Central Bank / Government Kansas City Shuffle? Tell me I'm an idiot.
I actually posted this as comments to a couple people in random other threads, but the more I think about it, the more I really want to hear that I'm just a paranoid idiot. This is my theory and darkest nightmare: TL;DR; Banks buy coins and make us rich, Governments switch to Bitcoin and leave us holding fiat. Central Banks close Mints, open data centers and take control of the blockchain. checkmate, return to status quo. Government let enough bitcoins spread out in to the hands of people who see them as speculative assets, or don't know what they are. By auditing the blockchain they can see the distribution of wealth in wallets, and combined with other surveillance technology, they can figure out when the wealth has spread to enough weak hands (speculators). The Big Banks then step in and drive the price out Bitcoin of the solar system. Everyone will think it's a big bubble and the sell off from those speculative holders will be over 95% since everyone will think they just hit the lottery and will assume they can just buy back in cheap when the crash comes after. The massive dump of fiat on everyone and the sudden reduction in Bitcoin supply coincides with a drop in the value of the USD and another economic that requires the immediate attention of Governments. BTC price remains high as Big Banks hold their coins and people desperately try to buy anything that might hold value. The Governments will acknowledge the failure of the fiat currency system and hail the "beginning" of the digital currency age with the signing of the Digital Currency Act of 2016, reinventing the Fed and the US Mint as the arbiters of the Bitcoin universal currency and outlawing all digital currencies in order as threats to economic stability (basically just put them in the same category as counterfeits). Massive server farms for the Fed will come online and connect to the Bitcoin network adding 50% more computing power instantly. The other central banks around the world will follow suit, giving central banks control of more than 51% of the computing power of the network and full control of the blockchain. With the Big Bank deposits of all the Bitcoins it purchased earlier and Central Bank computing power sufficient to ensure they will always be mining a majority of coins for the remainder of the mining period they, will be free to manipulate the money supply and the world will return to the current status quo. I genuinely hope someone here will call me an idiot and give really good economic/political/technological reasons why this couldn't work or ever happen.
”When bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the bitcoin universe an algorithm replaces the function of the government …[that] is actually pretty cool.”
05-28 06:34 - 'When bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the bitcoin universe an algorithm replaces the function...' (i.redd.it) by /u/ksabastian09 removed from /r/Bitcoin within 496-506min
05-14 22:34 - 'Cryptocurrency is really a blessing to this present generation i surely believe that the whole world will still spend this as universal currency it being good and bead experience until i started my cryptocurrency investment...' by /u/mirandapu removed from /r/Bitcoin within 137-147min
''' Cryptocurrency is really a blessing to this present generation i surely believe that the whole world will still spend this as universal currency it being good and bead experience until i started my cryptocurrency investment plan with INC cryptos and stocks it a being a wholesome experience for me since i started trading and doing some investment with them cryptocurrency really change my life and my dreams the sky is the limit for me .investing in different types of coins help more but we should know bitcoins is the strongest of all and it will be the best for while for me Ripple, will contend so hard with Bitcoin maybe Ethereum as well .please make sure you make the right choice when you want to invest in cryptocurrency contact on TELEGRAM USERNAME;@INCXC.add them up for enquiries on anything you seem not to understand on cryptocurrency generally and invest wisely today., ''' Context Link Go1dfish undelete link unreddit undelete link Author: mirandapu
What if Bitcoin was just a ploy to get people to accept a new universal currency. After which the trigger built into each coin is set off and the bitcoins self destruct. Resulting in the disappearance of bitcoin and worldwide currency collapse.
If one of the benefits of bitcoin (there are many) is a universal currency, what do people think about there being multiple crypto currencies? Will we ultimately end up with one (dominant) or is there room for many?
12-27 13:13 - '[Stamp is an Untraceable Currency without Serial] ♛ US Stamp 1875 Scott 181 CV $500,000.00 [NGAI, Special Print, 5c, Taylor]' (i.redd.it) by /u/Universal_Business removed from /r/Bitcoin within 22-32min
My latest crazy idea to make Universal Basic Ownership what I call Capital Socialism work...lol. How to Create a Stable US BitCoin digital currency
To make non human robotic banking work, a way has to be found to create a block chain currency that is stable. This is a big problem. My idea is to create an algorithm that automatically monitors the GNP of each country in the world and adjusts the value of a country' specific BitCoin to its economic performance against other countries. The bigger a country's GNP, calculated from multiple reliable sources, the higher the value of its specific BitCoin. We could have a US BitCoin that acts like the dollar, a UK BitCoin, a Euro BitCoin etc.and maybe even trade among them. Add to this idea a rule that specific country BitCoins cannot be traded for any human controlled fiat currency like the current US dollar (where bankers are allowed to print money by governments), we maybe could use a US BitCoin as a relatively stable digital currency worldwide, The only thing that would change the value of a US Bitcoin would be the productivity of the US economy. Its GNP is public information and can be controlled by productivity only., not by printing money. Using the value of GNP a US citizen will be able to easily calculate the exact value of his or her digital currency without human bankers or politicians interferring in banking transactions. The old gold standard, now gone, will become a new public GNP standard. It will stablize our banking system and eliminate a lot of human corruption. What do you think? Derik
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