An Interesting Technological and Political Evolution
I have previously suggested that tether is a program that helps establish crypto exchangelandea and also that a logical next step if for government to take over the tether program. Venezuela is already starting to do that, and their model is much like an ICO. At the same time the president of the ECB is suggesting that (central) banks might soon start holding bitcoin in reserves. Here we can see a possible line of evolution as described in Ideal Money and captured in one of the possibilities described here:
A world in which centrally banked money is optimally managed is comparable to a world in which bitcoin is effectively global legal tender, and a world in which all central banks value stabilize versus bitcoin.
The evolution of government sponsored crypto-currencies creates a natural on ramp to bitcoin adoption, whether as a global currency, or a high value settlement system. It also creates the possibility for each nation or central bank to programatically inflation target bitcoin.
excellent post. the problem with Venezuela is that we have a government that does not have credibility and it is rumored that the national cryptocurrency is to wash dollars
Yes thats probably a true rumour, but Venezuela needs international "help" or at least a new economic lifeline. You will notice in the news they are already reporting investor interest and also US disapproval. It's a great credible bluff. The Greeks had access to it, but for whatever reason chose not to go through with it. As for the "people" once such a money gets on to the exchanges (cryptoexchanelandea I call it) the price of it will reflect the underlying honest of the issuers in regard to the supply. So there won't be much value, even and especially for a malevolent government to manipulate the money, and yet they will be rewarded by the people's support if their is a favorable trend from an international view.
It really really is a change and it will be good, I hope they launch.
We absolutely need help. the economic situation is sad, people die because of lack of medicines. I have a lot to thank steemit since I was able to pay an analysis for prostate cancer to my dad, and here I am still looking for coins. Regards @jokerpravis
Right ic. Ya I think probably some very smart people made that crypto petro coin proposal and your government is so desperate they are going to listen to logic. Take care, the world will change soon. I am sure of it. The economic embargoing will end.
Hi Jokerpravis, thanks for the interesting thought. It would be peculiar if various governments around the world all holding the same currency in varying amounts. I don't believe that happens large scale right now.
It'll be interesting to see if different municipalities will begin accepting Bitcoin as payment.
I learned today that Arizona is very close to accepting Bitcoin as payment for taxes. Makes sense to me, the government wants to get paid however they can!
https://news.bitcoin.com/arizona-closer-to-accepting-bitcoin-and-regulating-icos/
Yup exactly and the US is divided in states for that reason, so it they can make independent decisions and then force the federal government to accept the change.
Good post. Venezuela's situation is tricky. However, recent pass by Arizona state accepting bitcoin for tax paying means a hell of a thing: State's will end up holding bitcoin as well (huge increase in demand!!)