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comment by user-inactivated
user-inactivated  ·  3333 days ago  ·  link  ·    ·  parent  ·  post: Some Reasons Why I Donated to Hubski

    Now if Canada went over to bitcoin...

mk would lose his shit.





mk  ·  3333 days ago  ·  link  ·  

Mostly because I live so close to what would soon be a country gripped by civil war.

Bitcoin would be an awful sovereign currency.

OftenBen  ·  3333 days ago  ·  link  ·  

    Bitcoin would be an awful sovereign currency.

Because of it's inherent volatility?

mk  ·  3333 days ago  ·  link  ·  

No, mostly because they can't print more of it.

Money is a political and psychological object. Bitcoin has good reason to be a proxy for value, but it would be a poor tool for exercising monetary policy. It matters to a country that they can influence the allocation of resources and effort, and control of their currency is one way to do that effectively.

I do think that in time, nation states will decline in importance, and that the nature of currency will reflect that, but I don't think that the technology is in place to fill the vacuum. Hell, atm bitcoin can't even make more than seven transactions per second.

lil  ·  3333 days ago  ·  link  ·  

rd95 - was that a typo? did you mean mk would lose his shirt?

user-inactivated  ·  3333 days ago  ·  link  ·  

No. No typo. He'd lose his mind from excitement.

Though maybe he'd lose his shirt too, if things went bad and he owned a lot of bitcoin stock on Cyber Wall Street. He'd probably look back in frustration, wondering why he didn't diversify his 8bit currency portfolio. "Dogecoin," he'd day. "I knew Dogecoin was the right answer the moment Reddit sponsored Josh Wise with Dogecoin. I was blinded by my own hubris. My wife is gonna kill me."

lil  ·  3333 days ago  ·  link  ·  

rd95 - was that a typo? Did you mean he'd lose his mind from excrement?

user-inactivated  ·  3333 days ago  ·  link  ·  

Indeed. It would be messy.