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I clicked on the link thinking. "Oh, some country is using Bitcoin as a reserve currency. That could be interesting." But no. Georgia is allowing an American c
by wscott 8y ago
I clicked on the link thinking. "Oh, some country is using Bitcoin as a reserve currency. That could be interesting."
But no. Georgia is allowing an American company mine Bitcoin at scale. It uses a lot of power and a lot of infrastructure. But isn't a huge bet or anything interesting.
- cal5k 8y agoI'd love to see a government experiment with having its central bank issue a dollar-backed stablecoin. I mean, fundamentally the issue is that the rise in digital payments puts most of the money supply in bank ledgers... if the money supply was on a public ledger, individuals could still deposit it with a bank, but they could also send it peer-to-peer if they so chose.
- sidko 8y agoThe loss of privacy in this case may not be worth using a public ledger. In general though, I think it would be an interesting experiment if individuals can hold central bank money directly instead of going through commercial banks.
- cal5k 8y agoI think there are plenty of ways that privacy could be regained... layer 1 settlements, use of an anonymous protocol like MimbleWimble, etc. It wouldn't necessarily need to be Bitcoin as it's implemented today. But I agree... that experiment would be quite fascinating. It might not even be that big of a change... most people would probably continue to entrust a bank with their funds, and banks could potentially continue to operate a fractional reserve system.
- lawlessone 8y ago>having its central bank issue a dollar-backed stablecoin. Why not just issue dollars?
- cal5k 8y agoI mean yes, you could just call them dollars. That was just to differentiate them from cash for the purposes of this discussion.