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Is there anywhere to read about the probabilities of and implications of sweeping multinational policy around cryptocurrency/bitcoin? Also, could a country make

by neom 9y ago

Is there anywhere to read about the probabilities of and implications of sweeping multinational policy around cryptocurrency/bitcoin? Also, could a country make it's own crypto currency somehow pegged to it's national currency? A lot of my friends are really deep in bitcoin now, I can't tell if I should worry or not.

slindz 9y ago
I haven't checked on it lately, but Iceland had introduced their own crypto currency (Aurora coin) a few years back. It began with an initial distribution to all citizens.
- cr1895 9y ago
  >but Iceland had introduced Not the government of Iceland, it should be noted. https://en.wikipedia.org/wiki/Auroracoin https://en.wikipedia.org/wiki/Auroracoin
simonebrunozzi 9y ago
Worry for them? And "worry", in terms of their financial outcome? If they have been into bitcoin for some time, "worry" might be overstated - they are probably well off - financially - as of now.
runeks 9y ago
> Also, could a country make it's own crypto currency somehow pegged to it's national currency? Sure, but what would the point be? It would only be a cryptocurrency in name. No reason to go through the trouble of using a blockchain if you're just trading credit. The selling point of Bitcoin is decentralization, and pegging requires centralization (a counterparty who will transfer national currency to your account upon receiving crypto-coins).
- kristofferR 9y ago
  Smart Contracts, if fully supported by the government, could completely remove a lot of the avenues of small-scale governmental corruption.
- crdoconnor 9y ago
  "Sure, but what would the point be? It would only be a cryptocurrency in name." It could be used as a way for the government to tie its own hands and thus make a more credible promise about future the rate of money creation. Ecuador did this in 2000 via dollarization, which introduces other problems which a blockchain would not.
  - askmike 9y ago
    You don't need cryptcurrencies to do this. I guess you can, but if that is your main reasons you will probably face more trouble than you'll solve.
sgspace 9y ago
Digix is working on tokens tied to physical assets. Their first product will be a token tied to 1g physical gold. A different company, Tether offers a token tied to USD. [1] https://www.dgx.io/ https://www.dgx.io/ [2] https://tether.to/ https://tether.to/
- Rmilb 9y ago
  Last I heard, tethers peg to the dollar was unsustainable.

by neom 9y ago

slindz 9y ago

I haven't checked on it lately, but Iceland had introduced their own crypto currency (Aurora coin) a few years back. It began with an initial distribution to all citizens.

cr1895 9y ago
>but Iceland had introduced Not the government of Iceland, it should be noted. https://en.wikipedia.org/wiki/Auroracoin https://en.wikipedia.org/wiki/Auroracoin

simonebrunozzi 9y ago

Worry for them? And "worry", in terms of their financial outcome? If they have been into bitcoin for some time, "worry" might be overstated - they are probably well off - financially - as of now.

runeks 9y ago

> Also, could a country make it's own crypto currency somehow pegged to it's national currency? Sure, but what would the point be? It would only be a cryptocurrency in name. No reason to go through the trouble of using a blockchain if you're just trading credit. The selling point of Bitcoin is decentralization, and pegging requires centralization (a counterparty who will transfer national currency to your account upon receiving crypto-coins).

kristofferR 9y ago
Smart Contracts, if fully supported by the government, could completely remove a lot of the avenues of small-scale governmental corruption.
crdoconnor 9y ago
"Sure, but what would the point be? It would only be a cryptocurrency in name." It could be used as a way for the government to tie its own hands and thus make a more credible promise about future the rate of money creation. Ecuador did this in 2000 via dollarization, which introduces other problems which a blockchain would not.
- askmike 9y ago
  You don't need cryptcurrencies to do this. I guess you can, but if that is your main reasons you will probably face more trouble than you'll solve.

sgspace 9y ago

Digix is working on tokens tied to physical assets. Their first product will be a token tied to 1g physical gold. A different company, Tether offers a token tied to USD. [1] https://www.dgx.io/ https://www.dgx.io/ [2] https://tether.to/ https://tether.to/

Rmilb 9y ago
Last I heard, tethers peg to the dollar was unsustainable.