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Turning the proposition around, why not have regular banks, even the Bank of England. Issue an official GBPCoin, or a banking framework that does the same thing
by dalbasal 5y ago
Turning the proposition around, why not have regular banks, even the Bank of England. Issue an official GBPCoin, or a banking framework that does the same thing. Have whoever needs stablecoin use that.
That is, stablecoins are basically USD accounts, just with the actual bank receipts (the coins) circulating. Make that a form of deposit account, and regulate and insure it like any other deposit account.
It presents some questions that aren't answered in advance, but I don't think it's impossible to do this right. In some sense, a stablecoin system is easier to understand.
- bufferoverflow 5y agoWhat's the point of that? Using cryptocurrencies frees you from the possibility of your funds being frozen or seized or even detected/associated with you. GBPCoin would be no different from using GBP on a bank account.
- dalbasal 5y agoIf the only point is avoiding authorities, then I guess a regulator's job is to kill it. If it's useful to the economy, regulate it.
- short_sells_poo 5y agoUsing cryptocurrencies prevents your funds being frozen or seized until a couple of masked men come around and beat it out of you with a $5 wrench. Eventually, somewhere, you have to spend money or take delivery of goods or services rendered. I don't think you can buttress that.
- emn13 5y agoAnd I hope most of us don't want to live in the hypothetical society where courts and lawmakers have zero sway over the rich. We complain enough about how untouchable they are already; why would we want to increase that? If a court or law has no way to freeze or redirect funds, that's a bug, not a feature.
- 6AA4FD 5y agoThis is the same way with any kind of control the state has, it is ultimately based in violence.as you say, the jurisdiction you wanna live in and use your funds in, can pretty easily abduct you for defying a court order on those funds.