I would say it would be a bit unusual the mintchip is a project in Canada that was abandoned that had a similar aim
The Ecuador one will be interesting since it would process and secure transactions but if they are the main developers the supply of coins could be forked at any time so its hard to say what its standby value would be.
Topic: Is there room for a State Run Cryptocurrency? - page 7. (Read 5389 times)
legendary
Activity: 2884
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
Why not just adopt Bitcoin itself as a main currency? You could even set up a fractional banking system based on top Bitcoin. The first government to do this is going to have a huge economic advantage for the rest of this century.
There are still way to many liabilities for a government to implement bitcoin as a main currency
There are no cards and if there were you still can't trace payments in anyway like you can with a normal card unless bankers have accounts with their info on it which completely defeats the purpose of a decentralised currency.
If a government adopted Bitcoin, would you still call it decentralised? I don't think so
But ism't the point of cryptocurrency that there's no central authority? All the freedome it can offer stems from that.
Why not just adopt Bitcoin itself as a main currency? You could even set up a fractional banking system based on top Bitcoin. The first government to do this is going to have a huge economic advantage for the rest of this century.
If it's created with a limited supply and no more can be added to that supply (a PoS coin most likely, because PoW is too costly and others would be mining if it was PoW) and then distributed among the population, I don't see why it wouldn't work, except it'd be utopia and the government would have to considerably shrink in size because they can't issue more of it, that's why they wouldn't do it in the first place, because they like to issue more currency when they run out of money 
The problem with centralized currencies (digital or not: fiat currently is mostly digital, just a series of numbers on a database of the central bank, in favor of some commercial bank) is that they can be created out of thin air in unlimited numbers. Therefore, they are inflationary and can create some suspitions.
Hi,
I've been asking for opinions about a proposal that's come up here in Scotland. We're going to the polls in the next month to decide whether we want to split from England and become an independent country - basically the end of the United Kingdom that's lasted 400 years.
There's been plenty of discussion not only on whether we should, but whether we could (practically.) One of the major stumbling blocks is the use of GBP - the Bank of England has said a post-independent Scotland can't use it. Bit mean, but there you are.
So the question came up - If Scotland needs a new currency, why not set up a State-Run Cryptocurrency?
Here's my thoughts on the issue.
http://cryptocurrencymadesimple.com/should-scotland-set-up-a-state-run-cryptocurrency/
Also, it appears that Ecuador got there first:
http://cryptocurrencymadesimple.com/ecuador-nationalise-cryptocurrency/
Would love to here what you guys think.
I've been asking for opinions about a proposal that's come up here in Scotland. We're going to the polls in the next month to decide whether we want to split from England and become an independent country - basically the end of the United Kingdom that's lasted 400 years.
There's been plenty of discussion not only on whether we should, but whether we could (practically.) One of the major stumbling blocks is the use of GBP - the Bank of England has said a post-independent Scotland can't use it. Bit mean, but there you are.
So the question came up - If Scotland needs a new currency, why not set up a State-Run Cryptocurrency?
Here's my thoughts on the issue.
http://cryptocurrencymadesimple.com/should-scotland-set-up-a-state-run-cryptocurrency/
Also, it appears that Ecuador got there first:
http://cryptocurrencymadesimple.com/ecuador-nationalise-cryptocurrency/
Would love to here what you guys think.
State-run cryptocurrency would just be another form of fiat. Decentralization is what differentiates, say, bitcoin from dollar and other state-controlled currencies, that is absence of the governing body (central bank) which is given the privilege of emitting currency monopolistically.
Hi,
I've been asking for opinions about a proposal that's come up here in Scotland. We're going to the polls in the next month to decide whether we want to split from England and become an independent country - basically the end of the United Kingdom that's lasted 400 years.
There's been plenty of discussion not only on whether we should, but whether we could (practically.) One of the major stumbling blocks is the use of GBP - the Bank of England has said a post-independent Scotland can't use it. Bit mean, but there you are.
So the question came up - If Scotland needs a new currency, why not set up a State-Run Cryptocurrency?
Here's my thoughts on the issue.
http://cryptocurrencymadesimple.com/should-scotland-set-up-a-state-run-cryptocurrency/
Also, it appears that Ecuador got there first:
http://cryptocurrencymadesimple.com/ecuador-nationalise-cryptocurrency/
Would love to here what you guys think.
I've been asking for opinions about a proposal that's come up here in Scotland. We're going to the polls in the next month to decide whether we want to split from England and become an independent country - basically the end of the United Kingdom that's lasted 400 years.
There's been plenty of discussion not only on whether we should, but whether we could (practically.) One of the major stumbling blocks is the use of GBP - the Bank of England has said a post-independent Scotland can't use it. Bit mean, but there you are.
So the question came up - If Scotland needs a new currency, why not set up a State-Run Cryptocurrency?
Here's my thoughts on the issue.
http://cryptocurrencymadesimple.com/should-scotland-set-up-a-state-run-cryptocurrency/
Also, it appears that Ecuador got there first:
http://cryptocurrencymadesimple.com/ecuador-nationalise-cryptocurrency/
Would love to here what you guys think.
Jump to: