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Author Topic: Private Coins from banks and governments  (Read 254 times)
pitiflin
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February 08, 2018, 10:00:08 PM
 #21

They are known to be manipulative cunts so why not. The possibility of them not doing so is zero. They shall try to lure people into invest in such blockchains and they shall succeed not everyone sees the real motive of people. So how can we prevent? You just don't. People won't listen to a random person on the investment when it comes to investments.
Governments are trying to create their own coins/blockchain as they have mentioned publicly.


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February 08, 2018, 10:00:21 PM
 #22

Already there are several countries with their own digital currency, namely Switzerland is one among them. Banks and financial institutions were much focused on developing their own blockchain and as a part few has come up with plans of creating their own token for internal transactions. This too could add value to the technology as the future is completely dependent on technology based living.


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February 08, 2018, 11:44:24 PM
 #23

I suppose in the nearest future everybody will use digital coins, which can be a good business for big financial institutions and governments. SO why not?
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February 09, 2018, 03:02:17 AM
 #24

This is very possible, this billionaires can also use the block chain technology and may also put up an ICO. I do not think someone can stop them. It is not illegal and moat likely it will be successful.
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February 09, 2018, 04:32:36 AM
 #25

They are free to create their own blockchain, some are already starting to add to their system such as Credit Agricole experiencing Ripple solution.
 Some have a patent running like Chase or JP Morgan; don't remember, with a crypto-based on Ethereum. But they would do it not to lure people because they can't name it Bitcoin or any other name having already be used with an altcoin. They would rather use to save money on costs, operating faster, securely or any other advantages using the cryptography/Blockchain/cryptocurrencies

Well if you ask on my government , their answer is no because they forbid bitcoin usage although they still not make any regulation yet.
It means that I can still use bitcoin but with my own risk !

Maybe for other country, bitcoin become a new technology that being wanted so it possible to happen in the future !

A government can ban to use Bitcoin it doesn't mean a bank can't create its own blockchain and use it for its customers

Then to avoid this from happening, the government can impose a ban on creating new coins for banks and financial institutions. It's going to be hard for them to create such a thing anyway since they would have to be very reliant on their country's local currency. There may be not so many who would buy such a coin when there is the option to buy a coin that is not 'controlled' by them. With decentralisation in hand, people would choose a coin that would enable them to have full access of. I don't think they would do such a thing, unless they believe it to be profitable. I wouldn't see the point in creating their own coin anyway. 
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March 01, 2018, 12:45:19 PM
 #26

They will do that FOR SURE. We are going towards electronic money anyway, and governments will surely create their cryptocurrencies. And so will banks and so will corporations. We simply cannot envision yet the change of paradigm that all this will cause. Decentralization of cryptocurrencies will probably disappear as a phenomenono, but to a big extent is already a myth today, as whales get bigger and bigger in every cryptocurrency and de facto are able to manipulate markets just like central organizations.

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March 02, 2018, 11:38:26 AM
 #27

I believe that they can create this, but most investors adhere to conservative approaches and will not risk and buy a currency that does not have history.
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March 02, 2018, 11:43:31 AM
 #28

They can try, there are lots of programmers that they can hire to create this but the problem in this is that the support of the users or the community. Before they create they should plan on how to get the support of the community because without a user this coin will be useless.

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March 02, 2018, 11:47:19 AM
 #29

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?

Maybe they are planning on doing it. Today blockchain is the most trending business and to be able to catch up with the technology, those businessmen you mentioned might be thinking of making their own blockchain. I believe they are trying to kill the current trend in cryptocurrency for them to create and lure investors for their own greed on money.
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March 02, 2018, 12:02:01 PM
 #30

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?

There is nothing stopping Goldman Sachs from issuing their own coin. After all the source code for most crypto is open source, they can just do a copy/pasta job and launch their own coin.

Whether that coin has any worth is a whole other matter. Why would you buy Goldman Sachs coin instead of bitcoin?

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March 02, 2018, 12:10:29 PM
 #31

We can't be talking of control, combat, checkmate, cub or total stop, when existence of something is nullity. This is totally impossible. Banks can't legitimately or possibly create any new fiat on new Blockchain independently, and if they are to develop their secret crypto on the Block chain, probably to be given a kind of regulation, they must have accepted the existence and potentialities of Bitcoin.

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March 02, 2018, 12:47:12 PM
 #32

They can try, there are lots of programmers that they can hire to create this but the problem in this is that the support of the users or the community. Before they create they should plan on how to get the support of the community because without a user this coin will be useless.
Well, if there coin has something good to offer then I think there will be some people that will try to participate. Also, this depends on how does the platform will work and can it be a profitable. The only problem with this is about the tax  and how this will be working. Banks these days are trying to find ways on how they can not be left behind with crypto.

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March 02, 2018, 12:56:08 PM
 #33

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?
Governments can have a shot at it. But other firms or businesses will not because I don't think it is in their legal right to create their own kind of currency, I mean look at other payment methods out their they are always based from the Fiat Currency, you won't see something like "Paypal Gold" as it would be illegal to do so.
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March 02, 2018, 12:57:58 PM
 #34

Speaking of government coins, the Marshall Islands is going to issue a govt coin to be used alongside USD:

http://bitcoinist.com/marshall-islands-to-issue-crypto-legal-tender-sovereign-sov-a-global-first/

Quote
The Marshall Islands is set to create the first ever legal tender issued as a cryptocurrency, the Sovereign (SOV).

The decision comes straight from the sprawling chain of over 1,1000 volcanic islands’ parliament, who have declared that Sovereign (SOV) will be exchanged and distributed as a digital coin.

The Marshall Islands — a sovereign nation located halfway between Hawaii and Australia — currently use the United States dollar (USD), despite being a sovereign nation. However, the country will still continue to use the USD as the SOV will initially be created as a supplementary currency.

It looks like they are doing this because they don't control the USD (and it's interest rates) and they want something more local and flexible, and have decided digital is more modern than cash.

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March 02, 2018, 01:24:51 PM
 #35

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?

You don´t need to prevent it, there is natural space for cryptos and that is the common people. Business will do their business as usual and we don´t need them.
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March 02, 2018, 02:02:55 PM
 #36

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 think that is a very likely scenario, and governments will create their own centralized cryptocurrencies backed by central banks. There nothing we can do to prevent that, and I don't even if that's a bad idea. It's probably better than fiat, specially if the blockchain they use it's public like bitcoin blockchain, as it would be easier to track certain transfers. Maybe it would help with fraud and money laundry. It would still be centralized, so I don't think it would affect bitcoin, since it's still not competing with it, and never will.
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March 02, 2018, 02:26:50 PM
 #37

That would be possible to happen because they would make a lot of profit from it and they are going to have their own cryptocurrencies. For companies it would have been easier to do that because they work with money everyday and probably a lot of people are going to use cryprocurrencies to pay for their services. For governments that would be very hard to do since I am 100% sure they are going to add some taxes for using their coins and that would suck. No one wants to own coins that are controlled by the governments because they already control our salaries and they apply a lot of taxes to us.
It is possible in the sense that government can really create a form of currency just like how  bitcoin moves in the market that could actually give them profit. Yet, if they would create it , support of bitcoin are more compare to the new thing that they would offer and most of people trust bitcoin system in terms of transactions and does like decentralized system which makes bitcoin volatile and give us a chance to earn.


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krauzzer02
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“The Future of Security Tokens”


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March 02, 2018, 02:29:07 PM
 #38

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?

You don´t need to prevent it, there is natural space for cryptos and that is the common people. Business will do their business as usual and we don´t need them.
That's the thing it's all about the business but the fact that some of them crossed the line from being a businessman to market manipulators and Fudders just for the sake of increasing their wealth and control, spread some false news to mislead the community then create a panic selling scenario then whose the beneficiaries? they will buy cryptocurrencies at the lowest price just to gain more richness, you can't stop them unless you've proven they violated some laws, just ignore them nor auspices them with their private blockchains, tell your friends about this, that's all we can do.

Glaseseye
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March 02, 2018, 03:26:12 PM
 #39

They can be free to try it, there are so many programmers in the world that they can rent to create their own coin but the problem is only in terms of support for them from the users or the community. Before they make this plan they will think how to get community support like bitcoin that is supported by many people in some countries because they too will lose if without their coin users this would be a waste.

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Toden1379
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March 02, 2018, 03:43:08 PM
 #40

Blockchain tech can be used by anybody so there's not much we can do about it. It comes down to the people if they will opt to use the financial institutions coins or not. What's good about it is we get more options for our money.

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