NH: Bill would let state agencies accept Bitcoin

[RidleyReport]

https://www.coindesk.com/new-hampshire-bill-would-allow-state-to-take-crypto-payments

The New Hampshire Liberty Alliance (http://NHLiberty.org) is backing a bill aimed at widening crypto adoption in the state. It is the only institution I'm aware of that comprehensively rates a state's bills and legislators for how pro-liberty they are.

I believe at least one of the sponsoring reps is a free stater (a person who migrates to NH for the purpose of liberty activism). The number of free staters in the legislature has been hovering between 10 and 20 over the last decade; most win election as Republicans or Democrats.

The Alliance is encouraging in-state supporters of the bill to make their position known by emailing relevant legislators before roughly Feb. 4, 2019:
HouseExecutiveDepartmentsandAdministration@leg.state.nh.us

 

[since9]

The thing about blockchain-based cryptocurrency is that it was never designed to be a suitable replacement for either paper or electronic funds.

For one, the "mining" aspect was built into the model in order to generate interest and get it off the ground. People could actually make money mining currency. The amount they made, however, was limited to a small fraction of the currency being traded. Mining also helped sell it as "independent" and "secure," although neither criteria actually requires mining at all. Support for AES-256, for example, is built into Intel processors, and I can create transactions with unbreakable encryption at a rate of about a million times faster using AES-256 than I can using blockchain.

For another, both independence and security are achieved with greater, more trustworthy results using a consortium of independent and unrelated firms than with blockchain, and for an extremely tiny fraction of the per-transaction cost. Try a penny per transaction, and don't let banks and other financial institutions attempt to tell you differently.

The REASON bitcoin and the other cryptocurrencies tanked is because the masses began realizing they'd been sold a bill of goods and were waking up to the reality that processor-intensive blockchain is NOT the only way to go, much less the best way to go.