Topic: Hullcoin: The World’s First Local Government Cryptocurrency (Read 5789 times)

MancCoin already under development www.MancCoin.org - to come Scouse coin Geordie Coin Essex coin

Im pretty sure this was just an April Fools joke.

+1 Spot on.

Remember that the technology is neutral. Some of you are assuming that just because a bunch of libertarians have adopted Bitcoin (and tried to push out anyone who isn't a libertarian), that people with other agendas can't adopt the technology for their own purposes.

Actually anyone can make a cryptocurrency, including a city council and there's nothing you can do to stop it.

Hull council are being rather revolutionary:

* they haven't used taxpayer money for this, it's funded by a donation
* they've creatively thought of a way for people to earn these coins through work (a key part of a crypto-economy, and one that bitcoin hasn't cracked yet, though other alts like devcoin are actively working on this)
* they are going to use their influence to try to get local supermarkets to accept the coin, probably in it's raw form without an exchange, like some many local "trading points" schemes. If successful, they'll have a real economy around their alt.

Suppose we have another 2008 banking meltdown and this time govts arn't able to unblock the system and people simply don't get paid their wages and businesses can't buy and sell stuff.

Well, Hull will be well placed, because they'll have done the ground work to have a payment system that by-passes the banks, so people can buy their groceries and pay their rent.

For everyone else it'll be hell. It'll be hell even for bitcoin people, because many of the businesses that pretend to accept bitcoin do nothing of the sort - they rely on intermediaries to change the money into dollars, and pay them in dollars, and they receive their dollars via the current banking system.

So all power to the elected representatives of Hull - they're trying to achieve something bitcoin hasn't managed yet.

Also, Hullcoin may succeed because they're simply talking about supporting the local economy, there is no ideology involved. Bitcoin's biggest achilles heel is that some people are trying to force a libertarian agenda on everyone, and the majority of the world isn't libertarian. Trying to insist that anyone who adopts bitcoin must adopt libertarianism is the biggest thing holding bitcoin back - people don't like to be forced into anything.

imagine you go to Hull and use your 1hull coin to buy a loaf of bread. then you want to go to manchester and use... "manc" coin instead of cashing out back to fiat and then going to the manc coin exchange to buy manc coins.. you would use bitcoin as the middleman..

Please go sit in the corner.

Shame DWP isn't HMRC. They are probably decentralising the idea of income within govt so they don't have to pay tax.

All I can say after seeing the item on Sky News the other night is - great...

This raises the general public's awareness of cryptocurrency in general and helps to counteract all the negativity i.e. Chinese/Russian stance on BTC, mt.gox etc. etc. etc.

Of great interest is the statement that DWP do NOT consider crypto as income...

If one of our City Councils is actively promoting the use of crypto then the wider acceptance cause, hopefully, must be aided.

I did chuckle at their super-dooper mining rig..!  

combination of feathercoin and ven? seems an interesting idea.

After reading the related articles I think Hullcoin isn't fully implemented at this time. It looks like a pilot, where the basic infrastructure is there but only very limited services are available. Anyway it's a good experiment and the next logical step after Bristol Pound and similar things. According to my readings Ven has some kind of voting procedure but I have no idea if that's part of the system or a parallel thing on Hubculture.

You can't (at this moment). As I seen you have to go to Hull, then start doing some voluntary work and you will get some.

where can we buy hullcoin

This should be an interesting experiment.

Governments and their own crypto. lol

Who processes transactions? Are the miners centralized in a government warehouse?

I am all for reintroducing local currencies. Having wealth cycle around a community is a lot better for that community than having that wealth leave. The concept is great, implementation could have been done better though. Will be interesting to see how this plays out.

There is some contradictory info in the media reports.  Looks like the best place for official news is on their twitter or facebook page - https://twitter.com/HullCoin

hey i am from hull .... first i have heard of it lol 

Heh, a single CPU would do the same thing.

I was thinking of putting up some Little Britain vids.

I'm pretty sure that is exactly what they have planned.

ouch.. if that is true which i hope not. then people that already have millions of that coin can go to hull and withdraw millions of pounds..

stpid idea it would be to use a coin that is minable for anyone and premined by different people..

imagine it. day 1 a customer buys £10 of hull coin. putting £10 into the economy. day two.. someone cash's out 500k of coin mined before the software branding. now hull is £499,990 in debt.

the only way for hull to succeed starting a new economy for swapping for Pound coins. is a closed blockchain and sole supply..