Your idea has been tried. You are describing MintChip, Canada's virtual money. Ever heard of it? ... exactly. 
How Bitcoin transitions to a government coin is entirely different.
Topic: Could a government supplant Bitcoin? - page 3. (Read 5839 times)
How Bitcoin transitions to a government coin is entirely different.
What "fact" do you have in mind sir?
I'm not a sir, I work for a living.
There is only one fact and I quoted it.So stop acting like a pompous ass then.
Your quote was "coin rewards stop 2040". And that is true because of transactions can be withheld by a cartel.
So what fact do I have incorrect?
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Also note that debasement rewards will be below 1% per annum by 2033 roughly.
I didn't dispute or quote that.Yes you did, because you quoted out-of-context and tried to imply that I don't know that transaction fees are awarded to miners indefinitely. The problem I explained is that transactions fees can be withheld by a cartel (e.g. Amazon.com) which offers 0% fees to whomever will send their txs to them.
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I careless if you take me seriously. That is irrelevant. The objective outcome is coming whether you like it or not.
Well no, the "objective outcome" is only a prediction.
It is an unavoidable outcome of the economic design.
When you make mistakes on the very basics of the initial distribution it is hard to take your "objective" stance seriously.
You have not shown any such mistake.
The rest of your blahblah is thus irrelevant.
Your idea has been tried. You are describing MintChip, Canada's virtual money. Ever heard of it? ... exactly.
What "fact" do you have in mind sir?
I'm not a sir, I work for a living.
There is only one fact and I quoted it.Quote
Also note that debasement rewards will be below 1% per annum by 2033 roughly.
I didn't dispute or quote that.Quote
I careless if you take me seriously. That is irrelevant. The objective outcome is coming whether you like it or not.
Well no, the "objective outcome" is only a prediction. When you make mistakes on the very basics of the initial distribution it is hard to take your "objective" stance seriously. I mean it would be like someone saying they solved a complex Physics proof and on the first line they had a basic math error (1+1= pineapple). There isn't much point in reading further, although I did in this case and I disagree but I won't say your opinion is wrong, it is your opinion. However the quote above is a fact and it can only be correct or incorrect, and in this case is incorrect.
You mean you couldn't care less. Kinda hard to take someone seriously when they've been around for decades and still can't figure out how words work.
When all you can do is attack someone's character, because you can't attack the objective facts, then you've lost the debate.
Typos are part of life when we are typing fast.
Can you refute the objective substance? I don't think so!
Kinda hard to take someone serious when they have been around for at least six months and don't have even the "Bitcoin top 10 basic facts" down right.
What "fact" do you have in mind sir?
Perhaps you didn't read carefully what I wrote about transaction fees and the withholding transactions attack. Also note that debasement rewards will be below 1% per annum by 2033 roughly.
I careless if you take me seriously. That is irrelevant. The objective outcome is coming whether you like it or not.
You mean you couldn't care less. Kinda hard to take someone seriously when they've been around for decades and still can't figure out how words work.
Kinda hard to take someone serious when they have been around for at least six months and don't have even the "Bitcoin top 10 basic facts" down right.
What "fact" do you have in mind sir?
Perhaps you didn't read carefully what I wrote about transaction fees and the withholding transactions attack. Also note that debasement rewards will be below 1% per annum by 2033 roughly.
I careless if you take me seriously. That is irrelevant. The objective outcome is coming whether you like it or not.
I couldn't say guaranteed but I think there would be mass adoption.
I was referring to guaranteed that the government will take over Bitcoin. If you read my linked post, I explain why.
Kinda hard to take someone serious when they have been around for at least six months and don't have even the "Bitcoin top 10 basic facts" down right.
Sigh most people are so stupid.
No the US would be like any other failed currency state. People would hoard ALTERNATIVE currencies and shun anything that has to do with the state. For some it might be Bitcoins, for others it might be Euros, Canadian dollars, gold, etc.
I could see that happening.
Hoarding what was purchased by 0.01% of the population for 1/10,000 the price, means the public is destitute beyond comprehension. It is a dystopian outcome.
They can't all jump on it. Their existing assets will be worthless way before 1% tries to buy Bitcoin. Just do some simple math to see that Bitcoin's model can't possibly scale to any other than death and destruction and war.
Goldbugs never seem to learn economics. You must continue to debase the currency, else it can't ever work as a currency. It is simple mathematics.
No the US would be like any other failed currency state. People would hoard ALTERNATIVE currencies and shun anything that has to do with the state. For some it might be Bitcoins, for others it might be Euros, Canadian dollars, gold, etc.
I could see that happening.
Hoarding what was purchased by 0.01% of the population for 1/10,000 the price, means the public is destitute beyond comprehension. It is a dystopian outcome.
Let's say the general public, on average, is a bit uneducated on these kinds of things. They see this magic new crypto currency - I could see them all jump on it.
I'm not saying it would be smart - just me having a low opinion of the average person on the street.
I'm not saying it would be smart - just me having a low opinion of the average person on the street.
They can't all jump on it. Their existing assets will be worthless way before 1% tries to buy Bitcoin. Just do some simple math to see that Bitcoin's model can't possibly scale to any other than death and destruction and war.
Goldbugs never seem to learn economics. You must continue to debase the currency, else it can't ever work as a currency. It is simple mathematics.
I couldn't say guaranteed but I think there would be mass adoption.
Let's imagine the US government is in real financial crisis. It's aware that it can no longer afford to pay off it's debts and can no longer print more and more currency.
That is all true now, except for the not being able to print more currency part.
So rationally, everyone should have moved from the Dollar right? I think people believe that just because the situation is bad or there's a lack of trust in a system that people would abandon it.
Clearly that's not the case otherwise people would abandon the banks that got us in to financial crisis and dropped the quantitatively eased Dollar by now. You might say there's a monopoly position there but so would there be for USCoin.
I will only trade my bitcoin to UScoin to pay back taxes. That's it. Why I should hold UScoin that can be issued endlessly, as a store of value? Bitcoin is still the way to go.
I suspect Bitcoin would lose a tremendous amount of traction and thus value. A panic would ensue and then it would be near abandoned.
Thats a narrow minded view… Your assuming that the US is the only market for BTC..
It is a little narrow but would Bitcoin be half as large as it was a month ago without US funds?
Given in your scenario the US govt has just destroyed the dollar (due to excessive printing) and wiped out trillions of dollars held by bond holders WTF would I want to purchase a coin where they are in control of the printing?
It is like saying you have some gold coins and someone is selling turds. Would you trade your gold coins for turds? Um ... no.
It is like saying you have some gold coins and someone is selling turds. Would you trade your gold coins for turds? Um ... no.
What if the vast majority of the public went with it?
USCoin would get the publicity, the acceptance and the volume that Bitcoin can't.
So basically the Gov is going to tell the public:"USD is in trouble! It's in such big trouble that i have to make a Bitcoin copycat, better run from it as soon as possible!"?
Let's say the general public, on average, is a bit uneducated on these kinds of things. They see this magic new crypto currency - I could see them all jump on it.
I'm not saying it would be smart - just me having a low opinion of the average person on the street.
The vast majority of the public with destroyed pension plans, starving seniors (SS destroyed), hyperinflation, and inability to buy hard goods from other nations who want the US dollars as much as the Zimbabwae one. Yeah I am sure they are going to say "hey you guys who royally fucked up everything and destroyed our standard of living please do it again".
Almost like we all learnt that the banks are doing evil work we must stop them in their tracks...
No the US would be like any other failed currency state. People would hoard ALTERNATIVE currencies and shun anything that has to do with the state. For some it might be Bitcoins, for others it might be Euros, Canadian dollars, gold, etc.
I could see that happening.
Let's imagine the US government is in real financial crisis. It's aware that it can no longer afford to pay off it's debts and can no longer print more and more currency.
That is all true now, except for the not being able to print more currency part.
I will only trade my bitcoin to UScoin to pay back taxes. That's it. Why I should hold UScoin that can be issued endlessly, as a store of value? Bitcoin is still the way to go.
I suspect Bitcoin would lose a tremendous amount of traction and thus value. A panic would ensue and then it would be near abandoned.
Thats a narrow minded view… Your assuming that the US is the only market for BTC..
Given in your scenario the US govt has just destroyed the dollar (due to excessive printing) and wiped out trillions of dollars held by bond holders WTF would I want to purchase a coin where they are in control of the printing?
It is like saying you have some gold coins and someone is selling turds. Would you trade your gold coins for turds? Um ... no.
It is like saying you have some gold coins and someone is selling turds. Would you trade your gold coins for turds? Um ... no.
What if the vast majority of the public went with it?
USCoin would get the publicity, the acceptance and the volume that Bitcoin can't.
So basically the Gov is going to tell the public:"USD is in trouble! It's in such big trouble that i have to make a Bitcoin copycat, better run from it as soon as possible!"?
Given in your scenario the US govt has just destroyed the dollar (due to excessive printing) and wiped out trillions of dollars held by bond holders WTF would I want to purchase a coin where they are in control of the printing?
It is like saying you have some gold coins and someone is selling turds. Would you trade your gold coins for turds? Um ... no.
It is like saying you have some gold coins and someone is selling turds. Would you trade your gold coins for turds? Um ... no.
What if the vast majority of the public went with it?
USCoin would get the publicity, the acceptance and the volume that Bitcoin can't.
B4 your what if, i would've gotten a collision and found Satoshi's private key.
My chance is alot higher.
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