Paleus (OP)
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www.diginomics.com
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March 10, 2015, 06:57:55 PM |
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Since the invention of Bitcoin some have thought about cryptocurrencies issued by central banks or governments. Recently the idea of Fedcoin stimulated a lot of discussion after David Andolfatto from Federal Reserve Bank of St. Louis presented the idea at P2P Financial Systems 2015. David also discussed the idea in a post. As a concept the idea is intriguing, but soon a flurry of questions about details have been raised. Among those are issuance, distribution, peg to the dollar, miner rewards, restriction on users and miners, monetary policy and others. I will attempt to address these issues as I see them. Read the full post on Diginomics.
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"Governments are good at cutting off the heads of a centrally
controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem
to be holding their own." -- Satoshi
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manselr
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March 10, 2015, 07:05:45 PM |
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Since the invention of Bitcoin some have thought about cryptocurrencies issued by central banks or governments. Recently the idea of Fedcoin stimulated a lot of discussion after David Andolfatto from Federal Reserve Bank of St. Louis presented the idea at P2P Financial Systems 2015. David also discussed the idea in a post. As a concept the idea is intriguing, but soon a flurry of questions about details have been raised. Among those are issuance, distribution, peg to the dollar, miner rewards, restriction on users and miners, monetary policy and others. I will attempt to address these issues as I see them. Read the full post on Diginomics. They are probably at works already, creating a shitty dumbed down centralized filthy BTC rip off. Too bad it will only make everyone aware of the real alternative (Bitcoin). Basically adopt Bitcoin or die is the name of the game. |
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Hot Carl
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March 10, 2015, 07:08:01 PM |
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Of course they could. What would be stopping them? It wouldn't be the same though as the currency would be centralized and that's not what we want. I'm sure cryptos will influence the future of money in some way though.
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Possum577
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March 10, 2015, 07:48:42 PM |
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They probably wouldn't create a cryptocurrency, but they instill a sense of transaction verification (i.e., blockchain) technology to decrease the ability to counterfeit the dollar. I don't see them replacing the dollar and what would a second currency, a crypto currency, do for them or the US?
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Lethn
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March 10, 2015, 07:50:01 PM |
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They like things the way they are, I doubt any central bank could adapt to cryptocurrencies willingly and that's the point, this is something that was designed to replace them.
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justusranvier
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March 10, 2015, 07:52:44 PM |
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Would it matter if the Federal Reserve issued their own cryptocurrency?
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Slaxt
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Gone......
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March 10, 2015, 08:02:46 PM |
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Would it matter if the Federal Reserve issued their own cryptocurrency?
No it would not matter in the slightest, the thing is they do what they want when they want anyway lol so what would be the difference between a rip off 100% premine coin or 100% premine rip off paper they have 1 main thing in common they are both a rip of built to trap, so if they decide to create one which i doubt then stay clear and there will be no change to what there is now.. |
TC is the worse thing to happen to default, needs to open his eyes and not jump to conclusions, not everyone lies!!! Anyway as promised I have left, pass word changed to long random which I will forget like that plonker who ruined a perfectly fine account.
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sasha35625
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March 10, 2015, 08:06:43 PM |
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They will. Most probably in not so a distant future.
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ChuckBuck
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March 10, 2015, 08:17:28 PM |
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I thought they already had currency in place?  Forget 21 million supply, they got that beat. Infinite!!! |
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Snail2
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March 10, 2015, 08:52:50 PM |
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They can use the blockchain technology and they can even create some sort of electronic USD where the "mining" gear sits in federal reserve facilities and banks are providing only different wallets for you. Paper notes could be replaced by cold wallets owned by the FED. The money supply must be infinite I guess if they don't want to make hard forks in every few years  . |
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Mikestang
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March 10, 2015, 10:01:31 PM |
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Anyone can create a cryptocurrency, you, me, the FED, anyone. What matters is who uses it, not who creates it.
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oblivi
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March 10, 2015, 10:29:02 PM |
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Would it matter if the Federal Reserve issued their own cryptocurrency?
It would since most people are sheep and they would follow whatever is "official". Thing is, it can backfire and maybe all they do is drawn more attention to Bitcoin. |
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justusranvier
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March 10, 2015, 10:37:41 PM |
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Would it matter if the Federal Reserve issued their own cryptocurrency?
It would since most people are sheep and they would follow whatever is "official". Thing is, it can backfire and maybe all they do is drawn more attention to Bitcoin. Those people are already using Dollars. What really changes if the Fed slaps some cryptographic lipstick on that pig? |
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countryfree
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Your country may be your worst enemy
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March 11, 2015, 12:04:24 AM |
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No, it can't. No way.
It would be totally illegal.
The Federal Reserve, nor any central bank, doesn't have the power to create a new currency. It's duty is to protect, or control, or develop (depending on circumstances) the currency which is legal tender in the country. It cannot create a new currency, and it cannot change the currency it's working with.
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I used to be a citizen and a taxpayer. Those days are long gone.
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DGulari
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KawBet.com - Anonymous Bitcoin Casino & Sportsbook
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March 11, 2015, 12:26:59 AM |
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wrong, wrong, wrong.
You are all wrong.
They most certainly will. In fact, they already have - but it remains experimental. It is remarkably easy to create one. The Fed is merely trying to figure out how it could introduce it AND win the public's confidence. It is possible to make a strong rule whereby zero inflation is preserved. You can bet, people would flock to it because it would have FDIC like insurance and our beloved bitcoin would merely be repeatedly racked with more scandal each week. I think Andolfatto and the FedReserve could have a full blown dominate cryptocurrency in about 3 months - forever putting bitcoin away.
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Bralex
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March 11, 2015, 01:02:57 AM |
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wrong, wrong, wrong.
You are all wrong.
I think you are missing an episode of alex jones bro flick the channel, please to begin with can you show me where you find out that they have and it is experimental stage? It will not win the public confidence it will win over some sheeep for sure but not many from bitcoin and if they wanted to try and ruin bitcoin that would have been done. Within the 3 months ay tell me more show me some proof? They have to much control over fiat they do not want crypto lol |
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Lorenzo
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March 11, 2015, 01:35:38 AM |
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Of course they could. What would be stopping them? It wouldn't be the same though as the currency would be centralized and that's not what we want. I'm sure cryptos will influence the future of money in some way though.
The hypothetical cryptocurrency mentioned in the article posted by OP has a mix of centralized and decentralized characteristics. The Fed won't have special powers and it won't have the ability to remove or add entries in the blockchain. However, the currency would be 100% premined and distributed and redeemed via centralized channels rather than distributed in a decentralized manner as in the case of Bitcoin. They probably wouldn't create a cryptocurrency, but they instill a sense of transaction verification (i.e., blockchain) technology to decrease the ability to counterfeit the dollar. I don't see them replacing the dollar and what would a second currency, a crypto currency, do for them or the US?
No, it can't. No way.
It would be totally illegal.
The Federal Reserve, nor any central bank, doesn't have the power to create a new currency. It's duty is to protect, or control, or develop (depending on circumstances) the currency which is legal tender in the country. It cannot create a new currency, and it cannot change the currency it's working with.
It's not really a replacement for the dollar or even a new currency but rather a digital representation of the dollar that is able to leverage the power of the blockchain to allow or trustless, near-instant, and low-cost transactions. The Fed will keep the coin's value stable by readily accepting USD for fedcoins and vice versa. |
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Somekindabitcoin
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March 11, 2015, 01:37:46 AM |
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Seeing as they already have a machine that prints out a limited amount of money everyday, I'm surprised they haven't found out about the untapped potential of making infinite money virtually.
Then again, we have all these l33t hackers and you can't really verify this virtual money.
I don't think it would be a good idea.
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Inotanewbie
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March 11, 2015, 01:51:02 AM |
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Seeing as they already have a machine that prints out a limited amount of money everyday, I'm surprised they haven't found out about the untapped potential of making infinite money virtually.
Then again, we have all these l33t hackers and you can't really verify this virtual money.
I don't think it would be a good idea.
The machine us unlimited printing just check inflation for the last 100 years and they know about virtual money of course they do buddy they have just chose not to care i mean why should they it represents such a tiny part of the world economy, bitcoin 3.4billion last i checked all the other alts at a guess say the same so ten billion tops for virtual currency worldwide that is nothing to them and a waste of time them even thinking about it. I am pretty sure nothing will come of this there will be no fed crypto although there probably will in the future when they are done with the dollar :? |
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mercistheman
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March 11, 2015, 02:44:59 AM |
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Absolutely they can... would the majority accept?... Yes they would because they have the power to regulate the shit out of bitcoin and they have ridiculous money to invest in promoting it.
We have been dumb enough to let the rich 1% to run congress... why wouldn't we (as a population) just lay down and support the corrupt?
At some point there needs to be enough people willing to give the effort to resistance & educate public opinion.
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