Private Coins from banks and governments

[blckhawk]

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 do think they'll join the race and compete with their own cryptocurrencies, but I'm not quite sure if larger percentage of the public would want to use it, or the other way around. Investors and holders want security and is willing to give KYC just to protect their coins. Others however, with enough background of how decentralized crypto should be, would not be attracted to these newer cryptocurrencies. Altcoin industry is for me, too condensed and they'll be like just another ICOs in play. I also think they would control the supply making it somewhat stable, which is good as payment but bad for trading.

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[teosanru]

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?

Yes definitely blockchain is an entirely new concept and once it gets popular almost every company will try to enter into Cryptocurrencies and create a monopoly. They will try to keep their investor's fund in these Cryptocurrencies. Not only major companies from financial background even companies from other sectors would also invest in blockchain and try to bring their data over blockchain and this cannot be prevented. People will definitely go with these private companies because they think these are reputable companies with good history.

[uray]

private coin from banks or Government mean your information is with other which is bank or government. while in the case of the bitcoin no body have information about your wallet.

There is an advantage about creating a wallet for every transaction but if you wallet is public and using the same wallet then it will be tracked to you.

And the coin from Banks or government may have tax in the future while the bitcoin is free of tax. So I think if any bank or Government introduce the crypto , people will not take interest in that.

If you are storing your coins in bitcoin you necessarily need to pay the tax but once you move that money to your bank account then you have to pay your taxes if not you will get into trouble.

[Eclipse26]

Most likely to happen. Most governments would probably create their own digital currency than letting decentralized one to circulate on their country. Even businessmen just to earn money cause they know that cryptocurrency is gaining more attention.
What can be done to prevent it? Simply don't invest in their self-made digital currency because they're capitalist who just want to benefit from the public.

[beerlover]

There are pros and cons of course but the pros are overweighting on the cons. If they do a "private" coin like literally private to them then at least we could say that governments have their own currency and blockchain which would make it possible for people to track, maybe not directly but at least know what goes in and out. Think about the taxes, wouldn't you like to pay your taxes via anything with blockchain so you can see where your money ends up?

I mean we all know that the amount of taxes we pay do not get %100 used, most of it goes to waste and not being used for us like it is suppose to, governments make money from taxes so they can pay it back to public but they end up with super cars and houses and then that project taxes suppose to go is given to some company to be made since government somehow doesn't have any money left. That is why blockchain would be awesome in governmental movements.

[Argoo]

Coins of states and their governments can hardly be called private. They are created on behalf of the state as national coins. Such coins in most cases are created as stable coins and in fact are the same currencies, only in digitized form. Such coins are likely to be in demand.
At the same time, most tokens can be called private, since they are often created for a private business.
A cryptocurrency of states similar to the CBDC Chinese coin will continue to appear. This is inevitable and there is nothing we can do about it. Yes, and is it worth it?

[Mometaskers]

Governments would definitely try. Even Venezuela attempted a crypto. As for banks and other private companies, the closest they can get to a "currency" would be tokens for use withing their own blockchain only. The government wouldn't allow them to pass of their tokens as currency. If cash ever disappeared, governments would probably still try to compel banks to have these tokens converted to government crypto and have their uses limited.

[Xxmodded]

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 do think they'll join the race and compete with their own cryptocurrencies, but I'm not quite sure if larger percentage of the public would want to use it, or the other way around. Investors and holders want security and is willing to give KYC just to protect their coins. Others however, with enough background of how decentralized crypto should be, would not be attracted to these newer cryptocurrencies. Altcoin industry is for me, too condensed and they'll be like just another ICOs in play. I also think they would control the supply making it somewhat stable, which is good as payment but bad for trading.

Maybe if private coin from government have potential to get profit many investor always join so far give profit, but once time private coin from government failed investor never looking again for investing, how bigger the owner of coin JP Morgan or not if make mistake with coin have lower price many people left and never joined for their private coin as investment.

[Aying]

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?

Well, private investors are enough to replace it? I dont think so. private investors are just manipulators of the price and who will use it if public investors or public users won't support because they know they cant benefit on private blockchain? their idea is not enough to change peoples mind. it won't change the decentralized coins nor replace it.

[Fredomago]

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?

Well, private investors are enough to replace it? I dont think so. private investors are just manipulators of the price and who will use it if public investors or public users won't support because they know they cant benefit on private blockchain? their idea is not enough to change peoples mind. it won't change the decentralized coins nor replace it.

The concept is to earn and if that place will not be vindicated for sure they won't pursue doing it. Blockchain though is a system which can be
very useful if being used in the correct and honest way, if do proviate investors are aiming to provide new service which based from blockchain and
start introducing their own crypto coin it's needed to be well prepared for better chances of embracing coming from the people who are they are targeting to offer with.

[toast]

Most likely to happen. Most governments would probably create their own digital currency than letting decentralized one to circulate on their country. Even businessmen just to earn money cause they know that cryptocurrency is gaining more attention.
What can be done to prevent it? Simply don't invest in their self-made digital currency because they're capitalist who just want to benefit from the public.

if indeed the government made its own digital currency, of course the currency will become the official and legal currency in the economy and it is also possible that the government will cooperate with crypto or blockchain currencies as an economic support system but we all cannot predict with certainty the development of currencies the money

[fullhdpixel]

if the bank and the government launch a private coin I think this will be the pros and cons that cause a lot of problems because there will certainly be a lot of talk about the occurrence of price manipulation carried out from the bank or government so that the price movement becomes unhealthy again.

Banks and government private coins will really not make it because people will not use a coin that they know its function is still not very much different from the function of the fiat digital system, if government and banks convert the current currency of their country to cryptocurrency, it will just be a centralized coin which I think people are not ready to deal with right now.

If you check xrp,you would see the so much hatred around it, which is why the coin itself is not growing in value because they are not really getting support from the community and reasons being that people see it as centralized coin that is owned by bank and because of that mentality alone, you will see virtually people abstaining from it and would even prefer to use a stable coin than to use ripple.

[supercanada1]

I do. However the most important attributes of any money I would use are:

1. Decentralized ledger.
2. Open source code.
3. The inability of any entity to have greater access.

Such a coin would be a Frankenstein monster that the banks could not control. It may just come back to hurt them.  And how are they going to make money from this system? Who is paying for all the infrastructure? And why would I use a banks coins when I could have universal money that works in any country?

I totally agree with this opinion. Banks will not develop their own crypto because they cannot manipulate crypto at their own free will. It's way too transparent.

It's not only about manipulation, it's about the profit, that is the main mechanism that stimulans banks. At their current estimation their own coins wouldn't be supported at the market by the users and wouldn't give them profit. In fact the impact might be just the opposite so banks will not decide to go into such adventure.

But then we can also not deny the fact that banks will have to accept digital currencies for their survival in the future. I agree that a t the moment bitcoin and altcoins are not mainstream but the have become famous gradually and are future of money. Either banks will introduce their own coins but obviously, the features would be none different than paper money or they will support few digital coins.

[7788bitcoin]

Instead, I think it is a very good development for the world of Crypto because with their Crypto, people's knowledge about the world of Cryptocurrency will be even better. So one day they will definitely accept Bitcoin as a substitute for the Crypto they created.

The market is almost ten years old and it is the most performing financial asset for years and if you are claiming that people are unaware of the bitcoin market is just not true, if there is a performing asset people tend to check it out and you do not need any private coins to hit the market to know about the new market, people who are not interested in the market is because of the regulatory uncertainty and if there is a clear regulation then we will see more casual investors in the market.

[barabarian1]

yeah i think that maybe the government will make crypto itself. For example in Venezuela today the Venezuelan government will make its own currency called PETRO. Venezuelan Bolivar currency fell after the country experienced an economic crisis. they use cryptocurrency as a solution to the economic crisis. and it is also possible for a large company to make their own currency, for example, again viral, now Facebook is issuing libra coins. I don't think we can prevent the emergence of these coins. let the market determine which coins will last or not in the crypto market.

[BitHodler]

The market is almost ten years old and it is the most performing financial asset for years and if you are claiming that people are unaware of the bitcoin market is just not true, if there is a performing asset people tend to check it out and you do not need any private coins to hit the market to know about the new market, people who are not interested in the market is because of the regulatory uncertainty and if there is a clear regulation then we will see more casual investors in the market.

I think you summed it up well. I'm sure that most people by now already know of Bitcoin's existence, but just aren't too interested in actually getting involved in some shape or form, and that's perfectly understandable.

Regulations play a big role in the sense that no-coiners think it provides them security and safety because a government body has granted the space or a certain business their approval.

People here might not be too keen on regulations, which is fair, but it's very important to attract the big capital in the long run, especially from wealthy family offices and institutions that are waiting for an ETF for example.

[Mometaskers]

Governments would definitely try. Even Venezuela attempted a crypto. As for banks and other private companies, the closest they can get to a "currency" would be tokens for use withing their own blockchain only. The government wouldn't allow them to pass of their tokens as currency. If cash ever disappeared, governments would probably still try to compel banks to have these tokens converted to government crypto and have their uses limited.

If will be based in our government as they are not strict in implementing cryptocurrencies chances are they will be able to adopt and create our own token and blockchain if ever approved to enhanced the government system in terms of funds allocation and management. But not to eliminate or lessen the fiat but only as an option since we will be needing a more advance technology like internet providers since connection in most areas are still low, banks service will be needed for long since many doubt change and already used in doing what they already know in traditional way.

The extent would be based on what the country needs or can do. I can imagine banks or remittance centers having tokens and using that to move around money using the internet, then the recipients would have the option of either converting it to fiat (physical or digital) or keeping it within the bank's/courier's private blockchain for use within their platform.

[mazdafunsun]

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 do not see any reason why this could happen , why any investor would like to invest in such asset ?
Investors want to invest in coins and assets which are publicly traded , that means that there is a potential for asset to grow significantly.

[ufaiz50]

the government can make their own coins, if they want. institutions such as banks only manage money to be profitable for the economy, I think there is not any point of advantages in creating and promoting a private coin bank. We look at it from a business perspective in making decisions, because just to make a private coin is very easy.

[jostorres]

the government can make their own coins, if they want. institutions such as banks only manage money to be profitable for the economy, I think there is not any point of advantages in creating and promoting a private coin bank. We look at it from a business perspective in making decisions, because just to make a private coin is very easy.

Private coins from government and banks will not be different from being a stable coin which will be completely pegged to their currency values and it would still be a way of promoting their currency, so creating their own coin using blockchain will still not make it different from their normal digital payment system.

Their private coins will never bring any benefit to their users, but their users too are not so dull  to completely leave bitcoin and then fully go for their, although, their own coin too may be useful to the society, but bitcoin will still be used the more than those coins, and no matter the stable coin being created by these people op mentioned, it would still never stop decentralized coins popularity. The worst that will happen is that people take both solution.