Hullcoin: The World’s First Local Government Cryptocurrency

[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???

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.

OK, sounds interesting.
Any colored coins out there?

[franky1]

hullcoin should not be treated as decentralized. because the council is the miner and distributor

but hull coin has these benefits:
not using a banking system:- replaces the old banking system of databases, for a next gen system of blockchains.

no chip and pin:
no need for people to pay using card machines, meaning fruit-stall owners or butchers at the weekly market not needing pin machines and subscriptions to payment processors, all they need is a phone

local currency:
where funds do not end up going to international banks. where the distributor, agents and gateways are all people employed in the Hull area creating jobs in that area, instead of banking customer service jobs in asia, or exchange jobs in wall street. which will boost th local economy instead of making people thousands of miles away richer.

[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.

OK, sounds interesting.
Any colored coins out there?

There are colored coin wallets to create your own, but they are still using testnet coins in beta. You know, if there weren't so many people trying to compete with Bitcoin and stealing its thunder to make a quick buck, then maybe more would be actually helping with the actual Bitcoin products. Hullcoin is another failure to understand this.

[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???

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.

OK, sounds interesting.
Any colored coins out there?

You know, if there weren't so many people trying to compete with Bitcoin and stealing its thunder to make a quick buck, then maybe more would be actually helping with the actual Bitcoin products.

Couldn't agree with you more 

[khjghki44f]

I guess this kind of thing should not happen, governments have their own money, they won't be foolish to create virtual currency caused disorder monetary system in their own country.

[pening]

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.

That is widespread when considering a town population of 16000, it covers most the independent high street shops and number of pubs and eateries in town. The objective is to get money circulating in the local economy.   Something Bitcoin should be mindful off, as purchases are being transferred out when people use bitpay and the like.

btw the value was always intended to be pegged, note collectors made the price £20 (and likely a few fake sales/bids).

Hull have form in this area, running their own telephone/ISP company, this isn't "the government", its a city council.

[franky1]

whats next? Hull being the next 'New Hampshire', but of england instead of america

[dspearce]

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.

I genuinely thought the more active/more experienced members of this forum were the wiser ones, oh how you have just destroyed that idea. Switching govcoins to altcoins without an exchange, the very point of complaint in the beginning of your post? I can only assume you're from Hull and have the IQ of the average resident.  

[sgk]

Forget about non-privacy, not-decentralized and all that typical crypto-currency stuff you have been talking about Bitcoin for a moment.
A government body officially accepting crypto-currency for a means of social/economical development is good for Bitcoin or the virtual currencies in whole.

[tshel_bt]

why cant people just use bitcoin . this way there will be 10000 alt currencies of no use

[drawingthesun]

Isn't this weak? Surely a miner could easily 51% attack these local coins.

I think building on top of Bitcoin is the better way, the 51% problem is no longer yours and you also increase the value of Bitcoin itself.

[S4VV4S]

Isn't this weak? Surely a miner could easily 51% attack these local coins.

I think building on top of Bitcoin is the better way, the 51% problem is no longer yours and you also increase the value of Bitcoin itself.

I don't think they will let anyone else mine.
They said they will be giving out the coins in paper wallets.

Don't know how that will work out for them though....

[mr smith]

IT would take team work this is something most governments don't have. It would cost to much to implement, a price tag of 1m would balloon to 100m. Also it would take to long as civil servants often die at their desks with no one actually noticing  

[fryarminer]

While the scheme is in its early days, Hull City Council are actively mining. Its GPU mining rig is based on two Sapphire R9 290X graphics cards, and the project’s technical expert, Craig Chamberlain, said that the machine is running at 1.6 MH/sec.

HAHAHAHAHAHA!

[misternanyte]

While the scheme is in its early days, Hull City Council are actively mining. Its GPU mining rig is based on two Sapphire R9 290X graphics cards, and the project’s technical expert, Craig Chamberlain, said that the machine is running at 1.6 MH/sec.

HAHAHAHAHAHA!

what does the town council do when hullcoin is down? Play crysis? Lol.

[sgk]

While the scheme is in its early days, Hull City Council are actively mining. Its GPU mining rig is based on two Sapphire R9 290X graphics cards, and the project’s technical expert, Craig Chamberlain, said that the machine is running at 1.6 MH/sec.

HAHAHAHAHAHA!

That mining rig can be more than enough if they're the only one mining Hullcoin.
And they said they were going to expand their rig.

[Bitcoin Magazine]

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.

PERFECT!  just make it purple for stocks, blue for bonds, and green for weed, bro (i support legal weed yo)

[Trance]

Eventually the Worlds fiat "paper money" will be tethered to a cryptocurrency!

That is after the four major Unions evolve in the world (aka top global 'bullies', United States+EU+South America / Russia / Asia / Middle Eastern countries)

[Trance]

Can one Mine HullCoin?

If so, how do you go about doing such. (Links to software etc)

[franky1]

Can one Mine HullCoin?

If so, how do you go about doing such. (Links to software etc)

you cant mine it. you can only purchase it for £1 per coin. thats the whole point. they dont want people making free money
as i said before its not to be treated as decentralised. but as a way of sowing that blockchains are better then current banking databases, and the speed of transactions is faster then wire transfer/visa/mastercard can ever be.

onc people realize that blockchains are better in Hull. people will then expand their investments to realise bitcoin is even better with even more freedoms then Hull coin can offer.

Hullcoin will be just a demonstration of the differences of bank accounts vs phone app services, were true value is transmitted instantly