Topic: Ecuador to create own digital currency. (Read 3060 times)
Isnt ecuador like a poverty country? how can they run bitcoin qt?
Is this going to happen? No follow up article just yet?
And what is the name of the new digital currency? Another bitcoin competitor.
The Ecuadorian ambassador to the US wrote a letter to the editor of the WSJ the other day that talked about this. He made it very clear that the currency would not be similar to bitcoin. He kind of implied that it would look more like paypal.
From what I can tell the currency would be backed by some asset to give it value, and the government would essentially act as a central authority to keep track of who owns how much of the currency.
From what I can tell the currency would be backed by some asset to give it value, and the government would essentially act as a central authority to keep track of who owns how much of the currency.
Sounds like a clueless bureaucrat. How can PayPal be similar to a currency?
The Ecuadorian ambassador to the US wrote a letter to the editor of the WSJ the other day that talked about this. He made it very clear that the currency would not be similar to bitcoin. He kind of implied that it would look more like paypal.
From what I can tell the currency would be backed by some asset to give it value, and the government would essentially act as a central authority to keep track of who owns how much of the currency.
From what I can tell the currency would be backed by some asset to give it value, and the government would essentially act as a central authority to keep track of who owns how much of the currency.
Sounds like a clueless bureaucrat. How can PayPal be similar to a currency?
not saying i'm for or against it but could there be a legal avenue in which the US federal reserve takes action against Ecuador either legally or militarily?
of course it would have to go though the UN first?
of course it would have to go though the UN first?
Then government will get involved. Not good.
not saying i'm for or against it but could there be a legal avenue in which the US federal reserve takes action against Ecuador either legally or militarily?
of course it would have to go though the UN first?
of course it would have to go though the UN first?
lol.. Whos idea is that? The cartel? LOL
The Ecuadorian ambassador to the US wrote a letter to the editor of the WSJ the other day that talked about this. He made it very clear that the currency would not be similar to bitcoin. He kind of implied that it would look more like paypal.
From what I can tell the currency would be backed by some asset to give it value, and the government would essentially act as a central authority to keep track of who owns how much of the currency.
From what I can tell the currency would be backed by some asset to give it value, and the government would essentially act as a central authority to keep track of who owns how much of the currency.
It'll be interesting If Ecuador made a currency that was not only in cryptocurrency but had paper currency as well.
Paper currency similar to Colorado's new currency called cojacks
http://www.thedenverchannel.com/news/local-news/business-launching-new-colorado-currency-called-cojacks
Paper currency similar to Colorado's new currency called cojacks
http://www.thedenverchannel.com/news/local-news/business-launching-new-colorado-currency-called-cojacks
Fiat 2.0. There's no way people would voluntarily prefer that currency over Bitcoin.
Sounds to me like they are considering a digital version of a fiat currency
Hardly a distributed peer to peer protocol, just the old ponzi scheme in a new bottle
Hardly a distributed peer to peer protocol, just the old ponzi scheme in a new bottle
Bitcoin should be used instead of creating new crypto currencies, most of the people create new crypto currencies for their own gain. Only crypto currency with better algorithm than bitcoin could take over BTC. Bitcoin was one of the first crypto currency that's another point why It is most popular and have biggest value and It would be really hard to take over BTC now.
As soon as a developer with a brain in his head instead of a dollar sign creates a coin it wont matter if the algorythm is better than BTC or not, that coin will put all other coins including BTC to shame, it only takes one good honest development team to lay the other coins to rest. One day that team will emerge and they will be the richest people on earth.
This would require an alt that doesnt have an IPO
.I don't support this move mainly because I doubt there will be any major innovation in the coin and it will most likely suffer from some serious centralized control issues.
I like that they embrace crypto and I can understand why they might not want to jump on Bitcoin but I'm not sure how well this coin will work out in the long run if they don't really work to produce a well distributed coin to benefit the citizens of Ecuador. I'm very much looking forward to seeing what people have to say about the coin once the source code is available or is something like that not to be expected? I feel the open source model should at very least be accepted for a project like this to accepted.
I like that they embrace crypto and I can understand why they might not want to jump on Bitcoin but I'm not sure how well this coin will work out in the long run if they don't really work to produce a well distributed coin to benefit the citizens of Ecuador. I'm very much looking forward to seeing what people have to say about the coin once the source code is available or is something like that not to be expected? I feel the open source model should at very least be accepted for a project like this to accepted.
I seriously doubt it will be open source.
I'm very much looking forward to seeing what people have to say about the coin once the source code is available or is something like that not to be expected? I feel the open source model should at very least be accepted for a project like this to accepted.
I doubt the database + source code will be open for review to everyone. Just another paypal centralized solution. And Ecuador is so poor country, most dont have access to internet - so physical currency is necessary as well.
I don't support this move mainly because I doubt there will be any major innovation in the coin and it will most likely suffer from some serious centralized control issues.
I like that they embrace crypto and I can understand why they might not want to jump on Bitcoin but I'm not sure how well this coin will work out in the long run if they don't really work to produce a well distributed coin to benefit the citizens of Ecuador. I'm very much looking forward to seeing what people have to say about the coin once the source code is available or is something like that not to be expected? I feel the open source model should at very least be accepted for a project like this to accepted.
I like that they embrace crypto and I can understand why they might not want to jump on Bitcoin but I'm not sure how well this coin will work out in the long run if they don't really work to produce a well distributed coin to benefit the citizens of Ecuador. I'm very much looking forward to seeing what people have to say about the coin once the source code is available or is something like that not to be expected? I feel the open source model should at very least be accepted for a project like this to accepted.
Seems to me like they have seen the success for bitcoin and now they want to try and jump in with their own version which seems silly in my opinion when something like bitcoin is already there so why not use that?
No its not.
this will be ASIC farm compatible right ?
otherwise whats the point?
how will the people that invested thousands into ASICs be able to control the issuance?
seems stupid.
fucking dumb Ecuadorians !
>: (
otherwise whats the point?
how will the people that invested thousands into ASICs be able to control the issuance?
seems stupid.
fucking dumb Ecuadorians !
>: (
Huh, are you just trolling or what's your point? From what we can tell this currency seems to be centralized. so there effectively isn't any need for decentralized record keeping or third party miners securing the network.
Funnier yet is that this centralization is exactly what DigitalIndustry is shilling in his/her annoying FUD threads.
Huh, really? I didn't know about their background. What is he/she propagating?
Well, anything centralized isn't compatible with Bitcoin, it's as simple as that. And a digital currency that's still centralized is just another PayPal or regular bank. 
Bitcoin should be used instead of creating new crypto currencies, most of the people create new crypto currencies for their own gain. Only crypto currency with better algorithm than bitcoin could take over BTC. Bitcoin was one of the first crypto currency that's another point why It is most popular and have biggest value and It would be really hard to take over BTC now.
As soon as a developer with a brain in his head instead of a dollar sign creates a coin it wont matter if the algorythm is better than BTC or not, that coin will put all other coins including BTC to shame, it only takes one good honest development team to lay the other coins to rest. One day that team will emerge and they will be the richest people on earth.
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