News for hackers. Stuff that matters.

A comment on Why Bitcoin is not a socialist’s ally. Parent comment

Re:Why Bitcoin is not a socialist’s ally by wmf on Monday July 27, 2020 @06:51PM (#23970353)
You could always issue "paper" bills that are denominated/backed by BTC. Such currency wouldn't have all the benefits of Bitcoin but it wouldn't be worse (from a coiner's perspective) than existing paper money that people are using today.
[ Parent | on HN ]
Re:Why Bitcoin is not a socialist’s ally by ianmobbs on Monday July 27, 2020 @06:57PM (#23970386)
Who is the one backing those paper bills? This brings back centralized banking, which is what most folks in favor of replacing fiat currency with Bitcoin are working away from
[ Parent | on HN ]
Re:Why Bitcoin is not a socialist’s ally by wmf on Monday July 27, 2020 @07:26PM (#23970579)
Yes, there would be a centralized entity printing and custodying the BTC behind the bills, but all paper money today is also controlled by centralized entities. So in this scenario, digital BTC would be "real Bitcoin" and paper BTC would be "Bitcoin light".
[ Parent | on HN ]