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".
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.
Topic: Could a government supplant Bitcoin? - page 4. (Read 5839 times)
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.
1.It's impossible to stop printing money . FED is a greedy sucking vampire . They would die if there's no blood to suck
2.Virtual currency 's value is backed by people's trust which based on P2P mechanism , they dont give a fk on FED's UScoin
2.Virtual currency 's value is backed by people's trust which based on P2P mechanism , they dont give a fk on FED's UScoin
Don't people trust the US dollar in the same way?
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.
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.
1.It's impossible to stop printing money . FED is a greedy sucking vampire . They would die if there's no blood to suck
2.Virtual currency 's value is backed by people's trust which based on P2P mechanism , they dont give a fk on FED's UScoin
2.Virtual currency 's value is backed by people's trust which based on P2P mechanism , they dont give a fk on FED's 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.
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.
It decides it needs a way out and it sees Bitcoin as the solution. Unfortunately, Bitcoin isn't under it's control so they see this as a risk and not one they're willing to take.
They decide to issue their own digital currency instead - USCoin. It's identical in every way except the government controls the codebase and also accepts USCoin for tax payments.
Would you exchange all your Bitcoins for USCoins immediately and ditch Bitcoin or would you hold on and hope that Bitcoin can also compete as a currency?
It decides it needs a way out and it sees Bitcoin as the solution. Unfortunately, Bitcoin isn't under it's control so they see this as a risk and not one they're willing to take.
They decide to issue their own digital currency instead - USCoin. It's identical in every way except the government controls the codebase and also accepts USCoin for tax payments.
Would you exchange all your Bitcoins for USCoins immediately and ditch Bitcoin or would you hold on and hope that Bitcoin can also compete as a currency?
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