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Author Topic: each state will create its own token?  (Read 1824 times)
Silberman
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October 09, 2017, 02:22:33 AM
 #21

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.
The OP only suggested if each country will create their own tokens not that those tokens will replace cash, I think governments are going to try to create their tokens but whether those tokens are going to be successful is another story, people will use them but when things get difficult in the economy people will recognize that bitcoin is way better since it is independent of government direct control.

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October 09, 2017, 02:37:49 AM
 #22

Hello people!As you consider whether each state to create their own tokens? under its currency?
I am assuming by state you mean country. What you are saying is no different the already existing fiat, of each country creates its token, it would be just like the fiat but with few different things and ultimately it will still be controlled by the government.
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October 09, 2017, 06:05:48 PM
 #23

I wouldn't be surprised if they do. I mean, as a gov't, who doesn't like having digital fiat? You get total control over it and by extension your people as well. And no need to worry about it being stolen by anyone else but you.

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.

Yeah heard of Pesobit. People are calling it a scam.
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October 09, 2017, 06:38:20 PM
 #24

I wouldn't be surprised if they do. I mean, as a gov't, who doesn't like having digital fiat? You get total control over it and by extension your people as well. And no need to worry about it being stolen by anyone else but you.




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.

Yeah heard of Pesobit. People are calling it a scam.

Yes the each state will create its own token are 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.
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October 09, 2017, 07:43:26 PM
 #25

All we need for trading any cryptocurrency is access to internet. So any cryptocurrency which is created is global.
I think you have not properly understood his point. Every state or country having its own crypto would make the system what it is today. The crypto would still be regulated if it is state owned. So if it regulated and not global it has actually lost some major traits of being a cryptocurrency.


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October 09, 2017, 07:45:45 PM
 #26

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.
The OP only suggested if each country will create their own tokens not that those tokens will replace cash, I think governments are going to try to create their tokens but whether those tokens are going to be successful is another story, people will use them but when things get difficult in the economy people will recognize that bitcoin is way better since it is independent of government direct control.

Any form of "crypto-only" economy is a utopian idea that would lead to unexpected consequences (imho). Running dual currency would be ineffective for any monetary institution because you cannot control either amount of tokens in circulation or their value in time (= interest rate). Fiat wins for central banks  Smiley

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October 09, 2017, 07:48:18 PM
 #27

All we need for trading any cryptocurrency is access to internet. So any cryptocurrency which is created is global.
I think you have not properly understood his point. Every state or country having its own crypto would make the system what it is today. The crypto would still be regulated if it is state owned. So if it regulated and not global it has actually lost some major traits of being a cryptocurrency.
It cant be considered as crypto because it is already centralized which these would really be considered as e-currency which doesnt really have any difference on physical fiat money itself but only this thing is only digitalized.If they would make their own token then they are switching fully their physical into digital which is somehow an impossible thing to happen.

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October 09, 2017, 07:57:03 PM
 #28

Very possible that this could happen but I dont think it will and that simply is because that would lead to more centralization and this the basic system that which Satoshi was trying to get away from. Doesnt seem likely,

although nothing is impossible in this world.

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October 09, 2017, 08:25:27 PM
 #29

The idea must be positively accepted by the government, banking system and people. As far as I know several Japanese banking group is pushing to make their own digital currency called J-coin to be introduced before this coming 2020 Olympics. While according to what some say the government and central bank of Japan are open to the idea. And value of J-coin will be the same as the value of Yen. The idea is not far to make it realistic.
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October 09, 2017, 08:51:40 PM
 #30

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

I think that's the trend now. Dubai was first, but China was already considering it, and there are Rumors that Japan and USA will do it to. It won't be bitcoin, so it won't really compete with it though. It might help bitcoin though, because it will make people create the habit of using virtual currencies, so it won't be strange to them to use bitcoin. And as soon as they realize how easy it is, and how much better bitcoin is (because of it's limited supply), they will all adopt bitcoin.

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October 10, 2017, 02:10:54 PM
 #31

The idea must be positively accepted by the government, banking system and people. As far as I know several Japanese banking group is pushing to make their own digital currency called J-coin to be introduced before this coming 2020 Olympics. While according to what some say the government and central bank of Japan are open to the idea. And value of J-coin will be the same as the value of Yen. The idea is not far to make it realistic.

Guess this would be the way that it'll start. First it's a government-sanctioned coin and then later they would start allowing it to be used in place of fiat for more things until before you know it, IT is fiat. Digital fiat is every government's wet dreams. It have all the benefits of cash to them with the addition of greater control and snooping powers.
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October 10, 2017, 04:31:36 PM
 #32

Hello people!As you consider whether each state to create their own tokens? under its currency?
I do not think so. People use the same money because everyone is accessing the internet. In addition, real digital money is not so big that it has to be divided into small states, so it is still centralized and independent.


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Glorious04
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October 11, 2017, 10:55:29 AM
 #33

Hello people!As you consider whether each state to create their own tokens? under its currency?
If the state will create their own token under their own currency, they just made no difference but making another money out of their own. It is like, if there is 20$ bill it will be creating another 15 or 10$ bills also and it will centralized by then controlled by their own government. It has no relation to crypto.

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October 11, 2017, 11:10:58 AM
 #34

I think state did not considered token under their currency it is because a lot of process to be undertaken by on state. Token is globally used through internet and one state cannot produce their own token as long as it's not approve by their legislative body and creating token is against the policy of one state because they are under the law of protecting their own currency.
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October 11, 2017, 12:33:11 PM
 #35

It's possible but its not profitable in some cases. For example, a third-world country tries to create a token just a couple of months after its launch it might fail miserably. Internet and Advertisement is key in every ICO. If one fails to do so then it is bounded for failure.

futuret
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October 11, 2017, 06:29:04 PM
 #36

It's possible but its not profitable in some cases. For example, a third-world country tries to create a token just a couple of months after its launch it might fail miserably. Internet and Advertisement is key in every ICO. If one fails to do so then it is bounded for failure.
Yes because it will be dome at the high risk but on the other hand there is nothing possible without the risk the price of the bitcoin will be high and the other currency will be invented then it will take high time to grow and to make the more profit than the present currencies, the bitcoin is already very famous and the people are very interested in the bitcoin so I don’t think that the new token or the currency will take the place of the bitcoin.
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October 11, 2017, 06:38:41 PM
 #37

My immediate reaction to the idea of each state creating its own tokens was initially that of "that's not how it works, guys". Then again, I've had a whole year to watch this crypto space get flooded with new coins, new forks, new tokens, and tokens on top of chains, on the side of chains, tokens on top of coins on top of chains... I guess it's only natural that some states would want to exert their own influence on blockchain... if only for their own piece of history.

If anyone read Putin's recent words to the press, it might even seem he might approve of the idea of Russia's own national crypto too.

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October 11, 2017, 06:47:20 PM
 #38

Thats what they want atm.

Just like their individual currencies, they want their own fiat currencies also. Whic is really dumb when conpared to the fact that they cn rather aim to bring a universal currency that solves all the trade issues and makes he monvement of people worldwide much easier and eliminates forex fees and stuff.
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October 11, 2017, 07:10:27 PM
 #39

I think it is not with states but i am sure i saw some coins like Europe Coin and Asia Coin also i saw a lot of others like Putin Coin and Trump coin i did not know those exists but when i was studying a little bit about bitcoin and i found them.
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October 11, 2017, 07:25:55 PM
 #40

I think that this is a possibility and as a STRONG advocate of a free money competition based system, I'm all for it. The best will remain, the rest will vanish.

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