Hullcoin - a local council issued coin

[Snail2]

Have you guys seen this?

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

Opinions? A new level of cryptos or a new level of threats...

[eddy937]

I was waiting for something like this. After the flood of country coins we get a bigger flood of local government coins. There are a hell of a lot more councils in the world than countries, so we should be expecting thousands of new council coins soon!

[precrime3]

Question is: 50% premine? 

[JamesR1]

Well, at least it may pave the way to define the tax laws and alt-currencies in the uk. Though I know people like the ambiguous nature of bitcoin and aren't happy with the IRS, but clearer definitions are something we can have and challenge rather than behaving like dodgy bankers.

Though they will look like dickheads when they build it up it gets mined to 1 satoshi and the press realise. I almost wonder if it isn't an attempt to get negative press for it.

[Snail2]

I'm searching for more info about this.
I think in the case of a real world local government premine isn't an issue. As this seems to be an official project they should be accountable for all of their actions. A local government will not go to Cryptsy for pumping and dumping its own coin, I guess .

[Snail2]

I was waiting for something like this. After the flood of country coins we get a bigger flood of local government coins. There are a hell of a lot more councils in the world than countries, so we should be expecting thousands of new council coins soon!

As I see this isn't just an other alt made by a random bloke with a little C++ knowledge but an official project from the Hull City Council.
However you may be right and this will give an idea for the "devs" mentioned earlier :/...

[eddy937]

The article said that crypto is not yet recognized as legal tender in the UK so the tax laws do not apply to it. They said the coin was half based on feathercoin and half based on some other coin, so I'm not sure if it is a cut and paste job or not. Is there an announcement for it on here that I could not find?

[JamesR1]

I'm searching for more info about this.
I think in the case of a real world local government premine isn't an issue. As this seems to be an official project they should be accountable for all of their actions. A local government will not go to Cryptsy for pumping and dumping its own coin, I guess .

No normally, they go to Iceland.  
It would be interesting to see how they make it mine and dump proof. But I'm sure you guys can't be from the uk, local councils are known for their ridiculous errors. And alt-coins are a great territory for it.

If they are doing it then it would be responsible for guys to get in there now and prevent them from making hideous errors so that an alt-coin can do well. And with such a backing of a local council it would be talk of the world, but it needs to be done better than current models. Though they do have their current models. I still prefer blackcoin. If the council premine and make money out of it, it won't be appreciated.

But coding isn't everything, pumping, dumping, long terms saving, failure of the law to protect exchanges matters just as much as people trying to criticise coins and their 'devs'. Dev criticism is cheap round here. The coin has to work within the alt-currency system and the devs have to make it work.

Well, I still think it will be taxable.

[WompRat]

It seems crazy to me that one of the first legally elected bodies of government to accept and distribute a crypto currency would be Hull city council.   Good on them.

I can't help, but wonder if the feathercoin representatives were disappointed that they chose to fork feathercoin rather than use it, but much respect to them anyway for educating and promoting digital coins.  I gather they plan to keep the coins centralised, but it will be interesting to see if any unofficial trading starts to take place between Hullcoin and other coins and whether it catches on in other areas.

Brixton pounds can be used to pay for council tax so there is no reason Hullcoins couldn't as they share the same status legally.  I had a quickly look at Ven which predates bitcoin. They need Ven so the coin can be assigned a value, but I am not sure why they couldn't fix it to sterling the same way the Brixton pound is.  Would love to hear more from the Hullcoin team.

[Dervie]

Have you guys seen this?

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

Opinions? A new level of cryptos or a new level of threats...

A damned good news!  That could be an revolution.

[WompRat]

Another article about this here:

http://www.telegraph.co.uk/technology/news/10734073/Hull-Council-printing-its-own-money-by-paying-digital-cash-for-voluntary-work.html

With the support of the council, you will be able to buy food, pay for rent and pay your taxes all with a non taxed crypto coin. 

[Snail2]

No normally, they go to Iceland.  
It would be interesting to see how they make it mine and dump proof. But I'm sure you guys can't be from the uk, local councils are known for their ridiculous errors. And alt-coins are a great territory for it.

If they are doing it then it would be responsible for guys to get in there now and prevent them from making hideous errors so that an alt-coin can do well. And with such a backing of a local council it would be talk of the world, but it needs to be done better than current models. Though they do have their current models. I still prefer blackcoin. If the council premine and make money out of it, it won't be appreciated.

But coding isn't everything, pumping, dumping, long terms saving, failure of the law to protect exchanges matters just as much as people trying to criticise coins and their 'devs'. Dev criticism is cheap round here. The coin has to work within the alt-currency system and the devs have to make it work.

Well, I still think it will be taxable.

Well Iceland seems to be a popular target for such activities .

As I see they mining it themselves but they not mentioned public mining, so I guess scrypt is only the mining/transaction processing method but the ecosystem will be something like Ven, and that seems to be a kind of centralized one, backed by stuff owned by the community and controlled by the same community.

[Snail2]

Another article about this here:

http://www.telegraph.co.uk/technology/news/10734073/Hull-Council-printing-its-own-money-by-paying-digital-cash-for-voluntary-work.html

With the support of the council, you will be able to buy food, pay for rent and pay your taxes all with a non taxed crypto coin. 

This looks like a smart idea.

[precrime3]

wheres the ann thread?

[wyj1888]

when start??

[PereguineBerty]

They say it's a hybrid between Feathernoin and Ven (WTF is Ven?!).

I hope for their sakes it's not developed by the Feathercoin bods who thought it would be a good idea to use exactly the same genesis block as Litecoin.

[BitcoinFX]

Have just read about Hullcoin:

- http://cointelegraph.com/news/114965/hullcoin-government-backed-digital-currency-designed-to-tackle-local-poverty

Could only think of this:

- https://www.youtube.com/watch?v=vkEXqywc6RE  and  https://www.youtube.com/watch?v=hl3DqaNbqSU