Ecuador: There's no *new* digital currency

[tee-rex]

This digital currency will still be US dollars. There is no new currency involved.

No, this is not possible, unless your government is going to print fake dollars. What you meant to say is that most likely the government of Ecuador is going to emit some allegedly dollar backed currency, but I wouldn't be so naive (that this currency will be backed up by anything at all).

2 !

Gold is the only currency that is here to stay. Dollars come and go, but gold remains. Fiat is for the masses, gold is for the elite. Never listen to nonsense they may ever say to you, central banks of the most developed countries of the world (e.g. USA, Germany, France) wouldn't be hoarding it "just for fun".

[polynesia]

This digital currency will still be US dollars. There is no new currency involved.

No, this is not possible, unless your government is going to print fake dollars. What you meant to say is that most likely the government of Ecuador is going to emit some allegedly dollar backed currency, but I wouldn't be so naive (that this currency will be backed up by anything at all).

2 !

Gold is the only currency that is here to stay. Dollars come and go, but gold remains. Fiat is for the masses, gold is for the elite. Never listen to nonsense they may ever say to you, central banks of the most developed countries of the world (e.g. USA, Germany, France) wouldn't be hoarding it "just for fun".

Central banks all over the world hold gold.
While dollars certainly forms a chunk of their reserves, to ensure that foreign payments can be met, the remainder is diversified.

[Erdogan]

So essentially ecuador is an extension of usa but without all of the social security and medicare help lol

No. Ecuador just uses US dollars but doesn't benefit from devaluation.

... and eventual growth. If the number of people of Ecuador grows, the new money needed will have to be bought first, with exports.

[tee-rex]

Gold is the only currency that is here to stay. Dollars come and go, but gold remains. Fiat is for the masses, gold is for the elite. Never listen to nonsense they may ever say to you, central banks of the most developed countries of the world (e.g. USA, Germany, France) wouldn't be hoarding it "just for fun".

Central banks all over the world hold gold.
While dollars certainly forms a chunk of their reserves, to ensure that foreign payments can be met, the remainder is diversified.

Small central banks are irrelevant. It is countries (and their central banks) that determine world economic policy that matter. Whom would you sooner believe, the U.S. Federal Reserve chairman Ben Bernanke who says that he doesn't understand gold, or 8,133 tonnes of gold in the U.S. Gold Reserves which constitute almost 72% of the U.S. foreign-exchange reserves?

[MegaFall]

Seems like a great way for them track every single thing you buy.

[EcuaMobi]

Seems like a great way for them track every single thing you buy.

Well it's not mandatory to use the digital currency so not every single thing. Actually very few people are using it at the moment.

And I guess nobody willing to hide the transaction would use it.

[polynesia]

Seems like a great way for them track every single thing you buy.

Well it's not mandatory to use the digital currency so not every single thing. Actually very few people are using it at the moment.

And I guess nobody willing to hide the transaction would use it.

It definitely will take time to catch on.
For a person with a bank account, it would be easier to do a wire transaction with fiat, wouldn't it?
More privacy in it as well.

[EcuaMobi]

Seems like a great way for them track every single thing you buy.

Well it's not mandatory to use the digital currency so not every single thing. Actually very few people are using it at the moment.

And I guess nobody willing to hide the transaction would use it.

It definitely will take time to catch on.
For a person with a bank account, it would be easier to do a wire transaction with fiat, wouldn't it?
More privacy in it as well.

More privacy: absolutely!

However it's easier to transfer money with this new system than doing a wire transfer when using the mobile phone.
You just need to enter the destination phone number and the amount.

To do a wire transfer (at least here) you need to previously register the destination so it normally takes several minutes.

But yes it will be more useful for people that don't have a bank account, a smartphone or a mobile Internet connection.

[dinofelis]

Seems like a great way for them track every single thing you buy.

Indeed !