Post
Topic
Board Economics
Re: Could a government supplant Bitcoin?
by
RodeoX
on 12/11/2013, 21:26:58 UTC
Your idea has been tried. You are describing MintChip, Canada's virtual money. Ever heard of it? ... exactly.  Wink

How Bitcoin transitions to a government coin is entirely different.

That is different. However any change in the protocol would mean a fork. At that point it would no longer be bitcoin. It would also not likely be adopted. Are you willing to burn up your home wiring to generate money for the federal reserve?
Also what would keep China from then creating the lion share of the coins and charging Americans a premium. If it is not open source and beyond manipulation, then it has zero appeal.

You haven't really thought this through.
It would not be the first thing I said without thinking. But I'm not sure here what I am missing. If anyone changes the protocol, it will not be bitcoin. What was outlined earlier is the government creating an alt-coin. Which would have no value to me.