Is there room for a State Run Cryptocurrency?

botany

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Quote from: taylortyler on August 10, 2014, 05:10:22 PM

It's obviously far from a cryptocurrency in principle and function, but the only similarities I can foresee are the similar cryptographic technologies that Ecuador might use. I'm curious as to what they might be.

We could have me-too currencies from all the failed economies if this takes off. Wink

taylortyler

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It's obviously far from a cryptocurrency in principle and function, but the only similarities I can foresee are the similar cryptographic technologies that Ecuador might use. I'm curious as to what they might be.

polynesia

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Quote from: Unluckyduck on August 09, 2014, 10:08:17 PM

If each country adopted its own coin then it would remove one of bitcoins greatest features which is that it is an indiscriminate, borderless currency.

Bitcoin would still be the 'USD' to all the different countries' coins.

rugrats

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Vave.com - Crypto Casino

Quote from: tee-rex on August 09, 2014, 12:35:00 PM

Quote from: polynesia on August 09, 2014, 07:53:01 AM

Quote from: tee-rex on August 09, 2014, 07:00:42 AM

Quote from: troisky on August 08, 2014, 01:35:50 PM

Its suicidal imo, when you cant even withdraw btc easily from ATMs, but why not? argentina is already done for.

Jersey (an autonomous island of the UK and a well established “tax haven”) is seriously considering Bitcoin adoption in the nearest future.

Quote

The island has recently announced that it will become home to the first ever regulated Bitcoin fund, Global Advisors Bitcoin Investment Fund (GABI), as of August 1st. The fund has been certified by the Jersey Financial Services Commission and means that traditional investments types such as pensions can now be invested in Bitcoin and secured by the same security features in commonly used financial products

Quote

Senator Philip Ozouf, the Treasury Minister for Jersey, sees this opportunity very clearly and wants the island to pursue the innovation: “Our infrastructure of world-class financial services and digital expertise gives us the tools to be an early leader in the field. Innovation will be central to Jersey’s future prosperity. We are keen to support local businesses by helping to create a well-regulated and responsive environment for investment in the sector”.

http://www.cryptocoinsnews.com/news/jersey-become-worlds-first-bitcoin-isle/2014/07/11

Bali could already be getting there.
Jersey will have some catching up to do.

http://www.coindesk.com/bitislands-bali-bitcoin-paradise/

Well, let's just hope that some internationally recognized state will finally make one day Bitcoin its legal tender in the strictest sense of the word (that is a means of payment for "all debts, public charges, taxes, and dues").

I think it's important to distinguish between Bitcoin being used a token and a proper currency. With the former, coins would be converted to fiat at the first opportunity. Not saying that's a bad thing, but being accepted as an intermediary token is different from being accepted as a functional currency.

Unluckyduck

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If each country adopted its own coin then it would remove one of bitcoins greatest features which is that it is an indiscriminate, borderless currency.

polynesia

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Quote from: tee-rex on August 09, 2014, 12:35:00 PM

Well, let's just hope that some internationally recognized state will finally make one day Bitcoin its legal tender in the strictest sense of the word (that is a means of payment for "all debts, public charges, taxes, and dues").

Yes, Instead of 'dollarizing' a country, let us hope they 'bitcoinize' it.

tee-rex

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Quote from: polynesia on August 09, 2014, 07:53:01 AM

Quote from: tee-rex on August 09, 2014, 07:00:42 AM

Quote from: troisky on August 08, 2014, 01:35:50 PM

Its suicidal imo, when you cant even withdraw btc easily from ATMs, but why not? argentina is already done for.

Jersey (an autonomous island of the UK and a well established “tax haven”) is seriously considering Bitcoin adoption in the nearest future.

Quote

The island has recently announced that it will become home to the first ever regulated Bitcoin fund, Global Advisors Bitcoin Investment Fund (GABI), as of August 1st. The fund has been certified by the Jersey Financial Services Commission and means that traditional investments types such as pensions can now be invested in Bitcoin and secured by the same security features in commonly used financial products

Quote

Senator Philip Ozouf, the Treasury Minister for Jersey, sees this opportunity very clearly and wants the island to pursue the innovation: “Our infrastructure of world-class financial services and digital expertise gives us the tools to be an early leader in the field. Innovation will be central to Jersey’s future prosperity. We are keen to support local businesses by helping to create a well-regulated and responsive environment for investment in the sector”.

http://www.cryptocoinsnews.com/news/jersey-become-worlds-first-bitcoin-isle/2014/07/11

Bali could already be getting there.
Jersey will have some catching up to do.

http://www.coindesk.com/bitislands-bali-bitcoin-paradise/

Well, let's just hope that some internationally recognized state will finally make one day Bitcoin its legal tender in the strictest sense of the word (that is a means of payment for "all debts, public charges, taxes, and dues").

abora

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Quote from: Yakamoto on July 28, 2014, 09:42:24 PM

Quote from: Pente on July 28, 2014, 01:15:30 PM

Why not just adopt Bitcoin itself as a main currency? You could even set up a fractional banking system based on top Bitcoin. The first government to do this is going to have a huge economic advantage for the rest of this century.

You know, it's REALLY difficult to do FRB with Bitcoin, since you are REALLY relying on having more people funneling in Bitcoins. And guess what happens when some-one wants to withdraw? Either you start funneling Bitcoins out of other's accounts, and they're left with the IOUs. And what happens when they want to withdraw, etc. It's possible, but difficult.

That's why wallets were made, so people can be their own bank. And not have to go through the bureaucracy that comes with banks. And they can't be left with IOUs, ever. Either a Bitcoin is there or it's not.

Its plain and simple,Bitcoin
can't be handled by any Central Bank.

polynesia

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Quote from: tee-rex on August 09, 2014, 07:00:42 AM

Quote from: troisky on August 08, 2014, 01:35:50 PM

Its suicidal imo, when you cant even withdraw btc easily from ATMs, but why not? argentina is already done for.

Jersey (an autonomous island of the UK and a well established “tax haven”) is seriously considering Bitcoin adoption in the nearest future.

Quote

The island has recently announced that it will become home to the first ever regulated Bitcoin fund, Global Advisors Bitcoin Investment Fund (GABI), as of August 1st. The fund has been certified by the Jersey Financial Services Commission and means that traditional investments types such as pensions can now be invested in Bitcoin and secured by the same security features in commonly used financial products

Quote

Senator Philip Ozouf, the Treasury Minister for Jersey, sees this opportunity very clearly and wants the island to pursue the innovation: “Our infrastructure of world-class financial services and digital expertise gives us the tools to be an early leader in the field. Innovation will be central to Jersey’s future prosperity. We are keen to support local businesses by helping to create a well-regulated and responsive environment for investment in the sector”.

http://www.cryptocoinsnews.com/news/jersey-become-worlds-first-bitcoin-isle/2014/07/11

Bali could already be getting there.
Jersey will have some catching up to do.

http://www.coindesk.com/bitislands-bali-bitcoin-paradise/

tee-rex

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Quote from: troisky on August 08, 2014, 01:35:50 PM

Its suicidal imo, when you cant even withdraw btc easily from ATMs, but why not? argentina is already done for.

Jersey (an autonomous island of the UK and a well established “tax haven”) is seriously considering Bitcoin adoption in the nearest future.

Quote

The island has recently announced that it will become home to the first ever regulated Bitcoin fund, Global Advisors Bitcoin Investment Fund (GABI), as of August 1st. The fund has been certified by the Jersey Financial Services Commission and means that traditional investments types such as pensions can now be invested in Bitcoin and secured by the same security features in commonly used financial products

Quote

Senator Philip Ozouf, the Treasury Minister for Jersey, sees this opportunity very clearly and wants the island to pursue the innovation: “Our infrastructure of world-class financial services and digital expertise gives us the tools to be an early leader in the field. Innovation will be central to Jersey’s future prosperity. We are keen to support local businesses by helping to create a well-regulated and responsive environment for investment in the sector”.

http://www.cryptocoinsnews.com/news/jersey-become-worlds-first-bitcoin-isle/2014/07/11

troisky

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Its suicidal imo, when you cant even withdraw btc easily from ATMs, but why not? argentina is already done for.

tee-rex

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Quote from: polynesia on August 08, 2014, 10:38:11 AM

Quote from: tee-rex on August 08, 2014, 07:01:23 AM

Quote from: madken7777 on August 06, 2014, 06:21:17 PM

The future currency will probably be replaced by crytocurrencies.

Only difference will be who is backing them, either government or free market.

It makes no sense to replace a state emitted fiat with a state emitted cryptocurrency since cryptocurrencies don't have any real advantage over digital fiat besides being decentralized (but apparently this would be impossible for a state run cryptocurrency).

Cryptocurrencies do have advantages over digital fiat - eliminating banks, huge transaction fees.....

This all is mainly a result of decentralization which I specifically pointed out in my post. Regarding huge transaction fees, I primarily use services of those banks that either don't charge transaction fees at all or charge a tiny fixed sum (around $0.3 per transaction, as an example).

But your mileage may vary indeed! Wink

polynesia

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Quote from: tee-rex on August 08, 2014, 07:01:23 AM

Quote from: madken7777 on August 06, 2014, 06:21:17 PM

The future currency will probably be replaced by crytocurrencies.

Only difference will be who is backing them, either government or free market.

It makes no sense to replace a state emitted fiat with a state emitted cryptocurrency since cryptocurrencies don't have any real advantage over digital fiat besides being decentralized (but apparently this would be impossible for a state run cryptocurrency).

Cryptocurrencies do have advantages over digital fiat - eliminating banks, huge transaction fees.....

tee-rex

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Quote from: madken7777 on August 06, 2014, 06:21:17 PM

The future currency will probably be replaced by crytocurrencies.

Only difference will be who is backing them, either government or free market.

It makes no sense to replace a state emitted fiat with a state emitted cryptocurrency since cryptocurrencies don't have any real advantage over digital fiat besides being decentralized (but apparently this would be impossible for a state run cryptocurrency).

polynesia

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Quote from: Yakamoto on August 06, 2014, 11:17:03 PM

Government cryptos or fiat?
I can see fiat surviving, maybe, for a while, but it's hard to see a government crypto surviving.

Could be a crypto which is backed by a fiat.
ie, the money supply would still be controlled by a central monetary authority.

twiifm

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Quote from: Yakamoto on August 06, 2014, 11:17:03 PM

Quote from: polynesia on August 06, 2014, 10:12:49 PM

Quote from: twiifm on August 06, 2014, 07:12:22 PM

Quote from: madken7777 on August 06, 2014, 06:21:17 PM

The future currency will probably be replaced by crytocurrencies.

Only difference will be who is backing them, either government or free market.

I agree. I bet on govt because legal tender laws

I would bet on one or two free market backed altcoins surviving, along with the government currencies.

Government cryptos or fiat?

I can see fiat surviving, maybe, for a while, but it's hard to see a government crypto surviving.

A govt crypto doesn't have to be decentralized like bitcoin. It can use block chain technology to upgrade their ACH clearing system. Fiat would still exist. For example bit dollar is pegged to USD. People can have wallets and its tied to their SS# or some other govt ID. On the front end people use it like Paypal or Google Wallet. On the back end Central Bank use block chain to track money flow.

Yakamoto

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Quote from: polynesia on August 06, 2014, 10:12:49 PM

Quote from: twiifm on August 06, 2014, 07:12:22 PM

Quote from: madken7777 on August 06, 2014, 06:21:17 PM

The future currency will probably be replaced by crytocurrencies.

Only difference will be who is backing them, either government or free market.

I agree. I bet on govt because legal tender laws

I would bet on one or two free market backed altcoins surviving, along with the government currencies.

Government cryptos or fiat?

I can see fiat surviving, maybe, for a while, but it's hard to see a government crypto surviving.

polynesia

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Quote from: twiifm on August 06, 2014, 07:12:22 PM

Quote from: madken7777 on August 06, 2014, 06:21:17 PM

The future currency will probably be replaced by crytocurrencies.

Only difference will be who is backing them, either government or free market.

I agree. I bet on govt because legal tender laws

I would bet on one or two free market backed altcoins surviving, along with the government currencies.

twiifm

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Quote from: madken7777 on August 06, 2014, 06:21:17 PM

The future currency will probably be replaced by crytocurrencies.

Only difference will be who is backing them, either government or free market.

I agree. I bet on govt because legal tender laws

madken7777

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The future currency will probably be replaced by crytocurrencies.

Only difference will be who is backing them, either government or free market.

Topic: Is there room for a State Run Cryptocurrency? (Read 5389 times)