Creating new digital USD (for the Federal Reserve)

[andrewbb]

Consider a new coin called USD (or perhaps Digital Dollars or Electronic Dollars DDR or EDR).  Perhaps a 2nd new coin called Physical Dollars (PDR or PDL).  Some thought might be given to Pennies, Dimes, Nickels, Quarters, etc.


What does THAT do for you?  On a 1 to 1 basis, you could track every single dollar created by the Fed.  Each digital dollar would be identifiable and unique.  An end to digital counterfeiting aka a bank or other entity creating an accounting entry that misrepresents the number of dollars in existence.

[unamis76]

Do you think that such a coin would be of interest to any government?

[andrewbb]

Do you think that such a coin would be of interest to any government?

To any "government"?  Very funny.  No, of course not. 

However, there are people who work for the government who actually have connections to communities and rely upon paychecks.  They might see the value of a digital serial number on every dollar.

[unamis76]

Do you think that such a coin would be of interest to any government?

To any "government"?  Very funny.  No, of course not. 

However, there are people who work for the government who actually have connections to communities and rely upon paychecks.  They might see the value of a digital serial number on every dollar.

Exactly. They might see something good in a trackable currency. But they're not the government This is never going to work. It's a bit like asking for a centralized Bitcoin

[LiteCoinGuy]

i would try not to use that shit 

do you know MintChip? could be interesting when you think about these thinks

[ransomer]

Do you think that such a coin would be of interest to any government?

Maybe not now.

But if faced with an alternative of cryptocurrencies... then maybe...

[anderson00673]

you could track every single dollar created by the Fed. 

The fed doesn't want this.  Do you have any idea how much cash they are pumping out nowadays?  I don't think that the fed would allow this, let alone be interested in it.

[andrewbb]

you could track every single dollar created by the Fed. 

The fed doesn't want this.  Do you have any idea how much cash they are pumping out nowadays?  I don't think that the fed would allow this, let alone be interested in it.

Inflation is "heating up" lately, so they will be looking for ways to keep dollars from driving up prices.  One way is to eliminate "double-spent" USD.

[Thekool1s]

Its already here
Try searching for bitshares and bitUsd, bitEur etc they are pretty cool you get the value dollar euro, yen pound pretty much anything and the fees are hell as low.

Check out this forum: bitsharestalk.org

The concept is same in this coin.

[odolvlobo]

Consider a new coin called USD (or perhaps Digital Dollars or Electronic Dollars DDR or EDR).  Perhaps a 2nd new coin called Physical Dollars (PDR or PDL).  Some thought might be given to Pennies, Dimes, Nickels, Quarters, etc.


What does THAT do for you?  On a 1 to 1 basis, you could track every single dollar created by the Fed.  Each digital dollar would be identifiable and unique.  An end to digital counterfeiting aka a bank or other entity creating an accounting entry that misrepresents the number of dollars in existence.

It does nothing for me. What it does for the U.S. government is it allows them to track every dollar.

In order to allow fractions of a dollar, you would need to track every penny. I don't know what kind of effort it would take to track 400,000,000,000,000 electronic pennies, but it probably wouldn't be easy or cheap.

[achow101]

Consider a new coin called USD (or perhaps Digital Dollars or Electronic Dollars DDR or EDR).  Perhaps a 2nd new coin called Physical Dollars (PDR or PDL).  Some thought might be given to Pennies, Dimes, Nickels, Quarters, etc.


What does THAT do for you?  On a 1 to 1 basis, you could track every single dollar created by the Fed.  Each digital dollar would be identifiable and unique.  An end to digital counterfeiting aka a bank or other entity creating an accounting entry that misrepresents the number of dollars in existence.

It does nothing for me. What it does for the U.S. government is it allows them to track every dollar.

In order to allow fractions of a dollar, you would need to track every penny. I don't know what kind of effort it would take to track 400,000,000,000,000 electronic pennies, but it probably wouldn't be easy or cheap.

With a decent sized computer cluster, they could easily audit everyone and make sure taxes are actually paid. People could also audit the government and it would reduce corruption or expose it since people could see all of the transactions. Of course that means that all of the corrupt polititcians won't want it.

[RodeoX]

I might be interested. Can you use them to buy bitcoins? 

[shawshankinmate37927]

I might be interested. Can you use them to buy bitcoins?  

It would be great if the fiat fiends would come up with an electronic paymwent method that was irreversible.  That would undoubtedly become the preferred way to buy and sell bitcoins.

[bitcoinmasterlord]

Consider a new coin called USD (or perhaps Digital Dollars or Electronic Dollars DDR or EDR).  Perhaps a 2nd new coin called Physical Dollars (PDR or PDL).  Some thought might be given to Pennies, Dimes, Nickels, Quarters, etc.


What does THAT do for you?  On a 1 to 1 basis, you could track every single dollar created by the Fed.  Each digital dollar would be identifiable and unique.  An end to digital counterfeiting aka a bank or other entity creating an accounting entry that misrepresents the number of dollars in existence.

I think what you search is something like BitUSD or NuBit. They both hold the value of 1USD artificially.

And no, i don't see any government being interested in it. They want to print money when they need money.

[barsbars]

Consider a new coin called USD (or perhaps Digital Dollars or Electronic Dollars DDR or EDR).  Perhaps a 2nd new coin called Physical Dollars (PDR or PDL).  Some thought might be given to Pennies, Dimes, Nickels, Quarters, etc.


What does THAT do for you?  On a 1 to 1 basis, you could track every single dollar created by the Fed.  Each digital dollar would be identifiable and unique.  An end to digital counterfeiting aka a bank or other entity creating an accounting entry that misrepresents the number of dollars in existence.

I think what you search is something like BitUSD or NuBit. They both hold the value of 1USD artificially.

And no, i don't see any government being interested in it. They want to print money when they need money.

what does "they both hold the value of 1USD artificially" means? pegging?

[g1974ak]

Consider a new coin called USD (or perhaps Digital Dollars or Electronic Dollars DDR or EDR).  Perhaps a 2nd new coin called Physical Dollars (PDR or PDL).  Some thought might be given to Pennies, Dimes, Nickels, Quarters, etc.


What does THAT do for you?  On a 1 to 1 basis, you could track every single dollar created by the Fed.  Each digital dollar would be identifiable and unique.  An end to digital counterfeiting aka a bank or other entity creating an accounting entry that misrepresents the number of dollars in existence.

I'm answering myself: Why needed this kind of digital dollar. To not give more the possibility to the FED to do monetary policies. To not have more the possibility to print paper dollar every time will be in need for money?

[Amph]

I might be interested. Can you use them to buy bitcoins?  

It would be great if the fiat fiends would come up with an electronic paymwent method that was irreversible.  That would undoubtedly become the preferred way to buy and sell bitcoins.

mmh i don't know, it would be traceable to death for sue, even wqorse than current circuit like visa and mastercard, i still prefer to exchange time with bitcoin is the most secure method

[Swordsoffreedom]

Since someone mentioned the Mintchip its been attempted and failed
That said it would be backed by fiat so their would not be a hardcoded fixed amount or if their was a fork could be announced at any time to increase the then fixed supply of them.

[edric]

It would be enormously useful to governments and central banks and I think we are headed to a cashless economy.  I think blockchain will be used to record a lot of things for data analytics.  For central banks, a cashless economy would allow for negative interest rates and remove a lot of expenses involved with printing and handling physical cash and coin.  Like you said it would also make it impossible to use central bank note in a black market without leaving a record.

[Mickeyb]

Governments don't need transparency, they need to operate in dark so they can print money out of nowhere. Banks on the other hand would might have interest in their own blockchain, but the problem with this would be that this blockchain wouldn't be decentralized, it would be under control of the certain bank, so this bank would be able to introduce capital controls on this blockchain as they did in Greece recently.

Really there is only one, decentralized Bitcoin!