Topic: Is there any chance of having any "fiat" like system that is backed by Bitcoin? - page 2. (Read 1305 times)

No, I.don't think so that fiat could be ever backed up Bitcoins.
Fiat has central banks and governments behind and Bitcoin is decentralised system so these are two opposite things. But banks are interested to use blockchain technology for fiat.

Nice read on the hyperledger, but apparently I cringe on the idea that banks participate in an "open-source, collaborative" effort to create a system which will back each industry up in the near future. As per the OP's view, it's not possible. First off, how would bitcoin back fiat in any way? Shouldn't it be the other way around? Second, authority, regulation and control—bitcoin doesn't have those. How would we, as a community, do desicion-making on fiat events? Consensus? Lol.

its no secret.
hyperledger.

they have been very public about it.
oh and guess who is programming it.. blockstream, yep. gmaxwell and chums.

Because the banks and Central Government are pro-centralization and against decentralization they'll never prefer to integrate with Bitcoin that easily. (I'm sure there could be a few exceptions like the Standard Bank investigating on switchless Bitcoin and another called USAA that has integrated Bitcoin). Considering that many people have garnered information on Bitcoin and started to accept it, over time Banks have realized that this could be dangerous for them and have secretly started researching on Blockchain technology to implement their own Crypto currency for their already existing customers which could be delivered to the masses over night. This could be a threat to Bitcoin, but Bitcoin will always be decentralized no matter what happens and the banks know of this.

It won't be backed by Bitcoin. There may be gold backing for the Ruble or Renminbi.

I looked at the new British £5 note, and I wondered how easy it would be to include a readable identification number in future versions. This would make it easy for governments to "mine" new notes, and to create a blockchain tracking its path through the economy. Would this be the end of "cash" deals - probably not, but it would give governments another tool to help track down tax evaders.

near on 100 international banks are already dveloping their crypto currency.

research hyperledger.

I don't think so because as we know fiat money is be controled by government and people who has power everything depend on leaders, although it can do will become hard because of still there are problem for control amount of printing fiat money and every people can not see it. Will be difficult for transparency from government to their people.

No because bitcoin isn't centralized. Who would be the publishing authority ? The current system of fiat system wouldn't allow this to happen either. All those hacks/Problems would simply not let the system of fiat sustain.

I think it is not possible at this point of time that fiat currency be backed up by bitcoin. But i have my own view, a currency online that will represent the actual value of fiat currency in the real world.

But your idea can be done and it is possible, but the question is when will it happen or when will society be ready to such kind of financial systems. Only time will tell I guess.

I know that central bankers and people in power are not going to want anything like this to come to life; but I would like to think of a world where this is possible.  Even if it's just entertaining the idea and nothing will come of it.

I mean theoretically it could be done though.  In past human history, and even recent history, banks would have notes that would represent, or guarantee the person accepting the note, that it would be redeemable to get X amount of gold or silver for that note and or currency in general.  It worked for a while, until governments and banks had the incentive to keep the precious metals for themselves and overprint their currency to help fund wars, or "pay off debts", etc; thereby making people placing value in the notes in terms of having "trust' in the American/global economy.

Now what would happen if you could create a fiat system where you could just strap the gold or silver to the note itself?

Would it technically be possible to have a system in government where we send Bitcoin, or even another cryptocurrency, to an address that is attached to the note it self?  

I know that there are already things that have been created for stuff like this; such as OpenDime and Satoshi Notes.  But, I'm curious as to what you guys think would be a "do-able system" if something like the fiat system were to collapse and there were need for a new currency for the masses... since block size limits probably wouldn't allow for that high of tx/sec.