Topic: Russian's own Bitcoin - What will be the impact to the original Bitcoin? - page 2. (Read 3013 times)
June 06, 2017, 05:40:38 PM
Weither it works or not it still brings some oride to the people and I think it's a good idea and a step towards the future. Even entire countries realize the potential of the blockchain. Why use fiat when your country can have a digital currency ? It will be very interesting to watch and see what becomes of this.
June 06, 2017, 01:32:09 PM
No there is surely no chance it is even going to reach as close as price of bitcoin nor it is going to give any sort of competition to bitcoin as it is been made by a bank who may now claim that they won't control the price , but there is no chance that they won't do it. Bitcoin is independent and has already proved that no one can control it , and we already have many bitcoin alternatives which we named as altcoin , so this new crap is just another altcoin
Actually, I was thinking the same before, but after I do enough research and reading about it, I found that Ethereum technology is quite demanding.
They fixed the scaling and speed problem which Bitcoin is facing right now when it forked a year+ back . Their blockchain can incorporate "smart contracts". Many big companies are working with Ethereum right now and they need Ethers to fuel the blockchain process for their transactions. Here is an article regarding that:
http://fortune.com/2017/02/28/ethereum-jpmorgan-microsoft-alliance/
"Thirty big banks, tech giants, and other organizations—including J.P. Morgan Chase, Microsoft, and Intel—are uniting to build business-ready versions of the software behind Ethereum, a decentralized computing network based on digital currency...."
As bitcoins and Ethers are somewhat subtitutes, Ethers may pull some market share away from bitcoins and slow down its demand and the price increase.
Just my 2-cent.
June 06, 2017, 12:57:07 PM
No there is surely no chance it is even going to reach as close as price of bitcoin nor it is going to give any sort of competition to bitcoin as it is been made by a bank who may now claim that they won't control the price , but there is no chance that they won't do it. Bitcoin is independent and has already proved that no one can control it , and we already have many bitcoin alternatives which we named as altcoin , so this new crap is just another altcoin
June 06, 2017, 12:32:57 PM
Just read two news articles today - one regarding Russia and one regarding China, that they are interested in Ethereum. If they use Ethereum blockchain to run their R&D crytocurrencies, it will boost the demand and, therefore, price of Ethers. This may cause investor to move from Bitcoin to Ethereum. But if they decide to use their own blockchains, then no effect will have on Ethers.
https://www.bloomberg.com/news/articles/2017-06-06/putin-eyes-bitcoin-rival-to-spur-economic-growth-beyond-oil-gas
https://www.nigeriatoday.ng/2017/06/researcher-from-chinas-central-bank-discusses-an-ico-regulatory-sandbox/
https://www.bloomberg.com/news/articles/2017-06-06/putin-eyes-bitcoin-rival-to-spur-economic-growth-beyond-oil-gas
https://www.nigeriatoday.ng/2017/06/researcher-from-chinas-central-bank-discusses-an-ico-regulatory-sandbox/
June 06, 2017, 07:02:23 AM
Many have tried and most are fail attempts, maybe Russia will be first one that will succeed in complete it. This will not influence current development and price of bitcoin but if they finished and even if they finished this will still not effect bitcoin in any way.
Maybe this isn't such great news as the name of countries that want this but still final product wont influence much in BTC price.
Maybe this isn't such great news as the name of countries that want this but still final product wont influence much in BTC price.
June 06, 2017, 05:45:17 AM
I think its going to like the changes done in japan for crypto currency legalisation same going to happen here . If any country owned crypto currency is using it ultimately benefit bitcoin
June 05, 2017, 05:22:34 PM
You cannot force people to use artificially created cryptocurrency, especially state owned and created.
Really?
If we take the word crypto out of this 6000 years of human history have told us that you can pretty much force people to use a centralized state owned and created currency.
And North Korea , as sad as it is is a genuine example of what you can do to the people for nearly half a century without consequences. What is worse is that some are really happy with it.
However, my fear is that Russia as a formidable country might ensure force by banning bitcoin in other to increase the acceptance of its own which might have effect of bitcoin price.
Nobody gives a damn about what Russia will do against bitcoin.
With an economy the size of Netherlands they can try whatever they want.
Economically they are nothing in this world.
June 05, 2017, 04:25:24 PM
I guess any countries are free to create their own digital currencies and that would only impact their own monetary supply. It is like printing new money or exchange the paper money with the the digital counterpart.
June 04, 2017, 03:29:09 AM
Russian is planning to have its own version of Bitcoin backed by the Sberbank.
"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank. Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeCenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo
What type of impact(s) will this have on the original Bitcoin? Would the Russian Bitcoin survive? Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world? Would the original Bitcoin value goes down?
What is your thought on this?
"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank. Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeCenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo
What type of impact(s) will this have on the original Bitcoin? Would the Russian Bitcoin survive? Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world? Would the original Bitcoin value goes down?
What is your thought on this?
Other countries that have tried it have failed woefully and not only that, they have even succeeded in promoting bitcoin more and I have a feeling that the case of Russia won't be an exception. They really need to understand the reasons behind bitcoin which is largely because it cannot be controlled by government. However, my fear is that Russia as a formidable country might ensure force by banning bitcoin in other to increase the acceptance of its own which might have effect of bitcoin price.
June 04, 2017, 02:40:35 AM
Ha, ha, ha, that s such a stupid idea. These controlled state interventions have never achieved any success anywhere in the world. Look at socialism, look at North Korea. You cannot force people to use artificially created cryptocurrency, especially state owned and created.
It takes away all beauty of decentralisation and privacy. Big time failure, wouldn't not touch it with a stick. Also, will definitely have no impact on BTC. Russian BTC market s not that big anyway.
It takes away all beauty of decentralisation and privacy. Big time failure, wouldn't not touch it with a stick. Also, will definitely have no impact on BTC. Russian BTC market s not that big anyway.
June 04, 2017, 02:04:42 AM
To my mind this step from russia means something inportant because they wouldn't do such thing for nothing and especially when their major state-controlled bank plays important roll. To my mind their coin will have important affect on bitcoin and it's price but really can't imagine how will price go. Maybe they will manipulate with their coin's price and that's why they want their coin and also good way for their goverment for dark transactions.
June 03, 2017, 08:37:47 PM
It wont affect bitcoin
I think that if enough of those centralized government created coins are created, eventually people are going to realize how much better bitcoin or any other alt that is decentralized are, so this may have the opposite effect than the one they are looking instead of people using the centralized coin, people are going to want to use bitcoin, thanks to all the good characteristics bitcoin currently posses.I think there will be no problem here about Russia making another cryptocurrency/altcoin. Many countries done the same thing and it's effect is just the people are more in favor of using bitcoin. That is right, these digital currency that will be made will be surely centralized, after using a decentralized currency, I think they will be confused.
June 03, 2017, 08:19:58 PM
They can take those freely available to buy and sell coins and shove it up their white and sorry asses mate for
All I care, right now dollar being in digital form and on the move between banks across the world is affecting
Bitcoin in a negative way? you are missing what is important in crypto, no government adoption and opposition
Should affect a decentralized system. any coin called something other than BTC will run a different blockchain
And will have a different market, I don't see the relevance here mate.
All I care, right now dollar being in digital form and on the move between banks across the world is affecting
Bitcoin in a negative way? you are missing what is important in crypto, no government adoption and opposition
Should affect a decentralized system. any coin called something other than BTC will run a different blockchain
And will have a different market, I don't see the relevance here mate.
June 03, 2017, 03:50:35 PM
It wont affect bitcoin
I think that if enough of those centralized government created coins , eventually people are going to realize how much better bitcoin or any other alt that is decentralized are, so this may have the opposite effect than the one they are looking instead of people using the centralized coin, people are going to want to use bitcoin, thanks to all the good characteristics bitcoin currently posses. June 03, 2017, 03:50:28 AM
this is strange really, because they said that they were to adopt bitcoin, and regulate it like japan, i'm wrong?
Nope , they didn't say that once...
It was all a hype by some idiots who open threads without reading the news.
Forget the crap from coinnews coinhype fakecoin blogs.
https://www.rt.com/business/390608-russia-bitcoin-cryptocurrency-central-bank/
Quote
Cryptocurrencies could be recognized in Russia by 2018, said Deputy Finance Minister Aleksey Moiseev in April. Although he expressed concern about the anonymity of transactions.
“The state needs to know who at every moment of time stands on both sides of the financial chain,” Moiseev said in an interview, as cited by Bloomberg. “If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations.”
“The state needs to know who at every moment of time stands on both sides of the financial chain,” Moiseev said in an interview, as cited by Bloomberg. “If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations.”
http://www.cnbc.com/2017/06/01/bitcoin-russia-regulation.html
Quote
"We don't consider that bitcoin can be considered as a virtual currency. It's more digital assets with the regulation of assets," Nabiullina told CNBC in a TV interview.
Quote
"We have some doubts, we don't see some huge benefits from introducing digital assets in our economy," Nabiullina said
This is what happens when people live in ponyland
June 03, 2017, 03:44:32 AM
There is no effect that can be reflected in bitcoin because bitcoin has its own community and supporters and it is not depending in the other type of organizations that promotes centralization so even russia make their own bitcoin they can't still overcome bitcoin because bitcoin already prove itself a lot of years passed.
June 03, 2017, 01:01:53 AM
No effect, just another alt-coin but contralized. No real value to me. No effect on Bitcoin valuation neighter !
June 03, 2017, 12:38:24 AM
Who cares what a country is doing really? are they going to use sha256 and let everyone to freely mine the coin? if yes then we already have bitcoin and LTC and a couple thousands of other coins, if it's not like that then what is the point of announcing it? it's not like they are going to allow me or you to mine that coin, a state issued cryptocurrency is nothing like bitcoin at all. you could see the impacts of thousands of other coins to bitcoin nothing significant.
June 03, 2017, 12:04:33 AM
An alt-coin from a totalitarian dictatorship. Sounds legit. 
Yup. I would not trust for a second ANY national crypto. Especially from Russia or any other dictatorial country. Who would?
I'll stick to Bitcoin, as it appears to be sufficiently safe, at least for now, from too much government meddling.
Governments seizing Bitcoin would be diagnostic of enormous other problems...
June 02, 2017, 10:50:44 PM
Impact: NONE. And you know why? Because Russia's coin will be just another bitcoin in disguise, and it'll worm its way to the black markets and so forth, just like bitcoin. But hey, more power to Russia for adopting blockchain tech. It's the way of the future, and they don't grow them stupid over there. They may be slimy scammers, but they're not stupid. But their coin won't be any different than doge or ETH or what have you. Maybe it'll be more stable, which is a property that crypto sorely needs, but doubtful that bitccoin itself (the mother of all crypto) is going to be affected.
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