NEW government Version of Bitcoin??? You have to read this crap!

[knightkon]

I was sitting and talking with my gold buyer and a friend of his the other day.  I have never met this friend of his before.  So, long story shorter, I get into a discussion with this 72 year old about what Bitcoin is.  His friend jumps into the mix and tries to convince me that there are governments across the world working together to come up with a new form of Bitcoin which will be controlled by the governments.  According to him, this will wipe out the current form of Bitcoin and the government will be in complete control.  I think this guy is full of S*** personally.  If the government would do this, they would be accepting something they are trying to stop and that is the collapse of the banking system where there are more fees than transactions in any given day.  I do not see the governments working together to do this.  Any opinions on this?

[steven0021]

It's not entirely incorrect if you replace all "Bitcoin" words in your post with "Cryptocurrency".  Some governments have already hinted that they wanted to make centralized cryptocurrencies.
But the part about how they're going to replace bitcoin is just BS.

[dc1a0]

If any government did try this, we'd have to be stupid enough to accept their half-assed centralized, controllable version. I don't think there would be that many that know about bitcoin that would go for this since one of the main selling points of using bitcoin is the lack of centralization and control.

[Red-Apple]

...there are governments across the world working together
...a new form of Bitcoin which will be controlled by the governments.
...this will wipe out the current form of Bitcoin

this story is full of holes!
your friend is either an idiot or he was messing with you to laugh at your back.

governments all over the world working together to create a cryptocurrency to wipe out bitcoin, wtf is this? a fairy tale. this is not going to happen in the real world that we live in.

besides if such thing ever happened in a never never land, then it would be a centralized altcoin which nobody would choose so it will die and bitcoin will rise to the moon because there would be a lot of talk about it and the fact that bitcoin is decentralized

[raphma]

the history is.... just a history.
of course goverment might try to make their own crypto, but the part where it wipe out bitcoin is totally dependent of the market. like any other crypto, buyers will have to accept(and buy) this new coin. even the government cant force us to buy.

and when you realize most of the bitcoin users are actually "running" from the government, well, accept the government crypto doesnt make sense.

[gentlemand]

Whatever they come up with won't address a single thing that makes Bitcoin valuable. It might make your transfers faster though which is nice.

[QuestionAuthority]

There's two flaws in this story.

1) The guy obviously doesn't know how Bitcoin works. There's already a form of electronic currency backed by nothing, with issued paper wallets that represent value and controlled by governments. We call it fiat.

2) World governments can't cooperate with each other long enough to do it. It's the reason the European Monetary Union and the euro failed. If governments could work together there would already be a "one world currency".

[Yutikas_11920]

I do not believe it will be done. because it will only interfere with the privacy of each country, and it will also affect the economy between countries and also will not be fruitful. The reason I see for sure that later the Government would receive a much more expensive costs of bitcoin. Stay calm and focus to get lots of btc

[mobnepal]

Some part of what that friend say is true about government or actually some banks are doing research on implementation of blockchain tech into their usual banking transactions for tranparency as well as for better security. However there is no doubt their network will be centralized one and also it is not something that will counter the use of bitcoin, this may make people more curious about bitcoin and we will see more adoption.

[deisik]

Whatever they come up with won't address a single thing that makes Bitcoin valuable. It might make your transfers faster though which is nice.

I could easily argue that point. If they contrive a decentralized coin as a reward for some task doable on a personal computer in a distributed environment and would accept that coin as legal tender (even in a limited manner, say, suitable only for paying taxes), I think it could get some traction. It would all depend on the purposes that the authorities would pursue...

For example, it might be a distributed search for an anti-cancer drug (a sophisticated molecule) or something to that tune

[unamis76]

If he likes that government currency so much, then he can go ahead and line up to use it The guy can come up on the forums and post his sources. Either way, nobody's going to use a private blockchain...

[coinoclock]

If any government did try this, we'd have to be stupid enough to accept their half-assed centralized, controllable version. I don't think there would be that many that know about bitcoin that would go for this since one of the main selling points of using bitcoin is the lack of centralization and control.

,
this is my thought too. they can't force us to us it, or can they? this will be the interesting question. and also if they bring this coin a lot of people who know nothing about Crypto will fall for it and suddenly everybody is using it. even bitcoiners convert since they could ban bitcoin and you don't want to be late to the party.

[BillyBobZorton]

A government coin only will strengthen bitcoin since the average joe will learn about cryptocurrencies and since bitcoin is number one, they all will come to it in order to not pay taxes.

[krishna1]

Op is right that guy is full of sh** in his *** . Lets take a look at the american banks or rbi or all those major central banks rules they have a certain amount of taxes and a money transfer limits but bitcoin do not have any (transaction fees is not money tax)

[Ilsk]

Why should people use a crypto controlled by governments? There are already fiats for that

[entrepmind23]

I believe that government are already thinking or doing something so that they can have a share of the bitcoin ecosystem. Bitcoin is a threat for them so if they can't do something about it then they would create a cryptocurrency that they can control and may be convince people that this cryptocurrency should be the one they are using. As for bitcoin maybe they will create some conspiracy or something that will convince people especially those that do not really know the nature of it that it is something bad or shady so people will have doubts in using it.

[crairezx20]

Why should people use a crypto controlled by governments? There are already fiats for that

Yeah there is not benefits and also we will experience taxes in bitcoin if government is there  and if it will happen in the future more hackers will come and destroy bitcoin instead before they can corrupt.

[dc1a0]

I believe that government are already thinking or doing something so that they can have a share of the bitcoin ecosystem. Bitcoin is a threat for them so if they can't do something about it then they would create a cryptocurrency that they can control and may be convince people that this cryptocurrency should be the one they are using. As for bitcoin maybe they will create some conspiracy or something that will convince people especially those that do not really know the nature of it that it is something bad or shady so people will have doubts in using it.

Didn't they already try that by trying to blame bitcoin for Silk Road?

[ontrackk]

It's not entirely incorrect if you replace all "Bitcoin" words in your post with "Cryptocurrency".  Some governments have already hinted that they wanted to make centralized cryptocurrencies.
But the part about how they're going to replace bitcoin is just BS.

thats true, bitcoin is he crypto that is decentralized and no one will be able to change it, thats why i like it that much

[tmfp]

There's two flaws in this story.

1) The guy obviously doesn't know how Bitcoin works. There's already a form of electronic currency backed by nothing, with issued paper wallets that represent value and controlled by governments. We call it fiat.

2) World governments can't cooperate with each other long enough to do it. It's the reason the European Monetary Union and the euro failed. If governments could work together there would already be a "one world currency".

+1 what he says ^^^

Seems like OP lucked into listening to a couple of old white men fantasizing about being in control of everything. Like they do.