Should Ecuador be legally allowed to create their own digital currency?

[digitalindustry]

http://rt.com/news/183960-ecuador-currency-digital-dollar/


Think about this:


- Not a "Crypto currency"

- Not Bitcoin

- Not able to be mined by Bitcoin ASIC

- Bitcoin can't control it. i.e its not attached to the Bitcoin Block-chain.

- Might be issued by Government not By Bitcoin ASIC holders.

Isn't there some sort of international law that would make this sort of thing illegal?

don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them?

[sx100]

I doubt anyone could stop them doing it.

[sx100]

I doubt anyone could stop them doing it.

They could just stop selling them new ascis ? Or only for 1000% of the current price.

Who says it will be PoW? The article says "the technical details or the name of the currency have not been revealed".

[digitalindustry]

We allow generally scam coins or Ripple/Stellar coins. So tell me why should be offended if govs will try their own currency now ?

At this point we need to use our brain if it even hurts for some people and see through, that these kind of progression could be end bad for the crypto world.

United we win and divided we fall.

agreed so what is the answer?

Should the West bomb them is that what you are suggesting? and install a democratic government?

i don't think it should go that far, as we don't know the details, but certainly the world doesn't have to trade with them?

[digitalindustry]

We allow generally scam coins or Ripple/Stellar coins. So tell me why should be offended if govs will try their own currency now ?

At this point we need to use our brain if it even hurts for some people and see through, that these kind of progression could be end bad for the crypto world.

United we win and divided we fall.

agreed so what is the answer?

Should the West bomb them is that what you are suggesting? and install a democratic government?

i don't think it should go that far, as we don't know the details, but certainly the world doesn't have to trade with them?

You know Syria didn't had to trade the Dollars for their oil, but changed their view pretty fast after the putsch not to use the Gold based currency they hoped to use.

yeah they learned their lesson.

why do countries keep making the same mistake?

[Winner]

hmmm I wonder if their cyptocurrency is going to rise/drop in price or just get pegged to the dollar...

[TheMage]

http://rt.com/news/183960-ecuador-currency-digital-dollar/


Think about this:


- Not a "Crypto currency"

- Not Bitcoin

- Not able to be mined by Bitcoin ASIC

- Bitcoin can't control it. i.e its not attached to the Bitcoin Block-chain.

- Might be issued by Government not By Bitcoin ASIC holders.

Isn't there some sort of international law that would make this sort of thing illegal?

don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them?

Are....are you trolling O_o

[digitalindustry]

hmmm I wonder if their cyptocurrency is going to rise/drop in price or just get pegged to the dollar...

it would be almost impossible to peg effectively to the dollar, but who knows?

[djarot]

I think there is not conflict of interests here, just some government experiment, and a low level one at that.......because really, if i am in charge of country with a "borrowed" currency, i would like to have control over stuff like money supply etc too, like most countries have. I guess thats why it will be limitless too, though that in itself is kinda dumb i think personally.. can generate how much they like and where have we heard that one before!

[OrientA]

Is it a fiat digital currency without PoW mining?

[digitalindustry]

Is it a fiat digital currency without PoW mining?

it's fiat because it is by government dictate -

it's digital

and no details on the rest.

[murraypaul]

http://rt.com/news/183960-ecuador-currency-digital-dollar/


Think about this:
- Not a "Crypto currency"
- Not Bitcoin
- Not able to be mined by Bitcoin ASIC
- Bitcoin can't control it. i.e its not attached to the Bitcoin Block-chain.
- Might be issued by Government not By Bitcoin ASIC holders.
Isn't there some sort of international law that would make this sort of thing illegal?

Are you serious?
Exactly what sort of 'international law' do you think would apply here?
Why on earth would it be illegal?

don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them?

Why should we want to persuade them? To do what?

[WhatTheGox]

think its their decision

[wachtwoord]

I doubt anyone could stop them doing it.

America sometimes bombs nations if it doesn't agree with their internal politics.

[Spoetnik]

Canada had one and it was a flop and last i heard they were selling off their rights to it..

http://www.coindesk.com/canadian-government-end-mintchip-digital-currency-program/

Still, MintChip was widely viewed as an alternative to bitcoin that was famously criticized by Bitcoin Foundation director Jon Matonis for “missing the point” of the technology.

i doubt there is much that can be done other than mock it and laugh LOL

oh and you say no bombing but that IS what happens regardless..
USA controls them or the crosshairs get put on them fast.. democracy at the barrel of a gun.
Ecuador will have "In God We Trust" with an "Illuminati pyramid" all seeing eye on their fiat money before you can blink hahha

The fact is, fiat ain't going anywhere.. so the only question is then is, how is it going to work seamlessly with their digital idea ?

[murraypaul]

Ecuador will have "In God We Trust" with an "Illuminati pyramid" all seeing eye on their fiat money before you can blink hahha

They already do, they use the US Dollar.

[iGotAIDS]

Oh wait, I get it, you're looking for someone to say, "No, Ecuador should buy Quarks because there is no Mining Monopoly that controls Quark." Right?

[wachtwoord]

I doubt anyone could stop them doing it.

America sometimes bombs nations if it doesn't agree with their internal politics.

Sometimes ? I think they need to disarm America like they did with Germany.

I wonder who 'they' represents in your sentence. No nation on Earth can at this moment. The citizens could but won't. Are you talking about aliens? 

[DawnInTokyo]

don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them?

what? lol

[digitalindustry]

don't get me wrong i'm not suggesting we bomb Ecuador or anything like that, I think we are a long way from there, but certainly sanctions could persuade them?

what? lol

so you say bomb?

it's the wrong thing to do straight away i think.