Goverments creating digital currencies - Threat or Opportunity? - page 12.

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Quote from: bearexin on February 01, 2020, 11:31:06 AM

There is no harm from these currencies which are been created by the specific government of each respected nation in order to manage their inner financial transactions. This might actually be a positive news for each of us over here because it leads for more enhanced usage of the blockchain technology in real world which would than create a dense demand for the same.

Even if governments like China, etc create their own cryptocurrency, they would need to keep it in pairs with some reputable coins like BTC, ETH, etc and this would for sure increase the use cases of BTC, ETH or any other such coin. I am personally taking this positively and hope that people would too support the movement.

in my opinion there is no harm if some large countries make their own cryptocurrency but in my opinion it has a very high risk because with their own cryptocurrency they can do price manipulation and they can take advantage of cryptocurrency, hopefully there is no price game so that everything can be clean and transparent.

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There is no harm from these currencies which are been created by the specific government of each respected nation in order to manage their inner financial transactions. This might actually be a positive news for each of us over here because it leads for more enhanced usage of the blockchain technology in real world which would than create a dense demand for the same.

Even if governments like China, etc create their own cryptocurrency, they would need to keep it in pairs with some reputable coins like BTC, ETH, etc and this would for sure increase the use cases of BTC, ETH or any other such coin. I am personally taking this positively and hope that people would too support the movement.

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Quote from: darewaller on January 31, 2020, 11:55:47 PM

Quote from: Maslate on January 30, 2020, 07:46:52 PM

Quote from: bitbunnny on January 29, 2020, 03:37:41 PM

I don't see why would government's cryptocurrency be a threath. Competition is good, such cryptocurrencies don't have any special position in.the market, in.fact they are often without success. And if they succeed to attract users and compete with their value that is a good thing.
Also, that shows that governments are interested in cryptocurrencies and explore.their possibilities and that is positive sign.

Yes. For me, this is a positive development for crypto because it just shows that the government have come to trust crypto but they want to take advantage so they create their own digital currencies. And i think this will be a good start for majority of the people to fully understand how crypto works and its advantage compared to fiat currency.

But we cannot actually just rely on the governments. Blockchain technology is been popular due to its emerging features like anonymity, transparency, fast and global transactions, etc which would perhaps be disturbed by the governments if they ever try to enter the cryptocurrency field.

They would not for sure accept cryptocurrencies as they are because it might cause some internal or external matters which would affect the economy of the country and hence the governments might need to modify some changes like creating a coin which could be traceable, etc. This would not be that good for the community here as they would make cryptocurrencies loose their original state of nature.

Absolutely, governments having decided to create their own digital currency or crypto currency can damage the sole definition of cryptocurrency because they really might modify it so that somehow they can benefit in it but of course this also can be good for whole lot of people will meet crypto/digital currencies and they will be opened to crypto which means mass adoption. So to conclude whatever happens one thing is for sure, it will be a development to digital currencies.

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Quote from: Maslate on January 30, 2020, 07:46:52 PM

Quote from: bitbunnny on January 29, 2020, 03:37:41 PM

I don't see why would government's cryptocurrency be a threath. Competition is good, such cryptocurrencies don't have any special position in.the market, in.fact they are often without success. And if they succeed to attract users and compete with their value that is a good thing.
Also, that shows that governments are interested in cryptocurrencies and explore.their possibilities and that is positive sign.

Yes. For me, this is a positive development for crypto because it just shows that the government have come to trust crypto but they want to take advantage so they create their own digital currencies. And i think this will be a good start for majority of the people to fully understand how crypto works and its advantage compared to fiat currency.

But we cannot actually just rely on the governments. Blockchain technology is been popular due to its emerging features like anonymity, transparency, fast and global transactions, etc which would perhaps be disturbed by the governments if they ever try to enter the cryptocurrency field.

They would not for sure accept cryptocurrencies as they are because it might cause some internal or external matters which would affect the economy of the country and hence the governments might need to modify some changes like creating a coin which could be traceable, etc. This would not be that good for the community here as they would make cryptocurrencies loose their original state of nature.

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In my personal view it's a threat because these cryptocurrencies will surely be centralized. Now there's 2 things a current cdecentralized crypto user should be concerned with:
1. The population will choose centralized government crypto thinking they are buying a legit cryptocurrency like BItcoin. In fact they will start buying cryptocurrency that is not really a cryptocurrency. They will think what they bought will allow them to invest in something the government can't inflate or seize and will get a nasty surprise.
2. The government will completely remove cash and force people to choose between electronic fiat money and their own cryptocurrency.

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Quote from: panganib999 on January 30, 2020, 12:04:49 PM

-snip

There already are some major altcoins which have the capability to overtake bitcoins but none of them did so as far as I know because bitcoins have reached a extreme price and it is never possible for any of the altcoin to be compared with bitcoins. The same would be the case with any new coin launched by the centralized authorities like government of China, etc.

Those coins would basically have much lower price at the start when they are launched and they might gain some demand in the coming time which would boost their price but yet it would never be compared to bitcoins because they would comparatively be much cheaper no matter how demand-able they become. Also china, individually would use the coin they created to their maximum usage and they alone can't pump the price of their coin above bitcoin so none of the coins would ever be a threat to bitcoins.

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Having some sort of third party connection between fiat and crypto on the scale of a national government would definitely be more helpful than not.

Think about it, right now we are using exchanges and local exchanges and even p2p methods to change crypto to fiat or vice versa, in case governmental stablecoins happens we will not need that, they will have websites all dedicated to get stablecoin if we want or change it to fiat whenever we want. That way you will send your money to government, buy the stablecoin, buy any crypto you want and do anything you do with your crypto, when you want to get back turn your crypto to stablecoin then turn that into fiat all thanks to your government and trust of it. You may not like governments but surely you will trust them more than you trust a company like tether.

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Quote from: bitbunnny on January 29, 2020, 03:37:41 PM

I don't see why would government's cryptocurrency be a threath. Competition is good, such cryptocurrencies don't have any special position in.the market, in.fact they are often without success. And if they succeed to attract users and compete with their value that is a good thing.
Also, that shows that governments are interested in cryptocurrencies and explore.their possibilities and that is positive sign.

Yes. For me, this is a positive development for crypto because it just shows that the government have come to trust crypto but they want to take advantage so they create their own digital currencies. And i think this will be a good start for majority of the people to fully understand how crypto works and its advantage compared to fiat currency.

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Quote from: shield132 on January 29, 2020, 05:28:02 PM

Threat for us and opportunity for them. Personally I am against moving fully on digital currencies and online money in overall. Cash is great method of payment if there weren't machinations behind it. Bank added you in black list? Only thing that they can do is to freeze your account, you can feel free to buy anything you wish if you have cash.
Digital currencies created by them won't be decentralized and we won't be able to mine, they don't do good for us and were never doing, I have no idea why people can't understand that.
If we fully move on digital currencies, then they'll have all records of where we spend money, how much and etc, this is also the most beneficial for marketing purposes and to understand what people are looking for that makes a lot of things easier for them to gain more control.

Government stable digital currencies, this is the same currency, only in digitized form. It will indeed be easily controlled by governments, as well as their non-cash currency. Practically, only cash is not controlled and decentralized cryptocurrency is poorly controlled. Therefore, you should not refuse cash.
Stable coins of various states will soon appear in large numbers in the financial market and they are a threat to decentralized cryptocurrency, as they will present serious competition to decentralized cryptocurrency as a means of payment.

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Quote from: buwaytress on January 26, 2020, 03:08:51 PM

It's not a threat to Bitcoin at all -- Bitcoin can only grow stronger for every instance of centralised money that is created and continues to come up short. Every failure of the centralised and the state, is a victory for Bitcoin. Threat to other centralised altcoins? Oh for sure.

Opportunity? Why not? Every government that realises it is creating yet another centralised currency - just more transparent and more under their control, might like blockchain and in that sense recognises Bitcoin tech as valid.

What if they focused on their own cryptocurrency and bitcoin become useless? And the new one is a decentralized currency that's why it is possible to happen? The other currency will get the attention of the people in a certain government if they see that it is more effective than the old one. Bitcoin is a centralized coin so that government has nothing to do with it, they just get some taxes and fees exchange and that's the only thing they do to benefit in the cryptocurrency. I wonder when the time happens that after they learn and understand the effect of digital currency in their society, this can be a threat to bitcoin. There are a lot of hindrance to the growth of the bitcoin and some of them are altcoins, but the thing is that they are always just for alternative purposes to bitcoin. In the end, we need to accept that the bitcoin is the most used and popular digital currency around the world. There is still a chance that a new digital currency will defeat bitcoin 10 to 20 years from now.

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Quote from: jostorres on January 30, 2020, 11:13:34 AM

The real cryptocurrency fans are not going to like the idea of government creating a cryptocurrency for the masses. And why? Because, the cryptocurrency that will be issued out by the government won’t be as what we really expect from crypto – which is freedom.

Bitcoin is an example of that, it gives you freedom and you’re anonymous to an extent, you can use it how you want and no one questions you for it and you also have fast transaction and a lesser fees than what banks would charge you for that same transaction. But, the real truth is that the cryptocurrency that will be issued by governments will gain more adoption than Bitcoin and the ones we currently have. Only Bitcoin and a few altcoins (ETH, Ripple) might be able to compete then.

what examples of government issued cryptos are there now ? if there are , why i dont heard of them .

they arent popular which means they dont get enough demands . also btc cant provide us freedom when btc is included on the restricted currencies declared by our governments . if they restrict crypto such as btc then why would they allow a crypto that came from them ? isnt that unfair . we people can complain with it .

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The real cryptocurrency fans are not going to like the idea of government creating a cryptocurrency for the masses. And why? Because, the cryptocurrency that will be issued out by the government won’t be as what we really expect from crypto – which is freedom.

Bitcoin is an example of that, it gives you freedom and you’re anonymous to an extent, you can use it how you want and no one questions you for it and you also have fast transaction and a lesser fees than what banks would charge you for that same transaction. But, the real truth is that the cryptocurrency that will be issued by governments will gain more adoption than Bitcoin and the ones we currently have. Only Bitcoin and a few altcoins (ETH, Ripple) might be able to compete then.

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Threat for us and opportunity for them. Personally I am against moving fully on digital currencies and online money in overall. Cash is great method of payment if there weren't machinations behind it. Bank added you in black list? Only thing that they can do is to freeze your account, you can feel free to buy anything you wish if you have cash.
Digital currencies created by them won't be decentralized and we won't be able to mine, they don't do good for us and were never doing, I have no idea why people can't understand that.
If we fully move on digital currencies, then they'll have all records of where we spend money, how much and etc, this is also the most beneficial for marketing purposes and to understand what people are looking for that makes a lot of things easier for them to gain more control.

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I don't see why would government's cryptocurrency be a threath. Competition is good, such cryptocurrencies don't have any special position in.the market, in.fact they are often without success. And if they succeed to attract users and compete with their value that is a good thing.
Also, that shows that governments are interested in cryptocurrencies and explore.their possibilities and that is positive sign.

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Quote from: buwaytress on January 26, 2020, 03:08:51 PM

It's not a threat to Bitcoin at all -- Bitcoin can only grow stronger for every instance of centralised money that is created and continues to come up short. Every failure of the centralised and the state, is a victory for Bitcoin. Threat to other centralised altcoins? Oh for sure.

The concept of centralized digital currencies with a blockchain is a real threat for freedom as the authorities will have every opportunity to monitor every transaction everyone conducts and if a country is against the concept of decentralized crypto then there is no way you are able to invest in it as everything is monitored, so it is a fine line to think that it is not a threat to a decentralized market when majority of the countries are planning to implement their virtual currency with blockchain because it will have the evidence trail.

Quote from: buwaytress on January 26, 2020, 03:08:51 PM

Opportunity? Why not? Every government that realises it is creating yet another centralised currency - just more transparent and more under their control, might like blockchain and in that sense recognises Bitcoin tech as valid.

If you look at both sides of these application i am sure the government is looking on having a transaction trail but how secure they can keep the system is to be known.

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I think it's a threat. They might go harder on other cryptos once they have their own fiat-crypto since they can see it as a competition. Sure, they might see them as having value but they'd definitely prefer that people have their assets in the government-mandated crypto.

It's possible they'd try to sabotage cryptos to make fiat-crypto seem more stable. Also fiat-crypto being the replacement for paper fiat would be very usable. Many companies now that accept crypto might be pressured by the government to only accept fiat-crypto.

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Quote from: ronbennett_ on January 24, 2020, 07:31:29 PM

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

Whatever we'll say, at the end of the day a crypto adoption is crypto adoption. This thing never become a negative thing for us but a blessing instead Cheesy

. Maybe the people who get mad at such news is mainly pro bitcoin or other alt supporter. But I can't blame them, even me I would prefer that our government just allow the use of bitcoin instead of a new token. Nevertheless this was a great news.

Quote from: ronbennett_ on January 24, 2020, 07:31:29 PM

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

I don't think that would be a bright idea because for sure most of those coins will just end up in the shitcoin list due to lack of demand. For example, I'm a Filipino so tendency I will only buy PHcoin and not Germancoin; but the sad thing is our population is less compare to other countries so it will result to lesser demand thus smaller price. (I hope you get my point Grin

).

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Quote from: Bagaji on January 28, 2020, 12:31:36 PM

Quote from: ronbennett_ on January 24, 2020, 07:31:29 PM

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

To some group of thought it may means that it will create adoption to crypto currency of which I do believe same but it is not a good for reason being that government will gain control over the said coins which is contrary to the issue if decentralization policy agent we are agitating for.

Unfortunately gov's digital currencies are threat to current crypto market because of one thing (at least) - gov's currency will be widely spread and highly usable which is not applicable to most of the decentralized cryptocurrencies.
If current cryptos will come up with some usability features - gov's won't have a chance to beat 'em, but otherway govs will take the whole game under control.
Because people and their demand controls the market. And people do not need unusable currencies
crypto market will remain as thing to gamble on and/or to invest in if it won't change

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Quote from: Mahanton on January 29, 2020, 01:57:58 AM

Quote from: ronbennett_ on January 24, 2020, 07:31:29 PM

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

This wont affect out crypto market because these so called digital currencies made by government doesnt really differ on fiat.

It would be thread? No it wont because we know that fiat would exist no matter what.Fiat and crypto would really have that boarder yet
we know the differences between centralized and decentralized ones but i dont see the reason why it would be a threat.

People will just know about crypto existence naturally even govt will tend to blind out their citizens out of their digital currencies.

Government try how to get much profit with own cryptocurrency but never think how much available their coin sold out in the public when listing or launching, will have any investor look interested or not, before creating some coin we need manage and check how respond from many investor and look they are really trusted or not with government coin.

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Quote from: ronbennett_ on January 24, 2020, 07:31:29 PM

Some governments recently try to create their own crypto currencies (e.g. China), according to reports. Some welcome this as a good step towards mass adoption of cryptocurrencies, others don't like it. Still, the crypto media welcomes this and we should consider whether this is good news in general or not.

What would be your opinions be on this? Should more and more governments create their own digital currencies and introduce them to their population or should we not support the creation of digital currencies made by governments?

This wont affect out crypto market because these so called digital currencies made by government doesnt really differ on fiat.

It would be thread? No it wont because we know that fiat would exist no matter what.Fiat and crypto would really have that boarder yet
we know the differences between centralized and decentralized ones but i dont see the reason why it would be a threat.

People will just know about crypto existence naturally even govt will tend to blind out their citizens out of their digital currencies.

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