Private Coins from banks and governments

[panganib999]

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

Whether private companies do it or not, they will just waste their time making another alternative private coins, because seeing how the present and existing altcoins are doing right now in the crypto space, despite of the exposure and all, bitcoin still has the place of being the King of Crypto and leading the trend.  There's no way that the supposedly made coins by government, banks and private companies will be able to dethrone bitcoin for investors aren't that dumb to completely dump bitcoin over private altcoin.

[Duzter]

Governments will get into creating their own cryptocurrency, and few countries have already implemented the same. Private firms are getting into creation of their own cryptocurrency and blockchain for private needs. Already few Institutional financial service renders have tokenised their services. Succeeding by defeating bitcoin and other leading cryptocurrencies is really hard to achieve.

[SummerBliss]

The governments have praised blockchain technology and they want to implement in their economic system and it can be indicator that they might want to create their own centralized currency to compete with other digital currencies but it would not succeed until the fiat is in use as local currency.Other institutions will not indulge in coins like facebook libra is bud by the American governmemt and hinder its growth.So we should not worry about such things as btc and other coins cannot he replaced from the market easily.

[asus09]

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

If bank and government want to adopt bitcoin maybe many investor will move for saving in bank, all country can adopt bitcoin as transaction payment if they know how procedure of bitcoin and altcoin price, never want to get power stop and manage with bitcoin price with higher and lower, always give space for bitcoin how price want grow up or down.

[alyssa85]

Governments will get into creating their own cryptocurrency, and few countries have already implemented the same. Private firms are getting into creation of their own cryptocurrency and blockchain for private needs. Already few Institutional financial service renders have tokenised their services. Succeeding by defeating bitcoin and other leading cryptocurrencies is really hard to achieve.

Venezuela's private coin - the Petro, has gone nowhere (and the fools who invested in it have lost money).

The thing that underpins all currencies, whether fiat or cryptocurrency, is trust. Do you trust the governments issuing the coins, do you trust the companies issuing the coins.

[dimox]

its possible. crypto is profitable, its impossible if some party want to make profit from it. its easy if they want to the customer invest in their crypto. customer no need to know about bitcoins detail, they just believe in who brought that idea.

[asus09]

I think it might be possible because I believe the government and banks will try to make their own cryptocurrency with the aim of creating a digital currency based on blockchain so that it will make it easier for people to make transactions and will make payments more secure.

The government and bank will have new ideas how to create their own coin to stop popular of crypto coin, they will try how to stop people investing with bitcoin and move their investment to own bank and government coin, investor looking for which one give big chance with investing profit and will become part of bank and government coin if they want transparent and give valid data fro investor.

[bitgolden]

Governments will get into creating their own cryptocurrency, and few countries have already implemented the same. Private firms are getting into creation of their own cryptocurrency and blockchain for private needs. Already few Institutional financial service renders have tokenised their services. Succeeding by defeating bitcoin and other leading cryptocurrencies is really hard to achieve.

Venezuela's private coin - the Petro, has gone nowhere (and the fools who invested in it have lost money).

The thing that underpins all currencies, whether fiat or cryptocurrency, is trust. Do you trust the governments issuing the coins, do you trust the companies issuing the coins.

That is why I would rather die for a decentralized coin than all these centralized coins because they will end up failing especially the one that is being created by government. I never expected something good to even come out of Petro coin of Venezuela initially because if they cannot manage their own currency, now they think they can easily mage cryptocurrency, what is wrong with their cryptocurrency is the fact that they have very corrupt government and until they fix that issue before they can get anything right.

Anything that has to do with government has a way of not giving freedom to people, and that is one of the reasons why most of their own personal projects do fail which is also why I would never be a part of anything that has to do with government's cryptocurrency.

[enhu]

Governments will get into creating their own cryptocurrency, and few countries have already implemented the same. Private firms are getting into creation of their own cryptocurrency and blockchain for private needs. Already few Institutional financial service renders have tokenised their services. Succeeding by defeating bitcoin and other leading cryptocurrencies is really hard to achieve.

Venezuela's private coin - the Petro, has gone nowhere (and the fools who invested in it have lost money).

The thing that underpins all currencies, whether fiat or cryptocurrency, is trust. Do you trust the governments issuing the coins, do you trust the companies issuing the coins.

That is why I would rather die for a decentralized coin than all these centralized coins because they will end up failing especially the one that is being created by government. I never expected something good to even come out of Petro coin of Venezuela initially because if they cannot manage their own currency, now they think they can easily mage cryptocurrency, what is wrong with their cryptocurrency is the fact that they have very corrupt government and until they fix that issue before they can get anything right.

Anything that has to do with government has a way of not giving freedom to people, and that is one of the reasons why most of their own personal projects do fail which is also why I would never be a part of anything that has to do with government's cryptocurrency.

If there will be users using the coin they will be creating, the coin will survive. China will be creating their own coin and they will only be using it only for them just as they always do since time. We all have google but they bann google and create their own such as Baidu. The Chinese government will bann anything until they do have conterparts.

Interoperability I guess will be useful when time comes companies are going to be creating their own coins and own chain. Wasn't this what they call Cross chain technology so that each chain can talk to each other?

[Wintersoldier]

its possible. crypto is profitable, its impossible if some party want to make profit from it. its easy if they want to the customer invest in their crypto. customer no need to know about bitcoins detail, they just believe in who brought that idea.

Basically, it is not always the case, investors do also think about it too. If they will just accept the offers of financial assets from these so called "Private blockchains", it will depends on how they trust it. Not all these private financial asset platform are frauds in terms of providing decent ROI. There are some profitable that investors might consider. Regarding this, it is upon the discretion of an investors and we need not to stop them as they also risk their investment.

[sirminesalot]

Governments will get into creating their own cryptocurrency, and few countries have already implemented the same. Private firms are getting into creation of their own cryptocurrency and blockchain for private needs. Already few Institutional financial service renders have tokenised their services. Succeeding by defeating bitcoin and other leading cryptocurrencies is really hard to achieve.

along with the development of time and technology, of course the government will also create an economic system using technological and age advancements, crypto currencies and economic systems using the blockchain are created using technology and age developments and of course the government will adopt the system for its perenomian

[airdnasxela]

The more they're seeing that people are adopting decentralized, they'll be greedy and will try to stop it. Government can ban decentralized crypto and create their own digital currency so people can change from decentralized to centralized. And big companies can create their own cryptocurrency since they can see that it's an opportunity for them to take advantage and be a capitalist and use it to earn more.
It's more possible in the next few years when bitcoin achieved more recognition.

[Gotumoot]

I don't think it will affect decentralized coins. Because it can only be a stable coin, And if it becomes a decentralized coin they can easily control it, so no investor will have the interest to invest in it.

Additionally, investors will not be allowed to have tax on them, as there is a decentralized coin that does not demand tax on them.

[Pearls Before Swine]

They might try to do this, and ever since this thread was started I have been hearing stories of banks and other entities like countries at least considering creating their own coins on their own blockchains.  And yes, they would all be centralized and would provide none of the privacy to their owners that bitcoin and other real cryptocurrencies do.

Hopefully if any of these get made, they will open people's eyes to bitcoin and show them what an advantage it offers over 'private' coins.  There are still many people on the face of the earth that have no clue as to what bitcoin is and can offer.  Once they've had a taste of JP Morgan coin (or whatever comes out) they might get an appreciation for bitcoin and might actually buy some.

[7788bitcoin]

Venezuela's private coin - the Petro, has gone nowhere (and the fools who invested in it have lost money).
The thing that underpins all currencies, whether fiat or cryptocurrency, is trust. Do you trust the governments issuing the coins, do you trust the companies issuing the coins.

I am not going to invest in any of the centralized coins in the market, i have invested my time in bitcoin and i have the fork coins with me and a few alt coins and i am happy with what i hold and we need a stable currency to hold the coins when i sell these coins as i am not trusting USDT or other stable coins we have now, other than that i am not trusting any centralized coins.

[NathanJB]

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

They can and they are. As far as I know, JP Morgan is creating their own coin to be launched soon. But this is going to be a futile act of competing against cryptocurrency, the real ones. They are the banks. Whatever they do, they remain to be the banks that are characterized by greed and manipulation. They will be stuck on that mire with a dirty reputation. They cannot just create their own coin and earn the trust of everyone.

[Ludmilla_rose1995]

If the government and banks make their coins, it will only be based on the price of fiat money. But it will not replace it, because it is a violation of the law. Even though that happened, there was nothing that could be done to prevent it.

[shoreno]

If the government and banks make their coins, it will only be based on the price of fiat money. But it will not replace it, because it is a violation of the law. Even though that happened, there was nothing that could be done to prevent it.

not really  . alot of coins i see that came or created by govts and banks but the prices of those coins are not fix or dependent on thier local currency but thier value are like the value of a normal crypto which is dependent on the demand that they get and also on thier supply  . its also possible that a crypto issued by them will replace thier local curreny if thats what they want and they can always make a law about that but so far i think no one have ever done that   .

[Colt81]

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

I don't think that banks and governments in other countries will make their own coins and try to replaced decentralized coins such as bitcoin because governments and banks in other countries don't have any intentions about bitcoin and other cryptocurrencies, so it is impossible to do such things. Also, governments and banks support fiat currency rather than cryptocurrency.

[ice098]

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

I don't think that banks and governments in other countries will make their own coins and try to replaced decentralized coins such as bitcoin because governments and banks in other countries don't have any intentions about bitcoin and other cryptocurrencies, so it is impossible to do such things. Also, governments and banks support fiat currency rather than cryptocurrency.

It is not impossible that government will release its own coin even the banks, we all know that some banks have their own coin listed in their local stock market, then they can make their own blockchains too, if they will do that they can regulate it by themselves , put taxes and they will circulate it very well, if it will happen theres no possibility bitcoin will be legalize  to that county.