Hullcoin: The World’s First Local Government Cryptocurrency

[S4VV4S]

http://www.coindesk.com/hullcoin-worlds-first-local-government-cryptocurrency/

I can just see it happening.....
Most governments will create their own cryptocurrency (altcoins) whose value will be based on Bitcoin.

[DooMAD]

Interesting development.  Hopefully more city councils take this approach and it will lead to a much wider knowledge and understanding of cryptocurrencies in general.  Consequently a faster adoption rate too.

[misternanyte]

yes get the government involved so we can no longer have privacy and taxless transactions. Morons...

[S4VV4S]

yes get the government involved so we can no longer have privacy and taxless transactions. Morons...

You are forgetting about one thing. Bitcoin
Governments can have their own cryprocurrency just like they have their own fiat currency.

Does that stop you from using Bitcoin? 

[dquancey]

Living in Hull, this has peaked my interest more than most. Knowing our council, they'll manage to mess it up at some point, though.

[bennybong]

I grew up in Lewes (mentioned in the article). I forgot about our Lewes pound! It was a total pump and dump! They were selling for up to £20 on eBay at one point. People just snapped them all up and sold them out of town. Haha!

[S4VV4S]

Living in Hull, this has peaked my interest more than most. Knowing our council, they'll manage to mess it up at some point, though.

That is an international issue.
I have yet to meet a competent government.

Have you?

[S4VV4S]

I grew up in Lewes (mentioned in the article). I forgot about our Lewes pound! It was a total pump and dump! They were selling for up to £20 on eBay at one point. People just snapped them all up and sold them out of town. Haha!

Did it have the queens face on? 

[atc1]

I grew up in Lewes (mentioned in the article). I forgot about our Lewes pound! It was a total pump and dump! They were selling for up to £20 on eBay at one point. People just snapped them all up and sold them out of town. Haha!

Yeah,but it's pegged at 1 pound now, I think. But according to the Wiki article,only 130 odd businesses accept it,so that's not widespread adoption certainly.

Living in Hull, this has peaked my interest more than most. Knowing our council, they'll manage to mess it up at some point, though.

Yeahh,go Rob Karen,go Hull City! 

[cbeast]

Good idea, but poor execution. They should be issuing colored coins.

[LiteCoinGuy]

http://www.coindesk.com/hullcoin-worlds-first-local-government-cryptocurrency/

I can just see it happening.....
Most governments will create their own cryptocurrency (altcoins) whose value will be based on Bitcoin.

haha, you are very (or too) optimistic  

[S4VV4S]

http://www.coindesk.com/hullcoin-worlds-first-local-government-cryptocurrency/

I can just see it happening.....
Most governments will create their own cryptocurrency (altcoins) whose value will be based on Bitcoin.

haha, you are very (or too) optimistic  

True, but then again...
What are the governments options?

[misternanyte]

yes get the government involved so we can no longer have privacy and taxless transactions. Morons...

You are forgetting about one thing. Bitcoin
Governments can have their own cryprocurrency just like they have their own fiat currency.

Does that stop you from using Bitcoin? 

when did I say it did? I'm simply making the point that government having anything to do with money is a big no no. It's evil...

[luv2drnkbr]

yes get the government involved so we can no longer have privacy and taxless transactions. Morons...

Yeah but if there's government coins, then completely decentralized anonymous markets to move in and out of bitcoin from govcoin are possible.  It makes the current point of privacy failure (exchanges) go away completely.

Govcoins would be really really good for bitcoin, because it would be so easy to maneuver in and out of govcoins.  And of course, literally everybody would get used to using crypto-coins.

Govcoin would be amazingly good news.

[Operatr]

This here is the secret sauce of implementing cryptocurrencies in real communities.

I find it interesting and great that helping the impoverished is a critical point of this project, and they decided a blockchain was the way to go over another fiat type currency like the Brixton. More power to them!

[cbeast]

yes get the government involved so we can no longer have privacy and taxless transactions. Morons...

You are forgetting about one thing. Bitcoin
Governments can have their own cryprocurrency just like they have their own fiat currency.

That incentivizes larger competing governments to attack the cryptocurrencies of smaller governments to exploit them. It's better to issue colored coins on the Bitcoin blockchain for the added security. Sure, governments could use pure PoS, but that would expose them to bad agents in their own government. Colored coins can be more easily managed and recolored for economic controls.

[tinus42]

Why didn't they buy a Gridseed miner which can do 350 MHS and is uses way less power than their 1.6 MHS GPU rig? Also better for the environment (which local governments always proclaim to care so much about).

[Meuh6879]

whose value will be based on Bitcoin.

  i don't think so ...

[S4VV4S]

yes get the government involved so we can no longer have privacy and taxless transactions. Morons...

You are forgetting about one thing. Bitcoin
Governments can have their own cryprocurrency just like they have their own fiat currency.

That incentivizes larger competing governments to attack the cryptocurrencies of smaller governments to exploit them. It's better to issue colored coins on the Bitcoin blockchain for the added security. Sure, governments could use pure PoS, but that would expose them to bad agents in their own government. Colored coins can be more easily managed and recolored for economic controls.

OK, don't laugh at me but....
What are colored coins???

[cbeast]

yes get the government involved so we can no longer have privacy and taxless transactions. Morons...

You are forgetting about one thing. Bitcoin
Governments can have their own cryprocurrency just like they have their own fiat currency.

That incentivizes larger competing governments to attack the cryptocurrencies of smaller governments to exploit them. It's better to issue colored coins on the Bitcoin blockchain for the added security. Sure, governments could use pure PoS, but that would expose them to bad agents in their own government. Colored coins can be more easily managed and recolored for economic controls.

OK, don't laugh at me but....
What are colored coins???

It is a layer over Bitcoin using metadata to issue coins as small as one Satoshi using the Bitcoin Blockchain. The color means that you add counterparty risk to back the coin. It can be anything from stock, to metals, or even fiat.