Bitcoin Forum

So it begins ...

"Bitruble, a new Russian cryptocurrency, will be issued and circulated under control of Russia's Central Bank. It is expected to compete with Bitcoin and other cryptocurrencies."

see here http://sputniknews.com/business/20150918/1027204933/russian-national-cryptocurrency.html (http://sputniknews.com/business/20150918/1027204933/russian-national-cryptocurrency.html)

This is something I expected eventually , if it ends up happening I wonder what the impact will be on bitcoin and all other alt coins .... 2016 will be here soon and obviously they did not just consider this idea and announce it today.....  the plot thickens indeed

The impact over bitcoin and all others alt coins on short time could be minimum considering that it could have the same impact and this was not so :    
http://cointelegraph.com/news/115297/bitcoin-is-officially-a-commodity-in-the-us  
On long time I'm not very sure.

 

Such a good news for cryptocurrencies  :)

The question is with the current regime and the way Russia has previously worked, will they ban all other cryptos for BitRuble to be a competitor? Not many altcoins have succeeded, I can think of litecoin and that was only $4 a coin.
Russia may succeed in this, no government has readily funded creation/development of a coin, so if they put their full force behind BitRuble, have it backed with some sort of material, this could succeed amazingly. I'll sure as hell jump the wagon onto a securely funded coin of any kind.

I would not want to trade this coin. Knowing Russia, I fear you may need to give your ID to trade this coin to prevent " money laundering ".
In addition, I am not comfortable giving up my identity to the Russians.

Russia is such a goober. 
 
They will only strengthen bitcoin and other decentralized currencies with this move and ensure they create another fail-assured Ripple clone. 

Oh what nice article. Thank you for this information.

Failed before it started  ;D

Calling that cryptocurrency is doublespeak. In reality it's going to be PayPal.
Nothing to see here.

What a joke. "Banks adopting cryptocurrency" and "states adopting cryptocurrency" is just trying to redefine the word "cryptocurrency" to mean "centralized database".

A joke in one sense - but the normalization of "cryptocurrency" will really pay off. Let's face it: the main reason why anti-cryptocurrency FUD spreads so easily is that the FUD appeals to good ol' normalcy bias. And unlike virtually everyone else here, I don't think that's a bad thing. Normalcy bias actually protects people from barging into a new life when they're not prepared for it.

Another aspect of us peeps, which I am ambivalent about, is that appeals to authority work. It's kinda sad, but appeals to authority provably do work on many of us humans to whittle down or whisk away that normalcy bias. This effect, believe it or not, is what the Progressives are counting on when they say that government programs for this-or-that advance human progress. Yep: Progressivism would only be a shadow of its former self if appeals to authority (government authority) didn't work.

So...governments, as well as big banks, getting into "cryptocurrency" will definitely erode that normalcy bias which is holding back mass adoption of the real thing. Sucks, I know, but it's better than the fate of eGold.

Thanks to cinnamon_carter for the OP, including the link. :)

The article was a little vague on how this will happen.


A POS crypto would be interesting, although Im not sure how it would be distributed. Maybe they would loan it to their banks.


A POW crypto would also be interesting. They could merge mine it with bitcoin, which would cement its relationship with BTC. Or they can setup minning hardware/software to do their own thing.

I'd imagine that each bank/ authorized user will have a minning access code to prevent others from around the globe running their software and participating on the network to get paid bitruble. Ie: Russian banks are the only authorized nodes, and the only miners.

And of course will it be a sha256d algo, which gives a node towards bitcoin and might insinuate that the banks are also mining bitcoin or will it be a different algo.

"In America, you use vague. In Russia, vague use you."  ;)

as all big banks are looking into blockchain tech., also russia central bank is...no problem...another alt...

Isn't this the single best way to get the general public to get used to cryptocurrencies?

After they start using this though, they have to make the switch to a real crypto ;)

haha a lot of coins want to compete with bitcoin

WAT?
https://i.imgur.com/nsJ3HEV.jpg
HOW?
WHEN?

Impossible!

SPECS?
launch?

it's 2016 already!


oh ...  unlike any other cryptocurrency ... regulated by algo/code ... NOPE ... regulated by the Russian Central Bank will strictly control the emission and circulation.

What's the reward today Boss?
What's the block speed today Boss?
Who can send coin today Boss?
Who we delete balance today Boss?