Central Bank of Crypto-Currency - page 6.

cahbagus555

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Quote from: GymClassHeroes on August 30, 2018, 06:56:49 PM

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

I think cryptocurrency is always decentralized currency and no authorities can control it. If there is central banks of crypto, i think thats can not call cryptocurrency because that crypto must be controlled by authorities

KingdomHearts

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Quote from: Ranly123 on September 02, 2018, 08:23:07 AM

Quote from: GymClassHeroes on August 30, 2018, 06:56:49 PM

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

It is like a centralized way of keeping and saving your crypto. Even without these supposed central bank of cryptocurrency, we can still keep our holdings through our wallets be it online or a hardware wallet. So there is no need for a bank if we can have our wallets to keep it.

This supposedly makes the idea something that is quite insensible as far as I am concerned. You are right with such a situation panning out to be a centralized way of keeping cryptocurrencies, now for the fact that cryptocurrencies are decentralized, I see no way in which this can actually work.

Every investor is simply in control of their own assets without the need for a third party, so I do not see how this can play out effectively or in reality.

richmcrich

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Quote from: aso118 on September 02, 2018, 11:24:10 AM

Quote from: GymClassHeroes on August 30, 2018, 06:56:49 PM

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

All these efforts will come to nought. People forget why Bitcoin and other cryptocurrencies became successful in the first place - because of the failures of central banks across the world to manage monetary policy. So a central bank managed cryptocurrency has no chance of succeeding - they will have the same problems as traditional fiat currencies.

Exactly! Central banks have failed over time with fiat due to manipulations, monopoly, control and all their B.S shenanigans. Now, this is not something that I would expect to even be a form of debate, considering that as long as cryptocurrencies are not centralized, there would be nothing like a central banks of cryptocurrency and that is even ridiculous thinking about it in the first place.

For what it is, people would not even look towards such direction as the point of decentralization in the first place is what brings the main value to this space.

wantjokull

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Quote from: GymClassHeroes on August 30, 2018, 06:56:49 PM

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

That is very interesting news and I would love to see that RBI is making such great decisions. However, I do feel that RBI is being very confused about their decisions in the India because first they have banned the crypto currencies and literally took the matter into the court and thus left everyone wondered as to whats happening within India and with crypto relations of it. Now, here comes another news where they want to form their own CDDC which would be central currency of India itself. They should have been positive about it since the first day and must have thought about it positively that crypto currencies can help them regulate the digital money more efficiently than any other currency out there. It would be interesting to watch the next steps of RBI.

Hell-raiser

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Quote from: Oasisman on September 03, 2018, 08:20:26 PM

Quote from: tippytoes on September 03, 2018, 07:45:21 PM

Quote from: Finestream on September 03, 2018, 07:33:13 PM

Quote from: Strufmbae on September 03, 2018, 12:09:09 AM

Central banks are controlled by rothschild, astor, rockefeller bloodlines and that is the cause why some of the countries are bounded by debt, also a way to enslave a country, meanwhile cryptocurrency is decentralized and is helping individuals to stand with their own feet.

For me,having a central bank for cryptocurrency may be a positive news but i don't think it is much needed because we already have our own wallet for our safe keeping.And the fact that crypto has a decentralized nature,if a central bank will be adopted,then decentralizati.on will now be lost.

Yes, no need for central banks as the original intentions of having cryptocurrencies will be lost if they will be present. Current setting with cryptocurrencies is fine. They don't need governing body to operate.

We can go against decentralizing cryptos as much as we can, but we cant stop government from banning cryptos either. The only alternative for cryptocurrency not to be banned, is to regulate it. Although the tax and transaction fees may hurt us, but the least we can do is to follow them, if we want to continue invest and trade cryptocurrency.

Yeah, we can't stop governments from banning crypto but can they ban it and actually enforce this ban in practice? If they banned gravity today, would gravity cease to exist and tomorrow we would wake up weightless with zero gravity everywhere? Nothing of the kind. The cryptoban is like banning gravity. They can definitely pass a law, or even a dozen of laws (bo matter how many) but if they can't enforce that law, they will only make fools of themselves. That likely explains why most governments shy away from downright banning crypto as they can't stop people from using it despite their ban.

That's the thing with decentralized currencies as just announcing a ban won't suffice. Banning crypto requires real action, violence and bloodshed, not empty words by loud mouths.

myown2cents

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This is definetly exactly what crypto doesn't need. Centralized coins are fine you can check ripple and if you want to invest thats fine however central "bank" is definetly exactly why bitcoin was invented and against those federal banks that rule the country and even global world. I think we should focus on making money more decentralized even the fiat should get more and more decentralized and not get it ruled by private banks.

Dollar, euro, all kinds of currencies definetly should try give it a go about giving people a voting rights on the market movements, I know it would make no sense since rich people will buy news media and people will vote for them anyway but at least it would require some more work for them.

Hell-raiser

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Quote from: timerland on September 05, 2018, 03:28:15 AM

Quote from: hildacitra on September 03, 2018, 08:54:27 PM

Crypto currency is always debatable because many countries do not receive a=or even ban it, such as Indian recently. The government has better to regulate it and make a policy in using this new trend of digital currency rather than ban it. Because we see that Crypto brings much advantages and it is appropriate with the growth of world technology. The world now is coming toward digital, and Crypto matches it.

Central bank of Crypto will be worth and worse. The worth is Crypto probably will be more secure and well regulated, there will not be a trick played on value. The worse is that it breaks the principle of crypto decentralized.

You're getting the idea of this central bank wrong.

It's not going to be all of a sudden asserting control over bitcoin's network. It's not like that. The most that it is able to do is to regulate the services which deal with bitcoin.

But this is not the task for a central bank. Markets are regulated by specialized agencies and services like SEC, CFTC (in the United States), etc. A central bank regulates a government currency, which is fiat, so the task of regulating services which deal with or in bitcoin doesn't lie in its scope of operation.

Quote from: timerland on September 05, 2018, 03:28:15 AM

But even that isn't the main aim of this central bank mentioned in this article. The main thing that the RBI and Indian government may trying to be accomplish or at least look into is the creation of their own cryptocurrency. Obviously that will be centralized, but it won't affect existing decentralized cryptos one bit.

That's another story. But we have been hearing about PBC (the central bank of China) going to issue their own cryptocurrency for at least five years already. There was a lot of buzz a couple years ago about this effort to create a national cryptocurrency but now these talks are no longer heard. So I suppose, these were just rumors.

As an aside, making a centralized government cryptocurrency doesn't make a lot of sense as this is what fiat already is.

timerland

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Quote from: hildacitra on September 03, 2018, 08:54:27 PM

Crypto currency is always debatable because many countries do not receive a=or even ban it, such as Indian recently. The government has better to regulate it and make a policy in using this new trend of digital currency rather than ban it. Because we see that Crypto brings much advantages and it is appropriate with the growth of world technology. The world now is coming toward digital, and Crypto matches it.

Central bank of Crypto will be worth and worse. The worth is Crypto probably will be more secure and well regulated, there will not be a trick played on value. The worse is that it breaks the principle of crypto decentralized.

You're getting the idea of this central bank wrong.

It's not going to be all of a sudden asserting control over bitcoin's network. It's not like that. The most that it is able to do is to regulate the services which deal with bitcoin.

But even that isn't the main aim of this central bank mentioned in this article. The main thing that the RBI and Indian government may trying to be accomplish or at least look into is the creation of their own cryptocurrency. Obviously that will be centralized, but it won't affect existing decentralized cryptos one bit.

hildacitra

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Crypto currency is always debatable because many countries do not receive a=or even ban it, such as Indian recently. The government has better to regulate it and make a policy in using this new trend of digital currency rather than ban it. Because we see that Crypto brings much advantages and it is appropriate with the growth of world technology. The world now is coming toward digital, and Crypto matches it.

Central bank of Crypto will be worth and worse. The worth is Crypto probably will be more secure and well regulated, there will not be a trick played on value. The worse is that it breaks the principle of crypto decentralized.

Oasisman

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Quote from: tippytoes on September 03, 2018, 07:45:21 PM

Quote from: Finestream on September 03, 2018, 07:33:13 PM

Quote from: Strufmbae on September 03, 2018, 12:09:09 AM

Central banks are controlled by rothschild, astor, rockefeller bloodlines and that is the cause why some of the countries are bounded by debt, also a way to enslave a country, meanwhile cryptocurrency is decentralized and is helping individuals to stand with their own feet.

For me,having a central bank for cryptocurrency may be a positive news but i don't think it is much needed because we already have our own wallet for our safe keeping.And the fact that crypto has a decentralized nature,if a central bank will be adopted,then decentralizati.on will now be lost.

Yes, no need for central banks as the original intentions of having cryptocurrencies will be lost if they will be present. Current setting with cryptocurrencies is fine. They don't need governing body to operate.

We can go against decentralizing cryptos as much as we can, but we cant stop government from banning cryptos either. The only alternative for cryptocurrency not to be banned, is to regulate it. Although the tax and transaction fees may hurt us, but the least we can do is to follow them, if we want to continue invest and trade cryptocurrency.

tippytoes

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Quote from: Finestream on September 03, 2018, 07:33:13 PM

Quote from: Strufmbae on September 03, 2018, 12:09:09 AM

Central banks are controlled by rothschild, astor, rockefeller bloodlines and that is the cause why some of the countries are bounded by debt, also a way to enslave a country, meanwhile cryptocurrency is decentralized and is helping individuals to stand with their own feet.

For me,having a central bank for cryptocurrency may be a positive news but i don't think it is much needed because we already have our own wallet for our safe keeping.And the fact that crypto has a decentralized nature,if a central bank will be adopted,then decentralizati.on will now be lost.

Yes, no need for central banks as the original intentions of having cryptocurrencies will be lost if they will be present. Current setting with cryptocurrencies is fine. They don't need governing body to operate.

pitiflin

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Quote from: rickadone on September 01, 2018, 04:55:59 AM

It is indeed hypocrisy of the highest level. Rather than looking at things that are relevant and necessary, they are busy coming up with things that really does not even sound like those who have a clue of what they are doing. It is insane to be thinking of central bank of cryptocurrency when indeed everyone is their own bank and have full control of their money.

Of course, that shows how much they just want to keep being in control and in the center of everything, so I am not surprised at how ridiculous they are.

Its not just the hypocrisy here, a central Bank for crypto isn't necessary anywhere. Crypto isn't meant to be dealing with an whole economy to be honest, it hasn't reached that point of maturity where it can help control an economy. Crypto is still in its early years, and countries should rather focus on things like, I don't know, recession? Like, your country is fucking dying, but bitch I am going to open a central bank for crypto. I am not pointing this towards to India, but at Venezuela and Iran(?).

This world is dying. We have fucking jackasses like Logan Paul,John fucking McAfee,Alex Jones, Donald Trump etc getting richer and richer, whilst at least 50% of the world is in recession.

Finestream

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Quote from: Strufmbae on September 03, 2018, 12:09:09 AM

Central banks are controlled by rothschild, astor, rockefeller bloodlines and that is the cause why some of the countries are bounded by debt, also a way to enslave a country, meanwhile cryptocurrency is decentralized and is helping individuals to stand with their own feet.

For me,having a central bank for cryptocurrency may be a positive news but i don't think it is much needed because we already have our own wallet for our safe keeping.And the fact that crypto has a decentralized nature,if a central bank will be adopted,then decentralization will now be lost.

magneto

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Quote from: GymClassHeroes on August 30, 2018, 06:56:49 PM

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

Interesting read. Technically, this would be a cryptocurrency, but it's important to note that it would still be controlled by the RBI, and will be backed by fiat currencies.

Essentially, their vision here isn't anything positive to do with bitcoin, or even bitcoin regulation for that matter. What they are looking into is a better way to print their fiat and manage the fiat economy, with an on-chain cryptocurrency that they still retain control to.

It would be no different to Venezuela's attempt at a national crypto, like the Petro, or even any fiat that is stored on debit cards - except it's on a blockchain. So I wouldn't really say that it's positive nor negative to bitcoin.

What is interesting to me is that they are still trying to enforce their sanctions on bitcoin, which is ridiculous while they try to develop their own crypto. They even seem to be trying to regulate P2P trades, which will prove to be much harder than they think:

Quote

Calling for coordination with global regulators to tackle the challenges posed by cryptocurrencies, the bank announced it would meanwhile be keeping a close watch on:

“[Crypto] trading [that] shifts from exchanges to peer-to-peer mode, which may also involve increased usage of cash.

Crypto Girl

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Quote from: CASTIEL05 on September 02, 2018, 10:13:51 PM

Quote from: GymClassHeroes on August 30, 2018, 06:56:49 PM

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

It is ironic? We aim for decentralized monetary system but there will become a centralized crypto market. I believe that it will destroy the real purpose of bitcoin as well as blockchain technology wherein there is a decentralization and transparency to all people worldwide. But I think it will gonna happen specially if government will be the one who lead for centralized cryptocurrency bank.

We actually aim that but it's still depend on the team that creating their token. This centralized thing is just govern by those greedy people that wanted to manipulate everything as of course they see crypto currency as a quick investment, crypto currency is just so perfect. So what we need now is a strong regulation that will mandate everything, so in this way we can have crypto currency the way it should.

andriw

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I think this is just a discourse, but if the discourse is carried out then other countries may also be interested in India's steps and begin to follow it.

Strufmbae

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HIRE ME FOR SMALL TASK

Central banks are controlled by rothschild, astor, rockefeller bloodlines and that is the cause why some of the countries are bounded by debt, also a way to enslave a country, meanwhile cryptocurrency is decentralized and is helping individuals to stand with their own feet.

CASTIEL05

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Quote from: GymClassHeroes on August 30, 2018, 06:56:49 PM

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

It is ironic? We aim for decentralized monetary system but there will become a centralized crypto market. I believe that it will destroy the real purpose of bitcoin as well as blockchain technology wherein there is a decentralization and transparency to all people worldwide. But I think it will gonna happen specially if government will be the one who lead for centralized cryptocurrency bank.

crzy

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Quote from: aso118 on September 02, 2018, 11:24:10 AM

Quote from: GymClassHeroes on August 30, 2018, 06:56:49 PM

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

All these efforts will come to nought. People forget why Bitcoin and other cryptocurrencies became successful in the first place - because of the failures of central banks across the world to manage monetary policy. So a central bank managed cryptocurrency has no chance of succeeding - they will have the same problems as traditional fiat currencies.

Exactly, and for sure different countries will not agree on this, if ever who will be the one to operate this thing while in the first place it cannot be control, especially with bitcoin. Central bank for cryptocurrency will not happen I think, mass adoption is really what we need so people can easily use cryptocurrency now without any hesitation and I hope government will finally support this kind of market.

Bitfling

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Quote from: GymClassHeroes on August 30, 2018, 06:56:49 PM

Creating a Central Bank of Crypto-currency may no longer sound ridiculous as we are now having a number of countries coming up with some sort of mass application of the technology, the latest is from India, which reportedly ban cryptos, but recent report states that they are considering having a Bank of crypto, Ruppies-backed, Central bank digital currencies CDDC.
Are these really positive news for the crypto-market?

https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency

If cryptocurrency created and controlled by central banks, there is no different between paper money. Cryptocurrency should be not controlled by any authorities and decentralized.

Topic: Central Bank of Crypto-Currency - page 6. (Read 2515 times)