Bitcoin Forum

Venezuela just announced its backing it's national crypto currency with crude barrels. While also rolling out regulations for the petro coin as Russia did the same for their national crrypto currency as well. It is clear that crypto is here to stay but what about the dollar? In past cases we have gone to war almost instantaneously with any nation state that has attempted to tade oil.in anything other than the USD. But as China, Russia, Iran, and others are will begin trading oil in gold backed yuan, and at least the rubble as well, it seems that Maduro is simply jumping the gun on the new status quo. So What Will Happen Next? Will we see an immediate decline in the dollar? Does this explain the crypto markets current bounceback at this moment after days in slumps? Many changes on the horizon. And the most important question of all for Americans right now is which crypto currency will burst through the ceilings to "save the day" (and make us rich). We have seen some regulation but largely the control seems to be centralizing itself in all the same familiar institutional places. Which definitely accounts for XRP''s %500 gains this month.  And by that i mean control in a "Fannie May" kind of way.  Will we remain the wild west of crypto currencies as other parts of the world rollout protections? Will the dollar crash and turn it all to chao's in the process? Only time will tell, but the clock started today!

I also wonder what will happen with other crypto if Russia or ther countries will issue national crypto. They have much funds to promote it and it can replace some top coins.

THE U.S is claming down on Crypto and no U.S citizen can partake in most ICOS because of the SEC, making it veyr hard for Americans to get into new ICOS. They are doing this just like the CHINESE, protectionist policies to save their own central bank backed currencies but I see many countries embracing digital currencies and advocating it so I hope we grow in market capitalization over the next five years.

I doubt the coins they make can rival the bitcoin. The whole world wears it and this power can not be defeated. Bitcoin is king

Many of ICO comes recent tomes they strictly ask US citizens to stay to invest on the token sale. Some ICO campaigns also says the same. I too really confuses that whether they implement the rules like Korea and China.
Once US commerce department asks for the tied with the blockchain team in 2015 itself but that time they refuses i think.

I'm not convinced in that. It's true that big countries like Russia have a lot of money and influence but only this can't make some crypto great and accepted. And acceptance is something that keeps cryptocurrencies alive.
It's understandable that it's in their interest to create and promote state cryptocurrencies but that doesn't mean these coins will endanger or replace bitcoin, things are not working simple as that, so I'm not worried.

I totally agree that acceptance is key in being the top crypto coin and staying at the top. It doesn't need a country to back it up since the Internet is its own 'country'.

The fact is, with some regulation in the current crypto space will actually help the industry because i have to agree 90% of the ICOs are scams. These scams could bring the whole ecosystem down if not regulated.

I'm not worried at all.

US and EU declared that they will not issue a national coins. China also will skip it.
Countries like Venezuela with their Petro can't be a leading players, at least in crypto world.

no risk here. cash is already digital and crypto currencies ruled by governments or central banks do not follow the origin idea of cryptocurrencies - decentralization....

I think this step is a big step into the direction from leaving the fiat currencies behind, but there are many more steps coming until the crypto can be used as a regular currency for exchange instead of the fiat currencies we are actually relaying on right now.

I predict in the future it will be opposite people will be referring to fiat dollars as 0.xxx /btc (or the ruling crypto) in that time, why? because crypto world has proven it self as a more trust able currency system, tho the system is still not as secure and needs a lot of work until it will be practical for daily uses , but there will be solutions for every problem in the future , I'm sure about that.
but to be honest most likely the dominant crypto will be either partily centralized, or more even maybe each country will have its own private government cryptocurrency instead of their own fiat currency.

Some countries want to create its cryptocurrency? I don't think it's going to work, why create cryptocurrency? It's better to digitalize their fiat currency instead of creating a new one, because people trust in bitcoin or some famous coins such as ethereum, but not with the newly centralized cryptocurrency issued by the government.
The dollar will always here to stay, it's not going to fall or collapse anytime soon, powerful country backed dollar and cryptocurrencies can't fulfill all the demand for global transactions which require thousands of transactions per second.

rather than think about that national crypto can defeat the bitcoin and it doesn't make sense at all. Honestly how so many people are thinking about it can become the end of the bitcoin. The national currency will not different with the fiat currency but it's in the digital value. That makes the crypto market will be able to make liquidity easily through the national currency.

A government cryptocurrency is a contradiction by definition: they are only try to convince the population that an usual centralized currency (you can call it as you want) actualli is a crypto. Pure nonsense.

bitcoin will still be the primary exchange and this national cryptocurrencies will be like the other coin. the difference to this coin is that it is controlled by the government.

The so called "El Petro" could be a very interesting thing, the problem is, I don't expect a great management by the Maduro government.

Ultimately, it will probably be some sort of closed source mess where it's pretty much irrelevant since nothing is auditable by the rest of the world, whereas Bitcoin is auditable both in supply and in code, none of the government-backed currencies will deliver that, which means Bitcoin will continue strong filling the much needed niche of a global open source asset/currency.

The dollar will collapse sooner or later, the government's backup plan? we are yet to find out about that.

Well said. But I ponder if we have 5 yrs?

But Russia has one of the world's strongest growing economies. If they tie the alternative coin to the rubble it will make it a solid crypto coin that moment. Add on to that the ability to trade rubble for oil and gold backed yuan in the very near future and that all spells great news.news .  The regulations are already in place, and theyre already sanctioned to death, so there shouldn't be many surprises in store for it. Which makes it likely to be pretty stable. Add on the use of the central banks and your adding "XRP like" gains on top of gains.

Very good point. Maduro is a loudmouth surrounded by controversy and he's bound to fumble it somehow. But still begs the question how fast will the dollar fall. And let's not overlook the money to be made. With all those countries who have formed a polarized central bank to the westetn status quo making the shift to gold/oil/crypto currencies at the same time, (which could then entice Saudi arabia) That will be a market capitalization jump like never in my lifetime. Which could also seriously enhance the downward spiral of the dollar

Those policies are not set on stone and once the trend the trend to bypass the dollar in the oil market becomes mainstream, you will see the U.S. taking bold steps to be in the fore front of the industry unlike their lacklustre disposition at the moment and all can agree, that would be good news for the cryptocurrency world. This must be it when it was said, Bitcoin is a revolution the faulty model fiat currencies were built on have done so much harm already with the inequity it breeds.

By definition, a coin created by government can't be decentralized, so I don't see any difference with usual fiat money.
It seems to me a nice try to change the perception about local money.

Yes it is a major issue and can cause a hurricane in the world of cryptos.Many countries are also planning to launch their own crypto and even many corporate heads are planning to launch their own coin under there belt so that they can promote their product as well as earn profit from crypto world too.Recently one of the business giant announce that he will launch his own coin with a name of it's recent launch.If this continue it could make huge loss to the traditional coins like Bitcoin and this is very serious issue as people who will do this are either government or entrepreneur and both are very powerful people.

I think the bad news in the past will make more people know the cryptocurrency market and invest in it more. Instead of worrying about the market, I think that smart investors are researching into investing in new coin that has a lot of potential to increase in the future. On the bitcoin side, I think that for a coin to replace it is very difficult, bitcoin will still lead the market, only that it will not increase as strongly as the last time.

XRP is one of the coins manipulated by banksters "not a mining coin". In my personal opinion XRP is unlikely to last as long as true crypto, because XRP is considered quite disgusting to crypto fans.


The same assumption, I agree with what you say. A sudden suspicion crossed my mind that they will kill off the existing mining coins and replace them with their coins.

Well dollars has been exist for very far way longer than cryptocurrency. Crypto is like baby and dollars is old people.
In rule of rotation, the baby as new generation will change old people but in this case i am not sure that crypto will change dollars.

Russia Proposes First Multinational Cryptocurrency called: Pax Crypto

Recently the Russian President Vladimir Putin proposed a cyber-initiative grander in scale than Pax Mongolica after consulting with Ethereum co-founder Blockchain expert Vitalik Buterin and experts from fifteen other countries- including the US, India, Israel, Armenia and Turkey- about their Blockchain and cryptocurrency initiatives. Putin’s first of it’s kind cyber-initiative will connect some of the most promising emerging market economies stretching across Asia, Eastern Europe, Africa and South America, via Blockchain and smart contract technology by using a new multinational cryptocurrency to be collectively adopted by the BRICS and the Eurasian Economic Union (EEU) countries (Member States).

Source: https://cointelegraph.com/news/pax-crypto-russia-proposes-first-multinational-cryptocurrency-expert-blog

I agree, crypto currency is like baby that will be a new generation in the future .

Money is control & power.

Bitcoin is the "revolution" of our time. It is decentralizing power and control at an accelerated pace.

Governments and financial institutions will do everything they can to retain control and power. They are making their own cryptocurrencies.

Ripple is one. It's up to you to support it.

No, why would it be the beggining of the end? For me, this is just starting, and all those shits that happened during the last year regarding some laws, regulations, are now going to get fixed during this year, it is just matter of time.

It seems to me that one day there will come a time when a large bitcoin bubble burst with a loud Bang. And the culprits are obviously not the United States, they are in their pursuit of taxes have not increased in the crypto world. Perhaps the beginning of the end will put China or Japan.

I do not think the world government will let this happen especially in the big countries of the world. If major countries around the world release their own crypto, it could have a huge impact on the economy of that country.

They can really do it, but I don't think that they will do it, since they will just have a virtual currency on their own so there is no sense if other countries won't ever try to buy it, so better to have a currency which everyone is free to to buy it, do not worry other coins will end but not bitcoin.

It is true that although some countries in the world have a lot of money to launch their own coins, then it is not necessarily able to compete with Bitcoin because bitcoin is already known to the public first and they know that bitcoin is the first so that its strength will be so great and it will be very difficult for newcomers to be able to compete with bitcoin.

An interesting assessment on the possibility of reduction in US dollar when cryptocurrency takes more adoption. On thinking about that point, I agree - Now oil and other essential commodities are price referenced in USD. When they get switched to cryptocurrency, I would expect the demand for USD will reduce. Similarly, I would expect the need for fiat currencies will reduce as cryptocurrency gains more adoption.