Quote from: Verse on September 18, 2014, 08:48:31 PM

Quote from: johncarpe64 on September 18, 2014, 05:02:32 PM

No it would not be possible. The economy of scottland is in the trillions of dollars, while the market cap of bitcoin is under 10 billion dollars. This is simply not feasible.

Also if scottland were to use bitcoin as a currency then the price of bitcoin would go up so quickly that there would be too great of incentives to attack the network verses the costs to attack the network that bitcoin would be destined to fail.

I love this argument.

Additionally why would Scotland's government accept Bitcoin when they have free reign to keep printing fiat and inflate the money supply to pay off their debts? Governments do not give up power. Bitcoin is the people's currency.

Governments actually like to try to keep inflation as low as possible. If a country has too high of inflation then the standard of living of it's citizens would decline and if it were to stay like that for long enough the citizens would leave and try to go somewhere with better economic opportunities.