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Author Topic: What do you think about crypto currency issued by the government?  (Read 2908 times)
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April 03, 2019, 11:40:33 AM
 #341

That would basically defeat the purpose, BTC is supposed to be a decentralized currency, and if government issues it, there will be heavy regulations and it will be centralized, controlled and issued by a central banking authority. Indian govt. was planning to do this with Lakshmi Coin but the buzz just drowned, so I guess it is no more.
I think that is a strategy from the government that tries to make the price of bitcoin fall by giving a statement like that it will make many traders panic, while those who already understand bitcoin should not need to panic so stay calm and enjoy bitcoin price movements and as much as possible to looking for very much profit.
I wish it was just birds news, hoaxes or something else. I imagine who is the government developer who will make a cryptocurrency? of course they must form a new bureaucracy, and from that there will certainly be jealousy from the bank and the local currency itself, too complicated to make it real..
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April 03, 2019, 11:45:31 AM
 #342

For now it will not work. Venezuela's Petro is one prime example. Who will be allowed to be a node for this network? How will the government structure rewards for miners or stakers? Just think of Bittorrents and compare them with paid online video streaming service. P2P doesn't work for central authority structures.


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April 03, 2019, 01:15:04 PM
 #343

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?
If Your Biggest country take a step to you accept it then the possibility of cryptocurrency entering into the banks will be possible otherwise it can be hold by the bank to accept but in future there will be a heat possibility to collaborate with cryptocurrencies from the bags are available.

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April 04, 2019, 03:21:15 PM
 #344

they make crypto currencies themselves because they want to have control over their currencies. this is contrary to decentralized crypto currencies. although I think they will have difficulties regarding the anonymity of their users.
Crypto currency created by the government will certainly change the nature and change the system in my opinion and of course the legality we will get in the security investment will be guaranteed but the tax will follow it
when the government made its own cryptocurrency currency not only was the tax a problem but I am sure there will be an extraordinary economic disaster because there will be price manipulations that can make many people lose.

Exactly, it will happened. But i think people will not interest on government's own crypto, Basically people start working on crypto because of bitcoin, and who are using bitcoin they will not like government's currency. Just like me, if bank create its own crypto then i have no interest on it.   
Right it will not interested for me as well because we like investing in bitcoin because of its volatile and independent nature for growth, if it will also go under control of government it will be same as the money we are using right now, so then there is no need to invest your high amount just for giving benefit to government but not to you.

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April 13, 2019, 07:22:44 AM
 #345

For now it will not work. Venezuela's Petro is one prime example. Who will be allowed to be a node for this network? How will the government structure rewards for miners or stakers? Just think of Bittorrents and compare them with paid online video streaming service. P2P doesn't work for central authority structures.
National cryptocurrencies can be issued in the form of tokens that do not require mining and miners. This will be another type of non-cash money in the state. I think that on the whole it would be useful for the development of decentralized cryptocurrency, since people would have a logical interest in the general cryptocurrency, they would better understand its essence and rules of use. In addition, the emergence of a national centralized cryptocurrency would create more confidence in the decentralized cryptocurrency.

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April 13, 2019, 07:52:46 AM
 #346

they make crypto currencies themselves because they want to have control over their currencies. this is contrary to decentralized crypto currencies. although I think they will have difficulties regarding the anonymity of their users.
Crypto currency created by the government will certainly change the nature and change the system in my opinion and of course the legality we will get in the security investment will be guaranteed but the tax will follow it
when the government made its own cryptocurrency currency not only was the tax a problem but I am sure there will be an extraordinary economic disaster because there will be price manipulations that can make many people lose.

Exactly, it will happened. But i think people will not interest on government's own crypto, Basically people start working on crypto because of bitcoin, and who are using bitcoin they will not like government's currency. Just like me, if bank create its own crypto then i have no interest on it.  

There is already price manipulation with current "no-crypto-fiat money", and it happens in a lot of third world countries (very common in some countries of South America, Africa, Asia): they devaluate the currency to bring down the salaries, prices goes up, salaries stay down, and multinational companies (you name it, cloth companies, technology companies, phones, TVs, etc) hire your "now almost slave workforce" for nothing.

Right now it is happening in Argentina, the current "world weakest currency":
https://www.bloomberg.com/news/articles/2019-04-01/argentina-central-bank-to-keep-rates-at-a-minimum-62-5-in-april

So, a centralized goverment issued crypto would be the same, or worst.

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April 13, 2019, 10:01:35 PM
 #347

Cryptocurrency issued by government is as good as fiat currency.  The government will probably strip important features of cryptocurrency off such currency.
 It's better they stick with fiat than trying to reinvent the wheel.

 
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April 13, 2019, 11:13:33 PM
 #348

Cryptocurrency issued by government is as good as fiat currency.  The government will probably strip important features of cryptocurrency off such currency.
 It's better they stick with fiat than trying to reinvent the wheel.

Yes, the Crypto currency issued by the government will have price stability, because it is very different from the original Crypto which tends to have very fast price movements.

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April 14, 2019, 10:51:07 AM
 #349

For now it will not work. Venezuela's Petro is one prime example. Who will be allowed to be a node for this network? How will the government structure rewards for miners or stakers? Just think of Bittorrents and compare them with paid online video streaming service. P2P doesn't work for central authority structures.
Venezuela itself is in bad situation and crypto will not help it. I do not agree with the idea that governments will create p2p coins. The centralized government will create crypto like itself. Persia has also created its own gold backed coin, review it.

 
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April 14, 2019, 11:26:58 AM
 #350

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?
For me it just sounds like they want to be part of the crypto world since they couldn't control it.
Most of the crypto is decentralized and they want to create their own crypto so they could benefit from it.
They just want to be in control again since they couldn't do it in Bitcoin or other decentralized crypto.

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April 14, 2019, 02:42:43 PM
 #351

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?


I think that couldn't be considered as a decentralized currency because they couldn't control it but they would issue their own digital money just to make things more convenient for them. It would be hard for the government to take control of cryptocurrency so they will just make their own.

 
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Carrelmae10
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April 14, 2019, 03:11:32 PM
 #352

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?

..i think this is one stratedy of the government to be get involve in crypto..they will make their own coin so that many would patronize it and if many people will invest on it,they will going to centralized all the transactions so that they will going to have the control on it..but I think this is not a simple task to do,,the government will need to have a long range of study in the flow of crypto so that the coin they will create will not become a shit coin..

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April 14, 2019, 04:23:10 PM
 #353

I think it violates the most important principles. The government can block your account at any time and you will be left without any savings. I like coins where only I have access to my wallet.

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April 14, 2019, 04:37:45 PM
 #354

If the central bank makes cryptocurrency, would it be operated this way?would it have ICO and bounty? Are they trying to shift totally into crypto? This are my questions. Because that should not actually be a big deal if it will be adding value to the present.of which I think that is going to lay off many human resources called bankers.

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April 14, 2019, 05:10:25 PM
 #355

It is said that central banks plan to release their own curypto currency in some countries,for example Japan..
 
How do you think about these crypto?
in today's situation there is no possibility for that to accept the cryptocurrency by the government especially Bitcoin will not been accepted by any type of government in the society so it takes some times to convince the government and the country to accept then only it will be valuable for them.

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April 14, 2019, 07:18:12 PM
 #356

Crypto currency made by the government will have price stability, because the government itself regulates it and allows buyers to feel safe, but in my opinion Crypto is not pure cryptography, because Crypto is made without anyone managing it.
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April 16, 2019, 10:33:48 PM
 #357

Crypto currency made by the government will have price stability, because the government itself regulates it and allows buyers to feel safe, but in my opinion Crypto is not pure cryptography, because Crypto is made without anyone managing it.
It is true that cryptocurrencies have great volatility but how can people say that the currencies printed by governments have any stability when every year there is inflation that is eating away the ability of your currency to buy whatever you want and at the end all the fiat currencies in the history of the world have always returned to their inherent value which is zero, if the government of the country in which you live begins to print their own cryptocurrency do not deal with it or you will regret it in the future.
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