Post
Topic
Board Beginners & Help
Re: Capital as Money could improve Bitcoin
by
evgonoba
on 19/04/2013, 04:19:09 UTC
Call it Bitcoin as far as I'm concerned because everything else can function the same as Bitcoin does now. But to receive the coins you don't just 'mine' some imaginary things, you deposit shares of some REAL thing...shares of US publicly traded companies in the form of ETFs (exchange traded fund).

It would require the function of a custodian (which happens all the time in the securities world) to hold and transfer the shares of the ETF when someone deposits or cashes out their ETF shares.

The idea that Bitcoin requires no such trust in anyone is possibly true in some abstract way, but it certainly does require the trust OF someone. So, that is a draw between the 'mined' coins and those issued when a person deposits shares of an ETF that represent ownership of companies built from the heads and hands of hundreds of thousands of people over hundreds of years.