Topic: Ecuador: The First Country to make it's own CrytoCurrency (Read 3221 times)

The Ecuador government could implement a similar deadline as the EU did with the various local currencies. It could mandate that their citizens start to use their crypto coin starting on a certain date. Citizens could have a grace period as to when both the US dollar and their currency would be accepted.

With all that being said, IMO this is very unlikely because the dollar is accepted almost anywhere in the world and has a much more stable value then bitcoin does.

hmmmm i cant see how this would work dude. maybe in 20 years somehow... (google: mintchip)

AFAIK Ecuador does not have local currency, they uses bucks. why not support bitcoin, rather than inventing yet another bicycle?..
russian cetral bank is in process of creating electronic payment processor as alternative for visa/mc now and my guess is all these activities are on political grounds as well as BRICS bank.
it may be also the preparation of backup plan for overheated dollar.

First thought: "Don't drag Bitcoin into this" - it sounds like this is some bound-to-fail altcoin and people will associate it with Bitcoin, coz people.

i dont see how this is going to work. how will they recreate the network and mining bitcoin has. they are going to create a small ecosystem that will be vulnerable.

Hopefully everyone is able to mine it and not just the government...

They're gonna get 51%ed so hard 

What's sad is that what would fix their money woes is to manage money better. Free trade agreements, banking privacy, the ability to buy and sell more freely, foreign ownership, a better workforce (education, health), regional military cooperation to lower the cost of defense, balanced budgets ....

Some things in the modern world, like healthcare, education, seem to get more and more expensive. Some other things are essential - food, clothing, shelter, medicine ... and to have a country encourage good supplies of those things without subsidizing them takes a little finesse.
Nah, let's roll out Ecuadorcoin, what could go wrong?

It is government and authorities dream come true to have centralized digital currency. Imagine the possibilities of tracking every bit of money flow. I don't really know if that is the way it suppose to be...

I could actually see a country starting its own centralized version of a true cryptocurrency, if for nothing else but to be able to track everyone's spending. Force people to use only 1 public address and then you can monitor all money movements, find out who the organized crime is and their partners, find "terrorists" etc etc.

I'm definitely not in favor of this, but I can imagine it occurring. Hopefully they will all dump it ASAP for Bitcoins, but IDK who'd buy that crap.

It would be hilarious if they posted an [ANN] thread on the altcoin announcements board and was met with the usual accusations of "SCAM!" and "PREMINE!".


a.k.a. the Dogecoin effect.

They could just exchange the crypto coins for their local currency at a fixed rate, and say that the local fiat currency will no longer be accepted after "x" date. This is how the Euro was distributed.

Do they have someone who know enough to secure the blockchain and choosing the right type of algorithm?

This could work and set up as an example for upcoming Nation like crypto coin or end up as Aurora coin version II.

Yes, I thought something like premined cryptocoin could be used as official government cryptocoin. Obviously at start government owns all coins so they can slowly sell and release more and more coins for people to use.

I would say, watch out for Payza.

Do you remember when Paypal was new? At that time eGold was the big ecurrency. As Paypal was growing, they messed with a lot of eGold people's funds, and a lot of eGold people never got their funds back.

Something like the Paypal thing happened with Payza. I don't know if anybody lost funds at the time that Payza changed its name from Alertpay to Payza, but there certainly were some rumblings. Then, a little while back, Payza caused a lot of U.S. people to lose funds, by not alerting them about the handwriting that was on the wall, and warning their U.S. account holders that trouble might be coming.

According to Payza's own statements, they were doing U.S. transactions after their financing company in the U.S. had told them they were cutting them off. The finance company gave Payza time to wind down old transactions, but Payza kept right on transacting new transactions. Some U.S. people lost funds through Payza's non-conformance with their U.S. financer, to stop making new transactions and to finish up the old ones.

Did U.S. people lose their funds because of bad intent on the part of Payza? Who can tell for sure? But it was at least lack of good judgment on Payza's part. They knew for at least weeks (maybe months) ahead that their U.S. finance company was cutting them off, and they didn't warn U.S. customers or stop the new transactions that they made.

I'd say, watch out for Payza, especially if you are in the U.S.

Only reason Ecuador is planning on doing this is because they just cant head over to the printers and start printing bills to pay for their government costs. Basically they are freaking out about money, and in order to stay in power need to keep giving welfare away to keep their office and see this as a simple way out.

Anything that gets more people into cryptocurrency should be good for bitcoin in the medium-to-long term because it's increasing the number of people open to using bitcoin. These regional competitors are unlikely to take market share away from bitcoin due to network effects. Bigger pie, same percentage slice for bitcoin.

not their own btc
it is their own ripple.

If it collapses, they will also loose their trust in crypto at all, so bitcoin will suffer to. if normal currency crashes: super, but if a crypto currency crashes: bad for bitcoin too

maybe it's a 100% premine  like nxt...