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Couldn't a central bank just reimplement its monoply on money creation as a monoploy on mining, then sell those mined BTC below market value to banks to give ou
by entrop13 12y ago
Couldn't a central bank just reimplement its monoply on money creation as a monoploy on mining, then sell those mined BTC below market value to banks to give out as loans? Adjusting the discount given based on the amount they want to increase inflation as they already do, essentially replacing the mint with miners. If the price of miners + electricity ever becomes < the price of printing paper currency + losses due to forgery this might be a good idea.
After mining stops spitting out coins they would just charge transaction fees (sales tax) instead of mining like the btc network already assumes will happen.
- oafitupa 12y agoOf course it could, but it would be stupid. Why bother with mining, if they don't want anyone else to be able to do it? The point of mining is distributed consensus. You don't need a crazy algorithm to reach consensus with yourself.