Ecuador: The First Country to make it's own CrytoCurrency

[Joshuar]

"Ecuador is developing its own electronic tender as digital currencies led by bitcoin have gained acceptance as a means of payment that have been promoted as a replacement for traditional money. Unlike Ecuador’s plan, most virtual currencies were developed as an alternative to government-backed tender."

Looks like Ecuador is going to be the first country to make it's own cryptocurrency. Thoughts?


Article: http://www.bloomberg.com/news/2014-08-05/bitcoin-like-money-is-ecuador-s-dollar-saving-plan.html

[jbreher]

Looks like Ecuador is going to be the first country to make it's own cryptocurrency. Thoughts?

Thoughts? I think this is nothing like a cryptocurrency. From the article:

A monetary authority will be established to regulate the money, which will be backed by “liquid assets.”

It appears to be just another digital fiat - just like all the other digital fiats already in circulation.

[TrailingComet]

This sounds no different from a digital coupon or voucher that is treated as cash by fiat
Certainly not independent of govt interference, so not really a decentralised digital currency, just fiat in another form

[BitCoinDream]

"Ecuador is developing its own electronic tender as digital currencies led by bitcoin have gained acceptance as a means of payment that have been promoted as a replacement for traditional money. Unlike Ecuador’s plan, most virtual currencies were developed as an alternative to government-backed tender."

Looks like Ecuador is going to be the first country to make it's own cryptocurrency. Thoughts?


Article: http://www.bloomberg.com/news/2014-08-05/bitcoin-like-money-is-ecuador-s-dollar-saving-plan.html

There is already a thread regarding this => https://bitcointalk.org/index.php?topic=729106.0

[medUSA]

The article said nothing about this currency being a "crypto" currency, it just said it is a "digital" currency. So it is centralised and regulated, may not have a blockchain at all. It is nothing similar to Bitcoin at all. Ecuador is borrowing Bitcoin's publicity.

[mrmousebtc]

The article doesn't clarify if it will be a real crypto like those we have on this forum, similar to bitcoins.

[Quintessence]

I think that Ireland is the first country that has own cryptocurrency

[LiteCoinGuy]

The article said nothing about this currency being a "crypto" currency, it just said it is a "digital" currency. So it is centralised and regulated, may not have a blockchain at all. It is nothing similar to Bitcoin at all. Ecuador is borrowing Bitcoin's publicity.

yep, and after canada canceld their mintchip project, big ecuador will be successful  

[TheTruth4]

I really wish it was possible to short their coin already...

[goose20]

I really wish it was possible to short their coin already...

lol - a few thousand % profit there for you if you could.
I like your thinking, true but still kinda sad for Ecuador.

[unexecuted]

Any country that creates a good digital currency will enable very secure distributed exchanges between said currency and bitcoin. They still have to compete with bitcoin's decentralized nature and fixed supply and free global market.

[CoolBliss]

So now fiat is also "Bitcoin-like" cause most of it is also digital?

[logger]

What makes bitcoin bitcoin is incompatible with central state control. This is to say that you can't centralize a concept that relies on decentralization as a premise and expect things to work out. A "government cryptocurrency" is just fiat by another name.

[virtualx]

So now fiat is also "Bitcoin-like" cause most of it is also digital?

Fiat has been digital since the introduction of credit cards. Of course the reason for credit cards was to spend money that doesn't exist 

[Rampton]

This would've been a great experiment if it was actually going to be a cryptocurrency but unfortunately it doesn't look like it is going to be. I'm sure it's only a matter of time before this does happen, though.

[fbueller]

I think that Ireland is the first country that has own cryptocurrency

auroracoin was the first. Literally no one over here knows about Gaelcoin, bitcoiners or lay people..

[Yeezus]

Looks like Ecuador is going to be the first country to make it's own cryptocurrency. Thoughts?

Thoughts? I think this is nothing like a cryptocurrency. From the article:

A monetary authority will be established to regulate the money, which will be backed by “liquid assets.”

It appears to be just another digital fiat - just like all the other digital fiats already in circulation.

Yeah, that's sad. I think a country will try issue a cryptocurrency at some point but I'm also sure they'll probably make it centralised too.

[waldox]

no one will adopt it unless its decreed by law
useless digital fiat like the rest of the world already has

[BADecker]

Ecuador and all South American nations are civil law nations. This means that the governments of the respective nations can force their people - this side of complete rebellion by the people, of course - to do almost anything that they want. The United States is a common law nation along with most of Canada, and the United Kingdom. In the U.S. the people have already done the rebellion through the rebellions that the British people did over the last several hundred years, and through the fight for freedom when the United States was formed. This means that the people can legally do almost anything that they want, even to defy virtually any law the government makes. This is the reason it will be difficult for the U.S. government to legally fight Bitcoin.

Start you freedom from U.S. government persecution with these websites:

http://voidjudgments.com/ and the links at the page bottom

http://www.broadmind.org/

http://www.unkommonlaw.co.uk/

And this one is very interesting http://www.youtube.com/channel/UC5duR4OvEHHxOSdEZhANETw

Read this one slowly and digest what it is saying to you http://educationcenter2000.com/Trinsey-v-Paglario.htm

[Minecache]

I thought Iceland were first with the auroacoin.