Bravo, we will have you as a free market advocate before we are done!
Who said I'm not? I just believe that market needs to be very strictly regulated and people should not take unfair levels of compensation, as many top executives and business owners do today. They should be more like the mining cooperatives were most of the profit is going back to the labor force.
So you will end up with a white system where the regulators come out on top, and a lucrative black market which they are unable to touch. Who needs "cash" when I can use any form of accounting I desire? Don't fiat notes have serial numbers? Where are the account logs that prevent bad money being laundered now? Congratulations, you've recreated the system we living in.
The laundering of cash makes you unable to track it, which is the point of the process. With my system, no matter what you do with the money, the government can see where it goes, it has no way to make it back to a legitimate business free and clear.
If somebody robs cash Bill A from a bank, when I find it again I can confirm it was Bill A with the serial numbers, but I have no idea where it has been and what seemingly legitimate business laundered it.
The thrill of being a black market millionaire isn't quite as great when you can't use your money to buy a house or a car or a plane ticket.
Why do I know about this project then? It seems the government should be able to polish it to a fine shine before releasing it on the public.
We're on our way, the current rise of Bitcoin and the growing pains are just the first stage of the natural evolution towards centralization and regulation.
I thought the banks were already nationalized. Isn't fiat created and controlled by the government? If the banks are screwing up, and you control the money, wouldn't a fix be "easy as pie"?
The banks and insurance companies that collapsed were corporate entities in the financial industries, not government run central banks.