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A Totalitarian State’s Dream
It is not far-fetched to think that a totalitarian state would LOVE its own cryptocurrency. Think about it for a second: Cryptos do not necessarily need to be open source and decentralized. The evil empire could just enforce their own OppressionCoin, closed-source and despotic.
Let’s become a tyrant for a minute and marvel at some of the wonders of cryptocurrency to tie the people up with blockchains:
Money is able to be confiscated with a single click. No middle-men, no door knocking, no unnecessary expenditures. Just plain money reallocation. If colored coins were in effect, this would translate to houses, lands, cars, etc.
No longer can anyone hide anything from them. Now your tyrant of choice has perfect one-to-one access to your patrimonial status. Not only that, every purchase you ever make gets recorded in the blockchains and tied to your state issued identity. Much like credit/debit cards in real life.
Infinite money cheats can be enforced. Something as wacky and simple as not charging the government’s officials wallets could be held in place. Why bother printing money on batches, when you can create it on demand?
Embezzlement magic can take place. It is really cheap to mint money in the chains, but what’s to stop the law from doing whatever it pleases with its currency? Barring inflation as a limiting factor, all sorts of cheating measures such as double spending could be enforced by the ruling party; they could even make you “lend” your money to them. It’s all in the database.
Slave tracking becomes easier than ever. Why limit yourself to tracking people’s money when you can track their position also? By enforcing every government issued wallet to provide GPS coordinates per transaction or per fixed amount of time, people’s positions would be democratized from the realm of telephone companies to the monopoly of the ruling party. Why limit this to position data? Why not biometrics? And the list continues…
originally posted by: Enlil2215
No currency is good. Eventually it will be corrupted.
Once the platform has been established for Overstock to sell its crypto equity, Byrne aims to open the system to other companies wanting to sell shares. Until the SEC grants permission for the company's release of the US$500 million in crypto shares, however, Overstock shares will continue to only be available through their Nasdaq ticker OSTK.