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PBrinton

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About PBrinton

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  1. Could cryptocurrency be used to implement a banking system? Say it was decided that the best form of money was a single community owned (i.e. unowned) world bank where everyone had an account. (Not necessarily advocating this position, just exploring possibilities.) This bank would do only one thing, which is keep track of how much money everyone had, and handle the transfer of units of monetary value from account to account. It would not be concerned with how the money was spent, or how the pool of unused money was reinvested. Neither would it control the creation of units of monetary value. Could a cryptocurrency system be scaled to handle this? For this purpose the creation of new money would need to be controllable by some authority (preferably operating an agreed fair set of rules,) rather than by “mining.” Bitcoin has a hard limit on the total number of coins in existence. Is this a limit of the technology or a choice that has been made? Could there be a system with no hard limit? Again, let us not get into a discussion over whether or not this is a good idea; that is a separate discussion for another place. Right now I am wondering if it could be implemented using this technology. In other words, how scalable is cryptocurrency, and to what extent are its features separable?

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