Topic: A country would have to be a damn fool to start a national cryptocurrency. (Read 1673 times)

I hear rumors that Russia is considering starting their own national cryptocurrency.  As well, many believe that if the US or any other major power ever "adopted" cryptocurrency they would just start their own blockchain. 
 
Foolishness. 
 
Do you know what that would be inviting?  Total economic and digital war.  If the entire value of the U.S. Dollar is on an open blockchain that anyone can mine and attack, you better believe that rogue/rival nations will do everything they can to try to damage our blockchain.  And wouldn't we be forced to levy the same attacks & threats vs. them? 
 
You know who doesn't have to worry about this nonsense?  A blockchain of value that represents the entire human race and not just one entity.  A true global currency.  Bitcoin, Monero, and other truly neutral and worldwide projects don't fly a flag.  They stand for all of us.  Just look at some of the full nodes running in these projects: there are nodes in China, the US, Russia, India, and many more. 
 
A cryptocurrency flying a national banner is about as useful as an internet flying a national banner (ahem, North Korea).  I can see how there might be secure blockchains for internal Department of Defense usage and Apple Inc usage (just like intranets) but no country is going to back their currency with a proprietary blockchain that paints a big fat target on their ass.  If they did, they would just centralize it... and that's not really a blockchain, is it?  That's just a shared, private database. 
 
So let's end this argument once and for all.  It's either the world wide ledgers or nothing; there won't be national flavors.
 

I hear rumors that Russia is considering starting their own national cryptocurrency.  As well, many believe that if the US or any other major power ever "adopted" cryptocurrency they would just start their own blockchain. 
 
Foolishness. 
 

I hear rumors that Russia is considering starting their own national cryptocurrency.  As well, many believe that if the US or any other major power ever "adopted" cryptocurrency they would just start their own blockchain. 
 
Foolishness. 
 
Do you know what that would be inviting?  Total economic and digital war.  If the entire value of the U.S. Dollar is on an open blockchain that anyone can mine and attack, you better believe that rogue/rival nations will do everything they can to try to damage our blockchain.  And wouldn't we be forced to levy the same attacks & threats vs. them? 
 
You know who doesn't have to worry about this nonsense?  A blockchain of value that represents the entire human race and not just one entity.  A true global currency.  Bitcoin, Monero, and other truly neutral and worldwide projects don't fly a flag.  They stand for all of us.  Just look at some of the full nodes running in these projects: there are nodes in China, the US, Russia, India, and many more. 
 
A cryptocurrency flying a national banner is about as useful as an internet flying a national banner (ahem, North Korea).  I can see how there might be secure blockchains for internal Department of Defense usage and Apple Inc usage (just like intranets) but no country is going to back their currency with a proprietary blockchain that paints a big fat target on their ass.  If they did, they would just centralize it... and that's not really a blockchain, is it?  That's just a shared, private database. 
 
So let's end this argument once and for all.  It's either the world wide ledgers or nothing; there won't be national flavors.
 

I hear rumors that Russia is considering starting their own national cryptocurrency.  As well, many believe that if the US or any other major power ever "adopted" cryptocurrency they would just start their own blockchain. 
 
Foolishness. 
 
Do you know what that would be inviting?  Total economic and digital war.  If the entire value of the U.S. Dollar is on an open blockchain that anyone can mine and attack, you better believe that rogue/rival nations will do everything they can to try to damage our blockchain.  And wouldn't we be forced to levy the same attacks & threats vs. them? 
 
You know who doesn't have to worry about this nonsense?  A blockchain of value that represents the entire human race and not just one entity.  A true global currency.  Bitcoin, Monero, and other truly neutral and worldwide projects don't fly a flag.  They stand for all of us.  Just look at some of the full nodes running in these projects: there are nodes in China, the US, Russia, India, and many more. 
 
A cryptocurrency flying a national banner is about as useful as an internet flying a national banner (ahem, North Korea).  I can see how there might be secure blockchains for internal Department of Defense usage and Apple Inc usage (just like intranets) but no country is going to back their currency with a proprietary blockchain that paints a big fat target on their ass.  If they did, they would just centralize it... and that's not really a blockchain, is it?  That's just a shared, private database. 
 
So let's end this argument once and for all.  It's either the world wide ledgers or nothing; there won't be national flavors.
 

 
  
Isn't that a funny truism?  
  
Even Dogecoin would be orders of magnitude better than the *best* implementation of any JP Morgan Coin or bitRuble.

I don't think that it is a foolish move of a country to use their own cryptocurrency instead of bitcoin. Governments need to be able to control the supply of the cryptocurrency in order the economy to function, with bitcoin you can't control it's supply since it is decentralized.

American dollars still hold their value, because we force other countries to accept it...

Some people would argue that today's dollars are pretty much useless as well, with all the printing and with more than $18 trillions of the American debt and also without anything backing it up (gold standard was dropped long time ago).

Yet again American dollars still have and hold their value. Something tells me that this centralized crypto money would behave in the same way.

 
 
As I stated, when they do so then they don't have a cryptocurrency: they have a shared spreadsheet.  It will be useless and valueless on the open market. 
 
It's like the difference between a company's intranet and the open internet. 

OP you are wrong about this possible national cryptocurrency being open (decentralized). Whoever tries to make their own cryptocurrency, banks, governments, states, they will make it completely closed and centralized.

By being centralized, attacks as you suggested will be limited and quite impossible. Also nothing easier than today's attacks on Pentagon for example.

And why do you think that that 'national' cryptocurrency will be open to mine? I doubt it. They would probably post blockchain online without ability to change it - only for normal to view and mine coin in closed environment by their own servers, that would be a smart idea.