What if? A government controlled digital currency

[slaveforanunnak1]

I'm worried about them passing a law (pick a country) which states :

"here is your private key! if you wanna make a new one, you have to register it! If you generate your own key willy nilly, then you are a financial terrorist!!!!!!11"
Merchants will have to check the public address against some gov managed DB to make sure it's "valid"

totalitarian wet dream!!

This is where we have leverage. I go on about how minimal regulation is good for BTC. But make no mistake, once I have paid my taxes the government is done. I will not obey the laws you are worried about. If the gov wants to push that hard then they will push me underground. Then they get nothing and there is nothing they can do about it.

http://www.reddit.com/r/Bitcoin/comments/25yhtn/my_worry_with_bitcoin_as_a_network_engineer/

[leopard2]

one word, RIPPLE

[coinpr0n]

one word, RIPPLE

They sure would love that.

[The Bitcoin Co-op]

Governments are strongly considering creating cryptocurrencies, but they would likely use mining just like Bitcoin. They would just use a protocol more to their liking--something that is more easily traced, or automatically deducts taxes from transactions to make avoidance impossible.

[TheButterZone]

It exists, as far as I'm fucking concerned. http://www.cnbc.com/id/102368697

[keelba]

The problem with the Mintchip and the Black Gold coin are that they are still based on some existing fiat currency. The USD is near death. Adding a digital wrapper to it is not going to solve the problem of the current money problem. There's going to have to be more to the story than that.

[hongw]

I think you are confused as to how crypto currency works. Crypto currency is when your money is mathematically protected from seizure and operates on the consensus of all the users.

A currency that a government controls would obviously not meet this criteria. In many ways the US dollar already works in a very similar way in that many dollar transactions are done electronically

[koelen3]

I know atleast that won't be a true Cryptocurrency for me

[tss]

yes.. it has existed for 40+ years now.. its called visa/mastercard and later "american" express.  they each have their own ledger or blockchain

[ikydesu]

If the government controlled digital currency:
- must be have a taxes
- corruption
- sabotage

But make more security and not anonymous anymore

[sandykho47]

The whole purpose of bitcoin & other cryptocurrency will be gone
That won't be cryptocurrency anymore

[pawel7777]

The whole purpose of bitcoin & other cryptocurrency will be gone
That won't be cryptocurrency anymore

I need to ask. What's the purpose/advantage of cryptocurrencies in your opinion?

[Madness]

The whole purpose of bitcoin & other cryptocurrency will be gone
That won't be cryptocurrency anymore

I need to ask. What's the purpose/advantage of cryptocurrencies in your opinion?

It's obivous and your question have an obvious answer , most of people are using Cryptoo currencies in general because it's simply Annonymus and we don't have to deal with banks bullshits (tracking , limiting etc ... ) , waiting time to transfer money , huge fees so if the goverment make a digital currency that they can track just like in other payment methods and they can limit our accounts then it's simply useless for Digital currencies fans .

[pawel7777]

The whole purpose of bitcoin & other cryptocurrency will be gone
That won't be cryptocurrency anymore

I need to ask. What's the purpose/advantage of cryptocurrencies in your opinion?

It's obivous and your question have an obvious answer , most of people are using Cryptoo currencies in general because it's simply Annonymus and we don't have to deal with banks bullshits (tracking , limiting etc ... ) , waiting time to transfer money , huge fees so if the goverment make a digital currency that they can track just like in other payment methods and they can limit our accounts then it's simply useless for Digital currencies fans .

Well, it's not obvious for sandykho47, since he thinks that Gov/Central Bank controlled cryptocurrency (centralised, non-anonymous, not trust-less) will defy the purpose of bitcoin (and other alts).

That's why I asked for his stance on purpose of bitcoin.