Topic: Should Bitcoin be attempted to replace by something of National Origin? (Read 7072 times)

'National cryptocurrency' is an oxymoron, yes.
National digital currency is against government's interest, yes. (Note I did not say nation)
National digital currency would be centralised, yes. By definition.

It would be stupid? not at all.
It is doom to fail? Absolutely not. Even stupid things succeed by the power of marketing. And this is not even stupid.

You're absolutely wrong. ABSOLUTELY. Okay? I'm not going to launch any cryptocurrency. I'm no fool to put time and resource into something that is deemed to fail. Launching cryptocurrency and making it successful requires much more than what you and I collectively possess.

I'd like to reinstate purpose of this thread as aim to explore "diversified thoughts" on national cryptocurrency which sooner or later will be launched by Government. That's it!

I know what I don't know therefore, wanted inputs to reach collective wisdom. Thanks! Now, I know national cryptocurrency will be a centralized initiative(unlike Bitcoin), oxymoron, doom to fail, stupid, against nation's interest and what not!

Great!

I agree with the same points, and there is no use of having nation cryptocurrency . A Universal currency is much more attractive as the development happening anywhere around the world will apply to what you will be holding. There is no need for it to be national as it feels to be a bit in the centralized ecosystem.

The aim of this thread is to generate buzz about BTCIndia's coin launching later this year.
I have no problems with that, and using buzzwords is a great marketing move too - I welcome it.

But the problem is 1. National Cryptocurrency is an oxymoron. A cryptocurrency cannot be national. This is a national digital currency.
2. A national digital currency is a loss for government and thus govt will want to build a digital banking grid rather than a new currency.

Thank you for your inputs! I have not started this thread for what you believe here. This thread's aim is to exploring some fundamental question related to Bitcoin.

Since the title of this thread changed since my last comments, here are some views on this thread.

Replace? Maybe not, but I would not say no to the possibility of other decentralized currencies using the Bitcoin Blockchain only for last mile services. This entirely depends on the evolution of Bitcoin and other technologies integrating into it.
If you have started this thread, to try to build a 'Made in India' cryptocurrency, you should try to lookup the alt-coin thread, where there are quite a few, of Indian origin.

Or am I still not getting the intent of this thread?

Thank you for invitation!

Religious behavior is when a cause, principle, or activity is pursued with zeal or conscientious devotion without a regard to rationality.

1. In all these 4 pages of this thread, I have provided numerous rational arguments, none of which you refuted.
2. You have given absolutely zero arguments in your favor till now. Similarly irrational have been your replies in this thread.
3. You have pursued your cause with zeal and used ad hominems to attack anyone arguing against you.

Lol, I even mentioned that I believe bitcoin will not succeed. So my stance really opposes the bitcoin religion.

For once do you wanna try rational arguments?

Brother, I'm totally incapable. I'm sorry. All I can say is, "enlightenment lies beyond religion."

https://www.cryptocoinsnews.com/is-bitcoin-a-religion/

Go deep. Enlighten me!

How shallow!

It is highly unlikely. The reasons being bitcoin was 100% open from day 1, anybody could have mined it but it didn't. In that way it is no different from a startup where some people get a brilliant idea, work day and night for several years, then let their company go public. Sure, the founders have shitloads of shares and get rich. Is that a problem? Would you demand Sergey Brin to disclose what he plans to do with his money earned from selling Google shares? Sergey could have an evil plan but it doesn't matter, he has the money now and is doing whatever he wishes to.

If we are so intelligent that our providence is perceived as coincidence, then we deserve to succeed since it is very rare to invent such an idea. Satoshi solved two very long-standing computer science problems that academics working in the field for decades have not been able to solve.

Then there are other problems. Having one of Nakamoto’s Bitcoins would be like having a stolen painting. All transactions in the Bitcoin network are completely public — and people think that they’ve already identified which Bitcoins belong to Nakamoto.

You might like https://en.wikipedia.org/wiki/Diffusion_of_innovations

I myself mined bitcoins very early, back in 2010, but they were worthless then so I threw away the keys. Personally, I believe that bitcoin won't be the world dominating currency because once people realize the power of it's algorithm, there will be millions of altcoins working under the hood, like many of us hold multiple ip addresses and run multiple networks (routers etc) but do not need to understand it's technicalities.

Overtaking Bitcoin is only a fool man's dream. All we can do attempt is to alleviate various drain that will happen in near future. That's why I've been been contemplating on something national to mitigate maximum possible. Well, stylish name, addictive trait, financial gains all are secondary requirement. First requirement is blind followers who will trust foundation without any questions and believe themselves as THE PROUD EARLY ADAPTER at heart. THE ENLIGHTENED ONE who knows most of things about Bitcoin. Just like we people here and foundation resembling Bitcoin foundation.

I've interesting scenario for you to imagine and build upon. Le your imagination fly:

Imagine national coin is launched and successful. You, me and most of disruptions are using it therefore effectively serves purpose served by Bitcoin. Is that end of story? Yes. Its end story for people who believe our national coin as savior and do not inquire beyond.

But, dirty little secret is, you, me and other people who're active here. Knows, national coin did not arise from air. It was created with purpose..whose inception started with a post and went through lot of thought iterations before being launched with ulterior motive... a vision...a purpose.

People will see coincidence, we know its providence. A purpose. And we'll be secretly laughing because we know story behind. Are we being stocks of laughter from someone? *I'm thinking.*

If anycoin in our nation evolves then it has to have some stylish and addictive name which will ensure no failure of such coins . However overtaking bitcoin is a fiction as of now .

Bitcoin is absolutely political. Blockchain is an algorithm for governance. What do the commons here claim?

right

Extreme? That is near future very palpable to me. I remember, evangelist claiming Bitcoin as non-political and neutral few years ago. And decentralized too.
All I can say is wait and watch.
*Fingers Crossed*

I know that's a longhsot and we are imagining extremes, but I like that possibility!

I like you. You're so polite. ^_^
Yes we need one world currency if outcome of debate called globalization is yes. A world currency is sure to bind us together if ulterior motive is not politics and self-interest. I believe, every other political agenda and moves will be soon dwarfed by Bitcoin. Bitcoin has more to do with politics and less to do with what commons here claim.

*Freedom of thought/stupidity/imagination at its best here*

I don't say it is one, but it is ideal for it to be one, a single currency will help change mindsets too, and help integrating the world towards being one entity.
Boundaries are always there, within a nation, states are a boundaries, but there are always some things that bind the nation together, a world currency can be a thing that binds the world together.