The conflict of cryptocurrency and the US dollars currency!

[manfredmann]

I had a little conduct and review of why some other countries are not accepting cryptocurrency system which in fact it could be regulated with some terms and agreement regarding on how it will be going to use. After some time of browsing I read an interesting article regarding the emergence of “sovereign” cryptocurrencies - back by governments - contradicts everything that blockchain stands for and hoped to fix.

The issue has talked about a certain country Iran that decided to develop its own national digital currency in response to reimposed US sanctions, according to Press TV, the country’s state sponsored media. It states that a domestic digital currency would “help” the country bypass U.S. sanctions, including a universal ban on the purchase of US dollars. The digital currency will be developed in conjunction with the Central Bank of the said country.

The idea is that there is a real surge of interest in fiat-backed cryptocurrencies, with numerous startups jumping in to compete in this space that includes Tether, Vault (backed by JPMorgan, Morgan Stanley, and Goldman Sachs, among others), Basis, DAI, and Carbon are a few of the players.

This is why I have thought so much why the US congress declined the ETF for cryptocurrency last August 2018 becase of the issues of ETF (Exchange Traded Fund) with the possibility to  abuse its use between the sovereign cryptocurrencies and the purchasing power of US dollars. The US congress definitely do not want to have any bypass on buying purchase of US dollars.

You can read the full details in this article: https://venturebeat.com/2018/08/11/sovereign-cryptocurrencies-serve-governments-not-people/

[inding]

This will definitely be there in the future, but the cryptocurrency is still very fragile. It takes longer to grow against the dollar. This is a very good news. I hate the selfishness of the dollar.

[dothebeats]

They can't control cryptocurrencies but they can certainly create their own and ride the wave of interest cryptos have gathered over time. Seeing that people still drool over cryptocurrencies and how easily people can be swayed with only the term, they're willing to jump on-board and keep up with the decentralized cryptocurrencies in order to gain control towards people's spending. State-issued cryptocurrencies really aren't appealing, since it's like fiat but with more control over what you do and more eyes on what you use it to. It's very disturbing to know that every step of the way, someone sees what you do and what you use your money at, and to know that it's easily achievable through state-issued cryptos, it just becomes scarier.

[shulio]

The prices of crypto currencies are too volatile that I do not think there will be a ETF acceptance in 2018 and 2019.

[flowers5]

They can't control cryptocurrencies but they can certainly create their own and ride the wave of interest cryptos have gathered over time. Seeing that people still drool over cryptocurrencies and how easily people can be swayed with only the term, they're willing to jump on-board and keep up with the decentralized cryptocurrencies in order to gain control towards people's spending. State-issued cryptocurrencies really aren't appealing, since it's like fiat but with more control over what you do and more eyes on what you use it to. It's very disturbing to know that every step of the way, someone sees what you do and what you use your money at, and to know that it's easily achievable through state-issued cryptos, it just becomes scarier.

If the central bankers (us government) prints dollars then to me they control crypto and Bitcoin.  They can simply print money and buy.  This crypto revolution would not be happening if they didn't want it to be happening.  Look what they did to Libya, Iraq.  Both of these countries leaders attempted to buy oil in something other than US Dollars.  They got smoked.  Now Syria, North Korea and Iran are in their sites.  These people do not fuck around and kill at will to protect their money printing.  The only reason we have crypto is because they want it.  

I believe they will use the blockchain to track our every transaction much like we have video cameras on every street corner.  it will be for our safety of course.

[magneto]

I had a little conduct and review of why some other countries are not accepting cryptocurrency system which in fact it could be regulated with some terms and agreement regarding on how it will be going to use. After some time of browsing I read an interesting article regarding the emergence of “sovereign” cryptocurrencies - back by governments - contradicts everything that blockchain stands for and hoped to fix.

The issue has talked about a certain country Iran that decided to develop its own national digital currency in response to reimposed US sanctions, according to Press TV, the country’s state sponsored media. It states that a domestic digital currency would “help” the country bypass U.S. sanctions, including a universal ban on the purchase of US dollars. The digital currency will be developed in conjunction with the Central Bank of the said country.

The idea is that there is a real surge of interest in fiat-backed cryptocurrencies, with numerous startups jumping in to compete in this space that includes Tether, Vault (backed by JPMorgan, Morgan Stanley, and Goldman Sachs, among others), Basis, DAI, and Carbon are a few of the players.

This is why I have thought so much why the US congress declined the ETF for cryptocurrency last August 2018 becase of the issues of ETF (Exchange Traded Fund) with the possibility to  abuse its use between the sovereign cryptocurrencies and the purchasing power of US dollars. The US congress definitely do not want to have any bypass on buying purchase of US dollars.

You can read the full details in this article: https://venturebeat.com/2018/08/11/sovereign-cryptocurrencies-serve-governments-not-people/

I think that you're only referring to nationally issued, fiat backed cryptocurrencies here, just like the Venezuelan Petro which is one of the most infamous examples of these. Obviously countries like Russia, India and Iran have all expressed interest in doing the same thing.

There is definitely a worry that they are using this to bypass sanctions from the US, no doubt about it. So in a sense, there is definitely the worry from the US that all this national cryptos are popping up, which is separate from the traditional fiat that these countries have.

But the main concern that I have is that people would be misled into thinking in those countries that this is what crypto is. It's not, these are centralised tokens that are pretty much fiat 2.0 on a blockchain, there is no difference whatsoever to fiat except on a different medium. Adopters should keep in mind that only decentralised cryptos are those that are worth using, otherwise, it defeats the purpose of bitcoin and crypto in the first place as you mentioned.

[Primaryio]

The Europeans have much better approving sense for cryptos. The EU investigation into fintech competition identifies cryptocurrencies as a strong competitor to incumbent financial services, highlighting the fact that blockchain platforms offer more efficient, lower-cost alternatives to traditional models. European Parliament Committee on Economic and Monetary Affairs revealed a highly nuanced EU Parliament position on cryptocurrencies, with the committee stating the possibility for crypto to function as an alternative to fiat currency in a variety of different applications.

[yitzjoe]

I also think so, the US has built a world financial system so strong and neat, the presence of crypto is certainly a problem for them to continue to maintain their system. in many developing countries they bind the country's central bank with economic and financial relations to loans from world banks. Iranian measures are very revolutionary and I am sure North Korea and some countries that oppose the US can implement this to avoid too much dollar domination

[manfredmann]

Iranian measures are very revolutionary and I am sure North Korea and some countries that oppose the US can implement this to avoid too much dollar domination

This is why the US government had not accepted the ETF that was being discussed in their congress. US would like to maintain about the current status of dollar currency as it dominate all other currency in the world. Now imagine if Iran could get higher of these currency then definitely dollar currency will fall and so does the economic of the USA.

[r32godzilla]

Yes.Totally different perspective.May be the US government don't want to put the same side goal by allowing ETF and creating a threat to their own US dollars by their own hands.S o by this way,there would never be a bitcoin ETF approval by SEC even in the future.So the only remaining aspect for boom in bitcoin's price is the next bitcoin halving.

[jademaxsuy]

Yes.Totally different perspective.May be the US government don't want to put the same side goal by allowing ETF and creating a threat to their own US dollars by their own hands.S o by this way,there would never be a bitcoin ETF approval by SEC even in the future.So the only remaining aspect for boom in bitcoin's price is the next bitcoin halving.

Well the US congress would be hypocrite to think about this. Why would they think about it when cryptocurrency could do something about this or about the US government also could do about it? The US government could implement a terms and agreement for this. And again they are hypocrite and we do not need them anyway. Why would one bother to apply for a regulation when cryptocurrency could work on its own system.

[davis196]

It was better for Iran to use some already existing coin,instead of creating a brand new government-backed coin.It would be very easy to track transactions with that govcoin and eventually ban it.
However,I don't think that there is a relation between the Iran shitcoin project and the SEC decisions about bitcoin being accepted as an exchange traded fund(ETF).

[stompix]

The issue has talked about a certain country Iran that decided to develop its own national digital currency in response to reimposed US sanctions, according to Press TV, the country’s state sponsored media. It states that a domestic digital currency would “help” the country bypass U.S. sanctions, including a universal ban on the purchase of US dollars. The digital currency will be developed in conjunction with the Central Bank of the said country.

Another petro saga...

You can create whatever coin you want, you won't be avoiding sanctions IF the other guy doesn't want your coins.
If somebody doesn't give a damn about those sanctions they would be accepting rial via iranian banks, the problem is that they don't want rials they want dollars or euros.
And having a coin that is going to be just as worthless as the rial won't make people use it on anything else other than transforming it to BTC and then to $.

Just a few days ago Maduro increased the value of the "petro' by 300%, just because...he felt like it.
Who is going to trust such coins run by desperate governments that would cling to any tiny bit of hope just to escape a crumbling economy?

Iranian measures are very revolutionary and I am sure North Korea and some countries that oppose the US can implement this to avoid too much dollar domination

Yeah, North Korea revolutionizing the world's finances.
Some heavy stuff you're smoking

Now imagine if Iran could get higher of these currency then definitely dollar currency will fall and so does the economic of the USA.

We all would be ****** , this scenario and 2007 would be like comparing Ebola with a cold.

[Crypdon]

The theory is sound with a good reason why they will refuse the ETF, for all we know it is the US government forcing the prices down with their reverse price manipulation