In my opinion, bitcoin 1.0 will fail. Yes, I may be wrong, this thread is not to debate that. This thread is for my idea for Bitcoin 2.0 which I am not ambitious enough to head myself as I want to focus on my family.
I realize some of you feel bitcoin is backed. However, too many people want a currency backed by something tangible. Enter "junk silver
". The junk silver I would recommend having back Bitcoin 2.0 would be pre 1932-1964 quarters and 1946-1964 dimes
as they have the same metal makeup. This solves the problem of a tangible backing. In addition, this all of a sudden makes every coin shop in the world a distributed exchange which we all understand the need for.
However, this idea WOULD likely require a central repository to hold the junk silver dimes and quarters UNLESS some specific ironclad deal was worked out with coin dealers.
Deposit or buy a pre 1965 dime and get 1 bitcoin 2.0 from the central exchange or the coin dealer who has bitcoin. Buy or deposit a 1964 or older quarter and get 2.50 bitcoin 2.0. They can then be traded, purchased, and sold anonymously just like bitcoin 1.0. Your junk silver becomes digitized. But at any time you can withdraw it for junk silver. It will ALWAYS have value, be reasonably stable, and have distributed exchanges yet still have most of the benefits of bitcoin 1.0.
I hope someone proceeds with this or a like idea.
Less intelligent people are suspicious of information, and prefer matter. The reason for this is that they can hold matter and admire its shininess. Information alone tends to confuse them, they are not sure that it even really exists. What they don't realize is that matter itself, is also information. lol.