Fiat paper 'Money' tethered to Cryptocurrency- Revolution !

[Trance]

https://www.imf.org/external/np/sec/memdir/memdate.htm

Just convince the 188 countries here, but don't use the American tactic of war and just trust in numbers.

[JPage]

https://www.imf.org/external/np/sec/memdir/memdate.htm

Just convince the 188 countries here, but don't use the American tactic of war and just trust in numbers.

I can't believe they haven't already done this

[The Sceptical Chymist]

I think everyone should use bitcoin, regardless of political boundaries.   It's what ties everyone together,  from me to some shithead scammer living in a dirt floor whorehouse in Africa.   This is what I like.   Governments should stay the fuck out.

[dfinc]

I think everyone should use bitcoin, regardless of political boundaries.   It's what ties everyone together,  from me to some shithead scammer living in a dirt floor whorehouse in Africa.   This is what I like.   Governments should stay the fuck out.

I agree. It's better to have one currency like bitcoin instead of many separate currencies as it's much easier to transfer to someone in another country(not having to exchange currencies). I also agree that governments should not be involved as they could potentially have some control over their cryptocurrency.

[DannyHamilton]

No suggestion at all about how such a system would even work?  How would you accomplish this "tethering" in a way that keeps it tethered?

What a bunch of nonsense.

[franky1]

No suggestion at all about how such a system would even work?  How would you accomplish this "tethering" in a way that keeps it tethered?

What a bunch of nonsense.

i think that the OP is using the IMF as an example.
EG where bitcoin is the SDR and a group of 4 crypto's are set as the tradable "basket" currencies VS the SDR and each country is allocated a certain amount which they then trade with each other.

[Breakfastchief]

I think it would be easier to discontinue fiat in favor of BTC rather than tether it.  For example,  if the US wants the dollar coin to be successful, it would be better to discontinue the paper dollar bill rather than compete with it.

[MingLee]

No suggestion at all about how such a system would even work?  How would you accomplish this "tethering" in a way that keeps it tethered?

What a bunch of nonsense.

I think that maybe it could potentially work if it was a sort of tie-in like how gold used to be tied to the US Dollar, back when the gold standard was still a thing. I personally don't think this would work, even closely, but it's an idea.

Even thinking about the concept makes it relatively apparent that is simply wouldn't work. There is no way to keep a cryptocurrency directly connected to a paper currency, regardless of how much you may want to.

[DannyHamilton]

No suggestion at all about how such a system would even work?  How would you accomplish this "tethering" in a way that keeps it tethered?

What a bunch of nonsense.

i think that the OP is using the IMF as an example.
EG where bitcoin is the SDR and a group of 4 crypto's are set as the tradable "basket" currencies VS the SDR and each country is allocated a certain amount which they then trade with each other.

Ah, now I see what you're saying. Thanks for the explanation franky1.

Of course it still seems unlikely to happen any time soon.  Seems more likely that people will just start using Bitcoin directly more and more until the other currencies slowly die off.

[countryfree]

What people should realize is that the fiat paper currency they use everyday is getting more and more virtual. If millions would go the banks asking to withdraw all their savings in cash, the banks couldn't deliver. Some how BTC is "more real" than fiat.

[groll]

I think everyone should use bitcoin, regardless of political boundaries.   It's what ties everyone together,  from me to some shithead scammer living in a dirt floor whorehouse in Africa.   This is what I like.   Governments should stay the fuck out.

Government should allow its citizens to own an use bitcoin. But government should also have a great role to play on the bitcoin transactions. Like fiat currency it should be regulated to foresee that it is not feeding illegal activities. There's no reason why we should be afraid of governtmeans having a say on bitcoins if we are not criminals or doing illegal activities then we are safe.

[franky1]

I think everyone should use bitcoin, regardless of political boundaries.   It's what ties everyone together,  from me to some shithead scammer living in a dirt floor whorehouse in Africa.   This is what I like.   Governments should stay the fuck out.

Government should allow its citizens to own an use bitcoin. But government should also have a great role to play on the bitcoin transactions. Like fiat currency it should be regulated to foresee that it is not feeding illegal activities. There's no reason why we should be afraid of governtmeans having a say on bitcoins if we are not criminals or doing illegal activities then we are safe.

lol. there is a massive difference to the utopia dream of a government getting off their arses and stopping crime.. vs the reality of limiting legitmate uses and limiting normal peoples desires. in a way that it scares criminals from using it so that the government dont have to do anything..

if you understood what regulations involved, you would understand the governments dont do much/any legwork and instead 99% of the work is down to the MSB doing everything.

the current AML guidelines are a laughing stock. the regulatory guidelines are only 2% consumer protection and only 2% stopping actual crimes and 96% pissing off legitimate users for no reason at all but to give data to the IRS/HMRC so they can tax people

[lister storm]

https://www.imf.org/external/np/sec/memdir/memdate.htm

Just convince the 188 countries here, but don't use the American tactic of war and just trust in numbers.

I can't believe they haven't already done this

they will soon change all the paper money to cryptocurrencies in my opinion, then the life will be much easier in my opinion, they should do it as soon as possible, i would like it really much

[yayayo]

I'm not 100% sure if I understand OP correctly. If he/she means with "tethering" using cryptocurrency as a backing for fiat currency I don't think it makes much sense, because people could just use the cryptocurrency directly (and print paper wallets if they want), eliminating the reason to have a fiat currency in the first place.

By tethering its fiat currency to a cryptocurrency like Bitcoin, the state would be actively promoting the CC. Unless the specific cryptocurrency would be centralized, the state would bereave itself of power in the field of monetary policy. Do you know any state that would do that deliberately?

ya.ya.yo!

[yudy]

USD tether is good and very nice but iam sad USDT not supported my country
and market place exchanger use USD tether only 2 , poloniex and bitfinex dot com

[cpfreeplz]

Another idea would be for a government to have 'bitcoin reserves' and from there the fiat they have would mostly be based on the price of bitcoin. This is similar to fiats that were based on a country's gold reserves.

[thejaytiesto]

I think everyone should use bitcoin, regardless of political boundaries.   It's what ties everyone together,  from me to some shithead scammer living in a dirt floor whorehouse in Africa.   This is what I like.   Governments should stay the fuck out.

But I think you are delusional if you think that governments are going to simply give up on their monetary control and just use Bitcoin. Governments love to have control over their own monetary supply so that would disappear if they use Bitcoin.