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Author Topic: [2018-04-29]MIT Tech Review Discloses a Plan to Let Down Bitcoin  (Read 33 times)
Vladdirescu87
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April 29, 2018, 06:35:07 PM
 #1

MIT Technology Review has recently represented a guide to taking down the chief cryptocurrency whose network has attained 99.9%.
Morgan peck, Technology writer, has presented three scenarios in her article “Let’s Destroy Bitcoin” that she strongly believes could result in Bitcoin being sidelined and finally annihilated.
The first option is where the government takes over the digital coins called Fedcoins (overbets that form their own Currencies) by reducing the demand for other decentralized bitcoin and improving the functionality of bitcoin.
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/mit-tech-review-discloses-plan-to-let-down-bitcoin/



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April 29, 2018, 11:43:53 PM
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Even if governments release their digital Fedcoins, I doubt people will want to exchange their bitcoins for those centralized coins. Governments can force people to start using Fedcoins if they replace fiat with them. So it is possible that Fedcoins will have more users than bitcoin. But people who understand the purpose and mission of bitcoin will not sell them. They will just keep hodling or they will start trading in buying goods in smaller closed societies.

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April 30, 2018, 04:39:23 AM
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All three options described in the article how to reduce the role of bitcoin among the crypto currency. not new. Now the states are releasing and still intend to produce their own centralized digital coins. True, despite loud statements about this, including China and Russia, this process to create a centralized national crypto currency is not moving much. Also, various institutions and organizations are releasing their own tokens and they are becoming more and more over time. I think, even if this plan is fully launched, it will not affect anything. It's even interesting, so the world can switch to the use of various types of digital money and what it leads to. The strongest will survive in him.

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April 30, 2018, 06:04:39 AM
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A coin is nothing without the support of the people. You will have to ask yourself these questions, before you invest in these GovCoins :

1. Do I want to give governments the control over Crypto currencies?
2. Did governments succeed with Fiat currencies?
3. Will the Supply of coins be manipulated? <They are in control of all the nodes>
4. Will they force KYC/AML with these coins and what danger does that add, when governments control all money?

A lot of people are invested in Bitcoin for financial freedom and financial privacy, and GovCoin/FedCoins will destroy that.  Angry

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April 30, 2018, 06:54:10 AM
 #5

A coin is nothing without the support of the people. You will have to ask yourself these questions, before you invest in these GovCoins :

1. Do I want to give governments the control over Crypto currencies?
2. Did governments succeed with Fiat currencies?
3. Will the Supply of coins be manipulated? <They are in control of all the nodes>
4. Will they force KYC/AML with these coins and what danger does that add, when governments control all money?

A lot of people are invested in Bitcoin for financial freedom and financial privacy, and GovCoin/FedCoins will destroy that.  Angry

I completely agree, if at all government takes over the complete creation of cryptocurrency, and not allow any others legally to create any cryptocurrency, then there will be a certain disinterest in society and though some section of people still trade out of this change in scenario.
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April 30, 2018, 07:58:15 AM
 #6

Fedcoin? Sounds very scary to me. Government have already have made fiats that people does not like so I don't see a possibility that they will succeed. Bitcoin is the financial revolution for the people and  by the people and not by the government.

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April 30, 2018, 09:13:18 AM
 #7

Even if governments release their digital Fedcoins, I doubt people will want to exchange their bitcoins for those centralized coins. Governments can force people to start using Fedcoins if they replace fiat with them. So it is possible that Fedcoins will have more users than bitcoin. But people who understand the purpose and mission of bitcoin will not sell them. They will just keep hodling or they will start trading in buying goods in smaller closed societies.

And I really doubt if the government will do that because that is quite risky...they don't what will be the fallout in case they will push that kind of plan and with the government being inept and corrupt that project can be the target of many interventions and what-nots from powerful politicians which can result the project to become chaotic in the first place. I always believe that the government will instead regulated Bitcoin and cryptocurrency rather than create a potentially much bigger headache by having its own creation forced into the throats of the public.

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