One interesting point never mentioned that I think those unfamiliar with Blockchain are confused by is the “how does tracking happen” part. “Digital Coin” is just one of many uses of Blockchain technology. Essentially the technology has a ledger built in and every transaction entered into the ledger can be used to increase the crypto security of the ledger. There are many other expressions of Blockchain tech based on this tracking by ledger by crypto (think document security and verification or voting security and verification).
But people want money with these features. Government wants control with these features. For government once they put a “key” in that coin that says this “coin” is YOU, that’s where their control comes from everytime you use it and as it reports its use to the government.
The crypto security is a whole issue itself but basically only you and the government can “see” the ledger but the government holds the controlling half of the encryption.
Do a search on “international blockchain conference”
It’s amazing...
I vaguely understand blockchain, but the problem with it is, the government will never allow a digital currency that they cannot control, for both valid reasons, and extremely BAD reasons. (thank you for the suggestion, I do intend to learn more about it)
We cannot allow them to foist this on us.
Economic Freedom and Personal Freedom are inextricably intertwined. One cannot be teased out from the other and leave it intact.
You destroy one, you destroy the other. And a digital currency that would be “acceptable” to a government will NEVER allow financial freedom.
That said, Blockchain Technology is something that can and should be used for good...in well designed systems.
And that is the rub, isn’t it?