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10 sats \ 1 reply \ @MaaliMKen 13 Aug 2023 \ on: How I think Worldcoin is going to pan out. bitcoin
Hello @crrdlx, this was a fun read!
Took me back to an idea I had like 3 years back, all before diving into Bitcoin. The idea is of creating a geo-locked national currency.
I didn't pitch it hard in my country coz I didn't wanna play politics, but if the Icelanders actually wanted to do shit they should've created a crypto coin that cannot cross national borders.
This definitely contradicts the idea of foreign trade and seems limiting, however, its advantage is that the geo-locked coins become a local hit within the country so that purely from familiarity and transactions velocity, there is organic growth & their value is driven up.
Also, think drumming the idea of monetary scarcity into people's heads. So that they stop believing in money printing and "regulation of the currency supply" and stuff.
If this can be done for Bitcoin by a local startup, it could be a great way to enforce a circular economy.
Hi, I guess my question would be, "How would you lock it to that country?" Seems to me that people could just do what Icelanders did: find someone willing to buy it for coin X or fiat Y, whatever. The locked coin might stay in the country and accumulated by a few, but if the value declines, I think it would be a dead coin. What's more, if most people onloaded it, it would go down on value. Just my thoughts.
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