| " At the no-tech level you can simply have crypto backed redeemable notes - like the old gold standard." If the government had any credibility whatsoever, the could already do this with any number of backing mechanisms. If they want to 'go hard' they can buy gold. Their plan is to mine BTC for solvency anyhow - mine some BTC, buy gold, and voila - reserves. But realistically, if they were competent enough for that, they could also issue a well managed fiat, which would allow them to be much more nimble. The 'tech' required for those who can use it should not be that hard, much easier than BTC. BTC 'wallets' are not really suitable for regular consumer consumption anyhow. The point is, none of this has to do with BTC it has to with the credibility of the government, which is very limited. If they sorted out their leadership, not only would they have a sound monetary system ... they'd have a sound financial and legal system and a healthy country overall. |