this post was submitted on 19 Dec 2024
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The original post: /r/cryptocurrency by /u/LovelyDayHere on 2024-12-19 05:54:31.

Here is a novel idea (?) inspired by recent discussions around strategic reserves/stockpiles.


Let's say you wanted, as a nation, to have a strategic stockpile of sound money, and everyone thought it was a good idea and had the money, or the state ability to take up credit, to afford it ...

... you could have it in a decentralized form.


Kind of like every adult in Switzerland that's been to military service, is issued a rifle to keep safe at home, for readiness, in case an emergency national military response is required.


Every adult in a country or whatever governmental region one might choose, could be issued sound monetary units of crypto to addresses of their own (the citizens hold the private keys). They hold these coins as a form of distributed state treasury, and for safekeeping / "break in case of emergency" use. They could also together vote on how to spend them collectively.

It wouldn't be anywhere near as beneficial to an economy as cryptocurrency in actual circulation, fulfilling the role of money ...

... but since it would be an open ledger, the society could check that those coins "kept safe" by the holders and would not move without wider consensus (e.g. decentralized digital vote on spending them somehow in the "national interest" according to laws of the country).

If they did move out of order, the society could pursue sanctions against wrongdoers.

For example, not allocate future coins to them - perhaps for some duration - so that effectively, they would lose ability to "vote with their portion of the state's funds" on national interest matters.

They could of course still privately use cryptocurrency to vote with their wallets in other affairs.

 


Sound money crypto + decentralized stockpile + digital voting on national spending.


 

There may be many reasons this might not work, but I thought it was an interesting showerthought, and possible discussion.

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