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Author Topic: Ecuador Digital Currency  (Read 642 times)
CryptoCurrencyInc.com (OP)
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July 31, 2014, 05:34:36 PM
 #1

Ecuador Digital Currency
http://www.cryptocoinsnews.com/news/ecuador-first-nation-create-digital-currency/2014/07/31


any thoughts?

                                                                               
                 
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July 31, 2014, 05:39:48 PM
 #2

It would make it easier to buy bitcoins.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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July 31, 2014, 05:42:35 PM
 #3

I applaud Ecuador's rejection of the dollar hegemony, but ecuatorianos should be aware of their government's true goal -- the ability to go deep into debt and never have to repay it.

Anyway, Ecuador's digital currency will have more in common with the U.S. dollar and Canada's dollar-backed MintChip than with Bitcoin.

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July 31, 2014, 05:51:09 PM
 #4

I never heard of Canada's dollar-backed MintChip. What is it?
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July 31, 2014, 06:06:06 PM
 #5

I never heard of Canada's dollar-backed MintChip. What is it?

http://bitcoinmagazine.com/776/the-mintchip-the-canadian-governments-answer-to-bitcoin/

{ Imagine a sequence of bits generated from the first decimal place of the square roots of whole integers that are irrational numbers. If the decimal falls between 0 and 5, it's considered bit 0, and if it falls between 5 and 10, it's considered bit 1. This sequence from a simple integer count of contiguous irrationals and their logical decimal expansion of the first decimal place is called the 'main irrational stream.' Our goal is to design a physical and optical computing system system that can detect when this stream starts matching a specific pattern of a given size of bits. bitcointalk.org/index.php?topic=166760.0 } Satoshi did use a friend class in C++ and put a comment on the code saying: "This is why people hate C++".
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July 31, 2014, 06:14:46 PM
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Thanks, the article says it's not as secure as bitcoin, but it looks very interesting.
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July 31, 2014, 06:52:26 PM
 #7

Mintchips issues are very obvious, though:

Closed source, hardware reliant, centralised, controlled by a central bank.

Not really crypto as we know it, Jim.

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