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Author Topic: Country's creating their own Crypto Currency  (Read 5153 times)
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December 15, 2016, 12:54:34 AM
 #1

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?

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December 15, 2016, 12:55:28 AM
 #2

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Canada already made one and totally failed.  Canada are leaders at failing. 

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December 15, 2016, 01:05:22 AM
 #3

Yes, maybe more countries further Canada can try this experience. Depending the government and the country reputation it can work, who knows... It could be a smart move from a government to endorse Crypto-Currencies idea and give better opportunities to their citizens use money smartly. On the another hand, some governments can try this to control their people actions. If the purpose is good, it must be encouraged, otherwise no.

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December 15, 2016, 01:14:54 AM
 #4

no national currency of any type will ever resemble bitcoin in any way. there's no reason for it to operate in the same way and there's absolutely no way they'd relinquish the ability to do what the hell they want to it.

a national digital currency would make the case for bitcoin even more stark. they could track your every expenditure and shut you down wherever and whenever they wanted.

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December 15, 2016, 01:52:16 AM
 #5

Canada already made one and totally failed.  Canada are leaders at failing.  
Will chinese follow it? the interesting thing for watch it soon.  Cheesy


Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Some will be creating it. There was a plan about that since the crypto was booming. the crypto nation will become the additional currency.

Their citizens = money walking.

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December 15, 2016, 02:23:08 AM
 #6

to me, it would ruin the whole point of a cryptocurrency(decentralization).
it would be mined only by them and totally controlled by them, so it would be the good and old FIAT we know.

countries need to start to accept bitcoin, that would be good.

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December 15, 2016, 02:32:24 AM
 #7

to me, it would ruin the whole point of a cryptocurrency(decentralization).
it would be mined only by them and totally controlled by them, so it would be the good and old FIAT we know.

countries are making their own.. look at HYPERLEDGER

dont expect them to accept bitcoin at any institiutional level. only at retail level

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December 15, 2016, 03:36:23 AM
 #8

This can be expected since the technology is already available and many governments may think that they can easily rival the success of Bitcoin. But adoption can be a different story. I don't think any country/government can easily introduce their own cryptocurrency except maybe if there would be a law forcing people to adopt...but this very idea goes against the basic principle of the decentralized digital money and hence making the introduced coin practically worthless and less attractive...Smiley

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December 15, 2016, 03:47:45 AM
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Will chinese follow it? the interesting thing for watch it soon.  Cheesy
Atleast chinese government are doing research on blockchain tech http://calvinayre.com/2016/10/21/business/china-publishes-countrys-first-blockchain-research-report/

Actually many other countries are also conducting several research on use cases of blockchain tech including creating countries own crypto which will be centralized and backed by real cash/gold with infinite inflation just like paper cash we have now. They can't just compete with bitcoin, they will not get same level of community support bitcoin have.

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December 15, 2016, 04:31:10 AM
 #10

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Governments trying to make their own cryptos is just a recipe for disaster; no-one would want to (and no-one does) use it, and it nose-dives as everyone ignores it.

The best they can do is digitize their currency, if they don't do that then there is no point for anyone to change. No-one uses a government crypto, it goes against everything cryptos are, to an extent.
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December 15, 2016, 04:42:12 AM
 #11

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Governments trying to make their own cryptos is just a recipe for disaster; no-one would want to (and no-one does) use it, and it nose-dives as everyone ignores it.

The best they can do is digitize their currency, if they don't do that then there is no point for anyone to change. No-one uses a government crypto, it goes against everything cryptos are, to an extent.

no.
blockchain is just a layer above relational databases.
bitcoin has many many layers ontop of that.

bitcoins ethos versus other coins/chains ethos, layers of security/utility can differ.
'crypto's/blockchain in general doesnt have a defined ethos to which its deemed a bank "is going against"

blockchain is nothing special alone. though it does open up the ability to program extra layers such as POS/PoW, immutability/editability.. distributed publicly/privately .. but those extra layers are not the base definition of blockchain. they are layers above it.

take hyperledger.
yes its base layer is a blockchain. but then has PoA, sidechain, a different way of coin creation, and other things.
making hyperledger like 4-5 layers of security ontop of 'blockchain'
bitcoin is atleast 10 layers ontop of 'blockchain'

as for governments..
governments dont get involved with money creation directly. thats what they have banks for.
national banks (tethered to governments) are looking into hyperledger as their method of international commerce.
commercial banks(not tethered to governments) are looking into hyperledger as their method of international commerce.

and one of the sidechains they will have is a FIAT sidechain to as you say "digitise their national currency". though citizens wont see much of a change happen publicly because its pretty much just a swap from one database structure to another to be more efficient and cost saving for the banks, but thats internal changes not external
other sidechains will be their behind the scenes 'financial products' like derivatives, promissory notes/credit agreements. insurance/stock/shares, etc

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December 15, 2016, 04:56:08 AM
 #12

Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Every country has their own currency and there is no point try to create new cryptocurrency instead of makes their currency as digital and stop issues paper money. I think China planning to launch their own cryptocurrency, http://www.straitstimes.com/asia/se-asia/the-coming-e-yuan-the-nation-columnist but develop according to blockchain technology which is used for bitcoin.

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December 15, 2016, 05:30:30 AM
 #13

in my opinion cryptocurrencies are good as long as they are not centralized, and any crypto currency that the government creates is going to centralized. and as it was said earlier, it is not favorable.
them using blockchain technology for other purposes is another story though.

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December 15, 2016, 05:50:34 AM
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I think the interesting one is Royal Mint Gold
http://www.royalmint.com/aboutus/news/the-royal-mint-and-cme-group-to-launch-royal-mint-gold
It appears to be a recognition by the UK government that existing fiat currencies may have a limited life, and that gold backed currencies may be the future. Using "digital gold" allows them to continue with fractional reserve banking without the bad associations with fiat money. At the moment it is not peer-to-peer, but no doubt developments in the future will rectify this.

I think this is such and interesting development that I registered English.Gold to build a site to discover what is going on. It's a bit early, so I have not found out much so far.

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December 15, 2016, 06:01:46 AM
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Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
Canada already made one and totally failed.  Canada are leaders at failing. 
I doubt that any other countries would want to make a cryptocurrency after that catastrophe. And I don't think that a country would want to give up fiat and use a cryptocurrency instead.

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December 15, 2016, 06:12:14 AM
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Are there any Nations working on their own Crypto Currency to rival Bitcoin and possibly replace paper and metal money? If not, do you think any nations will attempt to do so to have more control over their citizens money?
on other side it was a good thing, how about the tax? if no tax it would burden the state
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December 15, 2016, 06:18:01 AM
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I think the interesting one is Royal Mint Gold
http://www.royalmint.com/aboutus/news/the-royal-mint-and-cme-group-to-launch-royal-mint-gold
It appears to be a recognition by the UK government that existing fiat currencies may have a limited life, and that gold backed currencies may be the future. Using "digital gold" allows them to continue with fractional reserve banking without the bad associations with fiat money. At the moment it is not peer-to-peer, but no doubt developments in the future will rectify this.

I think this is such and interesting development that I registered English.Gold to build a site to discover what is going on. It's a bit early, so I have not found out much so far.

royal mint -> CME group -> hyperledger

im still shocked people are not hating on hyperledger as being the competitor to bitcoin.

is it simply that due to blind devotion of blockstream, that they cannot hate hyperledger because that means they have to finally fall on their own sword and hate blockstream too, knowing blockstreams involvement in hyperledger..

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December 15, 2016, 06:23:31 AM
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There are talks that US fed reserve should create their own coin, i.e. fedcoin, in order to eliminate the use of cash and have full tracebility on the money flow etc. See for example
https://fee.org/articles/do-we-need-the-fed-to-issue-cryptocurrency/


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December 15, 2016, 06:35:05 AM
 #19

@franky1

Regardless of the companies and personalities involved. RMG seems to have created a bit of a stir. Recently there has been a mad rush into domain names that include RMG, and I think that they are a bad investment, but that is another issue. My point is that RMG is being hyped as an alternative to Bitcoin based on real gold, and that it is block chain based and thus has a distributed ledger to provide security. I think that all of those points are false, except for the fact that it uses a blockchain variant. It is government backed, and I believe it is part of the global attempts to create cashless societies.

Indirectly this will benefit Bitcoin imho.

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December 15, 2016, 06:49:33 AM
 #20

If a country creates a decentralized altcoin, where regular people can earn it by mining and support the network with nodes, it will certainly be a success. The only problem is: They would never do that.

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