Bitcoin Forum

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Since you are new here, you must be aware that the large part of BTC is already in the hands of FBI, CIA, NSA, etc.

They dont need to create another crypo, with the unlimited amount of money they have, they can easily destroy this "dance" we are having now.

They are the puppeteer, and we are...well you know.

Banks can create and create their own digital currency. An example of this is a ripple coin. These coins will work in their narrow sphere of banks and will not compete with the original bitcoin. States can also create their own centralized crypto currency. Most likely, she will also walk mostly inside this state and will not have much support. Therefore, I believe that such a digital currency simply can not compete with bitcoin.

Everyone can create their own crypto currency, the thing here is how many people will be investing or supporting that crypto currency in the circulation. So the obvious thing that a user can do is to be aware or cautious of that crypto because they will think that it may be a trap of the government and may be a crypto currency that is not decentralized.

They could. Some governments have bared their plans on creating their own digital currency, and some banks have pledged to support them. It is unclear what effect that would have on Bitcoin and other crypto at the moment. We don't even know what kind of features they will implement. They won't really need to pump it because (most of) it will be based on fiat from what I've read.

anyone can create a new coin so why not government , or banks cannot , they can also but the thing is how are they going to promote and maintain it, because if they create their own coin then they have to work separately as if other banks have their own coin then how will the funds will be transferred from one bank coin to another bank coin. So their are lot of difficulty if everyone create their own coin,. so bitcoin is much better to use it.

Yes they can actually anyone can create their own crypto currency as long as they can provide capital. I thinks there's a posibility for government and banks to create their own coin so that they will have full control over its market the only problem is if this coin will be accepted by the people and supported by majority of investors when introduce.

Yes they can but no one will become interested since the banks could control the user of their cypto's funds. It contradicts the principle of why bitcoin is made and supported by investors. That is the only problem I can see and they will getting a hard time to maintain the life of the crypto coin they'll made.

The NSA government and banks can create money, but they created bitcoin currency and is completely different, the creation of government NSA and bank notes, it can be controlled, is completely centered, and bitcoin is to the center, this is the biggest difference. At random, I don't think it's possible for the government to create coins like bitcoin.

Yes, why not. Since blockchain technology is offering better speed, features and fees for any transaction as compared to that of our traditional infrastructure, governments would definitely try to build its own infrastructure to facilitate fiat currencies through Blockchain technology. Now it is getting the issue of survival for the banks so if they are not transforming their business models and system infrastructure then it will be very difficult for them to survive in the market. I am sure, we will have at least 2 to 3 countries testing their own cryptocurrencies in the year 2018-2019.

Anyone with enough understanding and knowledge in programming can make their own cryptocurrency. Some known countries that already have their own cryptocurrencies are China and Russia. But the thing is if government make their own cryptocurrency that is backed by their fiat currency it will kill decentralization because they will surely want to have control of it, people wants and will always support a decentralized payment method, investment and store of value that is why government issued cryptocurrency will never defeat Bitcoin.

Banks already started projects using blockchain, Jpmorgan, SCB, UBS,
Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined the group developing the “utility settlement coin” (USC), a digital cash equivalent of each of the major currencies backed by central banks

It was long back so since today no update on the media. But yeah just wait. Soon it will be integrated and that time it will be centralized lolz

To defeat bitcoin ? Nope, it won't happen. The government or banks can create their own crypto, even you and everybody here can create your own crypto too. The problem is, is there anyone who want to use your crypto/token/coins ? Even token that is from project ICOs is not always success.

They absolutely can. And many countries are indeed doing it. The reasons for that are quite simple. They will have more control over the cryptocurrency and they can decide which exchanges(s) it can be traded on. The later will also allow them to impose stricter KYC norms

Yes of course. We know already that governments and banks has billions or even trillions of funds to start for any projects they want to create but the question is, How about the community, do they really like to support centralized type of crypto? Though I know one coin that is the best example for this matter and it is no other than Ripple (XRP). Look at the status of Ripple now it supassed the MarketCap of Litecoin and is listed as top number four coin in the market with high cap. It always depends on the community if they are investing to the coin banks and governments created. Some issues with such projects are safety and privacy which investors are looking for before investing because they thought there are ways banks and governments has to use their own cryptography to have an eye with our funds since it is centralized.

   Russian Central Bank declared recently they plan to create cryptorubble. But how a currency may be cryptic if a bank operates it? Especially if "crypto" rubble will be correlated with fiat rubble then what is a point of it?
   The part of society which is in trust with fiat bank system will eat that bait, but bitcoin users got no reason to change their tends. So this act will not be able to strike bitcoint price. Does not bitcoin mean anarchy in good sence?

With the way the crypto is, even you as an individual can create your own coin or say token with little or no effort, just having some amount of money to.cover the logistics not to talk of government that have all the resources at their disposal. Tlak about the media, the unlimited fund to push it, and even the force of the law to.ensure compliance and much more. How will they not be able to create their own coin but maybe their interest is into something else or they feel the time is not ripe yet to push something like that but sooner or later, it might get to that level.

If government like to add their own virtual currency into market then yes they can create their own crypto currency, but to make their own crypto currency more valuable the government has to ban other currencies so that the inflow and outflow can increase.

The World is much more complicated than just money & currency.
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Let's be brutally honest here, if the government did release their own coin why would anyone trust it? It's not likely to be decentralized, and if it is then we are making progression. Maybe, banks will try a version of a cryptocurrency in the future, probably something which acts like shares and pays out on that.

 

Check your spellings first.
Why would government create their own crypto with the sole purpose to destroy Bitcoin when they already have the power to ban it?.
'Legal Bitcoin' will be shady af, Bitcoin is already existing. This kind of move of any Government will be stupid,shady and questionable.

At the end they can not remain indifferent to cyrpto currency and they will create one may be they did I don't know. If they need to do they have technology in their hand.

Yes it's possible for government to create their very own cryptocurrency but I don't see it will have a purpose to defeat bitcoin.

In the first place, why they should defeat bitcoin? It doesn't make any sense honestly. They can just ban bitcoin in their respective country if they really want to get rid of bitcoin usages there then stick with the idea of continous upgrading of money payment system which is happening right now and results is very good especially with the current status of bitcoin network.

When we do make use of the word cryptocurrency then this thing signifies the decentralized way of thing and when government would decide to make on their own then its really possible since they do really capable on doing such thing. Knowing that our government or any government will really go into the things on where they would able to get some part or money.They can create their own centralized coin sooner or later but it will surely happen.

Yes a government like the US government can create a blockchain based cryptocurrency as an official government cryptocurrency. It will be centralized and probably a closed ledger blockchain.

This differs from Bitcoin which is decentralized and an open ledger. For this reason, I don’t think a government controlled cryptocurrency can kill Bitcoin or any other decentralized altcoins.

Bitcoin is independent of bank and government control so there are people that will always prefer Bitcoin over any government currency which is really one of the main reasons Bitcoin was created to begin with.

Of course it can but why ? You will tell me that it will have its own cryptocurreny and be able to put rules and manage it whatever they want ?
The concept of a crypto is having no limits and no one controls it. Banks should open an opprtunity to Bitcoin transactions but creating a new virtual money with no utility is really a bad idea.   

I think it's possible. We have witnessed, not that long ago, the change in currency for a whole area (the "Eurozone").
Why not make "crypto notes" ?

Humans are pretty strong to make anything out of paper nowadays so ... I don't see why this would be impossible.

You should all watch the serie called "Mr. Robot". :D


*SPOILERS*
In this awesome show, the hero brings down a part of the global credit and financial system. His actions affect one company mainly.
It's being slowly replaced by crypto currencies (since they run without the intervention of a human hand).

At some point, the said company start to mint it's own crypto coin and gets the government to declare it legal tender.
So they start to issue loans in this crypto currency.

Sure, the governments and blue chip companies can create their own crypto, but we have had some long practice since 2009, and even the last few years, they have nothing on us  8)

Government and Banks are free to create their own crypto and they are far more capable of doing it.  They have the knowledge (competent technical team), fund and authority.  But the reason why they are not doing it is because they need create a feasibility study and create all legal stuff around it, plus the law that will be debated for several years.  

Some governments may create their coins to enforce some control towards use and general regulation of a crypto and effectively have their population to adopt it, but in no way it will be a threat to bitcoin as no currency in the real world can break the dollar, for example, so they actually can work to reinforce the validity of decentralized coin as the bitcoin. They will be as any altcoin that will always have the standard in bitcoin. Just as an example Euro was created and did not replace the dollar. Many coins are particular to some communities, in case a government creates a coin will happen the same.

Yes, There is no doubt that Government and banks can create their own crypto. But those coins can be succeeded or not, they will be not sure. As you know, Bitcoin is the first crypto of the world. It has made the big trust in investors. With new coins is created by Government or banks, those coins can't convince investors like that.

I think they will attempt it and probably be very successful at it. There's one direction we are going and thats relying on the internet and thats why crypto will have such a big market value.

Yes. Waves or ERC20 token is all they will need.

They certainly could and truthfully I see this happening one day, it would allow them to utilise the blockchain technology which could really improve some of their systems and what they can offer to clients. The question of course is would people use them or just stick to other coins that already exist?

That is the point, people might suspect this kind of crypto currency as something so the government can control the uncontrollable or decentralized crypto world, which they can't obviously. People will just shrug the crypto off, some will obviously use them,but mostly, I don't think so.

Of course, they can, at least nobody is stopping them to do. For example, JP Morgan (if I am not wrong) created Quorum, based on Ethereum to provides private smart contract execution and is patented.

I don't remember exactly about their project but it's not a crypto designed for the average Joe but focused on companies related to the finance niche.

edit: found it https://www.jpmorgan.com/country/US/EN/Quorum

Yes, all the governments across the world can create their own cryptocurrency. Even we, ordinary citizens could create our own cryptocurrency but probably it wouldn't have any value. Paper money has value because it is backed by government. Unfortunately, we won't see any real national cryptocurrency anytime soon.

Its also lingering in my mind I think they are preparing for this because they know someday this crypto market will become the mainstream in the finance world and they can take preemptive measure when it does happen because bitcoin and other cryptos are really a bank killers.

It is not so hard to create a cryptocurrency. Essential difference in case when government is behind it is that they would mine it and hold all the strings which basically means that it would not be much different from regular fiat.

If there are ordinary people (Developers) can create cryptocurrency then most probably the government can create it the question is, will it get that much support from the community. bitcoin is worldwide and if every government create their own crypto then it is just the same as the traditional currency then it will not get that much support from other government. Besides why would they create one when bitcoin is already existent and they have a huge amount of bitcoin on hand where they can easily manipulate the market by dumping and buying.

They will use the brand name "crypto" for sure but it will not be anything like that. A centralised netwrok that'll be all. They will try to be innovative at th same moment that they will delete cash money. No worry, open source project will be here too gain new user from this new liberty removal  >:(

that is right. if they have the technology and proper people they can do it.

I don't think they will call it 'crypto' because if government creates something, it needs to be accepted by all the average people too. People without proper technological or financial (or crypto :) ) knowledge will be afraid of the new government issued coin if it's called crypto money or similar... They probably will issue it 'silently'. Maybe, in the first round, they will let only the banks use that and if it's successfull, then they will let people use it. They will probaly call it the 'digital' money instead of crypto.

Yes. The government of China and Switzerland are examples of this subject. Government and banks can create their own cryptocurreny but have an exchange with bitcoin. There is not cryptocurrency that will not have its exchange with bitcoin due to the fact that it has been here before them and moreso because of its acceptabilities and structures.

Yes difenately, they have all the power and resources to create there own cryptocurrency or even cryptography. The problem is, can they beat the growth of bitcoin. Knowing that bitcoin already established its point in cryptocurrency. Can they encourage investors to invest in the cryptocurrency that they made. There are lot of aspects to be considered in order to develop something and replace bitcoin on top.

First off, understand that no one said that the government doesnt already have a pretty serious stake in bitcoin. I say "the" but I  mostly mean the "United States government". Beyond that, hell to the yes, and look at Russia. Cryptos are not quite as bulletproof as folks on the forum would have you believe; there are few things in life that can stand the full might and power of an established government. pretty much the only way we will get state sponsored promotion of adoption is if they release a coin of their own; this wont be a soonish thing, as governments are still getting their jollies off of running fiat economies (at the moment, it is easier to control a fiat money supply, since making new money is simply printing on new scraps of paper. when they figure out it is even easier to obscure the numbers when you are dealing with 1s and 0s, so help us God).

Of course each country in the world can create their very own cryptocurrency if they want but I don't that it will surpasses what Bitcoin already achieved because imitating can't drive a thing to a success or even steal the spot of the original one not unless it will offer a great choices and convenient to its users.

Why is it the question is always to defeat, take place, remove, etc.. even though Bitcoin was made for the better good and not meant to destroy Fiat currency. Modern technologies was made for people to use it and not to destroy someone else's lives but it is true that there are businesses that will be obsolete because of it and modernization is inevitable.

They can create their own crypto for sure. This is not somethin new. Let me state it like this, I don't think they will take bitcoin and integrate it into their own systems. Instead of doing this, they will try to implement their own crypto so that they will feel 100% safe.

I agree.They can really create their own crypto if they wish too.But not totally popular than bitcoin nowadays.They can create own crypto but if almost all of the people are not interested to invest,i'm sure it will not lasts longer,unlike what bitcoin did.

There is no restriction for making cryto currencies, anyone if they wanted can have their own design, own purpose digital currencies. What really matters are, is it worth to create something like Bitcoin, is it going to be popular and trusted as Bitcoin?

If governments want to create a cryptocurrency and control the transactions and buyers and sellers, that won't be cryptocurrency any more. A cryptocurrency must be decentralized.

Yup government can create their own cryptocurrency but i think some people will not gonna invest on it cause one of the most interesting thing about bitcoin is it being decentralized means no one is controlling it if government create their own crypto it means they always they will take advantage of others i mean banks are good but based on my experience the profit is too small so for me it's not worth it

It's right, government can create their own currency but it takes time before it will approved, many business establishment will affected if only the government will run their own crypto currency and besides it is a small number of people will gonna part of it, unlike bitcoin is all over the world that will have a privileged. Also, bitcoin the decentralized was being occured which is highly secured and no government is being part of it. I would say maybe, government might be able to be part of bitcoin era but, I believed it will good for many as a good economy for the nations progress.

yes they can make it if they want , but I think it will be internal only ? not traded like another coin...

Yes they can create if they want but not to defeat bitcoin, blockchain technology is very useful for transparency of money transactions involves in one government thats why every country must create their own crypto just to be used for government purposes like paying of taxes, distribution of funds, this is to avoid corruption and all transactions can be traced in a public ledger.  

Government would create cryptocurrency with an aim to go with the flow with what is happening now in the cryptocurrency world or as what OP said to "destroy" bitcoin and make a legal one which is under their control. Yes sure some of the governments already welcome cryptocurrency with open arms but there are some who are still closing their doors to it because they don't want to lose their control. If all the governments would agree to something which is not good for the current bitcoin then they would just create their own and of course they will work together with the banks who control the cash flow.

Interesting question. But it is true that anyone can create their own crypto currency given that they have money to do it that is. For governments around the world as well as banks can afford to create their own crypto currency, so I think the better question is whats in it for them if they do decide to create their own crypto currency.

On hind sight, countries already habe digital currencies, in the form of their fiat money being in bank accounts. Credit and debit cards make it a virtual transaction the same with online platforms of transfer. So maybe the reason why they do not want to create their own crypto currency is because of the blockchain technology it is based on. It being very difficult to regulate and being decentralized means it is devoid of control, and governments are allergic to that.

They can create their own. They have the resources, the people and the money so it is just an easy task. But to defeat bitcoin?
Nahhh. I dont think they can do. It might be a good competition but they will just do it again with all the power and control and who wants that if you are already exposed to bitcoin which made you think about freedom.
It will be non sense anymore.

Good Idea each and every country government and banks create their own cruptocurrency will be a health completion among them and there will be no issues in accepting bitcoin. As bitcoin will consistently perform well till the government establish their cryptocurrency.

Yes they can because bitcoin or any other digital currency has been made by somebody, so why not the governments and the banks can make their own cryptocurrency? It is possible and easier for the governments to make their own cryptocurrency and implement it in their respective countries because the people of that particular country will accept their official cryptocurrency without any hesitation.

Of course they can because creating own crypto only needs capital and developers to help them what would be their problem is that if people will accept the market of their coins because so far bitcoin is now on the top unless these governments will prohibit the use of bitcoin and only their coins will be accepted in their market. I don't think if that time happen bitcoin can be replace.

Yes, there's a big tendency or possibility that the governments or banks can create their own cryptocurrency but many business establishment will be affected if the government run their own crypto.

Anyone can create their coin if they know how to create. We can see this in an ICO that many are doing some ICO because they want to create new coins but most of them are becoming scams or they can't support it. Banks and the government can create their own coin as long as they can support it.

anyone can .. i still remember one of the thread i read here ,, 5 banks are getting together and will rellease their own crypto soon early next year ..
they cant do anything with crypto but to join them :D

They won't defeat bitcoin,they will just force policies which will make people stop using bitcoins and use their coin instead.They government will always control the chain and will have the control over the transactions.So don't expect another "bitcoin" from the government.To  simplify it further,government would levy small service charges on each transaction.Also their mining will be private : )

Most likely they allready did. It is about finding out which one from coinmarketcap they did.
Ripple always has been the oddshot standing near to institutions and tinkering on total supply.
They are the one falling like a rock since 5/17/2017 and marked as Not Mineable

Indian central bank RBI coming with Laxmi coin govt owned cryptocurrency with blockchain technology even Sweden China and Japan are developing their own cryptocurrency

I think, the government won't waste their time creating their own cryptocurrency to beat bitcoin, cause its impossible for them to beat it. Knowing that if they have their own currency taxes and fees in each transaction will be automatically putted in it so no one will be into it.

Yes, I agree with you. That's why governments haven't tried to create any cryptocurrecencies. People won't use any crypto which must pay high taxes for it.