Post
Topic
Board Bitcoin Discussion
Re: My letter to my U.S. Senators regarding Bitcoin
by
AgeraS
on 21/11/2013, 18:04:41 UTC


I believe that if the United States Government is to endorse a virtual currency, it should begin its own Bitcoin-like currency, using the same protocol, but with a new block chain that it creates in which:

* 1/4 of the initial coins are allocated for the U.S. Government
* 1/2 of the initial coins are allocated to be fairly and evenly distributed among all U.S. citizens
* The remaining 1/4 of the coins are left for 'mining' just like the current Bitcoin system (this is critical as it provides incentive for miners to use the virtual currency, which is what builds the infrastructure necessary to support the currency)
* The U.S. Government should enact law that only this new virtual currency will be accepted as legal virtual tender by the U.S. Government and no other virtual currency.  This will provide legitimacy of the currency.



* Because we all know that the US government doesn't squander money...
* Some would argue (including myself) that fairly and evenly are not the same thing, and furthermore what is "fair?"
* Because we all know that the US government does not effectively legislate monopoly privileges...

It sounds like you are mad that you came late to the party and that you wish you would have bought more a year or more ago, who doesn't?

Assuming a 21 mililon coin cap (which would never happen because the government has an incentive to inflate). With your scheme, assuming there are 350 million people in the US, each person would receive 0.03 coins, which is significantly less than the current amount you now hold. So unless your argument is that you should have less coins than your current holdings, I don't understand your argument. And, if you are arguing that you want less coins than your current holdings, please give everything except 0.03 bitcoins to me.