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Government Spending
anime
he_the_great
The government spends money, lots of money. I was watching a John Stossel episode recently, "Trust" and the subject of Bitcoin came up. The context was about how Bitcoin was not transparent and allowed the sale of illegal items without tracking. The other guest mentioned how the Bitcoin ledger is publicly available and would allow auditing government spending.

"It is not an open ledger system." -- E.J. Fagan

What does he mean, how is it not open (how would the system work without it being public)? Well I don't have his answer, assuming he is familiar with how Bitcoin actually works, I suspect that his thought of an open ledger is one that documents who the two parties in the transaction were.

Bitcoin utilizes an anonymous wallet, anyone can generate and can generate any number of wallets. The ledger records the transaction between the two wallets, and other than making associations or other publicly made available data there is no association to any specific party.

What if the government was required to obtain funding through Bitcoin. What if every government wallet was required to be made publicly recorded. Now the exact amount of money government possess and the exact transactions made will be known to the world. Every coin spent by the government will be accounted for. Every politicians salary will be known.

Don't forget to read my other posts on Bitcoin.
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