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Author Topic: A country backed by [btc] instead of fiat ... that would be something ...  (Read 1612 times)
Meuh6879
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December 26, 2014, 11:04:49 PM
 #21

ask why country don't pay stuff from others country in GOLD ...  Roll Eyes
well, because they don't have any gold, now  Grin
mewhoyou (OP)
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December 27, 2014, 12:47:35 AM
 #22

ask why country don't pay stuff from others country in GOLD ...  Roll Eyes
well, because they don't have any gold, now  Grin

That is just my point. Country are no longer pegging physical gold but futures. The only concern is that since it is digital it is only matter of time someone is able to crack the code BTC and exploit the coin but it can also be said for fiat currency only difference is that the ledger is kept by banks or users.

If a country administration does use BTC to back its currency as a secondary commodity to gain tracking of a transparent government that the population are able to see what, where, and how the government are spending their money. If such country do exist it would be rather kewl... maybe Sweden?? Cheesy

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Vessko
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December 27, 2014, 11:50:51 AM
 #23

If you know you cant devalvate you would start handling your income more wisely.

Ho-ho-ho. And then, there is the real world. You should visit it from time to time.

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Who thinks that Bitcoin cant be used as main currency, just dont see the main value of Bitcoin.

Things are used as legal tender ("main currency") not because they have value but because they serve a set of purposes, one of which is keeping the government solvent and in power. Bitcoin isn't suitable for this purpose.

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Bitcoin will take power away from those that so far print money.

Which is the very reason why no government in its right mind would ever use it as a currency voluntarily.

they could issue their own digital money pegged to bitcoin with sidechains for example.

If they wanted to peg their currency to bitcoin (which they don't), they wouldn't need sidechains. They could do it right now, using a currency board mechanism. The same way they could use to peg their currency to gold (which they wouldn't do, either, and for similar reasons).

Country are no longer pegging physical gold but futures.

This statement makes no sense. No countries are pegging (or have ever pegged) their currency to gold futures. You clearly do not understand currency pegging.

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The only concern is that since it is digital it is only matter of time someone is able to crack the code BTC and exploit the coin but it can also be said for fiat currency only difference is that the ledger is kept by banks or users.

This statement makes even less sense than the previous one. You clearly don't understand how fiat currencies work.

The economic ignorance displayed on this forum is simply breadth-taking... Oh, well, I suppose one would observe the same kind of ignorance about cryptography on an economic forum...

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If a country administration does use BTC to back its currency as a secondary commodity to gain tracking of a transparent government that the population are able to see what, where, and how the government are spending their money.

Which is yet another reason why a government would never adopt a payment system based on a public ledger.
DingoStar
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December 28, 2014, 06:39:52 PM
 #24

It's impossible at the moment. There is no country that will accept investments in bitcoin officially, because bitcoin is not recognized as an official means of payment in any country in the world at the moment.
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