Goverments creating digital currencies - Threat or Opportunity? - page 14.

ronbennett_

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Quote from: Paycoinzzz on January 26, 2020, 08:43:31 AM

Quote from: TimeTeller on January 24, 2020, 06:34:38 PM

In my opinion, the move to create their own digital currency is a positive development.
It means, that the government believes the benefits gained from this technology.
With their action, they are indirectly showing to its constituents that they trust crypto.
Which will then give a positive mindset towards crypto and so it will create more demand of usage.
I consider it as an opportunity to widen the usage of crypto and not a threat.
People later on will see the difference between a decentralized vs centralized coin.
So it will be their choice which one they will use when that time comes.

I don't think this is a positive action. Everyone will have greed and when this technology is integrated into the monetary system of the state and the central bank, bad things will happen. one of those working in the state will be greedy and start corrupt. he will take advantage of the blockchain system to make this easier and so will money laundering. then the country will face corruption and the economy will surely collapse. Better yet, crypto should only exist in a decentralized market.

This is an extrem example but fairly possible. It would be easier for governments to print money and with that they could easily destroy the economy.

Paycoinzzz

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Quote from: TimeTeller on January 24, 2020, 06:34:38 PM

In my opinion, the move to create their own digital currency is a positive development.
It means, that the government believes the benefits gained from this technology.
With their action, they are indirectly showing to its constituents that they trust crypto.
Which will then give a positive mindset towards crypto and so it will create more demand of usage.
I consider it as an opportunity to widen the usage of crypto and not a threat.
People later on will see the difference between a decentralized vs centralized coin.
So it will be their choice which one they will use when that time comes.

I don't think this is a positive action. Everyone will have greed and when this technology is integrated into the monetary system of the state and the central bank, bad things will happen. one of those working in the state will be greedy and start corrupt. he will take advantage of the blockchain system to make this easier and so will money laundering. then the country will face corruption and the economy will surely collapse. Better yet, crypto should only exist in a decentralized market.

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Quote from: BChydro on January 25, 2020, 11:44:26 AM

The threat part depends upon which country you are living, if you are under a dictator rule then if every transaction is recorded and if watching porn or gambling will end you in jail then you will not take the risk in having those digital centralized coins, i will avoid them like a plague and i am expecting more countries coming up with their blockchain based digital currency and in the next 5 years we might see a lot of them and how long they can be successful is a big question.

Still multiple digital currencies are standing alongside Bitcoin but they cannot compete Bitcoin nor can they be a threat for it. Bitcoin’s development with passing time is making it more valuable and successful and in future it will be stronger. If any government will create a digital currency that cannot be a threat for crypto it would be at a more stable place by that time.

Bim abk

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Quote from: Janation on January 26, 2020, 03:36:13 AM

I don't like centralization.

The main idea of cryptocurrencies is to avoid centralization. If the government will be creating one, I don't like that. It is great that the government is now taking a stance at cryptocurrencies but for them make one? No.

centralization will indeed create resistance from crypto, which at first wanted to distance it. bitcoin decentralization is the beginning of resistance to existing centralization, but now there are already many cryptos that have a centralized system, with the aim of maintaining prices.

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Quote from: d.kevin29 on January 25, 2020, 04:59:48 PM

Quote from: FlightyPouch on January 25, 2020, 04:41:09 PM

Well, why not? Though the whole idea of this crypto currencies is not decentralized, I think it is a good opportunity to lead the advancement of technology when it comes to the field of currency. China is one of those countries that widely uses cards and not fiats anymore, I think this would be really the nexr step.

Yeah, why go the path Bitcoin paved when you could go even deeper in the sh*thole governments & banks have created together, right?

Advancement of technology shouldn't lead to more control. China is the worst example you could've said, given the level of control it imposes on its citizens. If that's what you want from the future, I'm out.. Cry

Aren't we here to try avoiding & preventing complete control?

Well, I am not into that too. As I said, this crypto is not decentralized. And I think that is not crypto currency, it is a digital currency backed up by their main fiat. As someone that is amazed by technology, I think people using their phone as a payment method in the future will be really normal and if there are digital currencies, it would be really easy and more efficient.

Janation

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I don't like centralization.

The main idea of cryptocurrencies is to avoid centralization. If the government will be creating one, I don't like that. It is great that the government is now taking a stance at cryptocurrencies but for them make one? No.

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If they can create cryptocurrencies that are entirely based on crypto principles, why not? But I doubt any of the current governments on earth will do this. They will probably pretend to be creating the real things but will slowly & eventually deviate. They likelihood of abusing "decentralized" things created by them is there already.
A real decentralized crypto, if founded on solid principles, would naturally prevent that kind of governments from forming on its network/community.

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Quote from: crossabdd on January 26, 2020, 01:09:59 AM

the government has its own authority. this is a step for mass adoption of blockchain technology. I read some news about China making its own digital currency. and the reason is to prevent bitcoin users from growing in their countries. This step is taken so that the government does not lose authority over crypto regulation. if China uses a decentralized currency, monitoring transactions is difficult. so to stay safe. then China makes or moves real yuan on digital yuan. in general, I agree. because blockchain technology has been used. but specifically, I'm a little sad. how the fate of crypto, especially the next altcoin.

I also think that the move by China is to centralize crypto and give its people a choice for their own coins that they can control like yuan. This move I see is just a tussle to try and break decentralize mode and have a regulation but I don't know how far that can go on regulation.

crossabdd

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the government has its own authority. this is a step for mass adoption of blockchain technology. I read some news about China making its own digital currency. and the reason is to prevent bitcoin users from growing in their countries. This step is taken so that the government does not lose authority over crypto regulation. if China uses a decentralized currency, monitoring transactions is difficult. so to stay safe. then China makes or moves real yuan on digital yuan. in general, I agree. because blockchain technology has been used. but specifically, I'm a little sad. how the fate of crypto, especially the next altcoin.

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With the emerging number or numerous counts of cryptocurrency being used as of today, I wonder why these countries are still pursuing to create their own cryptocurrency. I see before that they are inclined to use EOS blockchain and crypto, and figuring out that creating a cryptocurrency that is centralized is what their country needs. We know China is growing economically, and it needs to further regulate their monetary system and making it crypto would be the best idea to have the maximum security and efficiency of transactions that will be made.

beerlover

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I have always pointed out that if they do it legit and without anything shady, this should bring in a lot of money to crypto world and that is why I welcome it. On top of that we are talking about adoption as well, the more nations go into crypto world via stablecoins, the more adoption rate will go up as well. You really think a nation like China that is basically ruled by CCP in a dictatorship would ever build their own stablecoins and wouldn't accept that as payment? All the government places will probably slowly start to adopt to Chinese stablecoin.

Now they are also a huge country as well, probably biggest economic country in the world (recent years say they are bigger than even USA), when they do something like this, I am sure many nations will follow and that will increase adoption even further.

criza

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Countries like China that is a big Communist body creating their own crypto currency would affect a lot to the crypto currency because, other countries may realize the use of crypto currency. Wether it sould be supported or not internationally would depend on how the people would use it. Local people in China would shift from using fiat currency to their own crypto currency because it would meant cashless transactions with the same use as their fiat currency.

In my point of view, for foreign crypto currency users outside china, what would be its use? If China would make their own crypto currency, certainly it would be centralized or controlled by their Government. Why would investors from other country would choose it?

ronbennett_

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Quote from: Doell on January 25, 2020, 05:43:07 PM

I don't think it's a threat but an opportunity for us ,as many bank from various countries really hate crypto it will bring crypto to be legal with regulations that bring peace to the holder but its likely that much debate ,let alone corrupt people will certainly burn it and disagreeing with the plan ,IMO economy will be more controlled with a 99% success rate depending on secure presented in their digital currency and 1% of unexpected problems future might be complicated

But what if the goverment just focus on their "coin" and just regulate the market for this specific "coin" and if we go a step further, what if they regulate and restrict other cryptocurrencies even harder? Well maybe they would make it easier to trade other govermental currencies like USD to EUR or otherwise.

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Quote from: davis196 on January 25, 2020, 03:09:41 AM

There's only one positive thing about governements trying to create their own blockchain/cryptocurrencies.
The goverment will invest into the education of more programmers and blockchain developers.Those developers might later join the Bitcoin Core blockchain and help with the further development of BTC,by bringing new ideas and expertise.Anyway,the government coins might not be decentralized,hence I don't think that they would be real cryptocurrencies.

Although I don't think that the investment toward blockchain education will be that huge considering that to create a crypto with the existing codes it requires minimal effort. Though, the publication is what gonna make cryptocurrency get all the benefits despite the government might be acting like they are opposing decentralized crypto.

Doell

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I don't think it's a threat but an opportunity for us ,as many bank from various countries really hate crypto it will bring crypto to be legal with regulations that bring peace to the holder but its likely that much debate ,let alone corrupt people will certainly burn it and disagreeing with the plan ,IMO economy will be more controlled with a 99% success rate depending on secure presented in their digital currency and 1% of unexpected problems future might be complicated

d.kevin29

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Quote from: FlightyPouch on January 25, 2020, 04:41:09 PM

Well, why not? Though the whole idea of this crypto currencies is not decentralized, I think it is a good opportunity to lead the advancement of technology when it comes to the field of currency. China is one of those countries that widely uses cards and not fiats anymore, I think this would be really the nexr step.

Yeah, why go the path Bitcoin paved when you could go even deeper in the sh*thole governments & banks have created together, right?

Advancement of technology shouldn't lead to more control. China is the worst example you could've said, given the level of control it imposes on its citizens. If that's what you want from the future, I'm out.. Cry

Aren't we here to try avoiding & preventing complete control?

FlightyPouch

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Well, why not? Though the whole idea of this crypto currencies is not decentralized, I think it is a good opportunity to lead the advancement of technology when it comes to the field of currency. China is one of those countries that widely uses cards and not fiats anymore, I think this would be really the nexr step.

fiulpro

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Every step can go either way , it depends on the maker and the user .
I think I would consider it as an opportunity since one should understand that not only they are agreeing to this kind of currency but at the same time they are participating in the race .
People will have more options , now with options one should understand the currencies will strive to be the best one , therefore I think it would be an extremely good opportunity for them to improve.

k@suy

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Quote from: spike420211 on January 25, 2020, 01:05:04 PM

This is definitely an opportunity for each individual state, especially for those whose economies depend on the dollar, to break away from it and become more independent by providing their own economy with their own currency. It is also possible to provide the currencies of other countries at the expense of their own, as the United States does with the help of the dollar.

The other countries who have created the bitcoin is not a rival actually because they are doing that for the sake of their own economy. And even if they compete with bitcoin, they cannot win because there many have tried to defeat bitcoin but nobody wins because bitcoin is the pioneer coin and the best coin ever. Those newly made coins can help our economical status here in bitcoin.

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This is definitely an opportunity for each individual state, especially for those whose economies depend on the dollar, to break away from it and become more independent by providing their own economy with their own currency. It is also possible to provide the currencies of other countries at the expense of their own, as the United States does with the help of the dollar.

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