Topic: The only way that governments will successfully compete with Bitcoin (Read 682 times)

the government doesn't really need to compete with bitcoin, they do this to have control over it, because if they do not control the price and the use of bitcoin then it could make the value of USD crash because instead of USD being the international currency, then bitcoin will take its place. this will mean the downfall of US economy and could destroy their country internally.

Hi! Just wanted to let you know that hookedin has been rebranded into "Moneypot" and is currently live on testnet for anyone to try out:

https://wallet.moneypot.com (using: https://testnet.moneypot.dev as the custodian)

Curious to know what the current state of the other project (Scrit) is? Can't find any representation on the forum though there seems to be some stuff on github which does not immediately make clear how far they are in terms of development..?

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To reiterate some stuff that also has been mentioned in the ANN thread:

- moneypot allows for (free) internal transactions (using internal lightning invoices, if you were wondering how to try it out), and is supposed to be completely free of any unproveable repudiation by making almost all interaction certified by signatures proving your intent, both from the custodian and the user. So (almost) every action is hashed and then signed using the keys of either the custodian, or the keys of the coins involved in the transfer if the action is coming from the user. The idea is that both parties verify this during and after the transaction to keep communications fair.

The biggest caveat currently is that it still is a centralized entity, which apart from naturally raising anguish and discomfort, makes it especially vulnerable to attacks from third-parties, insiders (us) and mistakes in the custodian code that go unspotted (though we are fully open-source).

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With the upcoming Taproot activation, it seems like an interesting option to explore to see if we can leverage schnorr either in the form of multisigs or threshold sigs schemes to make moneypot decentralized in the sense that funds are held by multiple signers and every signer keeps their own record of all off-chain actions, and then have a master custodian relay all actions from users and initiate on-chain transfers... If there is enough interest in this whole chaumian bank idea at all.

Though the above description of ideas is intentionally vague and not so much concrete because I (at least) am not (yet) well-acquainted with said scripting (threshold sig), and the upcoming taproot update, so we will really have to look into this to see if this will even be possible to concoct in combination with stuff such as lightning.

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That being said, we're currently in the process of gathering some feedback before deciding if we're going live on mainnet, so if you're interested in trying out the wallet, I'd say eat your heart out! We are really desperate for any criticism at all!

bump with new development

https://twitter.com/NickSzabo4/status/1187089734910136326

https://opaque.link/post/scrit-vision/


edit https://youtu.be/mjt7pQkPbSA
Great talk by Smuggler

not yet really it's only testnet
follow along/learn more https://github.com/hookedin

Is it supposed to be functional?

How do you get an address to send to a hookins?

I feel in some time to come this will happen that the US wil create their own coin in a way that will be centralized and stable to compete and try to defeat bitcoin. Somehow people will be thrilled to adopt this over bitcoin because of some features of centralization and others. This is going to be a big problem for bitcoin in the near future if eventually they come out with their own coin.

Crypto is a threat to governments because they have absolutely no control over it which means they don't have control over peoples money anymore like they do right now with banks. People start to realize that and are moving their fiat funds to cryptocurrencies and that's why cryptocurrencies have become a threat to governments.

That sounds pretty interesting and on the right track, though their website is incomplete, and it sounds like it might be fractional reserve:

I'd really love it if it's not fractional reserve and the "bank" is actually a multisig of several independent entities. But as long as it works well and actually uses blind signing, it'll be good to see.

Compete with bitcoin is not easy job but when governments go for that compete with bitcoin then it's a big threat for bitcoin. Bitcoin is such a difficult to maintain, it's technology is difficult to run on the proper way. If the government compete with bitcoin I'm little bit confused that what's happen with bitcoin. But my question is now many country accept bitcoin officially then why governments compete bitcoin? Is bitcoin become a threat for currency or something else?

First Chaumian Ecash Server Coming Soon
https://www.hookedin.com/
https://www.hookedin.com/overview/
discussion https://youtu.be/1pcKQIXPbec Block Digest #172 22minutes in

Agree.
Besides, finite supply of BTC is one of the main reason why it will have advantage over USD in the long run.
As printability of USD has no limits, it`s inflationity will always be USD`s HIV, on the road.
The main goal shouldn`t be BTC to completely annulate USD, but have it`s decent portion/share, based on it`s characteristics.

It's human nature to trust an authority. We need some form of foundation to surround us so we can see that what we are doing is stable and safe. A lot of people on this forum would probably admit that they were a little bit hesitant about bitcoin when they first heard about it, and if they had known what they do now, they would have gotten on it earlier. But you can almost never make a sound judgement with the limited amount of knowledge that is in front of you at the moment.

So the decentralized nature of bitcoin is its Achilles Heel in a way because it appears as a vulnerability for those who don't want to put their money in something that is not backed up by a government.

That could be possible when op's idea becomes reality. When there is any government issued currency people automatically trusts it.

They know they can't stabilise their shitcoin because all their crimes of financial mismanagement would have to be exposed.

GovCoins are backed by governments and that is where their coins will fail. Most people already realized that the government is

ruining Fiat currencies and they will know that they should not trust a government to run a Crypto currency with the same result. If

you back your GovCoin with fiat money, then you failed already. The problem is not with the Crypto currency, but rather the "asset"

or currency it is backed by, because that can be manipulated.  

by allowing it. thats the only way that government can be successful. because if they allow it, they can put tax on it and can earn on it as well.

Not really a good news. The government created its own electronic money in order to manage them more easily and better. But in fact, people using electronic money are the ones who want to be anonymous in their trading activities. They do not want to be managed in the use of personal money. And they will choose Bitcoin by its great anonymity and security. It is very hard for the government.

The government can create its own electronic money based on Blockchain technology. But besides that, the electronic money they create will also have a significant impact on the economy and society of that country. In addition, what is the value of electronic money they create compared to Bitcoin and other Altcoin. It is possible that when e-money is created by the nations themselves, it is also the time when they carry on the economic burden.

The trend and role of Blockchain technology is undeniable. Governments in several countries have agreed to apply Blockchain technology in many areas of the country, including financial operations. But managing Bitcoin is a very difficult job. Perhaps the best way for the government to overwhelm Bitcoin is by creating its own electronic money. Maybe.

Perhaps in the future we'll have something like Bitcoin-based banks that will be centralized payment systems with digital tokens backed by Bitcoin. It sounds stupid at first, but even now a lot of institutional investors and just users are scared to use Bitcoin because they are afraid to manage their private keys. With Bitcoin banks this can be outsourced and their funds can be insured. Of course they would lose the main benefit of Bitcoin of eliminating the need for trust, as well as other benefits like privacy, but they would still be using fixed-supply currency, which might be the most important feature for some people.