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jsalvatier comments on [LINKs] Bitcoin hits mainstream; intelligent technical critique - Less Wrong
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I know very little about cryptography. Say I wanted to start my own currency. Would it be possible to create a secure currency JohnCoin where I and only I can produce new JohnCoins?
If that's your only criterion that's easy.
Convincing anyone else to use a currency that you and only you can create is much harder. ;)
Of course.
So, in principle a central bank (say the Fed or the ECB) could switch its currency to a similar system without changing its model very much.