Topic: Hullcoin: The World’s First Local Government Cryptocurrency - page 2. (Read 5848 times)
Read my comment, there are not launching their own coin but using an existing one rebranded
-the part that makes me laugh is that they are the sole miners of their hull coin.. there is no competition/different pools mining hull coin..
and as such they get 100% of every block. yet they say they wish to get a KNC miner.....
,.,,,,,,,,
dont they realise adding miners is only needed if there is competition.. of they keep the mining process closed so no one else mines it. then there is not any need to out compete THEMSELVES.
the mind boggles
and as such they get 100% of every block. yet they say they wish to get a KNC miner.....
,.,,,,,,,,
dont they realise adding miners is only needed if there is competition.. of they keep the mining process closed so no one else mines it. then there is not any need to out compete THEMSELVES.
the mind boggles
Has anyone even noticed that Hullcoin is not a new coin but uses an existing UK crypto coin?
The article is not well done and is misleading as to what that government is doing over there. I have suspected that CoinDesk is becoming increasingly biased of late. The recent Dogecoin to the moon article was particularly suspect since it followed a week of constant market decline for Doge.
The article is not well done and is misleading as to what that government is doing over there. I have suspected that CoinDesk is becoming increasingly biased of late. The recent Dogecoin to the moon article was particularly suspect since it followed a week of constant market decline for Doge.
yes get the government involved so we can no longer have privacy and taxless transactions. Morons...
Yeah but if there's government coins, then completely decentralized anonymous markets to move in and out of bitcoin from govcoin are possible. It makes the current point of privacy failure (exchanges) go away completely.
Govcoins would be really really good for bitcoin, because it would be so easy to maneuver in and out of govcoins. And of course, literally everybody would get used to using crypto-coins.
Govcoin would be amazingly good news.
I genuinely thought the more active/more experienced members of this forum were the wiser ones, oh how you have just destroyed that idea. Switching govcoins to altcoins without an exchange, the very point of complaint in the beginning of your post? I can only assume you're from Hull and have the IQ of the average resident.
Sorry but my argument is completely valid. More people using crypto is good for bitcoin. Being able to anonymously exchange bitcoin for fiat is good for bitcoin. And govcoin enables those two things exactly.
If you find fault with the logic of that argument, expose it. Incorrect ad hominem are not valid rebuttals.
Can one Mine HullCoin?
If so, how do you go about doing such. (Links to software etc)
If so, how do you go about doing such. (Links to software etc)
you cant mine it. you can only purchase it for £1 per coin. thats the whole point. they dont want people making free money
as i said before its not to be treated as decentralised. but as a way of sowing that blockchains are better then current banking databases, and the speed of transactions is faster then wire transfer/visa/mastercard can ever be.
onc people realize that blockchains are better in Hull. people will then expand their investments to realise bitcoin is even better with even more freedoms then Hull coin can offer.
Hullcoin will be just a demonstration of the differences of bank accounts vs phone app services, were true value is transmitted instantly
Can one Mine HullCoin?
If so, how do you go about doing such. (Links to software etc)
If so, how do you go about doing such. (Links to software etc)
Eventually the Worlds fiat "paper money" will be tethered to a cryptocurrency!
That is after the four major Unions evolve in the world (aka top global 'bullies', United States+EU+South America / Russia / Asia / Middle Eastern countries)
That is after the four major Unions evolve in the world (aka top global 'bullies', United States+EU+South America / Russia / Asia / Middle Eastern countries)
yes get the government involved so we can no longer have privacy and taxless transactions. Morons...
You are forgetting about one thing. Bitcoin
Governments can have their own cryprocurrency just like they have their own fiat currency.
OK, don't laugh at me but....
What are colored coins???
PERFECT! just make it purple for stocks, blue for bonds, and green for weed, bro (i support legal weed yo)
Quote
While the scheme is in its early days, Hull City Council are actively mining. Its GPU mining rig is based on two Sapphire R9 290X graphics cards, and the project’s technical expert, Craig Chamberlain, said that the machine is running at 1.6 MH/sec.
HAHAHAHAHAHA!
That mining rig can be more than enough if they're the only one mining Hullcoin.
And they said they were going to expand their rig.
Quote
While the scheme is in its early days, Hull City Council are actively mining. Its GPU mining rig is based on two Sapphire R9 290X graphics cards, and the project’s technical expert, Craig Chamberlain, said that the machine is running at 1.6 MH/sec.
HAHAHAHAHAHA!
what does the town council do when hullcoin is down? Play crysis? Lol.
Quote
While the scheme is in its early days, Hull City Council are actively mining. Its GPU mining rig is based on two Sapphire R9 290X graphics cards, and the project’s technical expert, Craig Chamberlain, said that the machine is running at 1.6 MH/sec.
HAHAHAHAHAHA!
IT would take team work this is something most governments don't have. It would cost to much to implement, a price tag of 1m would balloon to 100m. Also it would take to long as civil servants often die at their desks with no one actually noticing 
Isn't this weak? Surely a miner could easily 51% attack these local coins.
I think building on top of Bitcoin is the better way, the 51% problem is no longer yours and you also increase the value of Bitcoin itself.
I think building on top of Bitcoin is the better way, the 51% problem is no longer yours and you also increase the value of Bitcoin itself.
I don't think they will let anyone else mine.
They said they will be giving out the coins in paper wallets.
Don't know how that will work out for them though....
Isn't this weak? Surely a miner could easily 51% attack these local coins.
I think building on top of Bitcoin is the better way, the 51% problem is no longer yours and you also increase the value of Bitcoin itself.
I think building on top of Bitcoin is the better way, the 51% problem is no longer yours and you also increase the value of Bitcoin itself.
why cant people just use bitcoin . this way there will be 10000 alt currencies of no use
. this way there will be 10000 alt currencies of no use
Forget about non-privacy, not-decentralized and all that typical crypto-currency stuff you have been talking about Bitcoin for a moment.
A government body officially accepting crypto-currency for a means of social/economical development is good for Bitcoin or the virtual currencies in whole.
A government body officially accepting crypto-currency for a means of social/economical development is good for Bitcoin or the virtual currencies in whole.
yes get the government involved so we can no longer have privacy and taxless transactions. Morons...
Yeah but if there's government coins, then completely decentralized anonymous markets to move in and out of bitcoin from govcoin are possible. It makes the current point of privacy failure (exchanges) go away completely.
Govcoins would be really really good for bitcoin, because it would be so easy to maneuver in and out of govcoins. And of course, literally everybody would get used to using crypto-coins.
Govcoin would be amazingly good news.
I genuinely thought the more active/more experienced members of this forum were the wiser ones, oh how you have just destroyed that idea. Switching govcoins to altcoins without an exchange, the very point of complaint in the beginning of your post? I can only assume you're from Hull and have the IQ of the average resident.
whats next? Hull being the next 'New Hampshire', but of england instead of america
I grew up in Lewes (mentioned in the article). I forgot about our Lewes pound! It was a total pump and dump! They were selling for up to £20 on eBay at one point. People just snapped them all up and sold them out of town. Haha!
Yeah,but it's pegged at 1 pound now, I think. But according to the Wiki article,only 130 odd businesses accept it,so that's not widespread adoption certainly.
That is widespread when considering a town population of 16000, it covers most the independent high street shops and number of pubs and eateries in town. The objective is to get money circulating in the local economy. Something Bitcoin should be mindful off, as purchases are being transferred out when people use bitpay and the like.
btw the value was always intended to be pegged, note collectors made the price £20 (and likely a few fake sales/bids).
Hull have form in this area, running their own telephone/ISP company, this isn't "the government", its a city council.
I guess this kind of thing should not happen, governments have their own money, they won't be foolish to create virtual currency caused disorder monetary system in their own country.
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