Puerto Rico is not bankrupt because of debt they issued. PR is broke because every govt and now the OBoard insists on enriching US multinationals (primarily US pharma & medtech) with +$17 billion a year of tax incentives. Here cost per capita #muniland https://t.co/GtAPLzXhRz
@DayneKells@DiMartinoBooth@jessefelder E.g. a government with programmable money could offer incentive programs in blockchain contracts. Participants would earn rewards by investing in the contract, which is enforced by the blockchain itself.
@DayneKells@DiMartinoBooth@jessefelder Bitcoin has value because of algorithmically enforced scarcity. Really no other reason. Definitely easy to debate merits of that. Ethereum and other utility blockchains like Helium are far more interesting IMO and show possibilities.
@DayneKells@DiMartinoBooth@jessefelder Essentially, there could be a significant advantage to a government that did this first, so long as they got it right. Getting it wrong just allows others to learn from you. And doing this right is HARD.
@DayneKells@DiMartinoBooth@jessefelder Consensus also matters, if it's centrally controlled, it's not much different from a database storing everyone's transaction history. If it's PoW based, it needs to sustain global commerce without requiring a significant amount of the worlds energy.
@DiMartinoBooth@jessefelder I'm not sure what that has to do with blockchain implementation. My point is this is "cryptocurrency" in name only. Issuance and consensus are controlled by a central authority. At that point a blockchain is indistinguishable from a database.
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