7 Questions For The Crypto Experts--An American Government Accepted CryptoCurrency

in #cryptocurrency • 7 years ago

dollar-bitcoin-cropped.jpg
Several nations are desperately seeking to enter the crypto game. Japan, China, Russia, etc are all putting crypto into their legally accepted banking systems. Some are looking into actually creating a state owned crypto--China for example.

My questions which I am desperately trying to find answers to, answers which I hope my Steem friends can assist in providing, should come from you the readers in the comment section below which I will utilize and credit each of you for a follow-up piece....

  1. Can the United States actually create its own federally accepted cryptocurrency?

  2. Could the United States create a cryptocurrency without the interference of the Federal Reserve (which really isn't Federal nor is a it a true reserve)

  3. What would be the greatest pro for the United States to create this cryptocurrency (for the government)

  4. What would be the greatest pro for the United States to create this cryptocurrency (for the people)

  5. What are the cons for the government in creating this currency?

  6. What are the cons for the people in creating this currency?

  7. Do you foresee the United States catching on to what other nations are doing in turn eventually creating its own Cryptocurrency?

Seriously, I would love max participation on this with comments. No need to upvote this. Your resteem and comments are way more valuable to me than any upvotes.

#steemit #politics #economy #government
7 years ago in #cryptocurrency by
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    • [-]
     7 years ago 

    Interesting Idea.

    Arguably, the US dollar is a crypto-currency.

    Although they print bills:

    • most transactions are electronic
    • there is nothing backing the dollar
    • the rate at which the bills are printed is "relatively" constant
    • you can exchange this currency for others (although there are higher fees and slower exchanges)

    I don't think the gov't would truly want the transparency for federal spending, the general public would be outraged at the waste.

    With fiat, if employers don't declare the money that an employee makes, the gov't can not tax it. The same would be true with a cryptocurrency.

    If the gov't went with a blockchain/crypto approach, the number of public servant employees that would get laid off would be astronomical, unemployment would increase drastically.

    [-]
     7 years ago 

    Can the United States actually create its own federally accepted cryptocurrency?

    • Yes. Many countries are developing the infrastructure, some using the Ethereum platform as a separate token (Indonesia I believe?). Would make sense if the US is doing something similar.

    Could the United States create a cryptocurrency without the interference of the Federal Reserve (which really isn't Federal nor is a it a true reserve)
    *More of a political power question. It would essentially be declaring war on the Federal Reserve unless the Fed had direct control over the various protocol and/or override authority on the code... which naturally, would defeat the purpose and value proposition of crypto assets as a codified monetary policy ruled by code, not by man.
    What would be the greatest pro for the United States to create this cryptocurrency (for the government)

    • Internal auditing would be much more rapid; budgeting would be far less complex; agencies would be able to see with open transparencies the budgets of competing/parallel agencies to de-escalate political infighting.

    What would be the greatest pro for the United States to create this cryptocurrency (for the people)
    *If government agencies and entities were REQUIRED to use these funds for operational activities and within their budget, the TRANSPARENCY alone would be tremendous. Additionally, the stability of knowing the monetary policy in the present and future would be relatively predictable within constraints of open source code would improve the ability of businesses to plan for their future operations.

    What are the cons for the government in creating this currency?

    • Short term: Temporary disruption and market turmoil of how industries will be
      affected.
    • Long term: Control over state secrets will be harder to obfuscate (good and bad here, depending on perspectives)

    What are the cons for the people in creating this currency?

    • Potential for greater control over public spending money
    • Potential restrictions of specific people from access/use of money in open markets based on bias or political retaliation (Mark of the Beast type stuff)

    Do you foresee the United States catching on to what other nations are doing in turn eventually creating its own Cryptocurrency?

    • I would argue this is inevitable due to the simplification of auditing alone, as well as enhanced protection from external hackers conducting cyber-heists of large funds of money that can be easily laundered.
    [-]
     7 years ago 

    Thanks for posting it is a large set of questions you have there! I think any country looking to do this would have both good and bad. I think the main worry has to do with cryptocurrencies and government wanting to "print more" and who would have access. Key selling point is money can be tracked at all times including government spending so much more transparency.

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      [-]
       7 years ago 

      I think that pro of transparency may actually be a con as well...a double edged sword if you will. Sometimes, governments do not want transparency with their finances--especially for "national security" reasons...

      Really, I just wonder what the true value is for a nation to turn to crypto....I think if transparency is the big catch, it will not be big enough to get nation's like the USA to catch on...it must me something much greater....but what that is, I do not know.

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        [-]
         7 years ago (edited)
        1. Yep, it already has, its just not a block-chain, nor is it transparent.
        2. No. The US (corporation) is beneath the FED. It has no power in this matter.
        3. That banking would become a whole lot easier.
        4. The US is against the people. Can't happen
        5. The cons, for The US is that it may become inadvertently transparent to americans. The govern-cement will have a mechanism to watch every transaction, and so, there is a huge risk that this will be an easy exploit to watch the govern-cement.
        6. The US laws suddenly gain a lot more teeth. Transactions off the books become a lot harder. What will be interesting is the amount of drug sales will not decrease. It will become very apparent that The US is turning a blind eye to their drug sales. But the local guy selling milk will be instantly hammered into oblivion.
        7. The people running the FED will try to maintain power in any way possible. They will create a crypto currency, but it will be block-chain in name only. Everything good about bitcoin will be subverted and turned to evil. In that turning to evil, the FED will doom itself.
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           7 years ago 

          I got one picture 4 you (the front page of The Economist-1988 notice the 10 Phoenix coin withe the 2018 printed on it...I made a small post about it some days ago :))) So the answer to all your question is YES! the U.S wants to be the only power controlling the new currency for its agenda of world domination. Iran and North Korea are the only countries outside the western banking system and so they must join or perish. Once they are in, by war or agreements, then NWO is set on the ground and the rise of the PHOENIX will witness the fall of national currencies, in other words, world domination complete! (of course, we all know, what the implications are going to be for such a "yuuuuuge" change)

          16908760_1478609642152290_6412193990321373184_n.jpg

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            [-]
             7 years ago 

            Hello sir, I would assert that:

            • A United States fiat crypto currency on a floating exchange would be in violation of U.S. Constitution Article 1 Section 8 "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"

            • The existence of Federal Reserve System is not unlawful, but the 'independent organization' authority of regulation of the FRN + the legislatures failure to mint sufficient constitutional money and force the FRN to peg to it (lawful money) instead of the other way around, is unlawful and in violation of the above part of Article 1 Section 8.

            • There is a legal path of remedy open to have the lawful United States Dollar separated from the Federal Reserve Note, and bring back sound money to the land.

            • The legislature can lawfully designate a 'foreign' cryptocurrency as legal tender.

            • Any commodity backed crypto currency would be a good thing in the long term but would pose an enormous threat to the safety and well being of the American people in the short term.

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              [-]
               7 years ago 

              Great input!!! Thank you for commenting!

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