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Moving substantial amounts of gold/cash money across the world is a difficult, risky operation. Have a real think about how you would get, say, 10 million acros

Moving substantial amounts of gold/cash money across the world is a difficult, risky operation. Have a real think about how you would get, say, 10 million across a border safely. In contrast, moving millions in bitcoin is no more difficult than moving cents.

didibus 6y ago
I probably lack the imagination and there's probably a lot I don't know. Because it's not all adding up for me. Let's say the US decides to use some new UScoin cryptocurrency. And that as part of that network all transactions are taxed automatically and it goes into the US governments wallet. Now let's say everyone can create a UScoin wallet or not. But in the US, any company is regulated such that it must pay its employees in US coins, and any company must only accept payment in UScoin or otherwise convert it to UScoin. So what's different with the status quo? Except that maybe we no longer need to waste paper? In fact, it seems a cryptocurrency would be way easier to apply regulations and monitor, since the coin code itself could guarantee all transactions are taxed and kept track off. You could even have it that each wallet must be associated with an SSN, and if not, the wallet coin's could be automatically taken from the wallet by the network. Where's as today, you need to have audit mechanisms to find cheaters, with crypto it could all be guaranteed. As I understand, currently the Bitcoin network and others have implemented relax regulations on their transactions and provide anonymity and all that. But this is only true as countries have allowed the use of the currencies. If a country wanted to ban it? How hard would that be? And even if say you couldn't ban it, you'd still have the problem people have today. When you transfer US dollars into Bitcoin and back, this is where they can track you. This seem like it be true as well if transferring some UScoin in/out. In fact again, I think such a UScoin would make it even easier to monitor than current cash money.

didibus 6y ago

I probably lack the imagination and there's probably a lot I don't know. Because it's not all adding up for me. Let's say the US decides to use some new UScoin cryptocurrency. And that as part of that network all transactions are taxed automatically and it goes into the US governments wallet. Now let's say everyone can create a UScoin wallet or not. But in the US, any company is regulated such that it must pay its employees in US coins, and any company must only accept payment in UScoin or otherwise convert it to UScoin. So what's different with the status quo? Except that maybe we no longer need to waste paper? In fact, it seems a cryptocurrency would be way easier to apply regulations and monitor, since the coin code itself could guarantee all transactions are taxed and kept track off. You could even have it that each wallet must be associated with an SSN, and if not, the wallet coin's could be automatically taken from the wallet by the network. Where's as today, you need to have audit mechanisms to find cheaters, with crypto it could all be guaranteed. As I understand, currently the Bitcoin network and others have implemented relax regulations on their transactions and provide anonymity and all that. But this is only true as countries have allowed the use of the currencies. If a country wanted to ban it? How hard would that be? And even if say you couldn't ban it, you'd still have the problem people have today. When you transfer US dollars into Bitcoin and back, this is where they can track you. This seem like it be true as well if transferring some UScoin in/out. In fact again, I think such a UScoin would make it even easier to monitor than current cash money.