Are Blockchain Projects in Northeast Asia can change the economy?

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Quote from: imstillthebest on August 03, 2019, 02:03:24 AM

only on north east asia ? Whats so special about them ? . blockchain technology and cryptocurrencies are already changing the economy at its best but only for those who allow the use of them . those country that bans crypto and blockchain wont feel those benifits . too bad for them

In addition to those technology and payment method , a certain country can excel more if they can create a new projects under the blockhain tech and with the help of cryptos like mentioned on the op .

Simply, it seems that this region is seriously ready to use it almost everywhere. There is no such great movement in this area even in the USA. For instance, South Korea has a friendly policy regarding the development of blockchain technologies, and there are a large number of crypto service users in the country.
The openness of the Korean secondary market and the diverse use of digital currencies and blockchain applications have created a good environment for the growth of the industry in the country.

TheUltraElite

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Quote from: sana54210 on August 12, 2019, 09:16:09 AM

It is a gradual process, there is nobody that is not flexible to changes, even the government also. Look at Facebook, who would have ever imagine that they could turn around and start supporting cryptocurrency.

Lets not even start to talk about FB. It the biggest cancer in the world today and most other social media, leaving out the IM applications though. Its owner knows that data is what needs to be collected and you can whiff away your privacy with being on FB. Kids everyday are uploading stuff they dont even know about and its harming them in more than ways they can know at this point of age. With crypto becoming their weapon they will try their methods to take over the market which is why I hope governments stop the development of its shitcoin.

This is not healthy growth in crypto. Multinational companies coming in only makes it worse.

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Quote from: TheUltraElite on August 10, 2019, 04:07:37 AM

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This situation is rather complicated when governments will still advocate banning cryptocurrencies in their countries, but at the same time adapting the blockchain to their state systems.

I dont think that is possible because once a government stance is developed they are not going to change it. Moreover if they are not pro-crypto they are probably looking to keep the ledgers of all transactions private. This is always a problem with governments be it any other part of the world or specifically Northeast Asia.

I have been watching some new exchanges that came up there with trade mining as their new buzzword like Fcoin and nexybit. Both of them sold away their companies and turned their back to investors who came in to join the trade mining dividends - scammed off their entire investment. Hence the chance of government support is also very low in such projects.

It is a gradual process, there is nobody that is not flexible to changes, even the government also. Look at Facebook, who would have ever imagine that they could turn around and start supporting cryptocurrency.

Let us also take a look at china, prior to the last new I heard of them, the news that was all over the internet then was that they would ban cryptocurrency miners, in which a date was even picked for it, but suddenly, there was silence over it and the last news I heard of them was that they are planning on creating their own cryptocurrency. Bitcoin has gone to deep fir any government to fight it real hard, and the best they can just do right now is to look for a way to take control of it which some countries are already doing so .

TimeTeller

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Quote from: eaLiTy on July 29, 2019, 04:48:36 AM

Quote from: pana72 on July 15, 2019, 01:01:33 AM

Link Project, ICON Project, Klaytn in Japan and South Korea are starting their business. How these projects can change the local economy? Carry protocol and Contents protocol can be a good example for this.

All the projects are there to simplify things and if the projects could really make a difference to the society it will have an implication on the economy as well. There are many projects coming up but only time will tell whether these projects will be successful as they intended to be as we have seen many promising projects that came and just could not fulfill what they started and died off eventually. So it is hard to predict until we have results.

There are really good projects that intend to change the old system.
However, the usual struggle is in the implementation side.
You will see and read well-written whitepapers with elaborate plans, but very few items are being realized later on.
Hindrances like funds, number of consumers or the dev team themselves play major role for the success of the platform.

TheUltraElite

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Quote from: ?? on ??

This situation is rather complicated when governments will still advocate banning cryptocurrencies in their countries, but at the same time adapting the blockchain to their state systems.

I dont think that is possible because once a government stance is developed they are not going to change it. Moreover if they are not pro-crypto they are probably looking to keep the ledgers of all transactions private. This is always a problem with governments be it any other part of the world or specifically Northeast Asia.

I have been watching some new exchanges that came up there with trade mining as their new buzzword like Fcoin and nexybit. Both of them sold away their companies and turned their back to investors who came in to join the trade mining dividends - scammed off their entire investment. Hence the chance of government support is also very low in such projects.

imstillthebest

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only on north east asia ? Whats so special about them ? . blockchain technology and cryptocurrencies are already changing the economy at its best but only for those who allow the use of them . those country that bans crypto and blockchain wont feel those benifits . too bad for them

In addition to those technology and payment method , a certain country can excel more if they can create a new projects under the blockhain tech and with the help of cryptos like mentioned on the op .

pieppiep

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Quote from: pana72 on July 15, 2019, 01:01:33 AM

Link Project, ICON Project, Klaytn in Japan and South Korea are starting their business. How these projects can change the local economy? Carry protocol and Contents protocol can be a good example for this.

If the country accepts cryptocurrency, I think the blockchain project can change the economy in that country because people can use the project for their lives. People will try to integrate with the projects although we cannot see many of the projects have already integrated with the system in real life, in the future, I think if it's a success to join with the system, it could give a good impact to the economy of the country. We need to see the progress as it will not happen in a short time because there are a lot of things that need to do before it could give a good effect.

BTCappu

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I think that for a project that is created to be able to have any good effect on the economy of any country and to the extent of changing it, it would have to be a huge project is that will draw huge money into the country daily… so it's not just any kind of project that can draw money to the country ,some projects are just worthless and by the way this is not the first time I'm seeing a project on blockchain that seems to be quite interesting but at the end they will be abandoned when there is nothing good coming from it. The devs do this for money, you don't expect them to continue running a project that doesn't bring the money, They have bills to pay and also has to feed,lol…

jostorres

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Quote from: eaLiTy on July 29, 2019, 04:48:36 AM

Quote from: pana72 on July 15, 2019, 01:01:33 AM

Link Project, ICON Project, Klaytn in Japan and South Korea are starting their business. How these projects can change the local economy? Carry protocol and Contents protocol can be a good example for this.

All the projects are there to simplify things and if the projects could really make a difference to the society it will have an implication on the economy as well. There are many projects coming up but only time will tell whether these projects will be successful as they intended to be as we have seen many promising projects that came and just could not fulfill what they started and died off eventually. So it is hard to predict until we have results.

With the level of some shot projects that we find around now, honestly I am beginning to give up on new projects and just counting on the older ones to take us to that promise land. Most of these new projects that you see dyeing off promised heaven and heart and promised they have a better technology than that of their competitor, those same competitors they talked about are still delivering very quality and solid projects till date while majority of them has already packed up.

I think if we think of encouraging projects, we need to encourage those older projects that re in the market already but finding it hard to survive because of the attention of users that has been stolen from them. I still believe though that a time will come when we will be having more records of projects delivering but now.

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Quote from: fiulpro on July 28, 2019, 10:02:13 AM

The technology there is already so advanced and people never refrain from using the new one's , the government is also so supportive .
I think they would set an amazing example and will see tremendous growth in the economy soon.

What makes you think that they would be willing to take the risk in a new sector or some known blockchain based projects? The current legality of bitcoin although legal in these countries but the picture is pretty tarnished back in US and majority of Asia.

Whether this can be changed in future is still a question. In case if bigger companies start accepting cryptocurrencies then we might see a change in the stance of the governments and then it might be worth seeking out such country people for a pitch. Till then I dont see any reason why any project would be able to get a decent financial support from them. Sad

eaLiTy

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Quote from: pana72 on July 15, 2019, 01:01:33 AM

Link Project, ICON Project, Klaytn in Japan and South Korea are starting their business. How these projects can change the local economy? Carry protocol and Contents protocol can be a good example for this.

All the projects are there to simplify things and if the projects could really make a difference to the society it will have an implication on the economy as well. There are many projects coming up but only time will tell whether these projects will be successful as they intended to be as we have seen many promising projects that came and just could not fulfill what they started and died off eventually. So it is hard to predict until we have results.

fiulpro

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It's not the project it's the people .
Making a project is a different thing and how people are receptive to it is one.
If people are going to be happy about it and invest then it will for sure see an amazing growth.
Also, It's Japan and South Korea we are talking about The technology there is already so advanced and people never refrain from using the new one's , the government is also so supportive .
I think they would set an amazing example and will see tremendous growth in the economy soon.

MidnightWolf

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Of course, if you use the cryptocurrency market correctly and that smart people are engaged in this business, you can earn and replenish the state budget very well, which will definitely bring huge profits for the benefit of the people. But first of all, all state structures and governments should be loyal to cryptocurrency and even at the state level by means of certain laws legalize cryptocurrency business in the territory of their country.

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I think it is going to have an affect and it will definitely have small changes but as a whole nation? I doubt so. I mean the technology is there for sure and I am betting that with time they will start to be used a lot more but even when they get big they won't get big as much as "changing the economy" type big.

In order for a countries economy to get big there needs to be new money coming in and that can happen with attracting money from other nations, that can't happen in bulk via crypto technology just yet, who knows maybe in 10-20 years it could but for now they are just small time things that won't have too much affect. It can help with taxing a bit maybe by using the blockchain technology and following everyone's money and taxing them accordingly to avoid tax evasion but that is about it.

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The use of blockchain technology helps the growth of economy generally depending on where it is applied to. Japan has been one great supporter of blockchain technology and cryptocurrency because they have probably applied it to so many areas where they have seen the effect of it.

One of the thing that usually slow down the growth of economy is too much involvement of third part, and this is one of the thing that blockchain has come to eliminate, with blockchain, the government can directly perform some certain functions without having to involve third party that usually cost them fortune to maintain. There is also going to be transparency in the economy as people will no longer be able to direct participate on a corrupt practices that kills economy.

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Quote from: pana72 on July 15, 2019, 01:01:33 AM

Link Project, ICON Project, Klaytn in Japan and South Korea are starting their business. How these projects can change the local economy? Carry protocol and Contents protocol can be a good example for this.

Japan, South Korea or even Singapore is already progressive nation in Asia already. So I don't see it how blockchain projects can impact their economy, the positive thing though is that they are fully aware how crypto/blockchain is the new revolution so even their financial standing is so good, they still deal themselves with the latest technology.

Maybe what should be looking are the developing countries in South East Asia, Malaysia, Thailand, Indonesia, Philippines. This nation should step up try to increase their awareness with this technology (if they hadn't done so) because this is a game changer. It might take years for this nation to accomplished what Japan or South Korea did, but at least they can create a positive direction for their country with this technology and possibility improved their economic standings.

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Quote from: barbara44 on July 23, 2019, 12:21:22 PM

Will a simple sql database operate what blockchain is able to operate, would a simple sql database eliminate third party involvement in transactions?

No, if about 3rd party removal, only permissionless POW blockchain will do the job.

Quote from: barbara44 on July 23, 2019, 12:21:22 PM

Blockchain might be expensive at the development stage, but what of in the long run, the fee we pay for blockchain transaction can still not be compared to what we pay in the traditional banks.

This reason might be correct in the past; however, at the moment, bank transactions are practically free (except for international transfer).

My point is while Bitcoin project is real and have use case (permissionless, open, borderless, non-debased, etc.), the use case of these "blockchain projects" may or may not be existed. Thus, the idea if this hypothetical project could affect NE Asia economy is still improbable.

danherbias07

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Locally?
Japan dont need it. Their economy is way better than most countries all over the world and so does Korea.

Maybe worldwide it could change something. Japan already accepted bitcoin and South Korea might be on its way too.
They might have banned a lot of ICOs and exchange but being one of the largest economy in crypto currency it would be better to just accept bitcoin no matter what.

darklus123

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Every startup projects can really have good impact to its local economy especially if it will succeed. Japan to be exact as an example we know how the Japanese economy has been struggling from their all time peak for decades.

But within the past years after Japan started to make decent amounts of crypto related projects slowly they are again overcoming the challenges and if this will continue Japan might not just be able to reach their all time high during earl 80's but they might overcome it as well.

timerland

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Japan, South Korea, and Singapore are probably the biggest hubs for cryptocurrency-based operations, and it's very fair say that Asia is the biggest and most active market in crypto. Most companies all have offices or are based in Singapore, for example, Binance. There's also been a large number of conventions and events held in Singapore, with the rest usually being based in Malta.

Not surprising at all, Japan and South Korea are probably the most technologically advanced countries in the world, and they've always been to adapt to new technology.

I'd also like to add if you look at businesses in those countries, they've been way more accepting of crypto as a payment option, and this is all helped by their favorable government.

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