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Forcing budget reform because the government wouldn't be able to rely on printing money.
by nx7487 6y ago
Forcing budget reform because the government wouldn't be able to rely on printing money.
- pjc50 6y ago.. but should instead increase austerity, cut social programs, and raise taxes? Besides, the seignorage revenue is pretty tiny in western economies..
- tsimionescu 6y agoYou would still need a lending infrastructure outside of bitcoin to handle the economy, and then it would be trivial to return to fractional reserve banking with bitcoin instead of dollars. As long as people don't all call in their debts at the same time, which would be catastrophic either way, the system would work with bitcoin just like it works today (if bitcoin weren't so ridiculously slow and expensive to register a transaction, that is) .