Is there any chance of having any "fiat" like system that is backed by Bitcoin?

[MingLee]

Something like this would be incredibly easy to implement for the most part; just have stores of Bitcoin and have the bank notes have something on them detailing the exchange rate for a note to Bitcoin. Nothing too hard beyond any of that.

It's easy to back something. Just have a good and a constant exchange rate.

[chennan]

its no secret.
hyperledger.

they have been very public about it.
oh and guess who is programming it.. blockstream, yep. gmaxwell and chums.

Yeah, I just now started looking at the stuff on the main website; and under the finance section the biggest thing that popped out to me is when it said it's goal is to "increase transparency" in the financial market.  That is perhaps the worst, most malicious thing that we could hand over on a silver platter to governments. 

This is the kind of things tyrants dream of; a way to always be able to see who's sending money where and have a way to stop them if it doesn't please them.  They could single handedly control people by forcing them to make it illegal to purchase anything from "Mom and Pop's general store" and force them to buy things from "Walmart" if Walmart CEO's give political figures incentives for doing so and passing those type of laws.

Cryptocurrencies need to be permissively transparent... not forced to be transparent on default.

[franky1]

Yeah, I just now started looking at the stuff on the main website; and under the finance section the biggest thing that popped out to me is when it said it's goal is to "increase transparency" in the financial market.  That is perhaps the worst, most malicious thing that we could hand over on a silver platter to governments.  

This is the kind of things tyrants dream of; a way to always be able to see who's sending money where and have a way to stop them if it doesn't please them.  They could single handedly control people by forcing them to make it illegal to purchase anything from "Mom and Pop's general store" and force them to buy things from "Walmart" if Walmart CEO's give political figures incentives for doing so and passing those type of laws.

Cryptocurrencies need to be permissively transparent... not forced to be transparent on default.

its not about transparency as in every customers account balance is transparent to the public.

its not to make customer accounts "public".. but sell customer details privately (including access to balance and spending data) to the highest bidder. much the same as how google and facebook sell personal data. even when users have their profiles private to the public that data can still be sold behind the scenes

theres other parts that they can be more transparent about how they make their money (previously as loans<-> money creation) so thy can sell this money creation and monkey making, as a sellable service itself. rather than the previous hidden policy that meant they had to keep bank secrets a secret 

[Kakmakr]

Just to be clear here, you want another fiat currency that can be manipulated by governments < Flexible Cap > so that they can print < create tokens > without limits, like they are doing it now with Fiat money? How will that be a improvement on the current system?

Governments have already shown that they cannot be trusted with the creation of money. They print it like toilet paper and it decrease in value. You need something like Bitcoin, with a fixed amount of tokens and participation from the public to determine it's value/cap for it to be successful. 

[franky1]

Just to be clear here, you want another fiat currency that can be manipulated by governments < Flexible Cap > so that they can print < create tokens > without limits, like they are doing it now with Fiat money? How will that be a improvement on the current system?

Governments have already shown that they cannot be trusted with the creation of money. They print it like toilet paper and it decrease in value. You need something like Bitcoin, with a fixed amount of tokens and participation from the public to determine it's value/cap for it to be successful.  

i dont want that. im just explaining what the banking cartel are doing.

too many people are defending blockstream and seeing hyperledger as the way forward for bitcoin. im just throwing info out to show what the banking cartels are doing. not what we should be wanting.

i want bitcoin to remain as an asset currency with no barrier to entr, no barrier to utility as the open choice to stay separate and away the risks of the banking cartels hyperledger

knowing your enemy is better then not knowing it and pretending you will win the battle by default.
i find it strange how people ar playing into the bankers hands and wanting to squeeze bitcoin into a limb of the banking cartel

as for increasing the supply.. this is already being proposed by blockstream
they are changing the real hard coded units of measure in the future. but hiding it from sight at the users GUI/frontend.

satoshi CODED bitcoin to produce
5000000000 units per block initially, then halve every 210000blocks. it was only a human mind. not code that converts this unit of measure to 50btc for human GUI purposes
currently at code level we are making
1250000000 units of measure a block
as part of LN. and future bitcoin node code that will change to
1250000000000 units of measure a block

but at GUI level it will be 12.50000000,000
meaning although people can say there are still 21mill (GUI measures of btc cap)
at code level
2100000000000000 units of measure will be
2100000000000000000 units of measure

thats right bitcoin loses its fixed 100000000 unit of measure status
extending mining beyond the year 2140.

but hey lets now watch blockstream/banker defenders call it a good thing because the GUI tells users its still a 21m cap. even if there are 1000x more individual units that can handed out.

when this kind of thing is don on wallstreet, its called share dilution.

[clickerz]

Just to be clear here, you want another fiat currency that can be manipulated by governments < Flexible Cap > so that they can print < create tokens > without limits, like they are doing it now with Fiat money? How will that be a improvement on the current system?

Governments have already shown that they cannot be trusted with the creation of money. They print it like toilet paper and it decrease in value. You need something like Bitcoin, with a fixed amount of tokens and participation from the public to determine it's value/cap for it to be successful. 

That is what I understands with what he means. Something like a  physical bitcoin. If it hs a physical coin,I think it is possible for goverment to confiscate and it may seems like illegal. I think it is not a good idea,a debit card is ok  for me.

[rajasumi3]

No i dont think it is backed back any digital cryptocurrency .maybe side by side there will be development of any other digital cryptocurrency.banks may back it up witth gold.

[Tanic]

I think it is not possible at this point of time that fiat currency be backed up by bitcoin. But i have my own view, a currency online that will represent the actual value of fiat currency in the real world.

But your idea can be done and it is possible, but the question is when will it happen or when will society be ready to such kind of financial systems. Only time will tell I guess.

Yeah. everything is the point of the time. Now sociaity is not ready to work like you say, but who knows - the idea seems good.

[Rahar02]

I know that central bankers and people in power are not going to want anything like this to come to life; but I would like to think of a world where this is possible.  Even if it's just entertaining the idea and nothing will come of it.

I mean theoretically it could be done though.  In past human history, and even recent history, banks would have notes that would represent, or guarantee the person accepting the note, that it would be redeemable to get X amount of gold or silver for that note and or currency in general.  It worked for a while, until governments and banks had the incentive to keep the precious metals for themselves and overprint their currency to help fund wars, or "pay off debts", etc; thereby making people placing value in the notes in terms of having "trust' in the American/global economy.

Now what would happen if you could create a fiat system where you could just strap the gold or silver to the note itself?

Would it technically be possible to have a system in government where we send Bitcoin, or even another cryptocurrency, to an address that is attached to the note it self?  

I know that there are already things that have been created for stuff like this; such as OpenDime and Satoshi Notes.  But, I'm curious as to what you guys think would be a "do-able system" if something like the fiat system were to collapse and there were need for a new currency for the masses... since block size limits probably wouldn't allow for that high of tx/sec.

In theoretically, it can't be done. Bitcoin and fiat will always separate as the way it is.
Fiat can't backed by bitcoin, simply can't be done and government planning to have their own digitalize fiat.
What makes bitcoin interesting because it's separated from any central banks.

[mastica]

Even understanding the main reason under this, thats is give people the option to use bitcoin as a fiat currencie, some people really doesnt like to wait for their transaction, but for me makes no sense at all countries and big corporations are interested into make their own crypto currencie, soo why whould bitcoin do the reverse thing?