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April 14, 2013, 06:38:29 PM |
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I was thinking, what if the US or some other country, similar to what Canada did, but not so idiotic... created their own cryptocurrency?
Could you create a cryptocurrency that only the creator could inflate?
The government could then control the amount of currency in circulation, dictate all the transaction fees (and collect them), automatically collect taxes, eliminate all (unauthorized) counterfeiting, track every single transaction, allow or disallow any transaction thereby controlling all money in circulation, and perhaps many other benefits to the state, and perhaps benefits to users of the currency as compared to traditional/physical fiat currency.
Perhaps this is what Canada was trying to do with MintChip.
What do you think? Could something like that be a stepping stone to more tyranny? Is something like that capable of increasing the efficiency of an economy?
I think the most important quality is the ability to print as much money as the central planners see fit. So I guess thats the most important question I'm asking in this post.
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