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<p>[QUOTE="medoraman, post: 3719470, member: 26302"]I would say, if governments lose trust with the people, and some other organization worldwide gains more trust that governments do, it could be attempted. I do feel, though, that most governments would fight their loss of sovereignty due to how much power they would give up, and money to be made. It boils down to either legal enforcement or trust, though. Without people trusting the issuer and specie, no one wants to accept as "money" something with counterparty risk. Bitcoin can only work if everyone believes it is innately valuable, (same as pm). If it relies on the guarantee of someone else, there has to be ZERO doubt as to that entities ability to back it up, or it will fail as money. That is why OprahBucks would fail. I would not trust them, since what if she dies? What if she did something to make everyone hate her? Too many unknowns and risks for me to trust "money" she backs, (insert any person here for Oprah). </p><p><br /></p><p>It would be interesting if attempted. I am not saying I didn't like the OPs post, or it was not interesting, I was just disagreeing with a couple of postulates he had.[/QUOTE]</p><p><br /></p>
[QUOTE="medoraman, post: 3719470, member: 26302"]I would say, if governments lose trust with the people, and some other organization worldwide gains more trust that governments do, it could be attempted. I do feel, though, that most governments would fight their loss of sovereignty due to how much power they would give up, and money to be made. It boils down to either legal enforcement or trust, though. Without people trusting the issuer and specie, no one wants to accept as "money" something with counterparty risk. Bitcoin can only work if everyone believes it is innately valuable, (same as pm). If it relies on the guarantee of someone else, there has to be ZERO doubt as to that entities ability to back it up, or it will fail as money. That is why OprahBucks would fail. I would not trust them, since what if she dies? What if she did something to make everyone hate her? Too many unknowns and risks for me to trust "money" she backs, (insert any person here for Oprah). It would be interesting if attempted. I am not saying I didn't like the OPs post, or it was not interesting, I was just disagreeing with a couple of postulates he had.[/QUOTE]
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