Hullcoin: The World’s First Local Government Cryptocurrency

[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.

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.  

Sorry but my argument is completely valid.  More people using crypto is good for bitcoin.  Being able to anonymously exchange bitcoin for fiat is good for bitcoin.  And govcoin enables those two things exactly.

If you find fault with the logic of that argument, expose it.  Incorrect ad hominem are not valid rebuttals.

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[HiroS]

Has anyone even noticed that Hullcoin is not a new coin but uses an existing UK crypto coin?

The article is not well done and is misleading as to what that government is doing over there. I have suspected that CoinDesk is becoming increasingly biased of late. The recent Dogecoin to the moon article was particularly suspect since it followed a week of constant market decline for Doge.

[franky1]

-the part that makes me laugh is that they are the sole miners of their hull coin.. there is no competition/different pools mining hull coin..

and as such they get 100% of every block. yet they say they wish to get a KNC miner.....
,.,,,,,,,,

dont they realise adding miners is only needed if there is competition.. of they keep the mining process closed so no one else mines it. then there is not any need to out compete THEMSELVES.

the mind boggles

[HiroS]

Read my comment, there are not launching their own coin but using an existing one rebranded

[franky1]

Read my comment, there are not launching their own coin but using an existing one rebranded

ouch.. if that is true which i hope not. then people that already have millions of that coin can go to hull and withdraw millions of pounds..

stpid idea it would be to use a coin that is minable for anyone and premined by different people..

imagine it. day 1 a customer buys £10 of hull coin. putting £10 into the economy. day two.. someone cash's out 500k of coin mined before the software branding. now hull is £499,990 in debt.

the only way for hull to succeed starting a new economy for swapping for Pound coins. is a closed blockchain and sole supply..

[jayc89]

Read my comment, there are not launching their own coin but using an existing one rebranded

ouch.. if that is true which i hope not. then people that already have millions of that coin can go to hull and withdraw millions of pounds..

stpid idea it would be to use a coin that is minable for anyone and premined by different people..

imagine it. day 1 a customer buys £10 of hull coin. putting £10 into the economy. day two.. someone cash's out 500k of coin mined before the software branding. now hull is £499,990 in debt.

the only way for hull to succeed starting a new economy for swapping for Pound coins. is a closed blockchain and sole supply..

I'm pretty sure that is exactly what they have planned.

[CryptoDomains]

I was thinking of putting up some Little Britain vids.

[cbeast]

-the part that makes me laugh is that they are the sole miners of their hull coin.. there is no competition/different pools mining hull coin..

and as such they get 100% of every block. yet they say they wish to get a KNC miner.....
,.,,,,,,,,

dont they realise adding miners is only needed if there is competition.. of they keep the mining process closed so no one else mines it. then there is not any need to out compete THEMSELVES.

the mind boggles

Heh, a single CPU would do the same thing.

[Sp00n1980]

hey i am from hull .... first i have heard of it lol 

[WompRat]

There is some contradictory info in the media reports.  Looks like the best place for official news is on their twitter or facebook page - https://twitter.com/HullCoin

[xocel]

I am all for reintroducing local currencies. Having wealth cycle around a community is a lot better for that community than having that wealth leave. The concept is great, implementation could have been done better though. Will be interesting to see how this plays out.

[smoothie]

This should be an interesting experiment.

Governments and their own crypto. lol

Who processes transactions? Are the miners centralized in a government warehouse?

[bitcoinwonders010]

where can we buy hullcoin

[Snail2]

You can't (at this moment). As I seen you have to go to Hull, then start doing some voluntary work and you will get some.

[Snail2]

I think the implementation could have been thought out better (+1 to the coloured coins suggestion) but this part gets a big thumbs up. So long as no one tries to wrap red tape around everything they could slash their council budget with this, it could be worth while to investigate implementing a voting system either within the coin or parallel to it.

After reading the related articles I think Hullcoin isn't fully implemented at this time. It looks like a pilot, where the basic infrastructure is there but only very limited services are available. Anyway it's a good experiment and the next logical step after Bristol Pound and similar things. According to my readings Ven has some kind of voting procedure but I have no idea if that's part of the system or a parallel thing on Hubculture.

[cryptohunter]

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

combination of feathercoin and ven? seems an interesting idea.

[Androidicus]

All I can say after seeing the item on Sky News the other night is - great...

This raises the general public's awareness of cryptocurrency in general and helps to counteract all the negativity i.e. Chinese/Russian stance on BTC, mt.gox etc. etc. etc.

Of great interest is the statement that DWP do NOT consider crypto as income...

If one of our City Councils is actively promoting the use of crypto then the wider acceptance cause, hopefully, must be aided.

I did chuckle at their super-dooper mining rig..!  

[JamesR1]

Shame DWP isn't HMRC. They are probably decentralising the idea of income within govt so they don't have to pay tax.

[milly6]

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

Please go sit in the corner.

[franky1]

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? 

imagine you go to Hull and use your 1hull coin to buy a loaf of bread. then you want to go to manchester and use... "manc" coin instead of cashing out back to fiat and then going to the manc coin exchange to buy manc coins.. you would use bitcoin as the middleman..