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semaforo (OP)
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March 29, 2014, 05:41:30 PM |
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I just thought this morning if I were the government of say, China, what would I do when faced to the threat to monetary sovereignty posed by bitcoin?
Then it hit me-
I would do exactly what auroracoin recently attempted to do- create an altcoin where half of the coins are pre-mined, secure them in government controlled wallets, except I would then do some massive fines and high profile arrests on anyone dealing in a currency other than that one, thereby causing demand to skyrocket and keeping me in power.
All of the advantages of cryptocurrency are thereby co-opted- it's like a pump and dump scheme, except that the pumping is done using the government monopoly on violence. Bitcoin would be relegated to the shadow economy.
This is essentially what was done with the US dollar- the pump was territorial expansion Mexican, Spanish wars, and the World wars. The dump is Viet Nam, Gulf war, war on terror.
I guess the risk would be a 51% attack from other countries would be possible, but the coin could be designed so that the ruling party always controls 51%.
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CurbsideProphet
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March 29, 2014, 06:15:03 PM |
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The idea of a "gov" coin has been thrown around a lot but the problem is that it will lack the transparency of Bitcoin. If they are fully transparent then users will know that a significant portion was pre-mined and is held centrally. At that point, I don't see adoption rates catching on. Perhaps within a singular country but certainly not globally.
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1ProphetnvP8ju2SxxRvVvyzCtTXDgLPJV
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thaaanos
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March 30, 2014, 12:24:50 PM |
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A goverment can simply "solo-mine" create and sign every block on the blockchain, and propagate it.
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waldox
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March 31, 2014, 03:48:20 AM |
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government coin is something like premined XRP / Ripple
look how they have been doing, like shit
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semaforo (OP)
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April 01, 2014, 01:27:37 AM |
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So I guess I'm saying it would be like ripple, except if you refuse to use it for your daily purchases, they throw you in jail. That would be one sure way to manipulate the value.
I can't remember where I read that when Marco Polo came back from China nobody believed him that the Chinese used paper money, and when they asked him how somebody would trade valuable stuff for worthless paper, the answer was because if you didn't, the emperor would kill you.
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Lannister
Full Member
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Activity: 140
Merit: 500
I'm blocking all private messages. Use Bitmessage!
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April 01, 2014, 06:50:54 AM |
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So I guess I'm saying it would be like ripple, except if you refuse to use it for your daily purchases, they throw you in jail. That would be one sure way to manipulate the value.
I can't remember where I read that when Marco Polo came back from China nobody believed him that the Chinese used paper money, and when they asked him how somebody would trade valuable stuff for worthless paper, the answer was because if you didn't, the emperor would kill you.
they can do like that there totalitarian government can easily do like that  we will see Chinese Coin (CC) and 100% premine by gov |
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semaforo (OP)
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April 01, 2014, 03:50:12 PM |
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Although- no one would want a coin that someone else controls all of, and there would probably be a big market for bitcoin or any mineable, decentralized alts.
And since national governments have only survived for some time by being able to control markets t some extent- with the issue/debasement of currency one of the main mechanisms of influencing markets/making friends, the nation as an institution doesn't have a very likely future in a world of decentralized global currency.
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dpb
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April 01, 2014, 03:55:16 PM |
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if I were the government
Individuals aren't governments; governments aren't individuals. The state can only get away with what individuals allow. |
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semaforo (OP)
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April 02, 2014, 03:39:41 AM |
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actually Jesus' execution was a case of mistaken identity... seriously, the actual Jesus got out of there. They just got someone who resembled him... yet another case of inept government...
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aminorex
Legendary
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Activity: 1596
Merit: 1029
Sine secretum non libertas
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April 02, 2014, 04:13:13 AM |
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actually Jesus' execution was a case of mistaken identity... seriously, the actual Jesus got out of there. They just got someone who resembled him... yet another case of inept government...
Dude, you're baked. |
Give a man a fish and he eats for a day. Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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semaforo (OP)
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April 02, 2014, 04:15:47 AM |
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waldox
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April 02, 2014, 07:06:28 AM |
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AUROracoin (marketed to icelanders) is just a weak limited premined version of bitcoin which is marketed globally
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Denni
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April 02, 2014, 01:29:38 PM |
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actually Jesus' execution was a case of mistaken identity... seriously, the actual Jesus got out of there. They just got someone who resembled him... yet another case of inept government...
Dude, you're baked. How high you have to be to write things like this? |
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semaforo (OP)
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April 02, 2014, 06:35:31 PM |
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actually Jesus' execution was a case of mistaken identity... seriously, the actual Jesus got out of there. They just got someone who resembled him... yet another case of inept government...
Dude, you're baked. How high you have to be to write things like this? You talking about me or aminorex? |
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