Can the government or banks create their own crypto? - page 2.

Kelvinid

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Quote from: DuaLipa on November 13, 2017, 05:11:08 PM

Quote from: CryptGuardian on November 12, 2017, 05:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

They can create their own crypto for sure. This is not somethin new. Let me state it like this, I don't think they will take bitcoin and integrate it into their own systems. Instead of doing this, they will try to implement their own crypto so that they will feel 100% safe.

I agree.They can really create their own crypto if they wish too.But not totally popular than bitcoin nowadays.They can create own crypto but if almost all of the people are not interested to invest,i'm sure it will not lasts longer,unlike what bitcoin did.

DuaLipa

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Quote from: CryptGuardian on November 12, 2017, 05:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

They can create their own crypto for sure. This is not somethin new. Let me state it like this, I don't think they will take bitcoin and integrate it into their own systems. Instead of doing this, they will try to implement their own crypto so that they will feel 100% safe.

jekjekman

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Quote from: CryptGuardian on November 12, 2017, 05:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Of course each country in the world can create their very own cryptocurrency if they want but I don't that it will surpasses what Bitcoin already achieved because imitating can't drive a thing to a success or even steal the spot of the original one not unless it will offer a great choices and convenient to its users.

Why is it the question is always to defeat, take place, remove, etc.. even though Bitcoin was made for the better good and not meant to destroy Fiat currency. Modern technologies was made for people to use it and not to destroy someone else's lives but it is true that there are businesses that will be obsolete because of it and modernization is inevitable.

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Quote from: CryptGuardian on November 12, 2017, 05:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

First off, understand that no one said that the government doesnt already have a pretty serious stake in bitcoin. I say "the" but I mostly mean the "United States government". Beyond that, hell to the yes, and look at Russia. Cryptos are not quite as bulletproof as folks on the forum would have you believe; there are few things in life that can stand the full might and power of an established government. pretty much the only way we will get state sponsored promotion of adoption is if they release a coin of their own; this wont be a soonish thing, as governments are still getting their jollies off of running fiat economies (at the moment, it is easier to control a fiat money supply, since making new money is simply printing on new scraps of paper. when they figure out it is even easier to obscure the numbers when you are dealing with 1s and 0s, so help us God).

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Quote from: CryptGuardian on November 12, 2017, 05:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Yes difenately, they have all the power and resources to create there own cryptocurrency or even cryptography. The problem is, can they beat the growth of bitcoin. Knowing that bitcoin already established its point in cryptocurrency. Can they encourage investors to invest in the cryptocurrency that they made. There are lot of aspects to be considered in order to develop something and replace bitcoin on top.

conceivedspoon2

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Yes. The government of China and Switzerland are examples of this subject. Government and banks can create their own cryptocurreny but have an exchange with bitcoin. There is not cryptocurrency that will not have its exchange with bitcoin due to the fact that it has been here before them and moreso because of its acceptabilities and structures.

bitart

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Quote from: Sanglotslongs2 on November 13, 2017, 03:01:06 PM

They will use the brand name "crypto" for sure but it will not be anything like that. A centralised netwrok that'll be all. They will try to be innovative at th same moment that they will delete cash money. No worry, open source project will be here too gain new user from this new liberty removal Angry

I don't think they will call it 'crypto' because if government creates something, it needs to be accepted by all the average people too. People without proper technological or financial (or crypto

) knowledge will be afraid of the new government issued coin if it's called crypto money or similar... They probably will issue it 'silently'. Maybe, in the first round, they will let only the banks use that and if it's successfull, then they will let people use it. They will probaly call it the 'digital' money instead of crypto.

gustaf.berg

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Quote from: barabut on November 13, 2017, 12:58:06 PM

Quote from: CryptGuardian on November 12, 2017, 05:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

At the end they can not remain indifferent to cyrpto currency and they will create one may be they did I don't know. If they need to do they have technology in their hand.

that is right. if they have the technology and proper people they can do it.

Sanglotslongs2

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They will use the brand name "crypto" for sure but it will not be anything like that. A centralised netwrok that'll be all. They will try to be innovative at th same moment that they will delete cash money. No worry, open source project will be here too gain new user from this new liberty removal Angry

lucifochrome

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If there are ordinary people (Developers) can create cryptocurrency then most probably the government can create it the question is, will it get that much support from the community. bitcoin is worldwide and if every government create their own crypto then it is just the same as the traditional currency then it will not get that much support from other government. Besides why would they create one when bitcoin is already existent and they have a huge amount of bitcoin on hand where they can easily manipulate the market by dumping and buying.

salihno71

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It is not so hard to create a cryptocurrency. Essential difference in case when government is behind it is that they would mine it and hold all the strings which basically means that it would not be much different from regular fiat.

xbl1008

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Quote from: CryptGuardian on November 12, 2017, 05:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

Its also lingering in my mind I think they are preparing for this because they know someday this crypto market will become the mainstream in the finance world and they can take preemptive measure when it does happen because bitcoin and other cryptos are really a bank killers.

xBitHodler

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Yes, all the governments across the world can create their own cryptocurrency. Even we, ordinary citizens could create our own cryptocurrency but probably it wouldn't have any value. Paper money has value because it is backed by government. Unfortunately, we won't see any real national cryptocurrency anytime soon.

LeGaulois

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Of course, they can, at least nobody is stopping them to do. For example, JP Morgan (if I am not wrong) created Quorum, based on Ethereum to provides private smart contract execution and is patented.

I don't remember exactly about their project but it's not a crypto designed for the average Joe but focused on companies related to the finance niche.

edit: found it https://www.jpmorgan.com/country/US/EN/Quorum

Creepings

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Quote from: cryptocrusher on November 13, 2017, 01:33:31 PM

Quote from: CryptGuardian on November 12, 2017, 05:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

They certainly could and truthfully I see this happening one day, it would allow them to utilise the blockchain technology which could really improve some of their systems and what they can offer to clients. The question of course is would people use them or just stick to other coins that already exist?

That is the point, people might suspect this kind of crypto currency as something so the government can control the uncontrollable or decentralized crypto world, which they can't obviously. People will just shrug the crypto off, some will obviously use them,but mostly, I don't think so.

cryptocrusher

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Quote from: CryptGuardian on November 12, 2017, 05:28:54 PM

With the likes of government , NSA ,banks etc..Could they coordinate into creating their own crypto to defeat Bitcoin?
Creating something like 'Legal Bitcoin' , invest and pump, make it succesfull? Make markets aware
Maybe even create their own cryptography where they could still be able to decypher code if they needed to?

They certainly could and truthfully I see this happening one day, it would allow them to utilise the blockchain technology which could really improve some of their systems and what they can offer to clients. The question of course is would people use them or just stick to other coins that already exist?

BlueFlare Magazine Co.

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Yes. Waves or ERC20 token is all they will need.

AverageGlabella

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I think they will attempt it and probably be very successful at it. There's one direction we are going and thats relying on the internet and thats why crypto will have such a big market value.

dg2010

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Yes, There is no doubt that Government and banks can create their own crypto. But those coins can be succeeded or not, they will be not sure. As you know, Bitcoin is the first crypto of the world. It has made the big trust in investors. With new coins is created by Government or banks, those coins can't convince investors like that.

ismart1

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Some governments may create their coins to enforce some control towards use and general regulation of a crypto and effectively have their population to adopt it, but in no way it will be a threat to bitcoin as no currency in the real world can break the dollar, for example, so they actually can work to reinforce the validity of decentralized coin as the bitcoin. They will be as any altcoin that will always have the standard in bitcoin. Just as an example Euro was created and did not replace the dollar. Many coins are particular to some communities, in case a government creates a coin will happen the same.

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