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This is actually nothing to do with Bitcoin - it's about using blockchain technology to issue what is effectively government debt in crypto-currency form - i.e.

This is actually nothing to do with Bitcoin - it's about using blockchain technology to issue what is effectively government debt in crypto-currency form - i.e. what Overstock have done.

kspaans 11y ago
That's really interesting, I hadn't heard about it[0]! Thanks for sharing! 0 - http://www.wired.com/2015/04/overstock-files-offer-stock-works-like-bitcoin/ http://www.wired.com/2015/04/overstock-files-offer-stock-wor...
fragsworth 11y ago
But if it's government-issued, why not use a centralized server manage the ledger? Since the government is going to be capable of producing as much currency as it wants, at will, there's no reason to have a blockchain.
- jackgavigan 11y ago
  A blockchain could be a lot quicker and cheaper to set up and get running than a centralised system.
  - dpc_pw 11y ago
    It's way easier to have a centralized system than decentralized one. Bitcoin in it' current form can handle around 7 transactions per seconds, and scaling it upwards is costly. 7 transcations per seconds is laughably small number. Your smartphone using LTE connection could serve 7 transcations per seconds as trusted centralized server.
    - thescriptkiddie 11y ago
      I'm not sure where you're getting the 7 TPS number. Satoshidice alone is responsible for more than that. It's trivial for anyone to send hundreds of transactions per second if you're willing to pay the miner fees.
      - dpc_pw 11y ago
        "Today the Bitcoin network is restricted to a sustained rate of 7 tps due to the bitcoin protocol restricting block sizes to 1MB. " https://en.bitcoin.it/wiki/Scalability https://en.bitcoin.it/wiki/Scalability