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August 16, 2015, 05:33:15 PM |
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Can we take qualities of Bitcoin that might be good for a group of people who do not have access to insane amounts of hashing power or money and distil it to a spec for a new monetary unit which doesn't depend on the Euro? A national cryptocurrency for Greeks.
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I believe we should try:
Bitcoin used to allow anyone who is lucky enough with his participating node to generate bitcoins. In the very early days this was a more or less equitable way of distributing the currency. There was not enough confidence for people to create GPU miners and so CPU mining was enough and so people could just play the free lottery to get this money. Now, the odds are so skewed by big money going into mining, you need fiat to make bitcoin, which defeats this best feature in it for a group of people
Limited issuance has been good for bitcoin's adoption. Perhaps it is a better idea to fix issuance to the population size of Greece. You cannot really have both ideas at the same time. We need every Greek document ID to have its own public private key pair and a way to map IDs to the public key, and a secure way Greeks can get a private key securely. Money creation should not favor a single individual Greek because of superior hardware .
Ideas here that have flaws should be ruthlessly criticized in order to improve them.
sdp
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