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Title: Should Ecuador be legally allowed to create their own digital currency? Post by: digitalindustry on August 31, 2014, 01:53:09 PM http://rt.com/news/183960-ecuador-currency-digital-dollar/
Think about this: - Not a "Crypto currency" - Not Bitcoin - Not able to be mined by Bitcoin ASIC - Bitcoin can't control it. i.e its not attached to the Bitcoin Block-chain. - Might be issued by Government not By Bitcoin ASIC holders. Isn't there some sort of international law that would make this sort of thing illegal? don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them? Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: sx100 on August 31, 2014, 02:18:59 PM I doubt anyone could stop them doing it.
Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: sx100 on August 31, 2014, 03:52:29 PM I doubt anyone could stop them doing it. They could just stop selling them new ascis ? Or only for 1000% of the current price. Who says it will be PoW? The article says "the technical details or the name of the currency have not been revealed". Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: digitalindustry on August 31, 2014, 03:54:05 PM We allow generally scam coins or Ripple/Stellar coins. So tell me why should be offended if govs will try their own currency now ? At this point we need to use our brain if it even hurts for some people and see through, that these kind of progression could be end bad for the crypto world. United we win and divided we fall. agreed so what is the answer? Should the West bomb them is that what you are suggesting? and install a democratic government? i don't think it should go that far, as we don't know the details, but certainly the world doesn't have to trade with them? Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: digitalindustry on September 01, 2014, 03:44:56 AM We allow generally scam coins or Ripple/Stellar coins. So tell me why should be offended if govs will try their own currency now ? At this point we need to use our brain if it even hurts for some people and see through, that these kind of progression could be end bad for the crypto world. United we win and divided we fall. agreed so what is the answer? Should the West bomb them is that what you are suggesting? and install a democratic government? i don't think it should go that far, as we don't know the details, but certainly the world doesn't have to trade with them? You know Syria didn't had to trade the Dollars for their oil, but changed their view pretty fast after the putsch not to use the Gold based currency they hoped to use. yeah they learned their lesson. why do countries keep making the same mistake? Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: Winner on September 01, 2014, 03:48:55 AM hmmm I wonder if their cyptocurrency is going to rise/drop in price or just get pegged to the dollar...
Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: TheMage on September 01, 2014, 03:50:57 AM http://rt.com/news/183960-ecuador-currency-digital-dollar/ Think about this: - Not a "Crypto currency" - Not Bitcoin - Not able to be mined by Bitcoin ASIC - Bitcoin can't control it. i.e its not attached to the Bitcoin Block-chain. - Might be issued by Government not By Bitcoin ASIC holders. Isn't there some sort of international law that would make this sort of thing illegal? don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them? Are....are you trolling O_o Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: digitalindustry on September 01, 2014, 03:58:39 AM hmmm I wonder if their cyptocurrency is going to rise/drop in price or just get pegged to the dollar... it would be almost impossible to peg effectively to the dollar, but who knows? Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: djarot on September 01, 2014, 10:18:24 AM I think there is not conflict of interests here, just some government experiment, and a low level one at that.......because really, if i am in charge of country with a "borrowed" currency, i would like to have control over stuff like money supply etc too, like most countries have. I guess thats why it will be limitless too, though that in itself is kinda dumb i think personally.. can generate how much they like and where have we heard that one before! :-\
Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: OrientA on September 01, 2014, 01:00:10 PM Is it a fiat digital currency without PoW mining?
Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: digitalindustry on September 01, 2014, 01:10:35 PM Is it a fiat digital currency without PoW mining? it's fiat because it is by government dictate - it's digital and no details on the rest. Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: murraypaul on September 01, 2014, 01:22:06 PM http://rt.com/news/183960-ecuador-currency-digital-dollar/ Think about this: - Not a "Crypto currency" - Not Bitcoin - Not able to be mined by Bitcoin ASIC - Bitcoin can't control it. i.e its not attached to the Bitcoin Block-chain. - Might be issued by Government not By Bitcoin ASIC holders. Isn't there some sort of international law that would make this sort of thing illegal? Are you serious? Exactly what sort of 'international law' do you think would apply here? Why on earth would it be illegal? Quote don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them? Why should we want to persuade them? To do what? Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: WhatTheGox on September 01, 2014, 01:37:37 PM think its their decision Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: wachtwoord on September 01, 2014, 01:38:49 PM I doubt anyone could stop them doing it. America sometimes bombs nations if it doesn't agree with their internal politics. Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: Spoetnik on September 01, 2014, 01:47:31 PM Canada had one and it was a flop and last i heard they were selling off their rights to it..
http://www.coindesk.com/canadian-government-end-mintchip-digital-currency-program/ Quote Still, MintChip was widely viewed as an alternative to bitcoin that was famously criticized by Bitcoin Foundation director Jon Matonis for “missing the point” of the technology. i doubt there is much that can be done other than mock it and laugh LOL oh and you say no bombing but that IS what happens regardless.. USA controls them or the crosshairs get put on them fast.. democracy at the barrel of a gun. Ecuador will have "In God We Trust" with an "Illuminati pyramid" all seeing eye on their fiat money before you can blink hahha The fact is, fiat ain't going anywhere.. so the only question is then is, how is it going to work seamlessly with their digital idea ? Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: murraypaul on September 01, 2014, 02:56:37 PM Ecuador will have "In God We Trust" with an "Illuminati pyramid" all seeing eye on their fiat money before you can blink hahha They already do, they use the US Dollar. Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: iGotAIDS on September 01, 2014, 03:13:46 PM Oh wait, I get it, you're looking for someone to say, "No, Ecuador should buy Quarks because there is no Mining Monopoly that controls Quark." Right?
Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: wachtwoord on September 01, 2014, 03:28:40 PM I doubt anyone could stop them doing it. America sometimes bombs nations if it doesn't agree with their internal politics. Sometimes ? I think they need to disarm America like they did with Germany. I wonder who 'they' represents in your sentence. No nation on Earth can at this moment. The citizens could but won't. Are you talking about aliens? ;) Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: DawnInTokyo on September 01, 2014, 03:41:45 PM don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them? what? lol Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: digitalindustry on September 01, 2014, 04:27:41 PM don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them? what? lol so you say bomb? it's the wrong thing to do straight away i think. Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: Marlo Stanfield on September 01, 2014, 06:27:00 PM I find it a bit laughable that the general reaction from the bitcoin community is disgust at the fact that a country is attempting to modernize its currency system.
Although it's not too surprising considering anything that remotely goes against Bitcoin is viewed with utter disdain. That includes altcoins of course. Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: Lauda on September 01, 2014, 06:36:10 PM Well if it should and should not be is discussable. The question if you could stop them legally? Not really.
I would stop them. What they are creating isn't even a real digital currency, nor do we need one that is centralized by them. Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: instacalm on September 01, 2014, 06:48:27 PM don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them? what? lol so you say bomb? it's the wrong thing to do straight away i think. Ecuador can create whatever digital currency it wants, it's not yours or my business ;) Isn't there some sort of international law that would make this sort of thing illegal? NoTitle: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: Marlo Stanfield on September 01, 2014, 07:34:27 PM Well if it should and should not be is discussable. The question if you could stop them legally? Not really. I would stop them. What they are creating isn't even a real digital currency, nor do we need one that is centralized by them. They're digitizing their own money. So what? Who is 'we'? Are you from Ecuador? Why shouldn't they upgrade their monetary system to something more efficient than cash? Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: wobble on September 01, 2014, 07:40:21 PM Shit coin devs have flooded the market with hundreds of shit coins and nobody stopped them. If nobody can stop the shit coins devs then nobody can stop Ecuador. On top of that Ecuador might actually produce a coin that's not shit.
Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: counter on September 02, 2014, 03:46:02 AM Ofcourse they should be allowed to, that is like asking should BTC be allowed to exist, no? I say more power to them but best to improve upon the foundation Bitcoin has laid out. I think it could be a good way to generate money to their economy and can't blame them for trying it out.
Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: rgm108 on September 02, 2014, 10:06:13 AM Ofcourse they should be allowed to, that is like asking should BTC be allowed to exist, no? I say more power to them but best to improve upon the foundation Bitcoin has laid out. I think it could be a good way to generate money to their economy and can't blame them for trying it out. This looks like a step in the in the right direction... Question: Wouldn't there be a legal issue if they use Bitcoin tech (particularly blockchain tech) and not keep it open source? How would the open source license be enforced? Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: murraypaul on September 02, 2014, 10:59:09 AM Ofcourse they should be allowed to, that is like asking should BTC be allowed to exist, no? I say more power to them but best to improve upon the foundation Bitcoin has laid out. I think it could be a good way to generate money to their economy and can't blame them for trying it out. This looks like a step in the in the right direction... Question: Wouldn't there be a legal issue if they use Bitcoin tech (particularly blockchain tech) and not keep it open source? How would the open source license be enforced? No. Bitcoin is licensed under the MIT License, which does not require sharing of derived source code: https://github.com/bitcoin/bitcoin/blob/master/COPYING Quote Copyright (c) 2009-2014 Bitcoin Developers Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the "Software"), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions: The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software. THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. If the only library is closed source, then there's a project to make an open source one. If the only library is GPL, then there's a project to make a non-GPL one. If the best library is MIT, Boost, new-BSD or public domain, then we can stop re-writing it. I don't question that GPL is a good license for operating systems, especially since non-GPL code is allowed to interface with the OS. For smaller projects, I think the fear of a closed-source takeover is overdone. Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: chowderman on September 02, 2014, 05:18:48 PM So, what I am and I believe others with even a shred of reasoning in their brains is seeing, that all is fair in "Free-market society" unless it doesn't involve bitcoins or serve your specific interests in some way?
The entitlement some people display is Fucking unbelievable... Title: Re: Should Ecuador be legally allowed to create their own digital currency? Post by: Winner on September 03, 2014, 05:13:38 AM Maybe Ecuador will start something like cojacks
http://www.thedenverchannel.com/news/local-news/business-launching-new-colorado-currency-called-cojacks |