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No, ability to issue a controlled lot of physical currency is the meaningful differentiator, which is why the relation to banks is irrelevant. I can buy $1 wor
by erikpukinskis 9y ago
No, ability to issue a controlled lot of physical currency is the meaningful differentiator, which is why the relation to banks is irrelevant.
I can buy $1 worth of Bitcoin, declare it ErikCoin, acceptable only in my stores at a 1/1,000,000 denomination, and I instantly "minted" $1,000,000 in cryptocurrency, using only the Bitcoin blockchain.
Bitcoin doesn't let people be banks, it let's people be the mint.
- wdewind 9y agoHow is that different from virtual currency in video games?
- erikpukinskis 9y ago- Blizzard can't wipe your balance - You can't destroy anyone's balance after you've issued them currency - Balances are publicly verifiable - Balances can be stored in one's mind ... lots of things. Tons of affordances differ from a game currency.
- wdewind 9y agoBut you can just choose to stop accepting ErikCoin at any time right?