Introducing a state-issued cryptocurrency - page 4.

stompix

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Quote from: NeuroticFish on November 19, 2021, 08:30:44 AM

I don't follow much neither XRP, nor USDT, so I'm not sure I got what you meant.

That poeple really don't care about the things you've mentioned that much.
Convenience will always beat in a number match concerns about privacy and safety, seatbelts are the perfect example, the "it will not happen to me now attitude" can be applied to anything.

Besides, yeah Bitfinex on their own won't seize your coins or freeze them but once a law enforcement agency will ask them to do so they will happily comply, so it makes really no difference between your own national coin and a coin from a company that will obey everything any government orders.

NeuroticFish

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Quote from: stompix on November 19, 2021, 06:35:15 AM

Quote from: NeuroticFish on November 18, 2021, 03:52:43 AM

Do you realize that if you hold such a currency the authorities can automatically withdraw or seize your coins in your wallet?
Do you realize that the authorities can make mistakes or abuses and this can become even a tool against their opponents?
Now think again: is it a good decision or not?

USDT doing twice the volume of BTC and 4x of ETH and having 4milion addresses with a balance. XRP?
Does this answer your question? Cheesy

I don't follow much neither XRP, nor USDT, so I'm not sure I got what you meant.
But the fact people keep so much wealth locked especially in USDT doesn't make that right (I would clearly not do that) and while a government can seize funds for "legal reasons", most probably Tether will not do that.

dark1234

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the government may regulate policies regarding cryptocurrencies if it concerns the security of transactions in the community but if the rules tie the strings of freedom, I don't think this is a policy. While the reasons for ryptocurrency accusing its use to finance terrorism, drugs and other 'anti-national activities' may happen in that country not for others

stompix

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Quote from: NeuroticFish on November 18, 2021, 03:52:43 AM

Do you realize that if you hold such a currency the authorities can automatically withdraw or seize your coins in your wallet?
Do you realize that the authorities can make mistakes or abuses and this can become even a tool against their opponents?
Now think again: is it a good decision or not?

USDT doing twice the volume of BTC and 4x of ETH and having 4milion addresses with a balance. XRP?
Does this answer your question? Cheesy

Quote from: Hydrogen on November 18, 2021, 05:40:46 PM

Democracy is decentralization of state power and authority. Totalitarianism is a centralized format.

Democracy is all the population voting one government or one parliament (congress).
I don't see how democracy is decentralization.

Quote from: Hydrogen on November 18, 2021, 05:40:46 PM

Decentralization (democracy) is a better format for scientific progress and innovation than totalitarianism.

Both the Renaissance and the Industrial Revolution happened before any country adopted universal suffrage.

Hydrogen

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The federal reserve, america's central bank, is not part of the US government. Separation of monetary policy and state is one common argument for the existence of the fed. A decentralized format intended, in theory, to isolate political conflicts of interest from management of finance and the economy.

Democracy is decentralization of state power and authority. Totalitarianism is a centralized format.

Decentralization (democracy) is a better format for scientific progress and innovation than totalitarianism. Creating a monopoly where a centralized government has all the power and influence has never been a positive precedent for anyone. It has never been good for the wealthy, powerful or ruling class. Its been even worse for the poor and middle class.

State issued cryptocurrency would likely result in a state sponsored monopoly. Which would be defined by decades or centuries of zero innovation and progress. It would be like the bell telecom state sponsored monopoly which stagnated industry progress for many years. I know many will vocally support it. The question is, could they name a single legitimate reason or motive why anyone should support such a thing. Probably not.

paxmao

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Sound like a regime that has not only to prevent their citizens to enjoy their freedom of choice on regards to what to own and what to do with it, but also wants to replace that with a controlled version big-brother style. The argument that bitcoin serves to finance illegal activities can be applied to any currency in the world and there are many countries in which most people can conduct illicit activities or move money under the governments radars.

It is just a lame excuse for an unjustified ban, which anyway cannot be effectively inforced.

hello_good_sir

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Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

Hell no.

It is probably the most terrible decision that they have made.

Most of the innovation in the space are going to come from grassroots movements and projects. Not the government. The government is going to try to increase its control over money supply that is already so tightly restricted.

Fatunad

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Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

What would you expect? Government had most likely to have that kind of mindset on which they are mainly against on something which cant really be controlled which it isnt really surprising for them to make such move.Instead on letting their citizens deal up with crypto then they would normally be creating their own and ban all of those crypto
coins in the market and telling that they should focused on state-issued crypto.. Wait what? Anything centralized doesnt really belong into this category.
Laughable indeed.

Oceat

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Quote from: izsara on November 18, 2021, 12:43:30 PM

honestly this is a pointless act in my opinion.
how can they think of making the same coin and legalizing the coin but on the other hand banning bitcoin and other cryptos?
this is actually not a good thing because I think something like this will only make their plans fail and never work like governments have done before.

Well, it's obvious that their point is to control the money of the people which is by the way impossible to do when using Bitcoin. They are just like banks and I think OP is lacking of understanding of how Bitcoin works. It's clear that many will attempt to compare or compete with Bitcoin and is trying to be on the top of the list of their people but that's just impossible to happen since they can't force all people to use their own government crypto-currency. Besides, Bitcoin can never be ban but they can ban their people from using it but there's always a way that people would try to use/trade Bitcoin without the government knowledge.

teosanru

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Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

Makes no sense at all. introduction of a government-backed currency would be like digital money, it would use blockchain but will not have the very required capabilities of a cryptocurrency which is that the supply will not be limited and also the transactions could be reversed and more importantly it defeats the overall concept of decentralization or P2P which focuses on the elimination of any central authority and allows transaction based on trust amongst the users. It's a bad move in all means if you really know what a cryptocurrency actually is.

fiulpro

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Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

Anything issued by a government cannot be a cryptocurrency.
You have to understand the fact that the very idea of a cryptocurrency is something that is decentralized and that's the farthest from what Indian government intends to do, now I do think that this is not something that would help crimes and all. Since at the end of the day people do have more probelms with fiat and other things. It's not really an issue with the cryptocurrencies it's the issue with the people itself. Therefore one cannot really think about these things as the fault of cryptocurrencies. If the governmental system was so good why would they need so many laws, rules and regulations??
This would be nothing but fiat therefore there is not even any reason why one should be engaging with them.

izsara

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honestly this is a pointless act in my opinion.
how can they think of making the same coin and legalizing the coin but on the other hand banning bitcoin and other cryptos?
this is actually not a good thing because I think something like this will only make their plans fail and never work like governments have done before.

Coyster

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Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

I think its a good decision by government.. What you guys think about it?

I think it's a terrible decision by the way, especially on the part of the citizens, for the government who like to control everything in their way, then this could be good, it is to their advantage if they stop people from being their own bank, take away the control Bitcoin gives people, and somewhat compel them to use crypto that they the government controls, prints and distributes as they like, just the same way they handle their fiat currencies, that way the government remains in control, which is exactly what they want.

But having said that, for citizens who actually appreciate the benefits of being their own bank, then this is indeed a wrong decision from the government, people should be allowed the liberty to have their finance in their own hands, the government can make do with the control they already have via their fiat currencies, and allow people to use decentralized crypto the way they like, and mind you that CBDC's are nothing but just digital fiat currencies, and it'll be no different.

PrivacyG

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Quote from: Wexnident on November 18, 2021, 09:27:52 AM

It's not even private crypto, it's completely public.

I am pretty certain they were talking about how cryptocurrencies are issued (issued by private entities) and not about the open/close nature of the ledger.

-
Regards,
PrivacyG

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Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'.

These are allegation that has been there along time with bitcoin and the critism about bitcoin used for illegal transactions, drug dealing , terrorism or trafficking will still continue but it is an excuse and nothing but an excuse. I ask a question that is fiat not used to also pay for bad businesses? Payment of terrorism, bandits , smuggling of hard drugs before bitcoin created were all done by cash and yet the businesses are still flourishing , the government have not stopped them. The Nigerian government ban crypto accounts that are with banks for the reason that it was a channel for supporting an #endsars struggle against the government but these are all just flimsy, the government is creating allegations but can't stop the moving train.

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Quote from: mk4 on November 17, 2021, 10:57:28 PM

So.. ban the people from using cryptocurrencies like bitcoin that provide financial freedom to the people, and let them use digital versions of local currencies instead; which the government can inflate(and set certain restrictions to people's finances) if they wanted to. I'm sorry how is this a good decision again?

Well... It's a good decision for their side I guess? I mean, I doubt the government has made any decision so far that's actually good tbh, except for probably a select few. Well it's a pretty bad damn decision, heck no just that even the reasoning is pretty stupid imo. Just the argument of fiat being used for the same of whatever they claim crypto is being used for. It's not even private crypto, it's completely public. I don't even know why they managed to use anti-national activities as a reason when it's completely transparent, and it's pretty damn stupid to ban a medium to the activities of those who use it.

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Quote from: davis196 on November 18, 2021, 06:13:55 AM

Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

1.Any link to the source of this information?

Plagiarism https://bitcointalksearch.org/topic/m.58466400

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Quote from: pooya87 on November 18, 2021, 12:27:03 AM

Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

I think its a good decision by government.. What you guys think about it?

Considering that previous attempts by other governments creating centralized shitcoins (eg. el Petrol) have failed miserably it is obvious that this is not a "good decision" in any way! Not to mention that they can't effectively ban bitcoin usage ever.

Not everything failed miserably, actually. eNaira (Nigerian CBDC) seems to be doing well with 500k wallet downloads in 3 weeks since the launch, and IMF agreeing to provide technical support. Then there's also digital yuan from China which hasn't fully launched yet, I believe, but has been tested since April and is about to go live, and it allegedly already has 140 million users.
I don't think CBDC is necessarily a failure, and I don't even mind that some countries are experimenting with them. They are competing with fiat more than with cryptos IMO, and the only thing I do think it deeply wrong is attempting to meet the demand for cryptos with CBDC and ban cryptos in the meantime.

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Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

I think its a good decision by government.. What you guys think about it?

What are you smoking?

All Crypto currencies or digital currencies that are controlled by a centralized entity or a government is doomed to failure. We have first hand evidence of this with fiat currencies that are being manipulated and printed like toilet paper. Roll Eyes

A centralized entity will have full control over the supply and also the transactions that are done or not being allowed on these platforms. (They can block transactions / wipe out the history of specific transactions / add transactions / confiscate people's tokens ...etc.. etc.)

This is sooooo wrong!

davis196

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Quote from: illusion_ishita on November 17, 2021, 10:16:26 PM

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

I think its a good decision by government.. What you guys think about it?

1.Any link to the source of this information?
2.Can you explain to us why this is a good decision by the government?
It seems to me that the Indian government and central bank are full with anti-crypto boomers,who keep repeating the same old "crypto is a currency of the criminals and terrorists" type of propaganda.
If India ever launches it's own state-issued cryptocurrency,who can guarantee that this state-issued cryptocurrency won't be used by criminals and terrorists?
The government coin is going to be entirely pure and free of any crime and corruption,but the cryptocurrencies are a source of evil,corruption and crime.Sounds like a joke to me.

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