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Author Topic: each state will create its own token?  (Read 1830 times)
halisakal
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October 08, 2017, 02:24:51 PM
 #1

Hello people!As you consider whether each state to create their own tokens? under its currency?
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October 08, 2017, 02:34:37 PM
 #2

All we need for trading any cryptocurrency is access to internet. So any cryptocurrency which is created is global.

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October 08, 2017, 04:28:01 PM
 #3

Hello people!As you consider whether each state to create their own tokens? under its currency?

Im not sure if that was a good idea because in order to create a token we just only need an internet means it can be use and accesible worldwide.
In my country Philippines, some bitcoin user created PSB token (pesobit) like pesos currency but it seems that coins is going to dump now.
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October 08, 2017, 05:22:40 PM
 #4

The population still needs an internet connection to be able to use. So what about the citizens who don't have an internet access? They will become "unbanked"
USA (~300 million citizens) and Australia (~25 million citizens) are the top countries with internet access but still, only 90% of the population has access to the internet. It means over 32 million citizens won't have access to a banking (crypto-based) system
In some countries in Africa, only 10% of the citizens have internet access, it means 90% of the population won't have access to a banking system. Can't run this type of economy (cryptos based) in those countries.

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October 08, 2017, 05:56:41 PM
 #5

Hello people!As you consider whether each state to create their own tokens? under its currency?

Do you mean that each state would create it's own cryptocurrency? Well, right now decentralized cryptocurrencies can process only small fraction of transactions that are processed by Visa due to their technological limitations, so there's no point to do this with a goal of making digital currency for widespread use. So, for now there are 2 options - either they will make centralized digital currencies that have almost nothing in common with true cryptocurrencies, or they will make national cryptocurrencies that would serve as assets or settlement layers.

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October 08, 2017, 06:02:04 PM
 #6

I'm not sure what will the advantage be if all of the states have their own unique cryptocurrency. But in the long run I see that if you try to do this it will only create disadvantages like:
  • it will create a separation of the country and promote independence to each other as they have their own kind of cryptocurrency.
  • they will most likely have a difference in prices which one coin is more expensive in another which will encourage trading and probably hoarding the coin to manipulate it
  • It won't be a good transition for all as not all people especially the older generation are technically inclined when it comes to these kinds of technology.

With the disadvantages I wrote it will obviously be a debate in both houses of the government if ever it becomes a proposal of one party, which the proposal will obviously die down.

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October 08, 2017, 06:02:22 PM
 #7

Hello people!As you consider whether each state to create their own tokens? under its currency?

What would the point in going do be? Unless trade would be primarily localised, there'd be no real absolute benefits in doing so. In a way it would actually be a move backwards. If countries were to opt to switch between fiat systems tonfigital tokens then it'd be much more efficient to have a universally accepted token that would facilitate international trade.
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October 08, 2017, 06:38:57 PM
 #8

Hello people!As you consider whether each state to create their own tokens? under its currency?

Maybe yes and maybe not, I think this will not really happen because it will kill the essence of Fiat currency and for me that is bad because we already using digital currency in the digital world so the in real world you must use a real money, and the local currencies of each nation symbolizes their independence as a nation and economic identities doing this kind of thing will just make things worst. Many ICO's already did this kind of thing and most of it are failure and scams so I really think that this will not be implemented in the future.
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October 08, 2017, 06:41:14 PM
 #9

Hello people!As you consider whether each state to create their own tokens? under its currency?

I don't think so because no country wants to give a decentralize currency to their citizen and loose the economic control from their hands. And if there is Internet everywhere than it could be accessible from any part of the world. So there is no logic behind create such a vague and useless currency.
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October 08, 2017, 07:23:33 PM
 #10

State here can be referred to as government of various countries and they are creating their own tokens and emphasizing people to use them, because they know the simple fact that it can be profitable for the nation. Moreover if people start using their token they might be able to keep a check upon the people. Local tokens means more people adopting it as it is state approved moreover more people will be adopting the local tokens instead of Bitcoin because of the better facilities provided by the state. At the end of the day every state wants a virtual currency but also does not want it to be decentralized, so they are just looking for the best possibility they can adopt.

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October 08, 2017, 07:56:04 PM
 #11

Hello people!As you consider whether each state to create their own tokens? under its currency?

I don't think so because no country wants to give a decentralize currency to their citizen and loose the economic control from their hands. And if there is Internet everywhere than it could be accessible from any part of the world. So there is no logic behind create such a vague and useless currency.
If you do try out to read up again on what op said and mean then you would answer on different thing. If each state would decide to create their own tokens then it would surely be a centralized thing which would based on their own currency but this thing would be somehow take lots of works or adjustments since not all citizens is familiar on this kind of thing.

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October 08, 2017, 08:01:57 PM
 #12

Hello people!As you consider whether each state to create their own tokens? under its currency?

I don't think so because no country wants to give a decentralize currency to their citizen and loose the economic control from their hands. And if there is Internet everywhere than it could be accessible from any part of the world. So there is no logic behind create such a vague and useless currency.
If you do try out to read up again on what op said and mean then you would answer on different thing. If each state would decide to create their own tokens then it would surely be a centralized thing which would based on their own currency but this thing would be somehow take lots of works or adjustments since not all citizens is familiar on this kind of thing.
yes that is fact that if a altcoin is restricted to some particular area or state then it will certainly be centralize and will not as universal, But i think that this will not be succeeded, because people like to use a universal currency and therefore they will still refer to bitcoin, because bitcoin is a universal currency and it can be throughout the world with same value. 

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October 08, 2017, 08:05:43 PM
 #13

All we need for trading any cryptocurrency is access to internet. So any cryptocurrency which is created is global.

ICO token has been created and go with the token sale first and after successful runs in the pre or post sale. You need to add the token in coonmarketcap for marketplace value and supply. Then cost of the coins will be fluctuate depend upon the supply of the concerned coin.

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October 08, 2017, 08:38:04 PM
 #14

Yes each state will probably issue it's own token. A lot of tokens are going to be created if you think about it especially with ETH haven't unlimited supply. It's a way to express oneself.

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October 08, 2017, 09:00:23 PM
 #15

I'm sure you will see states creating their own tokens as it will give them a chance to profit but there won't be a use case for it and hopefully the people see that and don't buy it.



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Gozie51
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October 08, 2017, 09:40:24 PM
 #16

Whatever country that creates its token would list it in the market because this would also help to strengthen the local fiat.

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October 08, 2017, 09:43:58 PM
 #17

Hello people!As you consider whether each state to create their own tokens? under its currency?

Im not sure if that was a good idea because in order to create a token we just only need an internet means it can be use and accesible worldwide.
In my country Philippines, some bitcoin user created PSB token (pesobit) like pesos currency but it seems that coins is going to dump now.

Actually you need information as well and things to support it, the problem is that other people refuse to use it and not anyone can have any access to it so why replace it with tokens that is not accessible by each person in its country?


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Gozie51
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October 08, 2017, 09:44:13 PM
 #18

Whatever country that creates its token would list it in the market because this would also help to strengthen the local fiat.

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October 08, 2017, 10:20:45 PM
 #19

Of course, what is more it would works really good in my opinion. But in spite of its own token, every state could use more popular crypto due to make intergovernmental payments.
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October 08, 2017, 11:47:00 PM
 #20

I think if every country does that. this in my opinion will not be effective because I think it will kill the fiat currency owned by every country they have. if there is a digital currency adjacent to the fiat currency that becomes the currency of a country this will cause a dualism that can cause a split in the currency strengthening between digital money and fiat in general. so I think we should use bitcoins for virtual currencies that are global is better because bitcoin has no control from either party or government or other agencies. and my expectation of bitcoin would be acceptable in every country for as a legitimate transaction tool.

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