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Author Topic: Country's creating their own Crypto Currency  (Read 5153 times)
franky1
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December 15, 2016, 06:53:14 AM
 #21

@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.

but then the question arrises. if RMG is a 'ledger' of assets backed by gold. that has utility beynd the 'crypto' because its real genuine gold..
but bitcoin is a ledger backed by....... maths and electric.

cant you atleast see where peoples desire for bitcoin will fade. because you cannot actually do much with the math and electric. but trading in RMG for real gold has other second/third market uses.

if you dont see it as a threat and see it as a positive for bitcoin.. then something is missing in the research/running scenarios you may be doing to come to your conclusions.

trying to hype bitcoin on a bitcoin forum is like hyping up igloo's to eskimo's. they know and live it. they dont need hype
we know what bitcoin does. we dont need to give hope and just sit on our hands. we need to stick to reality and see what the competition is doing and then seeing what we can do to add more utility to bitcoin to compete.

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December 15, 2016, 06:57:38 AM
 #22

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?
I never heard any countries creating their own crypto before, i just heard that their governments are only interested on blockchain technology for this reason i think they just want to digitize their official currency and change their traditional systems that they're using right now.
Though it's only a plan, if someday they create their own cryptocurrency it must be centralized i personally don't like that kind of thing.

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December 15, 2016, 07:01:58 AM
 #23

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?

I don`t want any cryptocurrency to fully replace paper money.

We still need both cryptocurrencies and paper money.

The whole idea of a governmentcoin is totally stupid.



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December 15, 2016, 07:08:32 AM
 #24

Sterling and the US dollar were both assets backed by gold, and bank notes could be exchanged for gold. Then both countries went off the gold standard and became virtual currencies. Fractional reserve banking coupled with toxic debt is leading to the eventual destruction of fiat currencies. Some countries are attempting to avoid this by endeavouring to create cashless societies. The recent actions in India and Venezuela would appear to be tests for this shift. I am wondering if RMG is a more sophisticated alternative. As I see it, the "blockchain" is not tied to physical gold by PoS, and may include paper gold and fractional reserves. They just state that gold assets are kept at a neccessary level without defining that, so it appears to be just another banking operation.

My comment about possible benefits to Bitcoin was based on the government attempts to ban cash, and my personal preference would be for an investment in Bitcoin rather than in RMG. Possession of physical gold is another matter of course.

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December 15, 2016, 07:12:34 AM
 #25


I don`t want any cryptocurrency to fully replace paper money.


Fiat currency ( paper money ) is just cryptocurrency ( virtual currency ) without the cryptography imho. Smiley

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December 15, 2016, 11:07:59 AM
 #26

Governements have no interest in that at all. Why would they create something that they can't control fuly and that could become a rival to the fiat money and centralized finacial system? Makes no sense. And to fight the bitcoin they are usualy using other methods.

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December 15, 2016, 11:29:30 AM
 #27


I don`t want any cryptocurrency to fully replace paper money.


Fiat currency ( paper money ) is just cryptocurrency ( virtual currency ) without the cryptography imho. Smiley

also fiat currency is without the decentralization, security and being able to do it on your own of crypto currencies! Cheesy














 

 

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December 15, 2016, 11:31:06 AM
 #28

I don't know any country create their own crypto currency.
But I think this is a good idea when the government can control their own money.
Note: this idea only work in countries with communism ideology.

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December 15, 2016, 11:39:02 AM
 #29

I kind of heard there were countries want to try to develop their own coin, but i don't think it will succeed, the trust level from citizen is really low, the main reason most of the people using bitcoin is because they want to have a currency that free from government control, if the government create their own crypto then the user will question the motive, and the citizen won't be so easy to trust it and if the usage is low then the coin will slowly become dead coin

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December 15, 2016, 11:44:09 AM
 #30

A GovCoin could be a very effective instrument for the government. Right know nobody want to be the first one to try, since they are not informed well, think it would fail, and do not want to take the unnecessary risk, if they have it on their radar. Most likely a private company will make one and push for it to become the GovCoin, which would be bad, but is the most likely way it will happen. I just hope Bitcoin and such will be widely known at this point, so that a GovCoin would fail instead of replacing Bitcoin.

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December 15, 2016, 12:13:05 PM
 #31

I kind of heard there were countries want to try to develop their own coin, but i don't think it will succeed, the trust level from citizen is really low, the main reason most of the people using bitcoin is because they want to have a currency that free from government control, if the government create their own crypto then the user will question the motive, and the citizen won't be so easy to trust it and if the usage is low then the coin will slowly become dead coin
You're saying that as if every single person in the world doesn't trust their government. It's actually the opposite. The majority still trusts the government. Countries having their own crypto-currency will open up ways for the majority of people to learn things about crypto-currencies and its advantage. It will also lead to learning what bitcoin is, which is good for us because it might even lead to mass adoption.

Right now, we can't say what would happen. We don't know if it would have a good or bad effect. We can just predict, speculate, and hope that everything works out as we all want it.

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December 15, 2016, 04:05:44 PM
 #32

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 think it was MintChip launch 2014,they can succeed if they try it again,a government supported blockchain has a good chance to suceed ,because they have the manpower and the resources,but in my opinion I don't want one coming from a government,because they will and can impose their will and rules on users.



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December 15, 2016, 07:58:52 PM
 #33

Governements have no interest in that at all. Why would they create something that they can't control fuly and that could become a rival to the fiat money and centralized finacial system? Makes no sense. And to fight the bitcoin they are usualy using other methods.
yes presently countries are not yes interested in creating their own crypto currency but i think if they fell the need then they must think about it, but i think it will still not be so much popular because it will be limited and regional crypto currency and will not a universal one.
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December 16, 2016, 01:12:19 AM
 #34

Governements have no interest in that at all. Why would they create something that they can't control fuly and that could become a rival to the fiat money and centralized finacial system? Makes no sense. And to fight the bitcoin they are usualy using other methods.

On the contrary, the governments have a lot interests in creating such coins. Look at the trend that high value paper money are being removed from the system, and government hope to transit to electronic money where they have much more control in terms of how the money flow etc.


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Conus
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December 16, 2016, 01:42:59 AM
 #35

I have heard from some conspiracy theorists that the US government is working with a few other governments to do this, but I am not beleiving this because there is no way to tax us for this as of yet, while still staying in control of it.
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December 16, 2016, 02:17:28 AM
 #36

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?

As far as my wisdovoid(0)m of knowledge is concern, never heard of any nations that working on their own crypto. Just hearing some rumors here that government wants to create their own blockchain but didn't find any legit source as of now.

Nations will attempt to make that but I think for now it's not their priority. There are lots of problems facing in every country especially behind the first world countries. If ever there will a main attempt like that, it will be started by those developed countries.


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noictib
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December 16, 2016, 02:43:06 AM
 #37

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?
I think it will not , Because I think every cryptocurrency is made by some people group and it depends upon that person to give the name for his cryptocurrency But it can't that any country will make own CRT because the main fact is that due to new cryptocurrency about every people of that country will make deal with that cryptocurrency without paying tax , So no income for the government , So I think not possible for any country to make own cryptocurrency


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Shiroslullaby
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December 16, 2016, 02:47:12 AM
 #38

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

When big governments do begin to use some sort of blockchain/ ledger technology,
like franky1 pointed out, the average person won't even know the difference.
They will just see the total in their bank account, and never give a second thought to the technology that makes it work.
It will all be taking place on the back-end where most don't know about/ care about/ think about.

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December 16, 2016, 02:47:36 AM
 #39

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 thought Canada is good with everything but it seems they have failed with that one. Is that the CAD coin? Base on this article:
http://www.coindesk.com/bank-canada-demos-blockchain-based-digital-dollar/
I thought it was actually bitgold based out of Toronto that was the failure of the bitcoin industries attempt to make it separation from it's predecessor using gold as an escape goat.  Wink

Yakamoto
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December 16, 2016, 10:12:43 PM
 #40

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 thought Canada is good with everything but it seems they have failed with that one. Is that the CAD coin? Base on this article:
http://www.coindesk.com/bank-canada-demos-blockchain-based-digital-dollar/
I thought it was actually bitgold based out of Toronto that was the failure of the bitcoin industries attempt to make it separation from it's predecessor using gold as an escape goat.  Wink
Bitgold is doing fine from last I heard. I don't believe it failed with anything, and their goal has always been a form of gold purchasing and storage, as well as a debit card that can be deducted right from the account on Bitgold. They just happen to let people use Bitcoin to buy these gold blocks or whatever it is they have.

I think you're thinking of something dramatically different.














 

 

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