Private Coins from banks and governments - page 7.

Grandifer

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Quote from: BlackBoxRecords on February 08, 2018, 10:48:19 AM

Quote from: Grandifer on February 08, 2018, 10:44:49 AM

You can't prevent banks and affiliated governments from forcing their own coins. Like could you not use US Dollars? Exactly, you couldn't. You have to use them because you're forced to by law. So if any government decide to implement "national" blockchain and trace EVERY transaction you can't do anything legally.

Btw, you mention private coins. Do you know that bitcoin and other cryptocurrency is actually easily traceable?
The only truly private (and fairly distributed) coins are Monero, Karbo and Aeon. You can't trace transactions on their blockchains unless you're allowed to by sender. There are no other options. Everything else is open and traceable.

Oh my, the only worse thing about not knowing is thinking that you know. There are a plethora of privacy oriented coins like electroneum, Deep Onion, Token Pay, Sumocoin, ... the list is endless

You lost the most important part: they should be fairly distributed, which means no premine/instamine, no "ninja mining". Just fair mining and/or buying from miners.
Also using a public blockchain behind Tor does not make coin "private". There are cases when Tor has been compromised.
Thus we are left with CryptoNote coins only. And I listed all of them which are fair.

slapper

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Quote from: BlackBoxRecords on February 08, 2018, 10:03:54 AM

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

Well this is a really suspicious thought but I don't think they, banks, governments and those investment company can do such a "special" thing like that. The governments have the laws that already prevent such action happens, the crypto technology is not recognized by the governments (or most the governments) so that they cannot just create one and ask everyone to invest into their own private blockchain, the reputation of the governments are really high so they won't risk their countries into such a dangerous action. The same thing happens to banks and big investment companies and they are being kept under the laws.

LeGaulois

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They are free to create their own blockchain, some are already starting to add to their system such as Credit Agricole experiencing Ripple solution.
Some have a patent running like Chase or JP Morgan; don't remember, with a crypto-based on Ethereum. But they would do it not to lure people because they can't name it Bitcoin or any other name having already be used with an altcoin. They would rather use to save money on costs, operating faster, securely or any other advantages using the cryptography/Blockchain/cryptocurrencies

Quote from: izanagi narukami on February 08, 2018, 12:05:17 PM

Well if you ask on my government , their answer is no because they forbid bitcoin usage although they still not make any regulation yet.
It means that I can still use bitcoin but with my own risk !

Maybe for other country, bitcoin become a new technology that being wanted so it possible to happen in the future !

A government can ban to use Bitcoin it doesn't mean a bank can't create its own blockchain and use it for its customers

izanagi narukami

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Well if you ask on my government , their answer is no because they forbid bitcoin usage although they still not make any regulation yet.
It means that I can still use bitcoin but with my own risk !

Maybe for other country, bitcoin become a new technology that being wanted so it possible to happen in the future !

Idrisu

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Quote from: BlackBoxRecords on February 08, 2018, 10:03:54 AM

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

I expect that this is already under way and we should not expect them to accept bitcoin when they know that they can easily made their own coins and build them on the same blockchain.Goldman sachs has spoken very well in favour of blockchain technology and I expect them to come up with their own coin before 2020.

RodeoX

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Quote from: boonsterx on February 08, 2018, 10:53:12 AM

Quote from: BlackBoxRecords on February 08, 2018, 10:46:48 AM

Quote from: RodeoX on February 08, 2018, 10:44:56 AM

I do. However the most important attributes of any money I would use are:

1. Decentralized ledger.
2. Open source code.
3. The inability of any entity to have greater access.

Such a coin would be a Frankenstein monster that the banks could not control. It may just come back to hurt them. And how are they going to make money from this system? Who is paying for all the infrastructure? And why would I use a banks coins when I could have universal money that works in any country?

Sure, my point is that many people have heard about bitcoin and banks could potentially use that to attract investors to their own versions. The average investor would not understand a s*ht nor give a FUCK (token) if they just tell them that is "like Bitcoin but better".

You are not wrong. Some banks or financial company will probably start to create their own crypto token and market it as the future Bitcoin and sell it to unsuspecting investors. This is akin to the structured products during the sub-prime crisis.. we all know who are these guys who will create such products.

They will probably come up with their own token and claim it to be the best.. after they spent enough time bashing down btc. Investors who do not know better will buy their products/tokens and make these financial firms/banks rich again.

That all makes sense to me. But those who do buy the Bank of America coin, or whatever, are going to have buyers remorse. If they create a bitcoin like model, then it will be bitcoin with an additional mouth to feed and limited use. I think it will be hard to compete against other cryptos.

fiulpro

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I think that they have a fair chance since the government knows that they will be able to lure in investors if they show more secure form of Money investments .
It's centralized, secure, controlled but not wide spread or famous.
Thus I feel it's more of a double edge sword that could do both.
It depends how much Crowd they are able to attract.

boonsterx

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Quote from: BlackBoxRecords on February 08, 2018, 10:46:48 AM

Quote from: RodeoX on February 08, 2018, 10:44:56 AM

I do. However the most important attributes of any money I would use are:

1. Decentralized ledger.
2. Open source code.
3. The inability of any entity to have greater access.

Such a coin would be a Frankenstein monster that the banks could not control. It may just come back to hurt them. And how are they going to make money from this system? Who is paying for all the infrastructure? And why would I use a banks coins when I could have universal money that works in any country?

Sure, my point is that many people have heard about bitcoin and banks could potentially use that to attract investors to their own versions. The average investor would not understand a s*ht nor give a FUCK (token) if they just tell them that is "like Bitcoin but better".

You are not wrong. Some banks or financial company will probably start to create their own crypto token and market it as the future Bitcoin and sell it to unsuspecting investors. This is akin to the structured products during the sub-prime crisis.. we all know who are these guys who will create such products.

They will probably come up with their own token and claim it to be the best.. after they spent enough time bashing down btc. Investors who do not know better will buy their products/tokens and make these financial firms/banks rich again.

BlackBoxRecords

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Quote from: Grandifer on February 08, 2018, 10:44:49 AM

You can't prevent banks and affiliated governments from forcing their own coins. Like could you not use US Dollars? Exactly, you couldn't. You have to use them because you're forced to by law. So if any government decide to implement "national" blockchain and trace EVERY transaction you can't do anything legally.

Btw, you mention private coins. Do you know that bitcoin and other cryptocurrency is actually easily traceable?
The only truly private (and fairly distributed) coins are Monero, Karbo and Aeon. You can't trace transactions on their blockchains unless you're allowed to by sender. There are no other options. Everything else is open and traceable.

Oh my, the only worse thing about not knowing is thinking that you know. There are a plethora of privacy oriented coins like electroneum, Deep Onion, Token Pay, Sumocoin, ... the list is endless

BlackBoxRecords

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Quote from: RodeoX on February 08, 2018, 10:44:56 AM

I do. However the most important attributes of any money I would use are:

1. Decentralized ledger.
2. Open source code.
3. The inability of any entity to have greater access.

Such a coin would be a Frankenstein monster that the banks could not control. It may just come back to hurt them. And how are they going to make money from this system? Who is paying for all the infrastructure? And why would I use a banks coins when I could have universal money that works in any country?

Sure, my point is that many people have heard about bitcoin and banks could potentially use that to attract investors to their own versions. The average investor would not understand a s*ht nor give a FUCK (token) if they just tell them that is "like Bitcoin but better".

BlackBoxRecords

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Quote from: Arngrim on February 08, 2018, 10:24:00 AM

They will always need to rely with the USD only.
If they don't want FBI or CIA eyeing them.

Creation of a new currency just means they are trying to break a law already.
Another will be negativity with investors. We all know that many people are still in disapprove with all this crypto currencies specially bitcoin. It would make a big problem for them.

But consider for example the Flight Companies' "miles". De facto you can accumulate miles and buy them and I believe you can transfer them, so they are the facto a currency yet internationally legal. What's the difference? The name only?

RodeoX

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The revolution will be monetized!

I do. However the most important attributes of any money I would use are:

1. Decentralized ledger.
2. Open source code.
3. The inability of any entity to have greater access.

Such a coin would be a Frankenstein monster that the banks could not control. It may just come back to hurt them. And how are they going to make money from this system? Who is paying for all the infrastructure? And why would I use a banks coins when I could have universal money that works in any country?

Grandifer

jr. member

Activity: 59

Merit: 3

You can't prevent banks and affiliated governments from forcing their own coins. Like could you not use US Dollars? Exactly, you couldn't. You have to use them because you're forced to by law. So if any government decide to implement "national" blockchain and trace EVERY transaction you can't do anything legally.

Btw, you mention private coins. Do you know that bitcoin and other cryptocurrency is actually easily traceable?
The only truly private (and fairly distributed) coins are Monero, Karbo and Aeon. You can't trace transactions on their blockchains unless you're allowed to by sender. There are no other options. Everything else is open and traceable.

Vladv26

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That would be possible to happen because they would make a lot of profit from it and they are going to have their own cryptocurrencies. For companies it would have been easier to do that because they work with money everyday and probably a lot of people are going to use cryprocurrencies to pay for their services. For governments that would be very hard to do since I am 100% sure they are going to add some taxes for using their coins and that would suck. No one wants to own coins that are controlled by the governments because they already control our salaries and they apply a lot of taxes to us.

jtipt

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Quote from: BlackBoxRecords on February 08, 2018, 10:03:54 AM

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

Now that cryptocurrency is going mainstream, obviously banks and other big corporations are going to try make their own crypto. There were rumors of Amazon making a new coin, and such. There is no way to stop this, or rather the need to stop this. Most likely these coins will fail like the thousands of other shitcoins.

GREATLOVE

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Quote from: BlackBoxRecords on February 08, 2018, 10:03:54 AM

Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

If the government know about this I think they can do something if they really want too. So, all of that people will make atleast report in government and the government will do something.

Arngrim

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They will always need to rely with the USD only.
If they don't want FBI or CIA eyeing them.

Creation of a new currency just means they are trying to break a law already.
Another will be negativity with investors. We all know that many people are still in disapprove with all this crypto currencies specially bitcoin. It would make a big problem for them.

Harlot

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Governments can have a shot at it. But other firms or businesses will not because I don't think it is in their legal right to create their own kind of currency, I mean look at other payment methods out their they are always based from the Fiat Currency, you won't see something like "Paypal Gold" as it would be illegal to do so. Also if governments will have their own cryptocurrency, I don't think it would succeed on replacing something not unless they replace their own fiat currency with it. Because some might say that decentralization is one of their main priorities in looking for some cryptocurrency and obviously government controlled ones won't have it.

BlackBoxRecords

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Do you think that banks, governments and investment companies such as Goldman Sachs, JP Morgan and other will try to replace the decentralised coins and try to lure their clients to invest into their own private blockchains? What can be done to prevent that?

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