Bank & Government Crypto - page 4. | Bitcointalksearch.org

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

We already have some examples to pull from that is likely what many countries "cryptocurrencies" would look like. For example the Chinese Digital Yuan. It was completely rolled out by the Chinese government and controlled by them. It simply creates an even easier way for the government to track it's own citizens.

I am not sure any government will actually roll out a decentralized cryptocurrency as it's main currency, though I hope I'm wrong.

fiulpro

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Let's get one thing clear :
Bitcoin Rose to it's Value from literally less than a dollar and it did all of this by itself, it did not take any help from any Governmental authority or whatsoever and at the end society after 10 years started accepting it to a level when we see people literally coming in to an extent that we are scared about it getting centralized.
When we talk about these cryptos by the banks and other strong authorities , they will already have a value because they Will be backed at the end of the day. Therefore they cannot even compare to bitcoins and at the end of the day this is nothing but a centralized circus trying to get people believe that they would give them not only financial freedom but also it would be secure from the government and other things alike. Like literally no risk of getting banned. This is nothing but market manipulation coupled with the manipulation of people's mind.
Government is just welcoming fiat 3.0
People use bitcoins to get away from "Governmental manipulation" why would they go straight in that again ?

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

The only crypto that the government might be interested in as their own creation was reportedly the CBDC, Central Bank Digital Currency (CBDC).

That's going to be a centralized cryptocurrency and the value will rely on what the government will say. We may put that in our own ledger wallets if Ledger will support it.

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Believe me, no man or woman can trust what a government does in terms of cryptocurrencies, if it is stablecoin they have to force them, the way to do it is through payments or others, but the people who have Bitcoin or search for Bitcoin. Don't give them the In the least interest of a government stablecoin, governments are always looking for the benefits for themselves, their systems are designed to exploit, not to benefit their people.

20kevin20

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Quote from: NatureMoves on April 11, 2021, 10:34:41 AM

When you say control, you mean the government has the power to devalue crypto by making it infinite? Isn't that also possible for other cryptos made by companies?

The government will have full control over everything. Supply, addresses, inflation rate, transactions.. Just like banks function today, the digital currency will. The difference is, today you can purchase an item worth $5 using cash without the government knowing you were the dude who's purchased a condom. There likely won't be a possibility to keep it on a Ledger - and even if there is, there will be the possibility that your coins will be seized at any given time if the government wants to.

The currency's price will be stable. Don't imagine a CBDC created by the US would explode past Bitcoin's price due to adoption. No, it will most likely be pegged 1:1 to the USD. We won't give it value. It's still the rich and the bankers who will Wink

Yes, it's possible for other cryptos created by companies too. Once a blockchain is centralized, its users are no more under control. Instead, the control falls into the hands of the coin's creators.

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Quote from: Gozie51 on April 11, 2021, 09:11:51 AM

Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Nope I'm not thinking that the people would have any determining factor to create or give value because is going to be centralised just like fiat as it will be controlled by government. The manipulation will go on and control can't stop, us going to check people freedom. It can only serve as stable coin on one hand.

When you say control, you mean the government has the power to devalue crypto by making it infinite? Isn't that also possible for other cryptos made by companies?

BrewMaster

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government and the banks will always create fiat and nothing else the form that fiat comes in is changing from physical cash to digital money and credit and in the near future it may temporarily change into a form of cryptocurrency before they go back to the previous digital form since centralized cryptocurrency has no meaning and is the most inefficient form of money.
as for its value, as i said they create fiat so it will have the same value as fiat. for example 1 crypto Rupee is going to be worth 1 Rupee, 1 C-CNY=1CNY, 1CUSD=1USD and so on.

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

It really depends on the specifics of the currency. If they make a decentralized crypto, then its value will depend on the demand and supply, so people will indeed be the ones giving value to it. However, there's no sense in creating such a crypto for banks and governments because many such cryptos already exist, and they could just adopt one of them. So I think that a bank's crypto would be centralized, with the supply under control of the bank and the price also regulated as much as possible. As for storing it in one's own wallet, I think it would probably be possible, so it's still better than storing fiat in a bank.

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Nope I'm not thinking that the people would have any determining factor to create or give value because is going to be centralised just like fiat as it will be controlled by government. The manipulation will go on and control can't stop, us going to check people freedom. It can only serve as stable coin on one hand.

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Banks and government creating their own cryptocurrency would be a little different, government will never create a cryptocurrency that is decentralized for sure.

It is just gonna end up something like a stable coin for sure, it could end up wrong at some point when the market price depends on supply and demand in the market that affects the price of the token.

The token will be regulated for sure because they will not promote something like bitcoin, it is just like a fiat currency but virtual I think, but their are many ways on how they could do it.

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

Banks and/or governments can not create a decentralized currency, they can only create a state currency and there is a big difference.
Since they can only create a stablecoin, I can't imagine people speculating on it more than with traditional currencies.
So if you expect to see people buying state coins and wait to see the price pumping. Nope it won't happen

Quote from: Theb on April 11, 2021, 07:41:51 AM

They didn't start to work on this digital euro to compete with cryptocurrencies. They perfectly know the difference between a digital coin and crypto and know very well that people interested in cryptocurrencies is just a speculation matter. This won't be the case with a digital euro coin.

They did it as an innovation in digital payments means and to avoid being dependent on certain networks. By networks, I mean some companies like Visa and Mastercard

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I am interested in the title, because it is more precise in using the sentence. bank, government & crypto. so that it fits better in sentence placement.

The plan for making crypto has started to be worked on by several parties who have always supported the early emergence of crypto. the bank and the government will make their crypto based on the value of the respective country's currency which is still pegged at the dollar price. then it will look like the value of the coin is stable, but with different amounts based on the exchange rate of a particular country's currency against the dollar.
There will not be too many significant changes, because the coins created by the government in collaboration with the bank will adjust so that their value can still be centralized by the two institutions.

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

I believe that on the one hand, they will help to normalize the crypto world and Bitcoin, although the Central Banks will insist on saying that the real currencies are theirs, and on the other hand, it is a way for them to fight, in vain, against the threat of Bitcoin.

Probably uninformed people will start using their currencies and will not want to know anything about the Bictcoin but most people will end up knowing that the most valuable asset is the Bitcoin, because the information today is very accessible.

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

If you are talking like CBCD to be used as sign kind of investment like bitcoin, then it's not. Remember that CBCD would likely be similar to a paper bank notes or simply local currency being digital. And they will use their own blockchain, but mostly it will be a private one. So it's very different, it will be centralised and will be heavily regulated by the issuer (government).

Theb

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I can't find the exact article I was reading about the "Digital Euro" but this is the closest one I can get online

Quote from: https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html

ECB said it should be prepared to issue a digital euro, but it would co-exist with euro notes and coins rather than replace them

A digital euro would combine the efficiency of a digital payment instrument with the safety of central bank money

In short, a digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure access to euro cash across the European territories where it is accepted.

If we will treat the European Central Bank as an example their own digital currency is a "reflection" of their fiat currency which is the Euro. the European Central Bank has proposed this last year and one the reasons why is the pandemic that had spread fast in their country, also this is their own way to battle out other cryptocurrencies as well as payment processor which their citizens will also be incurring fees just for the transfer. Their value will always be backed up by the fiat version of their money and I think this will be the same situation for other countries seeking digitalisation of their money.

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Quote from: NatureMoves on April 11, 2021, 07:03:24 AM

If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

CBDCs will be backed by fiat currencies and they are not digital assets to trade like cryptocurrencies.

They are almost similar to the stable coins like Tether USD, BUSD, USDC, etc. but they are more centralized (not by companies but by governments and central banks).

They can be minted by governments like huge fiat currencies were printed & distributed for QEs in 2020 and 2021. Many governments tried to keep the economies go forwards with less visible effects from the pandemic.

NatureMoves

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You are right, it is only a matter of time. How will they help inflate the price, by controlling the news media?

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It is not if they do it is when. Countries are realizing the value and it will become a money grab. If a large enough country does it they can help inflate the price themselves and not need others to do it.

NatureMoves

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If banks and governments create their own cryptocurrency, will the people still be the ones to give value to it like Bitcoin and will we be able to store it in our own ledger to protect our own money?

Topic: Bank & Government Crypto - page 4. (Read 525 times)