Bitcoin Forum

http://m.tech.firstpost.com/news-analysis/ecuador-roll-official-virtual-currency-year-end-move-ditch-us-dollar-231619.html



Cool stuff here, would be great if they just used btc.

Well what bothers me is that people always go and create their own digital currencies and don't just adopt/embrace Bitcoin! A currency can only be strong if a lot of people accept it. Also, does the government retain control over the currency? Not good.

Isnt this the second thread already?  This news is like 3 weeks old and so outdated.

this is silly, fiat based, centrally controlled. sounds like a lame version of mint chip.

Bitcoin should be used instead of creating new crypto currencies, most of the people create new crypto currencies for their own gain. Only crypto currency with better algorithm than bitcoin could take over BTC. Bitcoin was one of the first crypto currency that's another point why It is most popular and have biggest value and It would be really hard to take over BTC now.

What do you mean by "algorithm"? Do you mean certain features of Bitcoin (or a proposed new coin) or are you talking about a PoW (PoX) algorithm? ("Mining algorithm") And why would that be better than Bitcoin?

read the article!!

its not going to be a crypto. just another lame assed database of binary digits, like what banks already have

It is essentially very similar to paypal. They even say that the currency is going to be backed by some asset (probably dollars, but who knows).

If they are making new digital currency following the bitcoinic trend then yes they are doing a good thing for their country.Using bitcoin could be a difficult act as bitcoin is moreover a trading platform to many people now.Like forex brokers now had jumped over to bitcoin

I concur, it's not a meaningful digital currency, less a cryptocurrency, if it does have a central authority, and thus point of failure! Show how some people are just merely jumping on the bandwagon, while not getting the actual potential of Bitcoin at all!

Someone should introduce bitcoins to them and show the advantages of adopting it for Ecuador.

More Banks will adopt Bitcoin when it has the Global ID and Central authority.

this proposition seems to be from the government

LOL

They'll probably want something they can issue or control so bitcoin wouldnt be any good.

true they are just trying to be cool, by not making "Joe public" buy their monopoly money from a few small insiders, instead probably issuing it at a free market exchange rate, pfft idiots.

and its not even mandatory.

nothing to see here !

Would be so much easier for them if they just adopt Bitcoin. It will literally just take a few minutes.

Well it would be, and this is not like Bitcoin. They currency seems like 'virtual FIAT', centralized and all of that.
That's not how it was supposed to be, and that's worse.

We're going nowhere if everyone makes their own currency.

Centralized, wont possess the same strengths as bitcoin. This is good news though coins like this are a gateway drug to the real thing.

People/Companies/Governments are just trying to jump on the bandwagon by introducing "one of those new digital currencies that are all the craze at the moment" if you ask me! It really doesn't offer the advantages of decentralization. If your "gateway drug" theory holds true, well maybe... time will tell!

this will be ASIC farm compatible right ?

otherwise whats the point?

how will the people that invested thousands into ASICs be able to control the issuance?

seems stupid.

fucking dumb Ecuadorians !

 >: (

Huh, are you just trolling or what's your point? From what we can tell this currency seems to be centralized. so there effectively isn't any need for decentralized record keeping or third party miners securing the network.

Funnier yet is that this centralization is exactly what DigitalIndustry is shilling in his/her annoying FUD threads.

As soon as a developer with a brain in his head instead of a dollar sign creates a coin it wont matter if the algorythm is better than BTC or not, that coin will put all other coins including BTC to shame, it only takes one good honest development team to lay the other coins to rest. One day that team will emerge and they will be the richest people on earth.

Huh, really? I didn't know about their background. What is he/she propagating? :D Well, anything centralized isn't compatible with Bitcoin, it's as simple as that. And a digital currency that's still centralized is just another PayPal or regular bank.

No its not.

Seems to me like they have seen the success for bitcoin and now they want to try and jump in with their own version which seems silly in my opinion when something like bitcoin is already there so why not use that?

I don't support this move mainly because I doubt there will be any major innovation in the coin and it will most likely suffer from some serious centralized control issues. ::)

I like that they embrace crypto and I can understand why they might not want to jump on Bitcoin but I'm not sure how well this coin will work out in the long run if they don't really work to produce a well distributed coin to benefit the citizens of Ecuador.  I'm very much looking forward to seeing what people have to say about the coin once the source code is available or is something like that not to be expected?  I feel the open source model should at very least be accepted for a project like this to accepted.

I doubt the database + source code will be open for review to everyone. Just another paypal centralized solution. And Ecuador is so poor country, most dont have access to internet - so physical currency is necessary as well.

This would require an alt that doesnt have an IPO  ::).






I seriously doubt it will be open source.

Sounds to me like they are considering a digital version of a fiat currency
Hardly a distributed peer to peer protocol, just the old ponzi scheme in a new bottle

Fiat 2.0. There's no way people would voluntarily prefer that currency over Bitcoin.

It'll be interesting If Ecuador made a currency that was not only in cryptocurrency but had paper currency as well.

Paper currency similar to Colorado's new currency called cojacks

http://www.thedenverchannel.com/news/local-news/business-launching-new-colorado-currency-called-cojacks

The Ecuadorian ambassador to the US wrote a letter to the editor of the WSJ the other day that talked about this. He made it very clear that the currency would not be similar to bitcoin. He kind of implied that it would look more like paypal.

From what I can tell the currency would be backed by some asset to give it value, and the government would essentially act as a central authority to keep track of who owns how much of the currency.

lol.. Whos idea is that? The cartel? LOL

not saying i'm for or against it but could there be a legal avenue in which the US federal reserve takes action against Ecuador either legally or militarily?

of course it would have to go though the UN first?   

Then government will get involved. Not good.

 ???

Sounds like a clueless bureaucrat.  How can PayPal be similar to a currency? 

Money in your paypal account is backed by dollars at paypal's bank. If you have one dollar at paypal then one dollar is backing your account. The value of your account is not going to ever be more then one dollar because someone could simply deposit one dollar into their own account to get the same value. The value of your account will never be below one dollar because you could simply withdraw the dollar into your bank account.

And what is the name of the new digital currency? Another bitcoin competitor.

Is this going to happen? No follow up article just yet?

Isnt ecuador like a poverty country? how can they run bitcoin qt?