Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Altcoin Discussion
Re: Hullcoin: The World’s First Local Government Cryptocurrency
by
cbeast
on 30/03/2014, 17:09:22 UTC
Quote from: S4VV4S on March 30, 2014, 04:53:27 PM
Quote from: cbeast on March 30, 2014, 04:52:15 PM
Quote from: S4VV4S on March 30, 2014, 04:43:05 PM
Quote from: cbeast on March 30, 2014, 03:51:26 PM
Quote from: S4VV4S on March 30, 2014, 12:10:47 PM
Quote from: misternanyte on March 30, 2014, 12:06:35 PM
yes get the government involved so we can no longer have privacy and taxless transactions. Morons...

You are forgetting about one thing. Bitcoin Smiley
Governments can have their own cryprocurrency just like they have their own fiat currency.

That incentivizes larger competing governments to attack the cryptocurrencies of smaller governments to exploit them. It's better to issue colored coins on the Bitcoin blockchain for the added security. Sure, governments could use pure PoS, but that would expose them to bad agents in their own government. Colored coins can be more easily managed and recolored for economic controls.

OK, don't laugh at me but....
What are colored coins???
It is a layer over Bitcoin using metadata to issue coins as small as one Satoshi using the Bitcoin Blockchain. The color means that you add counterparty risk to back the coin. It can be anything from stock, to metals, or even fiat.

OK, sounds interesting.
Any colored coins out there?


There are colored coin wallets to create your own, but they are still using testnet coins in beta. You know, if there weren't so many people trying to compete with Bitcoin and stealing its thunder to make a quick buck, then maybe more would be actually helping with the actual Bitcoin products. Hullcoin is another failure to understand this.