Topic: each state will create its own token? - page 7. (Read 2120 times)
It's possible but its not profitable in some cases. For example, a third-world country tries to create a token just a couple of months after its launch it might fail miserably. Internet and Advertisement is key in every ICO. If one fails to do so then it is bounded for failure.
I think state did not considered token under their currency it is because a lot of process to be undertaken by on state. Token is globally used through internet and one state cannot produce their own token as long as it's not approve by their legislative body and creating token is against the policy of one state because they are under the law of protecting their own currency.
Hello people!As you consider whether each state to create their own tokens? under its currency?
If the state will create their own token under their own currency, they just made no difference but making another money out of their own. It is like, if there is 20$ bill it will be creating another 15 or 10$ bills also and it will centralized by then controlled by their own government. It has no relation to crypto. 
Hello people!As you consider whether each state to create their own tokens? under its currency?
I do not think so. People use the same money because everyone is accessing the internet. In addition, real digital money is not so big that it has to be divided into small states, so it is still centralized and independent. 
The idea must be positively accepted by the government, banking system and people. As far as I know several Japanese banking group is pushing to make their own digital currency called J-coin to be introduced before this coming 2020 Olympics. While according to what some say the government and central bank of Japan are open to the idea. And value of J-coin will be the same as the value of Yen. The idea is not far to make it realistic.
Guess this would be the way that it'll start. First it's a government-sanctioned coin and then later they would start allowing it to be used in place of fiat for more things until before you know it, IT is fiat. Digital fiat is every government's wet dreams. It have all the benefits of cash to them with the addition of greater control and snooping powers.
Hello people!As you consider whether each state to create their own tokens? under its currency?
I think that's the trend now. Dubai was first, but China was already considering it, and there are Rumors that Japan and USA will do it to. It won't be bitcoin, so it won't really compete with it though. It might help bitcoin though, because it will make people create the habit of using virtual currencies, so it won't be strange to them to use bitcoin. And as soon as they realize how easy it is, and how much better bitcoin is (because of it's limited supply), they will all adopt bitcoin.
The idea must be positively accepted by the government, banking system and people. As far as I know several Japanese banking group is pushing to make their own digital currency called J-coin to be introduced before this coming 2020 Olympics. While according to what some say the government and central bank of Japan are open to the idea. And value of J-coin will be the same as the value of Yen. The idea is not far to make it realistic.
Very possible that this could happen but I dont think it will and that simply is because that would lead to more centralization and this the basic system that which Satoshi was trying to get away from. Doesnt seem likely,
although nothing is impossible in this world.
although nothing is impossible in this world.
All we need for trading any cryptocurrency is access to internet. So any cryptocurrency which is created is global.
I think you have not properly understood his point. Every state or country having its own crypto would make the system what it is today. The crypto would still be regulated if it is state owned. So if it regulated and not global it has actually lost some major traits of being a cryptocurrency.The population still needs an internet connection to be able to use. So what about the citizens who don't have an internet access? They will become "unbanked"
USA (~300 million citizens) and Australia (~25 million citizens) are the top countries with internet access but still, only 90% of the population has access to the internet. It means over 32 million citizens won't have access to a banking (crypto-based) system
In some countries in Africa, only 10% of the citizens have internet access, it means 90% of the population won't have access to a banking system. Can't run this type of economy (cryptos based) in those countries.
The OP only suggested if each country will create their own tokens not that those tokens will replace cash, I think governments are going to try to create their tokens but whether those tokens are going to be successful is another story, people will use them but when things get difficult in the economy people will recognize that bitcoin is way better since it is independent of government direct control.USA (~300 million citizens) and Australia (~25 million citizens) are the top countries with internet access but still, only 90% of the population has access to the internet. It means over 32 million citizens won't have access to a banking (crypto-based) system
In some countries in Africa, only 10% of the citizens have internet access, it means 90% of the population won't have access to a banking system. Can't run this type of economy (cryptos based) in those countries.
Any form of "crypto-only" economy is a utopian idea that would lead to unexpected consequences (imho). Running dual currency would be ineffective for any monetary institution because you cannot control either amount of tokens in circulation or their value in time (= interest rate). Fiat wins for central banks
All we need for trading any cryptocurrency is access to internet. So any cryptocurrency which is created is global.
I think you have not properly understood his point. Every state or country having its own crypto would make the system what it is today. The crypto would still be regulated if it is state owned. So if it regulated and not global it has actually lost some major traits of being a cryptocurrency. 
I wouldn't be surprised if they do. I mean, as a gov't, who doesn't like having digital fiat? You get total control over it and by extension your people as well. And no need to worry about it being stolen by anyone else but you.
Im not sure if that was a good idea because in order to create a token we just only need an internet means it can be use and accesible worldwide.
In my country Philippines, some bitcoin user created PSB token (pesobit) like pesos currency but it seems that coins is going to dump now.
Yeah heard of Pesobit. People are calling it a scam.
Hello people!As you consider whether each state to create their own tokens? under its currency?
Im not sure if that was a good idea because in order to create a token we just only need an internet means it can be use and accesible worldwide.
In my country Philippines, some bitcoin user created PSB token (pesobit) like pesos currency but it seems that coins is going to dump now.
Yeah heard of Pesobit. People are calling it a scam.
Yes the each state will create its own token are I think if every country does that. this in my opinion will not be effective because I think it will kill the fiat currency owned by every country they have. if there is a digital currency adjacent to the fiat currency that becomes the currency of a country this will cause a dualism that can cause a split in the currency strengthening between digital money and fiat in general.
I wouldn't be surprised if they do. I mean, as a gov't, who doesn't like having digital fiat? You get total control over it and by extension your people as well. And no need to worry about it being stolen by anyone else but you.
Im not sure if that was a good idea because in order to create a token we just only need an internet means it can be use and accesible worldwide.
In my country Philippines, some bitcoin user created PSB token (pesobit) like pesos currency but it seems that coins is going to dump now.
Yeah heard of Pesobit. People are calling it a scam.
Hello people!As you consider whether each state to create their own tokens? under its currency?
Im not sure if that was a good idea because in order to create a token we just only need an internet means it can be use and accesible worldwide.
In my country Philippines, some bitcoin user created PSB token (pesobit) like pesos currency but it seems that coins is going to dump now.
Yeah heard of Pesobit. People are calling it a scam.
Hello people!As you consider whether each state to create their own tokens? under its currency?
I am assuming by state you mean country. What you are saying is no different the already existing fiat, of each country creates its token, it would be just like the fiat but with few different things and ultimately it will still be controlled by the government. The population still needs an internet connection to be able to use. So what about the citizens who don't have an internet access? They will become "unbanked"
USA (~300 million citizens) and Australia (~25 million citizens) are the top countries with internet access but still, only 90% of the population has access to the internet. It means over 32 million citizens won't have access to a banking (crypto-based) system
In some countries in Africa, only 10% of the citizens have internet access, it means 90% of the population won't have access to a banking system. Can't run this type of economy (cryptos based) in those countries.
The OP only suggested if each country will create their own tokens not that those tokens will replace cash, I think governments are going to try to create their tokens but whether those tokens are going to be successful is another story, people will use them but when things get difficult in the economy people will recognize that bitcoin is way better since it is independent of government direct control. USA (~300 million citizens) and Australia (~25 million citizens) are the top countries with internet access but still, only 90% of the population has access to the internet. It means over 32 million citizens won't have access to a banking (crypto-based) system
In some countries in Africa, only 10% of the citizens have internet access, it means 90% of the population won't have access to a banking system. Can't run this type of economy (cryptos based) in those countries.
Whatever country that creates its token would list it in the market because this would also help to strengthen the local fiat.
I think if every country does that. this in my opinion will not be effective because I think it will kill the fiat currency owned by every country they have. if there is a digital currency adjacent to the fiat currency that becomes the currency of a country this will cause a dualism that can cause a split in the currency strengthening between digital money and fiat in general. so I think we should use bitcoins for virtual currencies that are global is better because bitcoin has no control from either party or government or other agencies. and my expectation of bitcoin would be acceptable in every country for as a legitimate transaction tool.
Of course, what is more it would works really good in my opinion. But in spite of its own token, every state could use more popular crypto due to make intergovernmental payments.
Whatever country that creates its token would list it in the market because this would also help to strengthen the local fiat.
Hello people!As you consider whether each state to create their own tokens? under its currency?
Im not sure if that was a good idea because in order to create a token we just only need an internet means it can be use and accesible worldwide.
In my country Philippines, some bitcoin user created PSB token (pesobit) like pesos currency but it seems that coins is going to dump now.
Actually you need information as well and things to support it, the problem is that other people refuse to use it and not anyone can have any access to it so why replace it with tokens that is not accessible by each person in its country?
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