your proposal is strange. it will not work. why would anyone else in the world want to use this currency? i don't think you have thought this through as well as you think you have. think more along the lines of common sense, economics, game theory etc you will just really really confuse the poor senator who is already confused with your wild thoughts
edit: noone wants your US only currency besides YOU for some UNKNOWN reason
Topic: Re: My letter to my U.S. Senators regarding Bitcoin - page 2. (Read 1685 times)
Brilliant idea you are proposing! Really!
And I bet people would get highly involved in a currency owned and run by the US government! Especially the Chinese are very eager to support the US! And everybody here in Europe changes his Euros into Dollars already, because they have so much trust in the US!
And I bet people would get highly involved in a currency owned and run by the US government! Especially the Chinese are very eager to support the US! And everybody here in Europe changes his Euros into Dollars already, because they have so much trust in the US!
I already addressed that in my original post. Did you read it? This would be a U.S. backed currency, just like dollars are. The Chinese would have their own such digital currency. EU countries could do the same. I realize that this doesn't satisfy the same 'it's the same currency for everyone' strategy that Bitcoin does but ... Bitcoin will still exist! You could still use that for your global currency if you want!
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(You know that there is nothing "unfair" with early adopting, right? You get rewards in life for seeing good ideas and for taking risks. If Satoshi is a billionaire, he deserves every cent. And don't be mad, there is still enough for everybody, even for you..)
And you do realize that all of those early Bitcoin adopters could cash out *right now* and make their profit, which I believe they should be quite happy to get. Also many of those early adopters built up mining capacity, and will still be rewarded when that capacity can be used to mine coins officially accepted as legal virtual tender by the U.S. government.
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I know, I know don't feed the troll...
There is absolutely nothing in any of my posts that deserves this comment. I am not a troll, I have pretty clearly come here with a reasonable idea that I am asking for reasonable discussion about.
Can't wait for a government software infested with 10000 backdoors
Brilliant idea you are proposing! Really!
And I bet people would get highly involved in a currency owned and run by the US government! Especially the Chinese are very eager to support the US! And everybody here in Europe changes his Euros into Dollars already, because they have so much trust in the US!
(You know that there is nothing "unfair" with early adopting, right? You get rewards in life for seeing good ideas and for taking risks. If Satoshi is a billionaire, he deserves every cent. And don't be mad, there is still enough for everybody, even for you..)
I know, I know don't feed the troll...
And I bet people would get highly involved in a currency owned and run by the US government! Especially the Chinese are very eager to support the US! And everybody here in Europe changes his Euros into Dollars already, because they have so much trust in the US!
(You know that there is nothing "unfair" with early adopting, right? You get rewards in life for seeing good ideas and for taking risks. If Satoshi is a billionaire, he deserves every cent. And don't be mad, there is still enough for everybody, even for you..)
I know, I know don't feed the troll...
Dreams are a wonderful thing.
Meaning what? My proposal should be very enticing to the government as it gives them an immediate windfall of 1/4 of the currency. What do they get by endorsing Bitcoin instead? Basically nothing. Unless Satoshi was the NSA ...
Actually, even if Satoshi *was* the NSA, why not 're-set' the currency and give themselves even more while they still can? Once they distribute 1/2 of the currency to everyone in the USA, they can't take it back anymore, like they can't just start printing red dollars now and declare all of the green ones obsolete, without risking revolution ... once the currency is sufficiently spread around, they can't take it back. The could take Bitcoin back now, given that it's a) not officially endorsed as a currency anyway, and b) only used by a niche of people. But give some of the currency to everyone ... then it can never be taken away again (except by the usual means - taxes
)Its not how bitcoin works.
They could do this of course, but they should call it something else than bitcoin
Dreams are a wonderful thing.
Meaning what? My proposal should be very enticing to the government as it gives them an immediate windfall of 1/4 of the currency. What do they get by endorsing Bitcoin instead? Basically nothing. Unless Satoshi was the NSA ...
Actually, even if Satoshi *was* the NSA, why not 're-set' the currency and give themselves even more while they still can? Once they distribute 1/2 of the currency to everyone in the USA, they can't take it back anymore, like they can't just start printing red dollars now and declare all of the green ones obsolete, without risking revolution ... once the currency is sufficiently spread around, they can't take it back. The could take Bitcoin back now, given that it's a) not officially endorsed as a currency anyway, and b) only used by a niche of people. But give some of the currency to everyone ... then it can never be taken away again (except by the usual means - taxes
)
Dreams are a wonderful thing.
Also, full disclosure: I own ~1.5 bitcoins now; I bought 3 bitcoins a couple of years ago just so that I could play around with writing my own bitcoin client (I am a software developer), got bored, gave it up, and shelved them. I lost 1 bitcoin to my own software that I was writing (I used my software to try to send that bitcoin out as an initial test of my software and somehow 'lost' it ), but managed to retain the other 2. I sold ~ 0.5 bitcoin recently on eBay just to recover my initial investment and guarantee a small profit. I am holding the other 1.5 bitcoins because I don't really care that much about ~$1,000 now versus what might be a life-changing amount of money later should Bitcoin really take off. But really, I would rather my Bitcoin value go to 0 because the government took my advice and created a virtual currency with a fairer initial distribution. I'd happily pay $1,000 for that.
), but managed to retain the other 2. I sold ~ 0.5 bitcoin recently on eBay just to recover my initial investment and guarantee a small profit. I am holding the other 1.5 bitcoins because I don't really care that much about ~$1,000 now versus what might be a life-changing amount of money later should Bitcoin really take off. But really, I would rather my Bitcoin value go to 0 because the government took my advice and created a virtual currency with a fairer initial distribution. I'd happily pay $1,000 for that.
I got a database error and lost all of my hard-typed content! AAH! Here goes again ...
Here is a letter that I sent to both of my U.S. Senators regarding Bitcoin. I urge anyone who feels the same to send the same or a similar letter to their own Senator or anyone else in government who might be able to take action:
-----
Hello - as you know, Bitcoin, the virtual currency, is now a hot topic, and is being discussed in the senate. There is some indication that the U.S. Government may lend its approval to the circulation of Bitcoin as a virtual currency. I would like to propose an alternative:
The major problem that I see with Bitcoin is that a large percentage of the available coins have already been 'mined' by early adopters. The creator of the Bitcoin protocol him/herself almost certainly hoarded a large percentage of available Bitcoins in the first year of its existence.
I believe that if the United States Government is to endorse a virtual currency, it should begin its own Bitcoin-like currency, using the same protocol, but with a new block chain that it creates in which:
* 1/4 of the initial coins are allocated for the U.S. Government
* 1/2 of the initial coins are allocated to be fairly and evenly distributed among all U.S. citizens
* The remaining 1/4 of the coins are left for 'mining' just like the current Bitcoin system (this is critical as it provides incentive for miners to use the virtual currency, which is what builds the infrastructure necessary to support the currency)
* The U.S. Government should enact law that only this new virtual currency will be accepted as legal virtual tender by the U.S. Government and no other virtual currency. This will provide legitimacy of the currency.
I believe that this is a critical juncture for virtual currency, which is an inevitability in the world of modern technology, and that the U.S. Government will be doing its citizens a great disservice if it does not enforce this much fairer currency scheme now, before Bitcoin becomes the de-facto virtual currency standard.
I personally have nothing to gain from this proposal, as I would have no more of this virtual currency at the outset than anyone else; I make this proposal only from a deep desire to see our country provide all people with an equal footing in the world of virtual currency rather than leaving the lion's share to the "early adopter cabal" of Bitcoin.
I can discuss the more technical details that would enable the fair distribution of this virtual currency if you would like to contact me.
Thank you, and best wishes!
Bryan Ischo
------
Since this is a technical forum I can discuss the more technical details here:
- The major technical hurdle would be tracking which of the initial bitcoins is assigned to which U.S. citizen. Assuming that social security numbers can be used for this, I would propose that the initial block chain be seeded by the U.S. government with a social security number embedded in each block, thus assigning that coin to that citizen. Citizens would have 10 years to 'claim' their bitcoin by presenting proof of personage to a government agency (the U.S. mint? whoever is trusted with the starting block chain keys ...); upon presentation of this proof, the government would send the coin to an account of the person's preference.
- After 10 years, any coin not claimed becomes property of the U.S. government and thus, in the ideal world where the government represents every citizen equally, evenly distributed in value amongst all citizens by its common ownership by all citizens via the government
- This would be a U.S. only currency, although it could be used by other people around the world just like the U.S. dollar sometimes is. I would expect every country to enact their own virtual currency in this way, with the resulting currency arbitrage etc, and maybe someday, in a distant future perfect world, all governments could cooperate so as to merge all virtual currencies into one ... but in the real world of now, a virtual currency per country is the only thing achievable.
- The government should announce this scheme months ahead of time (perhaps while the NSA is using their supercomputers to generate the initial block chain?) so that everyone has a chance to buy into mining companies to further help the even distribution of the remaining coins. This is meant to alleviate some of the early adopter advantage that mining companies already set up for mining Bitcoin have.
Here is a letter that I sent to both of my U.S. Senators regarding Bitcoin. I urge anyone who feels the same to send the same or a similar letter to their own Senator or anyone else in government who might be able to take action:
-----
Hello - as you know, Bitcoin, the virtual currency, is now a hot topic, and is being discussed in the senate. There is some indication that the U.S. Government may lend its approval to the circulation of Bitcoin as a virtual currency. I would like to propose an alternative:
The major problem that I see with Bitcoin is that a large percentage of the available coins have already been 'mined' by early adopters. The creator of the Bitcoin protocol him/herself almost certainly hoarded a large percentage of available Bitcoins in the first year of its existence.
I believe that if the United States Government is to endorse a virtual currency, it should begin its own Bitcoin-like currency, using the same protocol, but with a new block chain that it creates in which:
* 1/4 of the initial coins are allocated for the U.S. Government
* 1/2 of the initial coins are allocated to be fairly and evenly distributed among all U.S. citizens
* The remaining 1/4 of the coins are left for 'mining' just like the current Bitcoin system (this is critical as it provides incentive for miners to use the virtual currency, which is what builds the infrastructure necessary to support the currency)
* The U.S. Government should enact law that only this new virtual currency will be accepted as legal virtual tender by the U.S. Government and no other virtual currency. This will provide legitimacy of the currency.
I believe that this is a critical juncture for virtual currency, which is an inevitability in the world of modern technology, and that the U.S. Government will be doing its citizens a great disservice if it does not enforce this much fairer currency scheme now, before Bitcoin becomes the de-facto virtual currency standard.
I personally have nothing to gain from this proposal, as I would have no more of this virtual currency at the outset than anyone else; I make this proposal only from a deep desire to see our country provide all people with an equal footing in the world of virtual currency rather than leaving the lion's share to the "early adopter cabal" of Bitcoin.
I can discuss the more technical details that would enable the fair distribution of this virtual currency if you would like to contact me.
Thank you, and best wishes!
Bryan Ischo
------
Since this is a technical forum I can discuss the more technical details here:
- The major technical hurdle would be tracking which of the initial bitcoins is assigned to which U.S. citizen. Assuming that social security numbers can be used for this, I would propose that the initial block chain be seeded by the U.S. government with a social security number embedded in each block, thus assigning that coin to that citizen. Citizens would have 10 years to 'claim' their bitcoin by presenting proof of personage to a government agency (the U.S. mint? whoever is trusted with the starting block chain keys ...); upon presentation of this proof, the government would send the coin to an account of the person's preference.
- After 10 years, any coin not claimed becomes property of the U.S. government and thus, in the ideal world where the government represents every citizen equally, evenly distributed in value amongst all citizens by its common ownership by all citizens via the government
- This would be a U.S. only currency, although it could be used by other people around the world just like the U.S. dollar sometimes is. I would expect every country to enact their own virtual currency in this way, with the resulting currency arbitrage etc, and maybe someday, in a distant future perfect world, all governments could cooperate so as to merge all virtual currencies into one ... but in the real world of now, a virtual currency per country is the only thing achievable.
- The government should announce this scheme months ahead of time (perhaps while the NSA is using their supercomputers to generate the initial block chain?) so that everyone has a chance to buy into mining companies to further help the even distribution of the remaining coins. This is meant to alleviate some of the early adopter advantage that mining companies already set up for mining Bitcoin have.
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