Ecuador to create own digital currency. - page 2.

jbreher

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lose: unfind ... loose: untight

Quote from: minerpumpkin on August 31, 2014, 11:47:08 AM

Quote from: digitalindustry on August 31, 2014, 09:30:36 AM

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 !

>: (

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.

minerpumpkin

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Quote from: digitalindustry on August 31, 2014, 09:30:36 AM

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 !

>: (

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.

digitalindustry

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‘Try to be nice’

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 !

>: (

ensurance982

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Trust me!

Quote from: BitCoinNutJob on August 31, 2014, 06:50:33 AM

Quote from: farlack on August 30, 2014, 11:23:17 AM

http://m.tech.firstpost.com/news-analysis/ecuador-roll-official-virtual-currency-year-end-move-ditch-us-dollar-231619.html

Cool stuff here, would be great if they just used btc.

Centralized, wont possess the same strengths as bitcoin. This is good news though coins like this are a gateway drug to the real thing.

People/Companies/Governments are just trying to jump on the bandwagon by introducing "one of those new digital currencies that are all the craze at the moment" if you ask me! It really doesn't offer the advantages of decentralization. If your "gateway drug" theory holds true, well maybe... time will tell!

BitCoinNutJob

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Quote from: farlack on August 30, 2014, 11:23:17 AM

http://m.tech.firstpost.com/news-analysis/ecuador-roll-official-virtual-currency-year-end-move-ditch-us-dollar-231619.html

Cool stuff here, would be great if they just used btc.

Centralized, wont possess the same strengths as bitcoin. This is good news though coins like this are a gateway drug to the real thing.

Lauda

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Terminated.

Quote from: GigaCoin on August 31, 2014, 06:07:47 AM

Would be so much easier for them if they just adopt Bitcoin. It will literally just take a few minutes.

Well it would be, and this is not like Bitcoin. They currency seems like 'virtual FIAT', centralized and all of that.
That's not how it was supposed to be, and that's worse.

We're going nowhere if everyone makes their own currency.

GigaCoin

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Giga

Would be so much easier for them if they just adopt Bitcoin. It will literally just take a few minutes.

digitalindustry

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‘Try to be nice’

Quote from: minerpumpkin on August 30, 2014, 01:53:35 PM

I concur, it's not a meaningful digital currency, less a cryptocurrency, if it does have a central authority, and thus point of failure! Show how some people are just merely jumping on the bandwagon, while not getting the actual potential of Bitcoin at all!

true they are just trying to be cool, by not making "Joe public" buy their monopoly money from a few small insiders, instead probably issuing it at a free market exchange rate, pfft idiots.

and its not even mandatory.

nothing to see here !

Chavez

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Quote from: farlack on August 30, 2014, 11:23:17 AM

Cool stuff here, would be great if they just used btc.

They'll probably want something they can issue or control so bitcoin wouldnt be any good.

digitalindustry

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‘Try to be nice’

Quote from: franky1 on August 30, 2014, 12:25:53 PM

Quote from: bitty4 on August 30, 2014, 11:42:10 AM

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.

read the article!!

its not going to be a crypto. just another lame assed database of binary digits, like what banks already have

Quote

The new currency was approved, and stateless crypto-currencies such as Bitcoin simultaneously banned

Quote

He said it is not like Bitcoin, whose advantage is in its technical underpinnings: Only a limited amount of Bitcoin can be minted. Without that safeguard, economists have warned, a government could theoretically create as much as it wants, risking inflation.

LOL

digitalindustry

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‘Try to be nice’

Quote from: sana8410 on August 30, 2014, 11:33:57 AM

Isnt this the second thread already? This news is like 3 weeks old and so outdated.

/ squirming begins.

/ comedy levels rising.

digitalindustry

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‘Try to be nice’

Quote from: ensurance982 on August 30, 2014, 11:30:22 AM

Well what bothers me is that people always go and create their own digital currencies and don't just adopt/embrace Bitcoin! A currency can only be strong if a lot of people accept it. Also, does the government retain control over the currency? Not good.

More Banks will adopt Bitcoin when it has the Global ID and Central authority.

this proposition seems to be from the government

LOL

linxproz

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Someone should introduce bitcoins to them and show the advantages of adopting it for Ecuador.

minerpumpkin

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A pumpkin mines 27 hours a night

I concur, it's not a meaningful digital currency, less a cryptocurrency, if it does have a central authority, and thus point of failure! Show how some people are just merely jumping on the bandwagon, while not getting the actual potential of Bitcoin at all!

Hasher99

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Quote from: farlack on August 30, 2014, 11:23:17 AM

http://m.tech.firstpost.com/news-analysis/ecuador-roll-official-virtual-currency-year-end-move-ditch-us-dollar-231619.html

Cool stuff here, would be great if they just used btc.

If they are making new digital currency following the bitcoinic trend then yes they are doing a good thing for their country.Using bitcoin could be a difficult act as bitcoin is moreover a trading platform to many people now.Like forex brokers now had jumped over to bitcoin

LiteCoinGuy

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In Satoshi I Trust

itsAj

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Quote from: adamstgBit on August 30, 2014, 11:37:44 AM

this is silly, fiat based, centrally controlled. sounds like a lame version of mint chip.

It is essentially very similar to paypal. They even say that the currency is going to be backed by some asset (probably dollars, but who knows).

franky1

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Quote from: bitty4 on August 30, 2014, 11:42:10 AM

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.

read the article!!

its not going to be a crypto. just another lame assed database of binary digits, like what banks already have

Quote

The new currency was approved, and stateless crypto-currencies such as Bitcoin simultaneously banned

Quote

He said it is not like Bitcoin, whose advantage is in its technical underpinnings: Only a limited amount of Bitcoin can be minted. Without that safeguard, economists have warned, a government could theoretically create as much as it wants, risking inflation.

ensurance982

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Trust me!

Quote from: bitty4 on August 30, 2014, 11:42:10 AM

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.

What do you mean by "algorithm"? Do you mean certain features of Bitcoin (or a proposed new coin) or are you talking about a PoW (PoX) algorithm? ("Mining algorithm") And why would that be better than Bitcoin?

bitty4

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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.

Topic: Ecuador to create own digital currency. - page 2. (Read 3085 times)