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Author Topic: Backing USD, Yuan, Yen etc. with bitcoin  (Read 880 times)
cbeast
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Let's talk governance, lipstick, and pigs.


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October 26, 2011, 11:30:35 AM
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Why not have every nation grab a few hundred thousand bitcoin and register each satoshi in their stash? They could then issue bills backed with their registered satoshis. All of us with non-registered satoshis would be out in the cold, right? Well the bitcoin network still needs us to operate miners to keep it secure. Miners could have their bitcoins registered for other currencies at a "fair" exchange rate as they are needed to expand the economy. After several years, the hoarders will begin to be able to cash in their stash at higher rates. Unregistered bitcoins can still be bartered as commodities until they are sold to another country. Counterfeiting would require demurrage to keep bills updated. It's likely that a system like this would stabilize bitcoin prices to the basket of currencies.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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cbeast
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October 26, 2011, 01:59:01 PM
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Why not have every nation grab a few hundred thousand bitcoin and register each satoshi in their stash? They could then issue bills backed with their registered satoshis. All of us with non-registered satoshis would be out in the cold, right? Well the bitcoin network still needs us to operate miners to keep it secure. Miners could have their bitcoins registered for other currencies at a "fair" exchange rate as they are needed to expand the economy. After several years, the hoarders will begin to be able to cash in their stash at higher rates. Unregistered bitcoins can still be bartered as commodities until they are sold to another country. Counterfeiting would require demurrage to keep bills updated. It's likely that a system like this would stabilize bitcoin prices to the basket of currencies.

I'll start from Korea. I hereby register 1BTC with 4,000KRW. Am I doing it right?

If you can have your legislators acknowledge the work and adopt it into their treasury, then you have made a good start. You have a little ways to go. If you were as politically minded as you are sarcastic, you might even taken seriously.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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