United we stand, divided we fall - the coming rise of cryptofiat

[DanielT]

I wonder if having a blockchain being digitally signed by a central authority (scrapping out the 51% requirement) would create something like "cryptofiat".

[David Latapie]

I wonder if having a blockchain being digitally signed by a central authority (scrapping out the 51% requirement) would create something like "cryptofiat".

I failt to see why they would do this, but this is secondary. If a governement cannot intervene on transactions, I think it would not qualfy as cryptofiat.

On a related note, I suggest reading The Stateless Currency and the State: An Examination of the Feasibility of a State Attack on Bitcoin. It is damn interesting.

Bitcoin, therefore, implicitly relies on the state’s approval for its functioning.

And also State-sponsored cryptocurrencies

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf, page 3

As emphasised by Haldane and Qvigstad (2014), it would technically be possible for an existing central bank to issue digital-only liabilities in a distributed-ledger payment system equivalent to those deployed by recent digital currencies.

This is the Bank of England which writes this

[David Latapie]

It's coming: China to consider a "chinacoin". The wayI see it, it would be a PoS.

[Palinanv]

The have cryptofiat....? I thought crypto was just code and whatnot, and then Fiat would be physical money. I don't know.


In any case, cryptocurrencies are doing just fine on their own. No need to cause hype over a nonexistent topic.

[fair_player]

With the current fiat system the government can not only monitor the flow of money but they do not necessarily need to tell a suspect of a crime the extent of the evidence against him (or what the government may be able to uncover in the future) which would give a suspect an incentive to confess if they have committed a financial crime. Bitcoin takes that possibility and this is really an important thing to be considered.