Topic: The Coming War Between Digital Currencies - page 3. (Read 1153 times)
It's a good sign that we are heading toward stabled cypto currency era. We will have a government issued digital currency in the market alongside with different altcoins. People will only choose which digital currency is accepted for whatever transaction they make.
I think he's reaching a bit. Banks were already going digital before Bitcoin was invented. I'm pretty sure that countries like Sweden were moving towards a cashless society before Bitcoin existed as well.
But it certainly has moved things along. It's clear that both consumers and governments want to shift towards electronic payments (the former because it's more convenient, the latter because they are more trackable). I do think he's right about the coming war; China is set to roll out its blockchain currency soon.
But it certainly has moved things along. It's clear that both consumers and governments want to shift towards electronic payments (the former because it's more convenient, the latter because they are more trackable). I do think he's right about the coming war; China is set to roll out its blockchain currency soon.
Sweden was almost cashless, (the percentage hasn't moved a lot in the last years as it is already 98%) before 98% of the users here knew anything about bitcoin.
Eastern Europe has made huge steps in that direction and I think even my country has passed the 50% digital transactions mark.
It's not a move against bitcoin is a normal thing in evolution with improving technology.
And no matter what some say I feel safer with just a plastic card in my wallet than a bunch of notes.
Besides, if the National Bank would want to rob you it will do an India style move and all your mattresses full of cash will be worth cents.
But,I think I missed that.China??? own currency???
Why? Why not just support the Govt issued currencies? Why to hide your transactions from government?
Fair assertion, but a war lol! i think is been a bit exaggerated. Off course governments want regulation, that is what makes them governments and keeps them in business. Most will do the same in their shoes. People will find a way around these so called regulations if necessary.
Why not use fiat, then? lol
Overall , it will depend on people choice whenever they want to use bitcoin or new one , as long as it can be use for global transaction and it's not against the wall, I think it's no problem
In this digital era, everything gone advance very quick , I won't be surprise if there are many new invention that will occur on next few year
In less than a decade we have seen a major increase in the digital way we lead our lives really fiat is in the catch up game here. I'm going to make the assumption that most of us live cashless nowadays and with that the global banks are playing catch-up. They will try and integrate a crypto currency into the way they operate but from this point they will only be seen as another ico. Businesses across the globe are going to have to accept that bitcoin is here to stay and can only grow as a result.
In this digital era, everything gone advance very quick , I won't be surprise if there are many new invention that will occur on next few year
In less than a decade we have seen a major increase in the digital way we lead our lives really fiat is in the catch up game here. I'm going to make the assumption that most of us live cashless nowadays and with that the global banks are playing catch-up. They will try and integrate a crypto currency into the way they operate but from this point they will only be seen as another ico. Businesses across the globe are going to have to accept that bitcoin is here to stay and can only grow as a result.
Whatever digital currency banks might issue to "combat" Bitcoin will merely be the next iteration of fiat. I am often reminded that, despite other new uses for Bitcoin, it was first created as an alternative digital currency. Crypto/blockchain is still in its infancy, with little pronounced real world use. So no one is can be blamed for going with the convention of lumping all crypto into a convenient "cryptocurrency" label.
But once this age has passed, I do believe that there will be only a few "true" currency. Bitcoin being foremost and possibly the only one to enter true economic use. I see Ether and others to power their own networks, niche currencies like Monero for their specific purposes will always remain outside of mainstream.
There won't be a war, though. That's just sensationalist talk. Comes out from all sides of discussion. This did get me thinking about fiat's main weapon: paper money! No fees ever to transact
But once this age has passed, I do believe that there will be only a few "true" currency. Bitcoin being foremost and possibly the only one to enter true economic use. I see Ether and others to power their own networks, niche currencies like Monero for their specific purposes will always remain outside of mainstream.
There won't be a war, though. That's just sensationalist talk. Comes out from all sides of discussion. This did get me thinking about fiat's main weapon: paper money! No fees ever to transact
Why? Why not just support the Govt issued currencies? Why to hide your transactions from government?
How’s that camera in your bedroom working out? Bathroom? Why hide anything from the government?
I guess if you don’t care about liberty, then you’d be okay with someone monitoring everything you do, but some people care about freedom.
Yes there will be a war
as country is turning digital
means this currency will be used in the whole world so there will be a war as such currency to use
as country is turning digital
means this currency will be used in the whole world so there will be a war as such currency to use
I think we'll have BOTH decentralised coins like bitcoin and fiat-digital coins issued by central banks, at the same time.
When the banking crisis hit, the govt investigated whether they needed to bail out the banks, could the central bank (the Bank of England) handle all the transactions instead? Turned out that the BoE could only handle about 500,000 a day - they were only set up to handle huge transactions between them and the banks.
So the govt was forced to bail out the banks just to maintain the payment system.
Blockchain technology however gives the central bank other options. The BoE is investigating putting the Pound Sterling on a blockchain. The reasoning is, that if there was another banking crisis, instead of a bailout to preserve the payment system, they could just move everything to a blockchain maintained by the BoE.
At the same time decentralised coins like bitcoin will continue to exist. Fiat blockchains arn't a threat to bitcoin, they're a threat to the banking system because who needs them as a payment processor anymore?
When the banking crisis hit, the govt investigated whether they needed to bail out the banks, could the central bank (the Bank of England) handle all the transactions instead? Turned out that the BoE could only handle about 500,000 a day - they were only set up to handle huge transactions between them and the banks.
So the govt was forced to bail out the banks just to maintain the payment system.
Blockchain technology however gives the central bank other options. The BoE is investigating putting the Pound Sterling on a blockchain. The reasoning is, that if there was another banking crisis, instead of a bailout to preserve the payment system, they could just move everything to a blockchain maintained by the BoE.
At the same time decentralised coins like bitcoin will continue to exist. Fiat blockchains arn't a threat to bitcoin, they're a threat to the banking system because who needs them as a payment processor anymore?
I actually thought it would be governments that would first come up with a digital currency since many times we don't really use paper money. I think governments would just phase out paper bills, forcing people to use their digital currency. So yeah, we'll probably end up with both. At least, cryptos already got a head start. It's frightening if all your money is in digital fiat and the government suddenly decided to disable your access to it.
Whenever the govts thought about phasing out cash, they were stopped by the thought of the credit card monopolies (VISA and Mastercard) gouging the customers/voters with fees. Voter backlash stopped it.
But if they can do the fiat blockchain right with low fees and completely by-passing the banks and intermediaries, they'll do it. Contrary to common belief, they didn't enjoy bailing out the banks because they got so much abuse from the voters for it, and a fiat blockchain would mean never having to do a bailout again.
I think we'll have BOTH decentralised coins like bitcoin and fiat-digital coins issued by central banks, at the same time.
When the banking crisis hit, the govt investigated whether they needed to bail out the banks, could the central bank (the Bank of England) handle all the transactions instead? Turned out that the BoE could only handle about 500,000 a day - they were only set up to handle huge transactions between them and the banks.
So the govt was forced to bail out the banks just to maintain the payment system.
Blockchain technology however gives the central bank other options. The BoE is investigating putting the Pound Sterling on a blockchain. The reasoning is, that if there was another banking crisis, instead of a bailout to preserve the payment system, they could just move everything to a blockchain maintained by the BoE.
At the same time decentralised coins like bitcoin will continue to exist. Fiat blockchains arn't a threat to bitcoin, they're a threat to the banking system because who needs them as a payment processor anymore?
When the banking crisis hit, the govt investigated whether they needed to bail out the banks, could the central bank (the Bank of England) handle all the transactions instead? Turned out that the BoE could only handle about 500,000 a day - they were only set up to handle huge transactions between them and the banks.
So the govt was forced to bail out the banks just to maintain the payment system.
Blockchain technology however gives the central bank other options. The BoE is investigating putting the Pound Sterling on a blockchain. The reasoning is, that if there was another banking crisis, instead of a bailout to preserve the payment system, they could just move everything to a blockchain maintained by the BoE.
At the same time decentralised coins like bitcoin will continue to exist. Fiat blockchains arn't a threat to bitcoin, they're a threat to the banking system because who needs them as a payment processor anymore?
I actually thought it would be governments that would first come up with a digital currency since many times we don't really use paper money. I think governments would just phase out paper bills, forcing people to use their digital currency. So yeah, we'll probably end up with both. At least, cryptos already got a head start. It's frightening if all your money is in digital fiat and the government suddenly decided to disable your access to it.
I do agree even lots of countries want to implement blockchain technology and want to enhance decentralised database but they are really afraid about the controlling they are loosing on their currency soon there will be big changes happens towards cryptocurrency.
I think we'll have BOTH decentralised coins like bitcoin and fiat-digital coins issued by central banks, at the same time.
When the banking crisis hit, the govt investigated whether they needed to bail out the banks, could the central bank (the Bank of England) handle all the transactions instead? Turned out that the BoE could only handle about 500,000 a day - they were only set up to handle huge transactions between them and the banks.
So the govt was forced to bail out the banks just to maintain the payment system.
Blockchain technology however gives the central bank other options. The BoE is investigating putting the Pound Sterling on a blockchain. The reasoning is, that if there was another banking crisis, instead of a bailout to preserve the payment system, they could just move everything to a blockchain maintained by the BoE.
At the same time decentralised coins like bitcoin will continue to exist. Fiat blockchains arn't a threat to bitcoin, they're a threat to the banking system because who needs them as a payment processor anymore?
When the banking crisis hit, the govt investigated whether they needed to bail out the banks, could the central bank (the Bank of England) handle all the transactions instead? Turned out that the BoE could only handle about 500,000 a day - they were only set up to handle huge transactions between them and the banks.
So the govt was forced to bail out the banks just to maintain the payment system.
Blockchain technology however gives the central bank other options. The BoE is investigating putting the Pound Sterling on a blockchain. The reasoning is, that if there was another banking crisis, instead of a bailout to preserve the payment system, they could just move everything to a blockchain maintained by the BoE.
At the same time decentralised coins like bitcoin will continue to exist. Fiat blockchains arn't a threat to bitcoin, they're a threat to the banking system because who needs them as a payment processor anymore?
The cryptocurrency market is very promising and therefore it will always be tough competition. If there is war it is not known. The fact that the government will fight with all the cryptocurrency that's for sure. They will not give up the Fiat position without a fight.
The truth that I am still a newbie towards this Cryptocurrencies, but after engaging and reading more in the forum, I have seen that there is no such war between different Cryptos but the unity in each and every one of them, they have all common features and I think there are common goals between each and everyone of them, so in my perspective there is no enemy or ally but a symbiosis of each and every cryptos.
I guess we all started as a newbie. And it is common for them ask around. But i guess its not termed as war because they dont technically go against each other. but each has its own strategy to attract users and it is in us to utilize or not there services.
Quote
In the coming war between digital currencies, which side will your money be on? If that question sounds crazy, meet Arthur Hayes, a former CitiGroup trader who runs BitMEX, a Hong Kong-based crypto exchange that allows eye-bulging leverage – up to 100 times – when buying and selling cryptocurrency derivatives.
Not just another Wall Street veteran, Hayes may also be one of the industry's biggest bitcoin bulls. It's a bold claim, but you might agree if you saw his newsletter – a regular synthesis of cryptocurrency news, gangster quotes, GIFs and end-of-the-world premonitions. In fact, Hayes thinks blockchain is lighting a fuse that will ignite open combat between "true cryptocurrencies" (like bitcoin) and a new "digital fiat" controlled by central banks.
These two parallel currency systems are the inevitable outcome of his core investing thesis: "A digital society needs digital cash." In other words, bitcoin has brought the world cryptocurrency and institutions of all kinds will use the technology to their advantage.
Here's what Hayes sees shaking out as a result: Governments will respond to the proliferation of cryptocurrency by withdrawing banknotes from circulation, and governments will issue digital fiat that functions similarly to cryptocurrency.
But don't be fooled, according to Hayes, the similarities here are all on the surface.
Government-controlled digital fiat will be the antithesis of absolutely everything true cryptocurrency stands for. Central bank's issuance of digital money will lead to a brave new world where governments are able to monitor and control every single transaction in an economy. And countering that overreach is the reason Hayes believes bitcoin and other cryptocurrencies have a value proposition not just today, but for years to come.
Not just another Wall Street veteran, Hayes may also be one of the industry's biggest bitcoin bulls. It's a bold claim, but you might agree if you saw his newsletter – a regular synthesis of cryptocurrency news, gangster quotes, GIFs and end-of-the-world premonitions. In fact, Hayes thinks blockchain is lighting a fuse that will ignite open combat between "true cryptocurrencies" (like bitcoin) and a new "digital fiat" controlled by central banks.
These two parallel currency systems are the inevitable outcome of his core investing thesis: "A digital society needs digital cash." In other words, bitcoin has brought the world cryptocurrency and institutions of all kinds will use the technology to their advantage.
Here's what Hayes sees shaking out as a result: Governments will respond to the proliferation of cryptocurrency by withdrawing banknotes from circulation, and governments will issue digital fiat that functions similarly to cryptocurrency.
But don't be fooled, according to Hayes, the similarities here are all on the surface.
Government-controlled digital fiat will be the antithesis of absolutely everything true cryptocurrency stands for. Central bank's issuance of digital money will lead to a brave new world where governments are able to monitor and control every single transaction in an economy. And countering that overreach is the reason Hayes believes bitcoin and other cryptocurrencies have a value proposition not just today, but for years to come.
I think he's reaching a bit. Banks were already going digital before Bitcoin was invented. I'm pretty sure that countries like Sweden were moving towards a cashless society before Bitcoin existed as well.
But it certainly has moved things along. It's clear that both consumers and governments want to shift towards electronic payments (the former because it's more convenient, the latter because they are more trackable). I do think he's right about the coming war; China is set to roll out its blockchain currency soon.
The truth that I am still a newbie towards this Cryptocurrencies, but after engaging and reading more in the forum, I have seen that there is no such war between different Cryptos but the unity in each and every one of them, they have all common features and I think there are common goals between each and everyone of them, so in my perspective there is no enemy or ally but a symbiosis of each and every cryptos.
The war has already begun for anyone who is sensitive about the way things are going in the crypto currency industry. The way its being seen as just an attack is because while the people on the side of government are launching, the bitcoin is defending and thats not how war is being fought. Government and its institution knows that the future is a digitalized one and they want to come into the picture but with their own backed currency and that is why they why they are trying to weaken bitcoin, before launching theirs.
The winner of the war will now depend on the side in which majority of the population will belong to
1. The side of those who already know about bitcoin and wont want to sacrifice that for anything else more importantly backed by government, and
2. The ones that will be coming in after government launches its own currencies.
All that can be said is let the best candidate win.
The winner of the war will now depend on the side in which majority of the population will belong to
1. The side of those who already know about bitcoin and wont want to sacrifice that for anything else more importantly backed by government, and
2. The ones that will be coming in after government launches its own currencies.
All that can be said is let the best candidate win.
Why? Why not just support the Govt issued currencies? Why to hide your transactions from government?
Fair assertion, but a war lol! i think is been a bit exaggerated. Off course governments want regulation, that is what makes them governments and keeps them in business. Most will do the same in their shoes. People will find a way around these so called regulations if necessary.
Fair assertion, but a war lol! i think is been a bit exaggerated. Off course governments want regulation, that is what makes them governments and keeps them in business. Most will do the same in their shoes. People will find a way around these so called regulations if necessary.
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