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Author Topic: Governments will collaboratively create their own crypto-currency in 10 years  (Read 6225 times)
Siegfried
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November 25, 2013, 02:43:00 AM
 #21

Why would anyone use the government digital currency?

Can't you read what I posted 3 posts above yours?

Yes, but I do not find it convincing. By the time the government gets around to creating a digital currency, bitcoin will already be commonly used for online purchases of all kinds. Considering bitcoin's other advantages - secure store of value, anti-inflation, frictionless global transfers - I see no way that a government digital currency wins the argument.
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AnonyMint
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November 25, 2013, 08:20:34 AM
 #22

Why would anyone use the government digital currency?

Can't you read what I posted 3 posts above yours?

Yes, but I do not find it convincing. By the time the government gets around to creating a digital currency, bitcoin will already be commonly used for online purchases of all kinds. Considering bitcoin's other advantages - secure store of value, anti-inflation, frictionless global transfers - I see no way that a government digital currency wins the argument.

I guess you are not aware of the concentration of Bitcoins which makes your assumption impossible to attain and that majority transactions are SatoshiDice and perhaps much of the rest are coin mixers or FX to/from dollars.

Most people transact most of the time through some large corporation such Amazon, WalMart, McDonalds, etc.. Those cartels (who are of course aligned with the government) will control when the masses start using an electronic currency. And they can do the Transactions Withholding Attack to take control over Bitcoin.

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November 25, 2013, 09:41:34 AM
 #23

You all have no idea how fast this is all going to transition to 666 and 1984:

http://www.activistpost.com/2013/11/social-logins-for-government-services.html

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Martijnvdc
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November 25, 2013, 10:37:41 AM
 #24

Isn't the US dollar already a "digital currency"? It's not backed by anything.
The biggest difference between the USD and bitcoin is that it's government controlled and there's a paper version of it.
If a government creates it's own cryptocurrency, what difference would there be between their current currency and their new cryptocurrency?
Siegfried
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November 25, 2013, 11:21:31 AM
 #25

Isn't the US dollar already a "digital currency"? It's not backed by anything.
The biggest difference between the USD and bitcoin is that it's government controlled and there's a paper version of it.
If a government creates it's own cryptocurrency, what difference would there be between their current currency and their new cryptocurrency?

My thoughts exactly.
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