Would a Crypto-Backed Fiat Currency Work?

in cryptocurrency •  7 years ago 

William Wellisch asks "Would a crypto backed fiat currency work? They used to use gold, why not crypto?".

cryptocurrency bitcoin ethereum blockchain technology
7 years ago by

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      ·  7 years ago 

    Your thoughts are solid in relation to this subject, but Bitcoin wouldn't be able to have the speed or scalability to accomplish that! Bitshares sure would though! Along the same lines, EOS and Steem have a monumental potential...

    Thanks for sharing and namaste :)

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    2 votes
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      ·  7 years ago 

    I've been watching your show on YouTube for a while. I have no idea why I didn't check the description to see if you have a steemit account. Right on man! Glad I found you on here. Peace!

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      1 vote
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        ·  7 years ago 

      Everyone watch this video and share it with your family this holiday.. it is our duty to help everyone become educated about the current financial system and the future of technology. Everyone needs to watch this video as we move into the age of the blockchain
      https://steemit.com/bitcoin/@mmosely0/everyone-must-watch-this-video

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        1 vote
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          ·  7 years ago 

        yes

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            ·  7 years ago 

          Fiats that are not backed by tangible assets probably will not win wide spread confidence from the public at-large. However cryptos can be backed by extremely solid code that offer iron-clad security features, and readily accessable for through audits. Therefore, in theory, this idea may have a chance to work, excluding control exercised by central authorities. Thanks for the post.

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            [-]
              ·  7 years ago 

            to avoid the use of miscellaneous currencies?

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