One of the most common questions I get lately is this:
“What if the government was to come up with their own blockchain-based digital currency?”
And my answer - much to the surprise of most - is usually something like this:
“I don’t think that’s ever going to happen, but if it did, here’s what you should do: Find a comfortable chair, lean back, pop a cold one, and enjoy the show!”.
I mean, can you imagine politicians from all people, having their irresponsible spending and their dubious finances getting recorded and immortalized in an open-source ledger?
What are they gonna do without that secretive clock that is sheilding all sorts of conniving schemes from getting out to the public?
Their word wouldn’t be enough. Their oath wouldn’t be enough. Because at the end of the day...
The Blockchain Never Forgets
The Pentagon or whatever governmental agency can no longer come out and say: “Oh we don’t remember where we misplaced that 1.3 Trillions dollars…”
They could try and claim they lost the paper (again)... But the blockchain never forgets.
How do you think that would made them feel to lose that ability to constantly and mysteriously mis-place the very funds they are sworn to protect.
And more importantly, how long until such a currency would become universally known as: Corruption Coin.
Can you see the stress that such thing would put on politicians? Removing them from the very thing they seek the most? The one thing they are universally known for?
Hijacking the treasury on a routine basis while pointing the finger at other people?
Might as well put them on a lie-detector too, while you at it.
So no, I don’t think they’re foolish enough to compete in creating a digital currency on the blockchain.
This would be the exact anti-thesis of how they operate.
Just think to what happens to all the back-room deals, all the lobbying, all the mismanagement of funds and human resources… All of that is going to be public domain.
You see, this isn’t pointing at the emperor from a distance and remarking his lack of clothes…
This is walking him down the street, around the crowd, butt naked… All while having a big woman ringing the bell and shouting: Shame, shame, shame!
But let’s say for the sake of argument that they are foolish enough to compete with the rest of crypto-currencies and create some type of “Fed-coin” - or whatever they decide to call it - on the blockchain.
Let’s say they do it, then what would that mean? (Aside from it’s time to get the popcorn).
Jokes aside, the very first thing such a move from the Gov’t would do, is to immediately legitimize the rest of crypto-currencies.
All that built-in dogmatism, all that selective outrage, all those dog-whistle words would very quickly become ineffective.
The last shield protecting their monopoly would vanish, and for the first time they would lose the only advantage they have which would force them to compete.
And you know what happens historically when government services lose their enforced monopolies and have to prove their competence? They vanish.
Why? Because quite simply they cannot run businesses, they cannot generate profits, they never did. They are not qualified for these things.
They never were.
If they knew how to make money on their own, don’t you think they would’ve done it themselves?
Instead they get a job at the government, they keep raising people’s taxes, they keep raising the retirement age until after you die, and then when all fails… They get together in a room and script some new taxes out of thin air.
They don’t know how to build companies, or run business or create job openings… And everything they touch goes to crap.
Ironically, they’re always just tell others what to do.
Even their audience loath them.
Go around the globe and start asking people what they think of their rulers, their politicians and see what happens.
“Liars, corrupt, untrustworthy...” That’s all you’re going to hear.
Everyone has these gene-deep certainty that their politicians will unquestionably fail them. Maybe ten thousands years of bad experience have unconsciously taught us something.
Now, give people a choice and see what happens?
Closing Thoughts
They want to create a digital currency on the blockchain?
Please, by all means. I cannot wait to see it!
How long do you think before they burn it to the ground with their usual incompetence?
How long do you think before they starting raising the fees dramatically to justify some bullshit story they previously made up.
And more importantly:
How long do you think it would take people to realize that just how fast their new currency is sinking and jump to a safer boat?
What will happen? Nobody knows, but I for one, I'm interested to watch a Game of Coins.
Dont underestimate the power of government to shut down things they don't like. Your post assumes government would try to compete on a level playing field, and would end up losing since the playing field is level.
How is that working out for you in education? health care? etc.?
Government can still win, despite incompetence, if they use their power to ensure the playing field is not level.
Valid point @davebrewer. My question to you is where is the playing field for the government, actually the bankers through the gov't, to tilt?
Isnt that why decentralization is so exciting? Sure the US gov't can play their games, just like China is doing now. Is that stopping anything? I fail to see how these events have anything to do with clouding the future for cryptocurrencies. It is like water, dam it up and it will find a way elsewhere.
People are posting that their are stats showing that BTC exchange volume is picking up in Hong Kong, Japan, and even the US after the China move. The Chinese want to control that which by its nature is designed not to be controlled.
So while I agree with the force of gov't in spite of their incompetence, I think they are sunk on this one. Blockchain is something that has Dimon worried. When a guy like that is out on the big stage bashing it, he knows he is in trouble.
The Chinese are giving away a great advantage.
Eventually they'll realize that...and be angry.
The Chinese have historically allowed their obtuse outlook to skew what is best for them. They missed controlling international shipping because they preferred the splendor of the regattas, ships ill suited to sail the straits.
The same thing could be happening now. Although this time, I think they are aware of what is going on. I will be surprised if exchanges are closed at the end of October...I have a feeling they will be state owned by then...or soon after.
OR...perhaps they are messing with BitCoin for some other reason?
@everittdmickey lose for one is gain for others. Plus one and following you.
thanks
By end October China have political meeting after wich is expected a green light for china exchanges .Clif High talk about that in the last tree amigo intervew .
@davebrewer upvoted and following you.
That one glaring fact you mentioned would be the transparency they would face. No more hidden trillions!
No, their blockchain will be centralised and not transparent. They then plan to link all public open transparent block chains with theirs, and then tax the life out of you for all of your crypto holdings, meanwhile, their hidden trillions remain so.
Sneaky fuckers!
Thats why you do not be apart of it. If people do not like it they will not spend money on it. Its about educating people around us and using the open secure block chains we can trust. They will get outsated one or anouther from the tech because it will be more than just money in the coming years. It will voting, id tracking, ai will use it as point. A rich sick minded person today will no/smaller/smaller places to hide in the coming future.
EXACTLY! It's not just a way to track money. It's a way to track just about everything, from inventory, to services, to voting, to intelligence. Scary in one way, with what could be possible, and encouraging in another, with what could be possible.....
I do not find it as scary. I believe we are past the point of over control. There are to many people that know better amd are spreading the word than could possibly be oppressed.
This is just a change in social dynamics like facebook, cellphones, the internet has been. Just anouther step that has big inplications.
Haha yeah! No more hidden trillions ;)
This was a brilliant post. Thank-you. Clarity and truth. No more Pentagon Trillions Missing with Blockchain. That said...who the fuk in their right mind would really want to put their hard earned labor value in Government Crypto Currency anyways ? That would be like playing Russian Roulette after downing a Micky of Vodka ! ;-P
I got here just a week aho, and all I am learning here is gjving me sleepless nights, I have been browsing all over the internet to study some basic econimcs, to know how I am being duped, and why? Most of it is clear now, but I still have a lot to learn.
What an amazing comment! We all still have a lot to learn :)
I hope you're having a great week in steemit so far!
I'm loving steemit @the-alien.
Why? Greed....thats why instead of finding happiness they seek pleasure.
Ones helps and lifts up others, the other takes others down for you happiness.
A few rich screwing a massive amount of other life.
Love the title of this, brilliant. I'm really into titles right now as I'm beginning to realize how important they really are. They need to be clever and draw people in without being clickbait. It's an artform, and you clearly have a talent for it my friend.
As for the subject matter in this post, I am grabbing a seat next to you, the popcorn is on me :)
Haha yeah, bring in the popcorn!
I love great titles as well, btw :)
Hope you're doing well!
Well there would be one coin for the people........ and one coin for governments and higher ups so the people would never be able to check the coin that was for the governments and higher ups. Checks and balances they call it. Check to make sure that the poor people are still poor and balance it so that the rich never stop being rich.
But that's just the thing, if they have one coin for limited people it will never grow let alone compete :) So it's much better for them to stick with the digital money they use now which comes from key strokes from the Federal Reserve Buildings.
And if they train people to accept crypto-currencies, what's stopping people from using other coins that are far superior.. This is just like when the printing press came out, back then they could wage biblical wars on their populations, burn people to death, torture in public... Not even that stopped them.
Now there is no physical invention they can burn, they can't knock door to door to find out who's using the competition, and even if they knocked door to door, they wouldn't be able to find anything because it's all in the cloud :)
I don't know, I can be wrong but I don't see this is any different than any other civilization outgrowing the system they were born into.
Thanks for the engaging comment :)
I certainly do hope that we are able to grow into a better system. Definitely. I've only recently discovered your work but I have followed you and I'm always looking forward to your engaging and insightful posts.
Now that is a good response. I agree we are growing out of what we were born into. This is way for us to advance, with education we will all prosper rather than just have wealth and health for a limited few.
Doug Casey, who is one of the New York Times best-sellers, announced few months ago a new coin coming from the Federal Reserve as soon as next year. He called it "Fedcoin." But that's good: we would know where the money is going to.
Oh I didn't know that? He's in Aspen now, he was scheduled to speak there but I missed it. Thanks for letting us, know.
Well, I'm looking forward to watch Fedcoin and the all the factors that would emerge from that!
Thats one ico i would avoid haha
Federal bank, India is trying to make their own Block-chain.
Yeah I heard. Thanks for letting us know!
How is it looking? Are there some developments?
Indian govt has gone too religious af... They are about to name their cryptocurrency as "Laxmi" (Hindu Goddess of wealth). And this is a part of so-called "Digital India" campaign (Encouraging people to use digital mediums for financial transactions). I am damn sure that Indian politicians are not aware of what they are stepping into...
And what? Every federal bank make their own blockchain but i don't got any news about it. No results,
Try signing up for crypto compare email mailer. It gives me a update every morning on prices and the daily big news. I generally read all the big from that email as im awake before i read it online somewhere else.
I really love how you put this into words. And love the title too. I would love to see that show go down too. But for all the reasons you stated is why they likely won't get on board to create a coin on the block chain. I bet someone advising them is smart enough to know what goes on the block chain stays on the block chain and that would risk their "power"
I agree, they just wouldn't be able to handle it. 😀 😃 😄 😁 Although I do think the way governments operate have some unintended positive consequences sometimes too! LOL
You're right, I agree they know what they're risking. I doubt they'll actually do it.
In fact I wrote this because there's this narrative going on that if the Gov't would create their own digital on the blockchain it would wipe out all competition... Just to show this isn't as big of a threat as blockchain gloom-and-doomers some paint it to be.
By the way, thank you for the thoughtful comment!
It would be GREAT if governments converted to the BlockChain.
Yeah it would be for sure, however is it in their best interest? And would they do something aside from their own self-interest? That I'm not so sure :P
Always remember that governments are insane.
I like a person who thinks and @the-alien you fit my definition of of thinking man to a tee as the saying goes.
Accountability is a foreign concept to politicians and governments and block chain does exactly that , creates accountability.
It is important to note that we, the public , are the ones to hold them accountable and we have failed on our part to fulfill that duty.
Finally, as a collective , we are taking a stand and going at it in a way that is most threatening to them and their power, which is the money.
Keep up the great work , I will continue to support it.
Until next time,
@sultnpapper
I think it's time to start giving a WTF to the police for turning a blind eye all these years as well. It's easy to point a finger at our collective complacency because you're right, it's happening, but officers are literally paid to protect & investigate crimes & yet, they've done fuck all as we cower just trying to get by & stay off the streets & people are put in cages for victimless crimes while criminals rule the world.
Trillions disappear, the law is twisted & manipulated while average folks risk dying or getting beaten for broken tail lights & jay walking & harassed for speaking up.
I don't want to be complicit by looking the other way, but I also don't want to be dead. Changing the paradigm of the world is tricksy business when people risk loss of life or livelihood by going against the norms.
My complacency ended four years ago when a good friend was convicted and sentenced to prison for a crime he did not commit. Since then I spent a very large amount of my free time reading these so called laws.
This reply could be very lengthy if I tried to explain his situation , so I won't right now ,maybe I will write a piece on it and post it later.
For this forum I will suggest to anyone who happens to see this , read all can on jury nullification.
As a juror you have the responsibility to not only judge the facts of the case but the law of the case as well. Judges and magistrates will not tell the jurors this little known fact, but it is the truth.
The person can be guilty of the crime charged but if the jury deems the law unjust it is the jury's duty to find the person not guilty. Go to fija.org and start reading, that is a good place to start.
The police are policy enforcers, the politicians create policy so it is unrealistic of us to believe that the police will go after the people who create work for them. Each one of us can make a difference , jury duty is something most people try to avoid, we need to change that mindset and start using the power we have inside the court house for a starting point.
Don't get me wrong, I agree with you and your frustration with the system. I am just pointing out a place where we can be heard and make a difference. When juries start letting defendants go free on bs charges we can start making a difference.
My apologies to all for being off topic from the original topic but this is something I am very passionate about.
I agree .... and do you remember a guy named: George Carlin ? go to YouTube and search: George Carlin The Best 3 minutes of his career
Yeah exactly! I think a separation between state and money could do the public a lot of good.
You're right about accountability, although if all transactions are registered on the blockchain there would be pure transparency and nowhere to hide, no need for court orders, or diplomatic immunity or any titles, cause everything will be public domain.
Thank you for the nice words and the interesting comment as always!
I have to disagree with your assessment @the-alien. Governments are simply a front for those who are really in control and there is no doubt that plans for a one world currency have been in place for a long time now so it would make perfect sense to crash the existing fiat economy and by means of problem, reaction, solution, emerge on the other side as the saviours of humanity once again with their new digital currency system that just so happens to require you to have all of your transactions tracked and monitored at all times, with no hope of escape, no means for interacting with the smart grid of digitised everything unless you accept the impositions of the system. And if you don't agree, you don't have access. You don't exist.
Those who are in charge now are so because they have always remained one step ahead of the rest of us and there is no reason that I see to suggest anything is changing in this regard. It could be a path to freedom or a path to compounding our current position of enslavement. It is too early to tell!
Good post mate. Hope your day is going well!
You're right, it how it always have been, kings were fronts, preachers were fronts..
The good part is that there is no way in hell they can stop decentalized coins unless they shut off the internet. And then it's gonna be the biggest revolution of all, so they can't do it.
Even the most apathetic, non-caring teenager who spends all day playing Xbox will take it to the street if they take their internet away.
And they cannot shoot decentralized platform down, because there is no leader they can shoot down. They have to murder millions of people who's identity they ignore.
The more this decentralization movement grows the most impossible the task before.
This is just like the printing machine revolutionzing the world and states were much more powerful then, and they lost most of their power.
I think humanity faced far worse odds.
But.. I could be wrong, who knows?
Thank you for the great comment, and of course you can disagree with me anytime you want, that's what makes us free folks :)
Thank YOU for a great reply also mate and for your great attitude to disagreement of opinion.
This is synchronistic since I just wrote a post a few hours before you pretty much arguing the opposite point of view and used this same example of the printing press to make a completely different argument. :)
Haha well then here's to free minds!
Great points yet that is why the hatchet job is starting to strengthen.
If this was something they could control, you wouldnt see Dimon out there publicly bashing it. Yes, we all know the political/corporate/media establishment is all owned by the bankers. They are the true ones in control. That said, decentralized currencies which are driven by the coding of the blockchain not attached to any country, I fail to see how they can stop it.
It bitcoin gets knocked off, something else will materialize.
This is so on point .... behold the truth only but the truth!
Thanks! :)
Governments will never create a decentralized cryptocurrency, agreed. It would be too embarrassing, and they'd tell us it's a national security matter to keep military expenses private, when really they're hiding the skeletons in their closets.
However, it feels naïve to assume that the government will fight fairly in this matter. They will likely use the guise of "national security" to attempt at destabilizing the decentralized cryptos (aka terrorism or cyber-warfare event) while rolling out their "Fed Coin".
Those who do not educate themselves (which sadly is the majority) will then begin using the Fed Coin because the all-knowing government has deemed it safe, secure, and it's a better alternative to the inflationary USD. The government may incentivize citizens to leave fiat for Fed-Coin, or worse, may decree it the law of the land overnight (like India's ban on large denomination cash bills) or FDR's gold confiscation.
War-time events (fear, really) cause societies to throw logic out the window and go to extreme measures. While most seem to be awaiting a physical confrontation with boots on the ground, it seems just as likely (if not more likely) that a cyberwar-event could pose as a catalyst.
I am just playing devil's advocate here! Your post had me thinking about this, and while I agree with you and thought your closing comments were insightful, I think perhaps some are getting ahead of themselves when they say we've won thanks to blockchain. Though I share the optimism, it's still early! We need the developers of the current coins to work efficiently, scale, and gain adoption all while navigating some form of regulation. This is all more nuanced the further you dig in, just like Game of Thrones is, as you allude to.
Oh I never doubted that, I just never wrote about that in this post. I did wrote about similar things a few times, how they try to crack down on the public but it never works every time there is a new invention.
Just like when the printing press came out, they did all they could to ban it, including torture or murder... They went door to door to every house and publicly execute any one who had a book..
But just like all civilizations, the ending was the same.
Now, I have no doubt they will try to ban it. Hell I think they'll try to shut the internet down, dictators always wanna bring everyone down with them, I never said it's easy.
But they can't stop this cause they can't go door to door, and if they did they cannot fin out who uses crypto and who does it.
I think the game will be played in the next 5-10 years where Cryptos will try to gain mass-adoption through the new channels, and the goverments in MSM and their fake news..
If there is mass-adoption the game is pretty much over.. Short of an EMP :P
But it's just an opinion from a fellow thinker, who knows?
Thanks for the interesting and engaging comment :)
Thanks for responding further @the-alien!
Yes, it is quite a topic to grapple with in a single post. I agree that the free market will always outmaneuver the lead-footed government and the invention of digital ledger tech is a game changer. However, I believe it's always a healthy exercise to keep expectations in check, and one way to do so is to try and anticipate how the governments and centralized powers will fight to suppress this game changer.
As an ardent reader of history, my main concern with the current sentiment in the crypto community is that the change is expected to happen in too short of a time frame. I think that a 10 year timeframe is very reasonable for a flourishing crypto market, yet I sense that many are investing on a 1-3 year timeframe.
In 5 years, it seems very likely that crypto adoption will accelerate as a number of looming debts mature, and the credit cycle will likely roll-over only aggravating the confidence in the fiat system further. And just for icing on the cake, that is not taking into account any geopolitical Black Swan event :)
Enjoying your content, my friend. Best to you.
Really helpful post for the users
I'm glad it helps :)
Excellent points made. Thank you for that insight. I never really thought about it but it is true....the last thing the political establishment wants is to have to answer for what they do. Lost money (which isnt lost just re-directed) would be a thing of the past. In the end, the spending, all of it, would be for everyone to see.
As for the legitimacy of crypto, I think Dimon already did that. A banker in his position would never even bother with something that wasnt a serious threat to their way of life, which is cheating and stealing. To me, Dimon's comments solidified what most of us already knew, that the banks are facing a loss of control, something they enjoyed for the last 100 years.
Exactly, JP Morgan got caught and paid the largest fine in history (3 times the second biggest, the oil spill) and yet he's still bashing others... Imagine what would be revealed if these guys finances are put on a transparent ledger ;)
Thanks for the great comment!
Of course, he is certainly not the only corrupt fish in the pond. I recall Citi got nailed to the tune of billions while Well Fargo just keeps getting deeper and deeper.
Maybe I am way off base, but I think the newer technologies are more powerful than the governments and the bankers. Many seem to be posting how the bitcoin and crypto could be in trouble as the powers that are start to realize the potential. For me, the cat is out of the bad. Their only option is to buy it up which we already see the bankers doing.
Haha I think that if there were a clean fish in the pond, then they would've ate it ;)
Jokes aside, I think you're right, the cat is out of the bag and I'm sure they're buying too.
I'd love to watch that show as well! In Sweden they are looking at introducing some kind of electronic currency called e-krona.
Oh I heard about that. Is it on the blockchain or just a digital currency?
Lolol corruption coin :)
Haha if that actually happens someday, I think I'll dig up this post and tag you ;)
Or even better yet, maybe write corruption coin into one of the episodes of the HardFork Series
Woah I just checked out the hard fork series, PUT ME IN IT PUT ME IN IT PUT ME IN IT!!!
Haha funny thing is that we were thinking about you as well :)
Do you wanna join us for a call sometime this week Naomi?
What's the best way to get in touch with you? Email through your website? Facebook? Twitter?
This way you can tell us more about the Hasselhoff VS Swift showdown ;)
Yes let's chat!! I'm free today (ny timezone) and have availability next week also. Send me a msg through naomibrockwell.com and I'll send my Skype details. Yayayayayay!!
Also twitter Facebook also very easy to get hold of me
Perfect! I'll send you a message on Facebook right away then :)
Wow, you would be surprised, that I was thinking about the same yesterday night, as to why governments would not want cryptocurrencies to flourish, and was thinking of making a post, which I will try, but yeah thinks for your thoughts on this too :)
Haha synchronicity! I think you should still post your thoughts though :)
Yeah I will dude :)
What makes you think that they'd use an open-source ledger?
If they do use a blockchain, it would almost certainly be a restricted-access one. Which would be a juicy target for hackers.
Game Of Coin - It's funny. We are only at the beginning of this game. Capitalization of all cryptocurrencies not bigger then some commercial giant right now. All the fun is ahead.
Haha totally , this is just the beginning :)
Thanks for the work! I am impressed! Do you remember how quickly the Internet filled the world? As quickly it will be with the cryptocurrency.
Haha or maybe faster? ;)
Heck yeah, I would be interested in watching the show too!! Governments, pfft. One of the things you said about raising the retirement age, fab but that really really hacks me off. Corrupt mofos the lot of them.
Haha yeah, it's gonna be fun to watch corruption coin ;)
Great post. Just watching with glee the developments. The blockchain should definitely be a forward move for the average person.
You're right, and I hope it will!
Your posts are always amazing and bring new ideas. Thank you @the-alien
Thank you! I'm glad you like them :)
First paragraph.
Reality Drop!
You're right...
O
M
G
Haha thanks Michelle!
I'm glad you enjoyed it :)
Haha! Yeah!
It certainly makes you think :)
the first opponent to win in 2017 is China
Haha who knows, right?
if the market is moving at will
In case if you dont know, Estonia government already taking initiative to launch ESTCOIN though European central bank already started creating lots of barrier
Yeah I heard! I wonder how this would work with the central bank creating all sorts of red tape?
The more governments try to get in the game, the more legit and authentic everyone will see the originals as. The world will be more decentralized too because U.S.-Euro-Asia/Russia are fragmenting more each day. Bring on any challengers! (-:
Oh yeah, it will only legitimize the rest of cryptocurrencies in the eyes of the wider public, so they're welcome to start their own coin on the blockchain :)
This is wild I haven't heard of the government attempting to start their own cryptocurrency. Geez Laweez. This meme is hilarious. @clumsysilverdad @the-alien
I'm really looking for secure cryptocurrency exchange. I want the government to help resolve this issue. If they can do this, they will help many people avoid fraud. Will wait.
Oh that's interesting.. The last time the F.B.I wanted to secure some Bitcoin (silk road) the agents stole most of it.. So it has its risks too.
I think that the government will start using blockchain. But programmers will do the main job. People in the government will simply know that technology is on the blockchain. It's safe. But they will not know more.
That would not be such a bad thing in my opinion, because everything would be registered on the blockchain and all their operations revealed. :)
Exactly.
If you leave in a country where corruption is high you can imagine what their operations/intentions are.
I read somewhere that such government-backed blockchains would only use its own private hashing networks, thereby restricting public access to the ledgers and having some control over the currency. Is this even possible technically?
If the government can dedicate time, money, and people towards making this happen then it is safe to assume the answer to your question is yes. This is exactly what the government would do, they would make it so all of our transactions are on the public ledger, yet theirs remain private due to "national security" concerns. It's a win-win for them, while we lose the right to privacy even more so.
Technically yes, but the limited number of computers and the limited number of blocks will reduce the value.. It defeats the whole purpose as in which the more people use it, the valuable it becomes, I don't think they can compete.
Thinking about it, there's a million ways they can spin it but the same problem remains.
If it's only digital money they need, no need to have a private hashing, just stick with fiat which 90%+ doesn't exist in the real world, just created by keystrokes on the computer so it's the same scam.. Which means it's not a solution for them.
Excellent question btw. Wish I knew the answer but I guess no one knows what stuff these people would come up with.
You're not factoring the most important thing about block-chain technology-- anonymity.
One could argue, considering this, that it is the perfect tool for duplicitous and corrupt behavior. You needn't look further than, say, the darker underbelly of the web to know this is true. Anonymity is always a double edged sword or to put it brutally, a necessary evil of a sort.
The practical (ethic) employment of the block-chain by governmental bodies is very real too (not all govt are corrupt). For example, the US govt is looking into the security of the voting system. The block-chain ledger, also, provides a platform for what is called "responsive, open data".
You're right, anonymity is a great part. But it's also the only argument the government has against cryptos.
Whether governments are corrupt or not, this is easy: They all keep promising transparency, now they have the perfect tool :)
Extraordinario post. Te voto y te sigogo
Gracias Sergio!
Good post, thanks for sharing.
A government issues Bitcoin won't happen. But what will most likely happen is blockchain tech being used in state-run organizations and bodies.
Private blockchains are already getting developed (e.g. Quorum by JP Morgan) and I am sure the technology will find its way into some sort of government issued money. Although it will be a crippled version of the blockchain with only some people having the insight into the transactions.
Not looking forward to it but I fear we are getting there eventually... in any case we need to stick to our Bitcoin, Monero, etc and they are powerless
Yeah I think you're right. But then the same thing will happen, even if they get public traction, cryptos will be legitimized and they will be traced back to weapons dealing, and all kinds of shady deals that big banks are already associated with all the time.
Only this time it won't be hidden, it would be exposed and I suspect many boycotting movements would start.. Not to mention that these are people who cannot engage in a win-win deal if their life depended on it.
They will try to screw the public and I suspect many people would run away to the other choices they now have and which they didn't even know before.
But who knows right? Just a thought.
I hope people will! What I find always sad to see is how many people around me don't even care about those things and would probably just stick with the most convenient currency.
Let's just hope that by the time the governments and banks embed their own blockchain tech, crypto is already to big to be manipulated.
they should create a block chain for all actions politics makes.
Haha I'm sure someone is thinking about that now, and others desigining it :) Great thought!
I really do think that the gov won't have any other choice than creating their own digital currency using block chain!
And knowing how bastardized these politicians are, they will surely hide and continue their dirty transactions without getting noticed in some way or another.
Haha I'm sure they'll try, but you can't really collect taxes into an anonymous account ;) Well at least I hope :P
I would love it if they embraced the technology without really understanding it & it being used without them realizing the public digital trail. Oh the hilarity of reality & them not getting to hide behind their lies & manipulation.
Honestly, in a fair government system, should ever one be attempted, I think anyone that wanted to serve the public likely would have to be willing to be held to this level of accountability, authenticity & integrity.
Here's my question though, what would the evaluation of the coin be based on? Would it put us back on the gold & silver standard? Would it be tied to the minimum average cost of labor? Another petrodollar? Exports? The war machine?
Oh man, it will be intriguing if even a few countries start doing this & seeing where money goes & magically appears & what it's used for.
Ballsy post, I love it.
Excellent question!
I think it should be based on the market, the most efficient and the one who solves the most problems is more valuable.
Value is thus based on meritocracy and the magnitude of problem it solves, like if litecoin is used by 30 million people and x-coin is used by 5 million, than litecoin would be more valuable. That's what I think, but I can't claim to know what's the best system.
And you're right, it is intriguing :)
Thanks for the great comment!
Haha he could at least take one of them, right? ;)
Graet work dear👏👏👏👏👏
Awesome post 😘😘
I wish you happy always😇
Thank you @ahmadali! :)
The North never forgets, the walk of shame,. .. LOL
As a GOT fan, I'm happy to see you applying GOT to blockchain!
Excellent writing @the-alien ! You made it fun and inspirational in your own way!
Haha thank you! I'm glad you liked it :)
Haha nice concept!
Thanks!
I know! It will NEVER HAPPEN. For the express reason of transparency. Which is why it SHOULD happen. Think about what it could do for the medical industry, especially with regards to how the government is involved. If providers were compensated for what they offered, and entities were reimbursed for money not used, think of all the middle-men that would not need to be paid huge salaries for auditing and claims adjusting? Then again, we'd have a lot of people out of jobs. But I think it would be a worthy growing pain.
I loved this post. Very provocative.
Never under estimate any side. You could be blind sided. Government is a representation of people. ... There is one thing for sure world doesn't need 1000+ more currencies!!! Something is broken in block chain adoion in iits current form
Let me know when the government finally taxes us all into prosperity...
Woah I simply looked at the hard fork arrangement, PUT ME IN IT PUT ME IN IT PUT ME IN IT!!!
Game of coin...such a nice thought that's felt interesting .....keep posting your thoughts...may this will motivate someone...keep going
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With respect to the topic in this post, I am taking a load off by you, the popcorn is on me :)
Awesome Post!
I see your point that legislatures aren't great at building organizations and turning benefits. Be that as it may, blockchain is not just about benefits. So I think it is feasible for governments to make blockchain based monetary forms. Furthermore, I trust the main shot for governments to in any case keep up a money is to either make a cryptographic money or make an advanced cash which has a large portion of the advantages digital forms of money have (moment overall exchanges, low exchange charges, and so forth.)
Furthermore, on the off chance that they are in a split second acknowledged by each business and you can pay assessments, expenses and taxpayer driven organizations with that cash, at that point I figure it will have moment mass reception. Yet, as a reaction it will offer authenticity to all different digital forms of money. So that would be useful for the world yet awful for the administration. We will perceive what occurs in India, and China, who is supposed to chip away at a digital money.