Topic: ECB President: There is clearly a demand out there that we have to respond to (Read 347 times)

There is nothing we can do? You are wrong. Do not be too defeatist in this situation. You are giving up even before it happens. Why too weak and pessimist?
 
If you resist they will have the military kick your butt? What are you, an independent nation or a group of rebels or a private army? You are only a single citizen. And you can actually do something.

Have you ever heard of civil disobedience? We will not use their crypto. We will use Bitcoin instead! That is good enough resistance especially if everyone does that.

Are you aware? Bitcoin cannot be identified by states. Because bitcoin is a value tool. It is also a bitcoin currency. There's a difference between them. People buy and hide gold. However, people are both hiding and paying with bitcoin. These are complicated issues.

U and I can be afraid Yes but what can you do??
Notting!! 

If I resist they have Military to kick your butt!

So whoever got power has power!
They might play Nice at first with their laws rules and regulations..... But later on I dont think its all will look so soft and Nice

I am afraid they have, not just the rights but also the privilege. Crypto is not owned by anyone. It is not registered as a trade mark of any company or business. In fact, the codes are open to the public. Everyone can copy it, change a little here and there, and they have their own version of cryptocurrency. That is also something the very powerful central banks can easily do.

Now this Central Banks Come to think they have rights to touch crypto?

Im quite sure that they themselfes holding crypto 4 sure

Both are the problem, in the past when a country was in debt they had to pay with gold or silver, this limited to some extent how much countries could get indebted as whatever was the size of their stash it was not infinite so economic crises were smaller, but now that governments can print all the fiat that they want they can remain in an indebted state for longer, but eventually that will end and when it does it is an incredibly traumatic experience for all of those that have to live through it.

Fiat and debt are partners in crime. Fiat and debt is a death duo to kill individual economies, corporations, and even a country's economy.

Fiat money is a medium of exchange that has no guarantee of gold or silver, its intrinsic value is propped up on a piece of paper that is affixed with nominal or imaginary numbers on it, determined by government law through the country's central bank. In the beginning, paper money was only a guarantor of ownership someone for gold, but now paper money is used as a legitimate medium of exchange without any guarantee of gold or silver, that the user of the banknote has a deposit of gold or silver. In addition to the intrinsic value which is much smaller than the nominal value, paper money is also very vulnerable to increase and decrease exchange rates in the market. This situation is actually very unhealthy and can be detrimental to the government.

The principle of debt is to double money in a certain amount of time with the interest system. The Central Bank creates banknotes or fiat and lends to commercial banks with interest. These banknotes will multiply quickly because they rely on Fractional Reserve Banking. Fractional Reserve Banking is a system that establishes banks to save a portion of money deposited by depositors and use the rest to provide loans to other bank customers.

Seriously if we could just have the bankers who just happen to create money out of thin air, our current system is not as bad as it looks, in anytime of the history usually the system is not the bad part, its the people who use it.

Right now, there are derivatives, leverages, margins, commodities sold plus than combined and sold again etc etc many many bad things. Plus banks have less money in their vaults, literally own less money than they have for savings accounts and loans combined, so if one day everyone withdrew their money there wouldn't be enough money in banks to pay them up, that is literally a ponzi scheme that became too big to fail since it would actually destroy many lives. This is not systems fault, this is the fault of greedy people who keep wanting more and more money.

Honestly even if the stablecoin projects in the cryptospace pushed government in the right direction of adopting better banking techniques in the US, I think we should all be happy. I mean yeah, it still comes with the same flaws as something like Venmo or CashApp which have massive privacy problems. But for the large majority of people in the Western World, Bitcoin really doesn't help them -- USD and better banking does.

In the US we have some of the most antiquated banking systems in the world. We don't have instant transfers -- as transfers as of right now take a few days -- or you pay for a wire and that costs money.

If that's something that we fix then great, I think we'd all be better off with a digital USD/EURO alongside the paper versions as well.

The Problem is not paper currency but the debt
They saing crypto is Solution but.... Thts not Solution

Government issued digital assets are a much worse version of the traditional banking system. I would assume citizens will be issued specific wallet addresses like how Stellar works, in which case the personal wealth of all citizens will become known once a transaction tied to an identity happens (e,g, you pay your utility bill and the clerk looks up the wallet address you paid from; your wealth has now been doxed). Gov are unlikely to have the capacity to develop a system leveraging confidential transactions.

No matter how urge you want the bitcoin to become adopted by a certain country, that is still impossible to happen because they still not know how can bitcoin help their economy grow when its price grows again. The idea of the bitcoin is to become a digital currency in transactions, but they're focusing on how they will convert it in fiat because they know fiat is more reliable and useful.

I was quite curious about these new claims, actually quite bewildered and not sure what they were doing. Many countries are very afraid of money laundering components and that is why they never want crypto to be formed in their country. because that will reduce the government's tax and the country will be underdeveloped due to the absence of state development works. Germans definitely cannot control the blockchain system of the coins here and they will face serious mistakes.

Sorry but it is not going to happen, while it is true that bitcoin was born from very strong ideological viewpoints that stage is over, the moment bitcoin was released to the public this became about pragmatism and since we cannot stop governments to release their own stable coins what we need to do is study our reaction to it, and fortunately we do not have to do anything, I know I will never use those coins and many of the forum members will do the same but as cryptocurrencies become more popular and their reason to exist becomes irrelevant to all of those new adopters we will begin to see an increase in the demand of those coins.

Not all demands require a supply, nobody really wants ECB to get involved with this, nobody really wants even the governments to get involved with this, we love the adoption but we hate it when they try to ruin it. Look at petro and Venezuela, they seriously considered doing something like that only because their money started to worth nothing like Zimbabwe and they didn't want that to happen, that was the only reason why they looked into stable coins. Look at Cyrus they had a crisis years ago and moved to bitcoin, what happened afterwards?

Did they suddenly became a bitcoin country? I wouldn't want these big groups to get into bitcoin, I don't care if market wants it too, market only cares about how much fiat they will make, I want more ideological approach to bitcoin.

Does it make sense to remove a stable coin? What does it mean for states to formally enter this business? A new economic order can be established. The new order may not make small investors like us laugh. Everybody wants to make money.

Technological developments present opportunities as well as challenges for the world economy, including the EU community. Therefore, the development of this technology must also be faced with readiness and preparation. Technology has radically changed human life. The digital economy has opened up new opportunities in the field of trade, as well as bridging the interests of producers, consumers, and markets without being limited by space and time. For this reason, an integrated policy is needed so that the development of the digital economy can be a stimulus for European economic growth.

Christine Lagarde fully understands that as a leader she must bring technology to the ECB so that the ECB continues to exist. Along with the 4.0 industrial revolution that spawned new entrepreneurs in the financial sector, Christine Lagarde understood that banking must be more efficient, fast, transparent, and customer-centric. "The boundary between competition and collaboration will be different from before, which we often hear today with the term co-opetition,"

Lagarde has just served as president of the ECB and in accordance with his commitment that will maintain the confidence of European citizens towards the euro which is considered a real symbol of European integration. In addition, Christine captured the momentum after the finance ministers of the European Union countries refused Libra's presence until a special formulation was needed to deal with challenges and risks that arose in the future, for example, for consumer protection, privacy, taxation, cybersecurity, and operational security, money laundering, funding terrorism, market integrity, governance, and legal certainty.

Stable coins are an answer to the demands of technological development and also as a tool to minimize potential risks in the future.

Is it even possible to eliminate the possibility of manipulation without decentralization? By that, I mean, above all, price manipulation, which is impossible to control because it is a free market. I just don't see how Bitcoin would fit into the European or any other monetary system, because in that case, the control of the money would be in the hands of ordinary people.

That is why so much talk about the possibilities of creating stablecoins, it is something that is completely centralized and controlled by the authorities. The best chance for Bitcoin is to be declared legal tender on the whole territory of the EU, as is the case in Germany.

This is a further testament to my conviction that with the continued demand for digital coins, government would find away to ensure that the make one available. The point is they know that when a generation is going in a direction, it becomes too difficult to stop so the best way for them to win is to create an alternative for them which they can control. While this in the long run would be a blow mostly to decentralised coin because it would continue to weaken the strength of these coins as we have more stable coins backed by the Treasury of each country and supported as such.

They are between a rock and a hard place. Stablecoins are threatening to steal euro liquidity in the coming years. Meanwhile, they can barely sustain economic growth as it is.

These really are unprecedented times, which is why I think people are too quick to dismiss the S-curve adoption prospects of Bitcoin. Everyone seems to think it's limited to slow logarithmic growth, setting their sights on $50K or $100K for BTC when it could be headed for the millions.