Cameroon Government Is Trying To Rip Off Citizens Via Centralized Altcoin?

[12inchdick]

The government of Cameroon has implemented a centralized, insecure and potentially dangerous blockchain protocol
and currency Trest in their project to enable the unbanked to transfer money quickly without transaction fees.

Unlike Bitcoin, transactions on the Trest blockchain are not verified by miners or any entity incentivized by the network.
Doesn't it look like the government is trying to rob its own citizens of their money?

[1714771703]

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[neurotypical]

The government of Cameroon has implemented a centralized, insecure and potentially dangerous blockchain protocol
and currency Trest in their project to enable the unbanked to transfer money quickly without transaction fees.

Unlike Bitcoin, transactions on the Trest blockchain are not verified by miners or any entity incentivized by the network.
Doesn't it look like the government is trying to rob its own citizens of their money?

Just as predicted by some, governments will not necessary ban Bitcoin, but will not embrace it and instead will create their own cryptos without everything that makes Bitcoin good (decentralized, open source, not tied to any institution..)
It's happening guys, get ready for the era of the e-fiat scam.

[RodeoX]

The government of Cameroon has implemented a centralized, insecure and potentially dangerous blockchain protocol
and currency Trest in their project to enable the unbanked to transfer money quickly without transaction fees.

Unlike Bitcoin, transactions on the Trest blockchain are not verified by miners or any entity incentivized by the network.
Doesn't it look like the government is trying to rob its own citizens of their money?

Just as predicted by some, governments will not necessary ban Bitcoin, but will not embrace it and instead will create their own cryptos without everything that makes Bitcoin good (decentralized, open source, not tied to any institution..)
It's happening guys, get ready for the era of the e-fiat scam.

Spot on! 
Congratulations, a government has re-invented the frequent flier mile.

[maku]

But there is hope that if people start to use this government crypto, they will eventuality discover bitcoin and start using it, abandoning the government rubbish. Of course that also depends on have the government in Cameroon will treat btc in the first place.

[Coinbanker]

There will be more Government based coins in future, it's inevitable.  
Then they can control and trace everyone's money. chance of hiding money from tax and law orders? 0.00%.

[spazzdla]

There will be more Government based coins in future, it's inevitable.  
Then they can control and trace everyone's money. chance of hiding money from tax and law orders? 0.00%.

This.. I fear the blockchain will be the perfect tool to control the masses as you see fit.

Did you just disagree with MY policy?!? Shut down his account.


The mission is to remove cash.. if it happends freedom is fucked.

[NUFCrichard]

The government of Cameroon has implemented a centralized, insecure and potentially dangerous blockchain protocol
and currency Trest in their project to enable the unbanked to transfer money quickly without transaction fees.

Unlike Bitcoin, transactions on the Trest blockchain are not verified by miners or any entity incentivized by the network.
Doesn't it look like the government is trying to rob its own citizens of their money?

Is it ideal? no. But I don't really see why it means they are robbing their citizens of money..

They are using the blockchain technology to save money and more efficiently make transactions, sounds quite good to me actually.

[Drogon]

Not really rob, it's just like digital moneyS

[PolarPoint]

What does it mean by run by "volunteers"? Miners do not get block reward for hashing? There will not be enough good-willed volunteers to secure the network. It will be easy to organise a 51% attack and citizen's money will be at risk! How can a government be so careless? They should have consultants who foresees this.

[johnyj]

Just a digital fiat money using blockchain as transaction network. They can change the money supply as they wish, create money out of thin air, no one except they can create money on this blockchain, thus the mining cost is not needed. A simple upgrade of the client will double the money supply 

In order to keep bitcoin's most attractive promise of limited supply and anti-inflation property, the protocol should be impossible to change even you have the strongest army in the world. However in a government issued cryptocurrency, the money supply is not transparent, even the government claim that the supply is limited, the credibility of that claim is just like any other claim from the government

[Amph]

this will only strengthen the trust on bitcoin, so kudos to them, it is the best publicity that bitcoin can get

governments try to scam us via altcoin---> better to use bitcoin, many will think

What does it mean by run by "volunteers"? Miners do not get block reward for hashing? There will not be enough good-willed volunteers to secure the network. It will be easy to organise a 51% attack and citizen's money will be at risk! How can a government be so careless? They should have consultants who foresees this.

they do not have the money to cover the network security, so they will recruit volunteers, that will mine their scamcoin, which is worthless so no one will mine it, unless they offer them something

[neurotypical]

But there is hope that if people start to use this government crypto, they will eventuality discover bitcoin and start using it, abandoning the government rubbish. Of course that also depends on have the government in Cameroon will treat btc in the first place.

Hope you are right, but not necessary. People still use Microsoft even tho it's closed source (way less secure) I don't see why people wouldn't use a government isued crypto that was closed source. Unfortunately never underestimate how much of a sheep most people are.

[mayflor2]

A government based crypto currency was inevitable, lets be honest. We all knew we had it coming. Lets take it positively here. Maybe with the use of e currency, people discover bitcoin and shift to bitcoin completely disregarding others. Either it can empower us or weaken us.

[spazzdla]

You guys have to understand the average person is a complete and utter fuck tard when it comes to the knowledge of money.  They know nothing.. less than nothing.  They will just blindly follow the gov.. a gov could easily convince it's retarded populs to use their oppression coin.

[ThEmporium]

a centralized, insecure and potentially dangerous blockchain protocol and currency Trest in their project to enable the unbanked to transfer money quickly without transaction fees.Unlike Bitcoin, transactions on the Trest blockchain are not verified by miners or any entity incentivized by the network.Doesn't it look like the government is trying to rob its own citizens of their money?

It is too early to conclude that Cameroon Government trying to rob their citizen, let's see first how good they are going to do with blockchain protocol in their production environment, I am happy to hear that they initiate the digital currency transaction methods into operational mode.

[farting_shot]

A third rate banana republic is trying to disrupt a global cryptocurrency? LOL and LMAO. You know the paranoia on the forum is off the scale. And I'm not a huge proponent of btc.

[dblink]

The government of Cameroon has implemented a centralized, insecure and potentially dangerous blockchain protocol and currency Trest in their project to enable the unbanked to transfer money quickly without transaction fees. Unlike Bitcoin, transactions on the Trest blockchain are not verified by miners or any entity incentivized by the network. Doesn't it look like the government is trying to rob its own citizens of their money?

Wow.... it is really good news that Cameroon government has implemented the blockchain protocol, I do not mind at present for some days they do this for trial run with adoption of bitcoin digital gold, but once they found crytocurrency's worth, I hope in forthcoming years they will soon embrace the Bitcoin Digital Gold in their production environment and we will hear the inauguration of Bitcoin ATM Machine in Cameroon soon

[jayce]

I think it is a good news, because it cause side effect, which government help to introduce a cryptocurrency to their people. I guess if cameroon people start to get in the cryptocurrency, they will find bitcoin someday, and can realize that bitcoin is the perfect cryptocurrency for them than any coin from government.