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Author Topic: Ecuador to create own digital currency.  (Read 2975 times)
farlack
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August 30, 2014, 04:23:17 PM
 #1

http://m.tech.firstpost.com/news-analysis/ecuador-roll-official-virtual-currency-year-end-move-ditch-us-dollar-231619.html



Cool stuff here, would be great if they just used btc.
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ensurance982
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August 30, 2014, 04:30:22 PM
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Well what bothers me is that people always go and create their own digital currencies and don't just adopt/embrace Bitcoin! A currency can only be strong if a lot of people accept it. Also, does the government retain control over the currency? Not good.

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August 30, 2014, 04:33:57 PM
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Isnt this the second thread already?  This news is like 3 weeks old and so outdated.

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August 30, 2014, 04:37:44 PM
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this is silly, fiat based, centrally controlled. sounds like a lame version of mint chip.

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August 30, 2014, 04:42:10 PM
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Bitcoin should be used instead of creating new crypto currencies, most of the people create new crypto currencies for their own gain. Only crypto currency with better algorithm than bitcoin could take over BTC. Bitcoin was one of the first crypto currency that's another point why It is most popular and have biggest value and It would be really hard to take over BTC now.
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August 30, 2014, 05:00:14 PM
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Bitcoin should be used instead of creating new crypto currencies, most of the people create new crypto currencies for their own gain. Only crypto currency with better algorithm than bitcoin could take over BTC. Bitcoin was one of the first crypto currency that's another point why It is most popular and have biggest value and It would be really hard to take over BTC now.

What do you mean by "algorithm"? Do you mean certain features of Bitcoin (or a proposed new coin) or are you talking about a PoW (PoX) algorithm? ("Mining algorithm") And why would that be better than Bitcoin?

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August 30, 2014, 05:25:53 PM
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Bitcoin should be used instead of creating new crypto currencies, most of the people create new crypto currencies for their own gain. Only crypto currency with better algorithm than bitcoin could take over BTC. Bitcoin was one of the first crypto currency that's another point why It is most popular and have biggest value and It would be really hard to take over BTC now.

read the article!!

its not going to be a crypto. just another lame assed database of binary digits, like what banks already have

Quote
The new currency was approved, and stateless crypto-currencies such as Bitcoin simultaneously banned

Quote
He said it is not like Bitcoin, whose advantage is in its technical underpinnings: Only a limited amount of Bitcoin can be minted. Without that safeguard, economists have warned, a government could theoretically create as much as it wants, risking inflation.

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Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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August 30, 2014, 05:36:34 PM
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this is silly, fiat based, centrally controlled. sounds like a lame version of mint chip.
It is essentially very similar to paypal. They even say that the currency is going to be backed by some asset (probably dollars, but who knows).
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August 30, 2014, 05:48:53 PM
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August 30, 2014, 06:50:51 PM
 #10

If they are making new digital currency following the bitcoinic trend then yes they are doing a good thing for their country.Using bitcoin could be a difficult act as bitcoin is moreover a trading platform to many people now.Like forex brokers now had jumped over to bitcoin
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August 30, 2014, 06:53:35 PM
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I concur, it's not a meaningful digital currency, less a cryptocurrency, if it does have a central authority, and thus point of failure! Show how some people are just merely jumping on the bandwagon, while not getting the actual potential of Bitcoin at all!

I should have gotten into Bitcoin back in 1992...
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August 30, 2014, 07:17:03 PM
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Someone should introduce bitcoins to them and show the advantages of adopting it for Ecuador.
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August 31, 2014, 10:20:27 AM
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Well what bothers me is that people always go and create their own digital currencies and don't just adopt/embrace Bitcoin! A currency can only be strong if a lot of people accept it. Also, does the government retain control over the currency? Not good.

More Banks will adopt Bitcoin when it has the Global ID and Central authority.

this proposition seems to be from the government

LOL

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digitalindustry
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August 31, 2014, 10:24:06 AM
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Isnt this the second thread already?  This news is like 3 weeks old and so outdated.

/ squirming begins.

/ comedy levels rising.

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digitalindustry
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August 31, 2014, 10:25:45 AM
 #15

Bitcoin should be used instead of creating new crypto currencies, most of the people create new crypto currencies for their own gain. Only crypto currency with better algorithm than bitcoin could take over BTC. Bitcoin was one of the first crypto currency that's another point why It is most popular and have biggest value and It would be really hard to take over BTC now.

read the article!!

its not going to be a crypto. just another lame assed database of binary digits, like what banks already have

Quote
The new currency was approved, and stateless crypto-currencies such as Bitcoin simultaneously banned

Quote
He said it is not like Bitcoin, whose advantage is in its technical underpinnings: Only a limited amount of Bitcoin can be minted. Without that safeguard, economists have warned, a government could theoretically create as much as it wants, risking inflation.

LOL

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Chavez
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August 31, 2014, 10:35:20 AM
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Cool stuff here, would be great if they just used btc.

They'll probably want something they can issue or control so bitcoin wouldnt be any good.
digitalindustry
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August 31, 2014, 11:00:39 AM
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I concur, it's not a meaningful digital currency, less a cryptocurrency, if it does have a central authority, and thus point of failure! Show how some people are just merely jumping on the bandwagon, while not getting the actual potential of Bitcoin at all!

true they are just trying to be cool, by not making "Joe public" buy their monopoly money from a few small insiders, instead probably issuing it at a free market exchange rate, pfft idiots.

and its not even mandatory.

nothing to see here !

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GigaCoin
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August 31, 2014, 11:07:47 AM
 #18

Would be so much easier for them if they just adopt Bitcoin. It will literally just take a few minutes.

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August 31, 2014, 11:15:42 AM
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Would be so much easier for them if they just adopt Bitcoin. It will literally just take a few minutes.
Well it would be, and this is not like Bitcoin. They currency seems like 'virtual FIAT', centralized and all of that.
That's not how it was supposed to be, and that's worse.

We're going nowhere if everyone makes their own currency.

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August 31, 2014, 11:50:33 AM
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Centralized, wont possess the same strengths as bitcoin. This is good news though coins like this are a gateway drug to the real thing.
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