Quote from: AgeraS on November 21, 2013, 06:04:41 PM

Quote from: bji on November 21, 2013, 05:22:23 PM

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.

Thank you for a reply that actually has some worthwhile content!

I agree that the U.S. government does not perfectly represent the interests of all citizens equally, but it's the best thing we've got now, and like it or not, it decides what is legal tender for transactions with itself, and to a large degree, between private individuals. Therefore it must establish some policy with regards to virtual currency, which is why there are Senate hearings now. The only remaining question is, what policy will it establish?

It can choose to accept Bitcoin as legal tender. Then it will have essentially pre-assigned a large amount of the currency to those people who created bitcoin or heard about it early, which is a very, very small fraction of the U.S. population. That just seems inherently unfair to me. I think it's much better to act on behalf of all citizens - which is the point of the government, isn't it - and ensure the fairest possible scheme from the outset. Hence my proposal.

The early adopters of Bitcoin are already rich, or at least well rewarded, according to the timeliness and veracity of their participation. I don't feel too badly about cutting off their cash cow now, leaving them with the profits they have, and moving on to a better system that is fairer for everyone.

Also your comments equating these U.S. virtual currency coins with Bitcoins and saying that I should just give away my Bitcoins because they are the same as the coins I propose and thus I would end up with only 0.3 of these new coins instead of the 1.5 bitcoins I have unfortunately indicate that you are either deliberately or inadvertently being obtuse.

Finally, you don't know me. I don't care that much about being rich, I value certain things alot more than money, the future of my country and fairness to all citizens being more important to me. I am not writing to my Senator because I am angry that I didn't get to be a Bitcoin millionaire. I am writing because I want the best for everyone, not just myself.

bji

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