card purchases, US currency could function without paper bills already.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#5Let's extrapolate, and say that no country should adopt a purely digital currency. Would that be accurate? I don't know too much about the topic domain, so for those who do, what would be required of a purely digital currency to be a good candidate for a national currency?
This slides in the assumption that you need a national currency. No traditional nation-state will _really adopt_ a crypto-currency unless it bakes in some ability to seize or inflate it's subject's currency. If that exists in their desired crypto-currency then, of course, no one will ever use it without the threat of violence. Catch-22 for modern nation-states.
By that logic, private ownership of gold should be forbidden. That did happen once, during the Great Depression, but that policy was abandoned in the 1960s and nobody has made any attempt to reinstate it since.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#6Let's extrapolate, and say that no country should adopt a purely digital currency. Would that be accurate? I don't know too much about the topic domain, so for those who do, what would be required of a purely digital currency to be a good candidate for a national currency?
The article is pointing out that governments like to increase the money supply every year and Bitcoin doesn't allow that. But a purely digital currency need not be a distributed cryptocurrency with a limited supply like Bitcoin. From electronic transactions with the Fed down to direct deposits and debit and credit card purchases, US currency could function without paper bills already.
>The article is pointing out that governments like to increase the money supply every year and Bitcoin doesn't allow that.
But that's nonsense. If anything a sovereign digital currency would give governments even more fine-grained control over the money supply.
Of course governments shouldn't use Bitcoin, but a sovereign altcoin is a very interesting idea.
Sure, they couldn't use Bitcoin itself, but in a hypothetical world of government-backed cryptocurrencies Bitcoin would be more of a reserve commodity, like gold, than a circulating fiat currency.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#7Let's extrapolate, and say that no country should adopt a purely digital currency. Would that be accurate? I don't know too much about the topic domain, so for those who do, what would be required of a purely digital currency to be a good candidate for a national currency?
This slides in the assumption that you need a national currency. No traditional nation-state will _really adopt_ a crypto-currency unless it bakes in some ability to seize or inflate it's subject's currency. If that exists in their desired crypto-currency then, of course, no one will ever use it without the threat of violence. Catch-22 for modern nation-states.
This is the same reason that no government allows or encourages the large-scale ownership of property, land, minerals, gold, or anything else.
Except that they do. All the time.
Because governments are not evil machines that only want to steal your money. That's just a Dunning-Kreuger / nutjob interpretation of reality that is often repeated by a certain kind of broken individual.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#8Let's extrapolate, and say that no country should adopt a purely digital currency. Would that be accurate? I don't know too much about the topic domain, so for those who do, what would be required of a purely digital currency to be a good candidate for a national currency?
This slides in the assumption that you need a national currency. No traditional nation-state will _really adopt_ a crypto-currency unless it bakes in some ability to seize or inflate it's subject's currency. If that exists in their desired crypto-currency then, of course, no one will ever use it without the threat of violence. Catch-22 for modern nation-states.
Nothing prevent nation-states from adopting their own altcoin and altering the supply as they like.
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#9Earlier quoted context omitted.
This slides in the assumption that you need a national currency. No traditional nation-state will _really adopt_ a crypto-currency unless it bakes in some ability to seize or inflate it's subject's currency. If that exists in their desired crypto-currency then, of course, no one will ever use it without the threat of violence. Catch-22 for modern nation-states.
This is the same reason that no government allows or encourages the large-scale ownership of property, land, minerals, gold, or anything else. Except that they do. All the time. Because governments are not evil machines that only want to steal your money. That's just a Dunning-Kreuger / nutjob interpretation of reality that is often repeated by a certain kind of broken individual.
those arn't liquid assets. who's suffering from dunning-kreuger effects now? nice puppet account you got there with 1 karma. also land and property are taxed so... yea
Re: Bitcoin is not for goverment. Bitcoin is digital currency of the internet
#10Earlier quoted context omitted.
This slides in the assumption that you need a national currency. No traditional nation-state will _really adopt_ a crypto-currency unless it bakes in some ability to seize or inflate it's subject's currency. If that exists in their desired crypto-currency then, of course, no one will ever use it without the threat of violence. Catch-22 for modern nation-states.
This is the same reason that no government allows or encourages the large-scale ownership of property, land, minerals, gold, or anything else. Except that they do. All the time. Because governments are not evil machines that only want to steal your money. That's just a Dunning-Kreuger / nutjob interpretation of reality that is often repeated by a certain kind of broken individual.
shill