Government & Bitcoin

[deisik]

It looks pretty fancy, and I see a QR code on the coin, but how does that work? It can't be both physical and digital at the same time. The whole point of a digital ledger is to prove who owns the digital coin, whereas with a physical coin, whoever physically holds the coin owns it. There is no need for a physical coin to have a digital ledger, which means there is no need for a QR code on the coin. So I don't exactly understand the concept here.

As I understand it (I didn't think it over, though), you buy such coins with a premium, where the premium is the price of gold in this coin, lol. So, when you "spend" it, you are left with a round piece of shiny metal (but it may acquire numismatic value with time)...

Or you can use it as a "wallet" later, I guess

[jaysabi]

It looks pretty fancy, and I see a QR code on the coin, but how does that work? It can't be both physical and digital at the same time. The whole point of a digital ledger is to prove who owns the digital coin, whereas with a physical coin, whoever physically holds the coin owns it. There is no need for a physical coin to have a digital ledger, which means there is no need for a QR code on the coin. So I don't exactly understand the concept here.

As I understand it (I didn't think it over, though), you buy such coins with a premium, where the premium is the price of gold in this coin, lol. So, when you "spend" it, you are left with a round piece of shiny metal (but it may acquire numismatic value with time)...

Or you can use it as a "wallet" later, I guess

I see, so really this is more of a novelty item seeking to capitalize on digital currency hype than anything else. I'm sure the markup on the value of the gold in the coin makes it one of the least efficient ways to buy gold possible.

[dollarneed]

why do people need to create a physical bitcoin? actually i dont get it, as far as i know that bitcoin is peer to peer electronic cash system which is we need internet connection for doing transaction, bitcoin is helping us to make our transaction more simple without carrying your physical money,and hold on, there is QR code over there what is it function? its seems like wallet i mean like paper wallet or something else?
honestly i prefer to just collection the physical moreover it was made from gold

[n2004al]

why do people need to create a physical bitcoin? actually i dont get it, as far as i know that bitcoin is peer to peer electronic cash system which is we need internet connection for doing transaction, bitcoin is helping us to make our transaction more simple without carrying your physical money,and hold on, there is QR code over there what is it function? its seems like wallet i mean like paper wallet or something else?
honestly i prefer to just collection the physical moreover it was made from gold

This is impossible to do because have no authority which own bitcoin. So no one can made physical bitcoins which can have legality. Needed first the known of it from all the countries then an agreement between those about the creation of an monetary authority which will manage it and then the creation from authority of the physical bitcoins. This there must be verified even with a group of countries but in this case the physical bitcoins can be used and can have legality only in these countries.

As for the creation or not of the physical bitcoin I am for the yes. If managed rightly this can add value to the bitcoin. Bitcoin will be more and more currency of the people, of the simple people. Because the simple people don't use to much the internet and don't understand which is peer to peer, its importance and its advantages. The simple people need to buy its daily bread, need  to buy the clothing at the store near its home, need to buy the gas for its car and need to give some money to their children and grandchildren. All those acts if made with bitcoin will increase in heaven its "power" and its overall value. And cannot be made if don't exist the physical bitcoin.

Edit: Maybe can be passed directly to the credit/debit card system but this is another discussion. And that have nothing to do with the power added to bitcoin if will be even physical currency.

[mookid]

why do people need to create a physical bitcoin? actually i dont get it, as far as i know that bitcoin is peer to peer electronic cash system which is we need internet connection for doing transaction, bitcoin is helping us to make our transaction more simple without carrying your physical money,and hold on, there is QR code over there what is it function? its seems like wallet i mean like paper wallet or something else?
honestly i prefer to just collection the physical moreover it was made from gold

Because for thousands of years, people has used physical objects as currency and commodities. Credit/debit/bitcoins aren't going to change that on the mid-term.
We love what we can touch

[Luqman]

Banks are working with blockchain technology, but when they adopt it ?

[n2004al]

At first I thought that you wanted to say that a Central bank backs up commercial banks 9as a lender of last resort), thereby, in a sense, creating new money through them, but now I see that was not your point. The money that banks create through loans (credit money) is no different from any other money (including paper notes emitted directly by a Central bank). You can pay for goods and services with the entries that a bank makes in its balance sheet and which you see as your deposit account balance when you take a loan in the bank. Moreover, this form of money accounts for over 90% of all money in the modern economy...

In short, you don't understand how the modern monetary system works

Thanks for the opinion. While I see that you are not capable to understand nothing which don't fit with that is the meanings of things in your mind. I don't want to discuss your capacity of meanings.

In a totally cashless system a Central bank would be required only as a supervising body (e.g. to prevent subprime loans). In fact, the first precursors of today's fiat system started to develop even without a Central bank at all. I guess you tried to understand how this system works but failed at some point and came up with mental chimeras as a substitute for true comprehension...

The cashless system may exist only in your dreams. I don't know any country in which don't exist and have legality the cash. Or better: On Earth don't exist any country with no cash in its economy. Maybe in another universe yes.

[dollarneed]

why do people need to create a physical bitcoin? actually i dont get it, as far as i know that bitcoin is peer to peer electronic cash system which is we need internet connection for doing transaction, bitcoin is helping us to make our transaction more simple without carrying your physical money,and hold on, there is QR code over there what is it function? its seems like wallet i mean like paper wallet or something else?
honestly i prefer to just collection the physical moreover it was made from gold

This is impossible to do because have no authority which own bitcoin. So no one can made physical bitcoins which can have legality. Needed first the known of it from all the countries then an agreement between those about the creation of an monetary authority which will manage it and then the creation from authority of the physical bitcoins. This there must be verified even with a group of countries but in this case the physical bitcoins can be used and can have legality only in these countries.

As for the creation or not of the physical bitcoin I am for the yes. If managed rightly this can add value to the bitcoin. Bitcoin will be more and more currency of the people, of the simple people. Because the simple people don't use to much the internet and don't understand which is peer to peer, its importance and its advantages. The simple people need to buy its daily bread, need  to buy the clothing at the store near its home, need to buy the gas for its car and need to give some money to their children and grandchildren. All those acts if made with bitcoin will increase in heaven its "power" and its overall value. And cannot be made if don't exist the physical bitcoin.

So how does that works ? is that like paper wallet or something else?
well if the problem is internet connection,what about using paper wallet or maybe some kind of like gift card or voucher in bitcoin, i just dont understand how it physical bitcoin's work

[deisik]

At first I thought that you wanted to say that a Central bank backs up commercial banks 9as a lender of last resort), thereby, in a sense, creating new money through them, but now I see that was not your point. The money that banks create through loans (credit money) is no different from any other money (including paper notes emitted directly by a Central bank). You can pay for goods and services with the entries that a bank makes in its balance sheet and which you see as your deposit account balance when you take a loan in the bank. Moreover, this form of money accounts for over 90% of all money in the modern economy...

In short, you don't understand how the modern monetary system works

Thanks for the opinion. While I see that you are not capable to understand nothing which don't fit with that is the meanings of things in your mind. I don't want to discuss your capacity of meanings.

In a totally cashless system a Central bank would be required only as a supervising body (e.g. to prevent subprime loans). In fact, the first precursors of today's fiat system started to develop even without a Central bank at all. I guess you tried to understand how this system works but failed at some point and came up with mental chimeras as a substitute for true comprehension...

The cashless system may exist only in your dreams. I don't know any country in which don't exist and have legality the cash. Or better: On Earth don't exist any country with no cash in its economy. Maybe in another universe yes.

Wtf, I guess you should go learn about modal verbs and what they mean (apart from learning how fiat systems work)

[acroman08]

The sharing economy is just going to continue to grow, and governments will be challenged to understand and manage its implications while embracing its benefits. However, governments will be at a significant disadvantage if they wait too long and newer technologies and markets will have already been developed that do not follow traditional models. Think of the following: Uber is the world’s largest taxi service and owns no cars. Airbnb provides lodging yet does not own real estate.

How will local governments adapt to these new ways of doing business that are disrupting traditional business models? All we know now is that governments are a long way from even contemplating and accepting this new reality.

Pretty sure bitcoin and goverment wont work. As bitcoin is free to taxes and goverment want taxes. The most possible way if the goverment want to do digital currency it is most possible they'lle make theyre own digital currency. Well thats my opinion.

[n2004al]

At first I thought that you wanted to say that a Central bank backs up commercial banks 9as a lender of last resort), thereby, in a sense, creating new money through them, but now I see that was not your point. The money that banks create through loans (credit money) is no different from any other money (including paper notes emitted directly by a Central bank). You can pay for goods and services with the entries that a bank makes in its balance sheet and which you see as your deposit account balance when you take a loan in the bank. Moreover, this form of money accounts for over 90% of all money in the modern economy...

In short, you don't understand how the modern monetary system works

Thanks for the opinion. While I see that you are not capable to understand nothing which don't fit with that is the meanings of things in your mind. I don't want to discuss your capacity of meanings.

In a totally cashless system a Central bank would be required only as a supervising body (e.g. to prevent subprime loans). In fact, the first precursors of today's fiat system started to develop even without a Central bank at all. I guess you tried to understand how this system works but failed at some point and came up with mental chimeras as a substitute for true comprehension...

The cashless system may exist only in your dreams. I don't know any country in which don't exist and have legality the cash. Or better: On Earth don't exist any country with no cash in its economy. Maybe in another universe yes.

I guess you should go learn modal verbs and what they mean (apart from learning how fiat systems work)

I learned that the meaning I had for the word cashless was erroneous but I learned even that the right meaning don't exclude the cash in the economy. So my words in the previous post are not wrong. Only not in the right place and not needed in that case. As for how fiat system works you must read again my post about your meanings and your capacity to understand.

[n2004al]

why do people need to create a physical bitcoin? actually i dont get it, as far as i know that bitcoin is peer to peer electronic cash system which is we need internet connection for doing transaction, bitcoin is helping us to make our transaction more simple without carrying your physical money,and hold on, there is QR code over there what is it function? its seems like wallet i mean like paper wallet or something else?
honestly i prefer to just collection the physical moreover it was made from gold

This is impossible to do because have no authority which own bitcoin. So no one can made physical bitcoins which can have legality. Needed first the known of it from all the countries then an agreement between those about the creation of an monetary authority which will manage it and then the creation from authority of the physical bitcoins. This there must be verified even with a group of countries but in this case the physical bitcoins can be used and can have legality only in these countries.

As for the creation or not of the physical bitcoin I am for the yes. If managed rightly this can add value to the bitcoin. Bitcoin will be more and more currency of the people, of the simple people. Because the simple people don't use to much the internet and don't understand which is peer to peer, its importance and its advantages. The simple people need to buy its daily bread, need  to buy the clothing at the store near its home, need to buy the gas for its car and need to give some money to their children and grandchildren. All those acts if made with bitcoin will increase in heaven its "power" and its overall value. And cannot be made if don't exist the physical bitcoin.

So how does that works ? is that like paper wallet or something else?
well if the problem is internet connection,what about using paper wallet or maybe some kind of like gift card or voucher in bitcoin, i just dont understand how it physical bitcoin's work

I don't know how will work because first must be created and then regulated but I think like the normal cash of every existing currency.

[flock123]

I think the government would never admit bitcoin, it is because the price is always down 

[jaysabi]

why do people need to create a physical bitcoin? actually i dont get it, as far as i know that bitcoin is peer to peer electronic cash system which is we need internet connection for doing transaction, bitcoin is helping us to make our transaction more simple without carrying your physical money,and hold on, there is QR code over there what is it function? its seems like wallet i mean like paper wallet or something else?
honestly i prefer to just collection the physical moreover it was made from gold

This is impossible to do because have no authority which own bitcoin. So no one can made physical bitcoins which can have legality. Needed first the known of it from all the countries then an agreement between those about the creation of an monetary authority which will manage it and then the creation from authority of the physical bitcoins. This there must be verified even with a group of countries but in this case the physical bitcoins can be used and can have legality only in these countries.

As for the creation or not of the physical bitcoin I am for the yes. If managed rightly this can add value to the bitcoin. Bitcoin will be more and more currency of the people, of the simple people. Because the simple people don't use to much the internet and don't understand which is peer to peer, its importance and its advantages. The simple people need to buy its daily bread, need  to buy the clothing at the store near its home, need to buy the gas for its car and need to give some money to their children and grandchildren. All those acts if made with bitcoin will increase in heaven its "power" and its overall value. And cannot be made if don't exist the physical bitcoin.

So how does that works ? is that like paper wallet or something else?
well if the problem is internet connection,what about using paper wallet or maybe some kind of like gift card or voucher in bitcoin, i just dont understand how it physical bitcoin's work

Perhaps it's as simple as the QR code printed on the coin being the private key to a bitcoin address. Whoever then has the coin, controls the private key. But this still doesn't make a digital object physical. You could still control the bitcoins without the physical coin if you knew the private key.

[dollarneed]

So how does that works ? is that like paper wallet or something else?
well if the problem is internet connection,what about using paper wallet or maybe some kind of like gift card or voucher in bitcoin, i just dont understand how it physical bitcoin's work

Perhaps it's as simple as the QR code printed on the coin being the private key to a bitcoin address. Whoever then has the coin, controls the private key. But this still doesn't make a digital object physical. You could still control the bitcoins without the physical coin if you knew the private key.

Yeah it that means its function like a paper wallet, the point is private key if someone has take your private key from that coin,and take the amount so that coin it just a empty coin right?
this is why the physical bitcoin its better just for collection,just in my humble opinion

[RealBitcoin]

I don't know how will work because first must be created and then regulated but I think like the normal cash of every existing currency.

Regulated like the current printing presses?

The CB just prints 100000000000$ /year because that is allowed by the regulation. Wow what a useful regulation. How about non-regulated currency like bitcoin that is free from this "hazardous" regulation

[n2004al]

I don't know how will work because first must be created and then regulated but I think like the normal cash of every existing currency.

Regulated like the current printing presses?

The CB just prints 100000000000$ /year because that is allowed by the regulation. Wow what a useful regulation. How about non-regulated currency like bitcoin that is free from this "hazardous" regulation

You are really someone with which is in vain to take in consideration but I am obligated to give answers from the others. Regulated is not copied but doing rules. The rules may be totally different. That doesn't meant that it will be different. May be exactly the same. But this can be decided or made by those who are expert of those things. Maybe from you. Seen that you understand everything and have knowledge of everything.

Have you found yet the answer of the problem of the sheep? I haven't hear yet nothing about. It is important to find that answer...

It is very sad that someone like me which have a poor English explain the meaning of the English words to an expert of everything like you....

I really don't want to speak about you in my posts but it was impossible when I read your comments.

[RealBitcoin]

I don't know how will work because first must be created and then regulated but I think like the normal cash of every existing currency.

Regulated like the current printing presses?

The CB just prints 100000000000$ /year because that is allowed by the regulation. Wow what a useful regulation. How about non-regulated currency like bitcoin that is free from this "hazardous" regulation

You are really someone with which is in vain to take in consideration but I am obligated to give answers from the others. Regulated is not copied but doing rules. The rules may be totally different. That doesn't meant that it will be different. May be exactly the same. But this can be decided or made by those who are expert of those things. Maybe from you. Seen that you understand everything and have knowledge of everything.

Have you found yet the answer of the problem of the sheep? I haven't hear yet nothing about. It is important to find that answer...

It is very sad that someone like me which have a poor English explain the meaning of the English words to an expert of everything like you....

I really don't want to speak about you in my posts but it was impossible when I read your comments.

Ok i will disregard the personal attacks here.

So to answer your question: bitcoin is regulated. It is self-regulated.

The miners regulate bitcoin. We dont need other entity to do so.

Is that satisfy your question?

[n2004al]

I don't know how will work because first must be created and then regulated but I think like the normal cash of every existing currency.

Regulated like the current printing presses?

The CB just prints 100000000000$ /year because that is allowed by the regulation. Wow what a useful regulation. How about non-regulated currency like bitcoin that is free from this "hazardous" regulation

You are really someone with which is in vain to take in consideration but I am obligated to give answers from the others. Regulated is not copied but doing rules. The rules may be totally different. That doesn't meant that it will be different. May be exactly the same. But this can be decided or made by those who are expert of those things. Maybe from you. Seen that you understand everything and have knowledge of everything.

Have you found yet the answer of the problem of the sheep? I haven't hear yet nothing about. It is important to find that answer...

It is very sad that someone like me which have a poor English explain the meaning of the English words to an expert of everything like you....

I really don't want to speak about you in my posts but it is impossible when I read your comments.

Ok i will disregard the personal attacks here.

So to answer your question: bitcoin is regulated. It is self-regulated.

The miners regulate bitcoin. We dont need other entity to do so.

Is that satisfy your question?

No because first not the miners but the technology regulate bitcoin.Then the technology regulate the digital bitcoin The digital currency, the currency of internet). The papers bitcoin (the banknotes) will be another thing. If it will be produced (printed) more banknotes than the real number of bitcoins then will be trouble. The technology or your miners in this case can do nothing. At least the technology known since this moment in the production of the digital bitcoin (the internet currency).

[RealBitcoin]

No because first not the miners but the technology regulate bitcoin.Then the technology regulate the digital bitcoin The digital currency, the currency of internet). The papers bitcoin (the banknotes) will be another thing. If it will be produced (printed) more banknotes than the real number of bitcoins then will be trouble. The technology or your miners in this case can do nothing. At least the technology known since this moment in the production of the digital bitcoin (the internet currency).

No you misunderstand me. The miners do regulate bitcoin, because they have the voting rights.

So whatever issue/problem/event/implementation happens with bitcoin, the miners can veto it.

Not very democratical, but still more fair than the political system, because atleast miner's vote is transparent, while political elections can be faked.