The world that all money have become crypto currencies issued by government - page 3.

wuvdoll

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Quote from: mostkey on October 14, 2018, 03:33:59 PM

The bank will be stronger than before if it wants to launch a new crypto under the auspices of the local government, centrally it often becomes the pros and cons in the crypto world where each has an advantage that considers and hopes that crypto is always decentralized on the other hand banks always oppose all reasons with security, it is a scheme that has been read because they want global control even though it is complicated to follow lust only with power.

Not just the banks, but the country in which the blockchain technology is adopted. Nonetheless, it would not really change much if we are referring to decentralization as the centralized aspect is something we most definitely will not stop seeing for now.

However, we have to understand that in cases like this, even with the centralization, there is always a huge transparency which I believe will curb a whole lot of things and most especially when it comes to corruption, but the thing is even at points like this, it totally still depends on the government anyway but one thing I know for sure is that government will never accept decentralization as they always love the control.

Kakmakr

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Quote from: senin on October 15, 2018, 03:26:14 AM

Quote from: StarofBTC on October 13, 2018, 10:10:18 AM

Quote from: hahay on October 10, 2018, 05:20:13 PM

I am not sure if the national bank will release its own crypto, because so far there are many national banks that continue to contradict cryptocurrency, although it does not rule out the possibility that many countries that support crypto like Japan will implement it.

Quote from: tactac on October 09, 2018, 06:16:47 AM

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

I personally don't mind living like that monitored by the government, because I feel enough concern if I have to deal with the bank, because the funds I get are almost completely and more than crypto. So if the government and bank will release their own crypto, then that is a very good step I think because I as a crypto user no longer need to worry about something, because so far national banks in my country are still opposed to cryptocurrency.

Well, that is something that is still a mystery for now, but I believe in the long run, this is something we will get to start seeing gradually with government and central banks utilizing the blockchain by integrating fiat on it.

We know the world is gradually going digital, so there is no doubt, that at some point in the long run, we will have the governments all over the world, coming up with their own centralized digital currencies, which would probably eradicate paper currency anyway and then we will at least be able to get to see things done different. Nonetheless, it does not really make that much of a difference at the end because it will still be controlled.

The world becomes digital only up to a certain point. It cannot become completely digital and get rid of ordinary paper money. The euphoria of cryptocurrency will soon pass, it will not occupy a very large sector in financial relations. Cryptocurrency, like other types of money, has its advantages and disadvantages. As a result, the cryptocurrency will go along with other types of cash and non-cash money.
Centralized cryptocurrency also can not occupy a dominant value in any state. It will complement the usual money.

Nope, I disagree with you on that. All money is digital The "paper currency" is just a alternative form of payment for the people who struggle with technology. Roll Eyes

Bitcoin and other Crypto currencies will not complement fiat currencies, it will replace it in the near future. The fiat system is due for a upgrade and Bitcoin/Crypto currencies are the alternative solution for that upgrade. Wink

realBitcoiner

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Quote from: BitHodler on October 10, 2018, 06:22:17 PM

Quote from: bob123 on October 10, 2018, 04:08:06 PM

A governmental issued cryptocurrency would just be e-fiat.

That's what I think as well. Governments only have to tokenize fiat, which will grant them more control over their financial system than ever before. It's a plus in terms of convenience, but fiat will become even more centralized.

Technically speaking I am dealing with digital fiat already with how I barely touch the actual asset in physical form. I use my debit cards or my banking app to settle transactions on a daily basis.

People in Asian countries in the same way aren't dealing much with actual fiat anymore, it's mobile payment apps that dominate the market, and these will continue to take over with how convenient and fast it is.

People themselves won't notice much of a difference between transacting with digital fiat or tokenized fiat, their apps will make sure of that. The only thing they need to do is unlock their wallet so they can send and receive money.

I think there is a big difference between cryptocurrency and fiat. Fiat is only used for online transactions and cannot be used in local markets as regular currency, while crypto will give us both the facilities of online transactions and worldwide use for our daily needs and financial problems. The presence of crypto in the market will eliminate fiat currency.

senin

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Quote from: StarofBTC on October 13, 2018, 10:10:18 AM

Quote from: hahay on October 10, 2018, 05:20:13 PM

I am not sure if the national bank will release its own crypto, because so far there are many national banks that continue to contradict cryptocurrency, although it does not rule out the possibility that many countries that support crypto like Japan will implement it.

Quote from: tactac on October 09, 2018, 06:16:47 AM

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

I personally don't mind living like that monitored by the government, because I feel enough concern if I have to deal with the bank, because the funds I get are almost completely and more than crypto. So if the government and bank will release their own crypto, then that is a very good step I think because I as a crypto user no longer need to worry about something, because so far national banks in my country are still opposed to cryptocurrency.

Well, that is something that is still a mystery for now, but I believe in the long run, this is something we will get to start seeing gradually with government and central banks utilizing the blockchain by integrating fiat on it.

We know the world is gradually going digital, so there is no doubt, that at some point in the long run, we will have the governments all over the world, coming up with their own centralized digital currencies, which would probably eradicate paper currency anyway and then we will at least be able to get to see things done different. Nonetheless, it does not really make that much of a difference at the end because it will still be controlled.

The world becomes digital only up to a certain point. It cannot become completely digital and get rid of ordinary paper money. The euphoria of cryptocurrency will soon pass, it will not occupy a very large sector in financial relations. Cryptocurrency, like other types of money, has its advantages and disadvantages. As a result, the cryptocurrency will go along with other types of cash and non-cash money.
Centralized cryptocurrency also can not occupy a dominant value in any state. It will complement the usual money.

Kakmakr

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We call these coins "GovCoins" and they are the worst idea, ever conceived. We already know governments are manipulating fiat currencies and now people want them to control and manipulate Crypto currencies too? Fiat currencies are being printed and devalued at a astronomical rate, effectively turning it into "toilet paper" money.

Just imagine what will happen, if governments had control over Crypto currencies and were able to change the supply, with a push of a button. Shocked

frowsiter

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You know what this is kind of feeling where you are attached to something a lot and eventually you start thinking that it is the only last thing that should be out there in the world. It doesnt work like that mate, central banks may create a crypto currency some day but you know what, they will never ever be able to set up better infra structure than the fiat traditional system. Its you and me who are engaged in the crypto currency but not the whole world. I guess it will take ages to to understand the crypto currency mechanism for most of the generalised people and thus one the time it may just left out as useless currency. Thats not easy to adopt something new so fast, otherwise oil, gold, silver would have been the currency of this world already.

HabBear

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Quote from: nicster551 on October 14, 2018, 11:37:12 AM

It will happen indeed in the future, but there are many sectors and problems we may want to solve before everyone in this world could ever start using cryptocurrencies.

How can you be so certain?

It's not just sectors that need to get in line, it's whole government leaders - those that hold the leadership and those that are in the wings waiting to seize it. Think about the political wrangling that goes on today to just maintain our status quo with a bit of change here and there. It's significant. The mudslinging, the back room deals, the lobbying, the money driven decision making. Then you drop a proposal in the middle of all that which removes the control of the financial system from all of those power brokers - what do you think will happen? It'll be anarchy by the mot powerful, meaning outlawing the use of blockchain technology for cryptocurrency.

darewaller

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Quote from: Ycekezuv on October 09, 2018, 07:09:18 AM

The fact is that most countries are trying to make their stablecoin, mostly supported by fiat money.

Yes, what else would you have expected ? Government will obviously not come up with a decentralized protocol which will probably make them lose all the necessary controls they can have and in that case, what we are just going to end up seeing is the replica of fiat on the blockchain. However, this is something that would really be a whole lot better for the government in the long run when it comes to the cost of having to print paper money, and then going with the blockchain that would even bring about some centralized control and transparency in a way, I believe those are something that would still benefit the country as a whole eventually.

mostkey

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The bank will be stronger than before if it wants to launch a new crypto under the auspices of the local government, centrally it often becomes the pros and cons in the crypto world where each has an advantage that considers and hopes that crypto is always decentralized on the other hand banks always oppose all reasons with security, it is a scheme that has been read because they want global control even though it is complicated to follow lust only with power.

South Park

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I am terrible at Fantasy Football!!!

Quote from: Ycekezuv on October 09, 2018, 07:09:18 AM

The fact is that most countries are trying to make their stablecoin, mostly supported by fiat money.

The real question is who is going to use such a coin? The average person doesn't have any need to use a cryptocurrency created by the government, they can use their cash and if they want to use a digital currency they can just use their debit and credit cards, and people like us that have adopted cryptocurrencies have no need to use those coins either because we have bitcoin.

nicster551

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Quote from: tactac on October 09, 2018, 06:16:47 AM

It is said that central banks plan to release their own curypto currency in some countries,for example Japan.
I know it is quite extreme, but I consider the world that coin and bill currently circulated are abolished, and only the curypto currency issued by the central bank circulates.
I think there are some merits and demerits of this system.

Merit for goverment
· Promotion of utilization of blockchain and smart contracts in various infrastructures
· Reduce the cost of issuing coins and bills
· It is possible to prevent money laundering and crime because of catching a money transaction
· It is possible to confirm the history of deposits and withdrawals of funds and possible to reliably catch taxable objects
· Bribery can be eradicated

deMerit for goverment
· Increases a risk of hacking
· It takes cost to update various infrastructure such as payment systems
· Defining the total supply amount makes it impossible to measure to prevent deflation, and If it does not, it will become inflation
· When equipment is destroyed due to a disaster, it will not function as an exchanging means
· Bribery is eradicated

Merit for user
· There is no need to carry cash
· Reduce the cost required for payment settlement
· Easier transfer of assets in inheritance
· Since transactions are recorded on the blockchain, accounting and tax returns are simplified

I think there are other merits and demerits, so I'm happy if you suggest other ideas.

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

It will happen indeed in the future, but there are many sectors and problems we may want to solve before everyone in this world could ever start using cryptocurrencies.

StarofBTC

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Quote from: hahay on October 10, 2018, 05:20:13 PM

I am not sure if the national bank will release its own crypto, because so far there are many national banks that continue to contradict cryptocurrency, although it does not rule out the possibility that many countries that support crypto like Japan will implement it.

Quote from: tactac on October 09, 2018, 06:16:47 AM

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

I personally don't mind living like that monitored by the government, because I feel enough concern if I have to deal with the bank, because the funds I get are almost completely and more than crypto. So if the government and bank will release their own crypto, then that is a very good step I think because I as a crypto user no longer need to worry about something, because so far national banks in my country are still opposed to cryptocurrency.

Well, that is something that is still a mystery for now, but I believe in the long run, this is something we will get to start seeing gradually with government and central banks utilizing the blockchain by integrating fiat on it.

We know the world is gradually going digital, so there is no doubt, that at some point in the long run, we will have the governments all over the world, coming up with their own centralized digital currencies, which would probably eradicate paper currency anyway and then we will at least be able to get to see things done different. Nonetheless, it does not really make that much of a difference at the end because it will still be controlled.

cybernetik7

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It will be similar to e-currency. If countries make their own crypto, it also means that governments give in and indirectly accept decentralized cryptocurrencies instead of rejecting them. Thus, it will make decentralized cryptocurrencies more trustable.

magneto

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I personally don't think that this is anything different from fiat currencies that are already being used right now.

The reason is simple, the control of the money supply is still up to the central bank or government which is issuing the token on the blockchain or whatnot, it's in no way decentralised.

Sure, blockchain could be utilised, but the ultimate goal of using crypto in the first place is not just to use blockchain technology, but to have a decentralised form of payment which a government backed crypto does not offer. I guess it is an upgrade from paper money in terms of convenience, but nothing other than that.

HabBear

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Quote from: tactac on October 09, 2018, 06:16:47 AM

I know it is quite extreme, but I consider the world that coin and bill currently circulated are abolished, and only the curypto currency issued by the central bank circulates

You should rethink this.

The only benefit of gov't currencies on a blockchain is the speed of transfers IF the gov't agencies don't require people to review these transactions, which they probably will and it will eliminate the speed gains provided by the technology.

What blockhchain use also does is allow the government to track every single transaction made with their currency - is that a good thing?

tweetbit

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Quote

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the government, no matter how convenient it is.

We are living in such a world for decades and centuries. We have no other choice except detached ourselves from reality that is always be untruthful.

We can hide for once and live in this virtual world we think we’re safe and anonymous, but that soon changed if the government will be hard given attention to it. We will be monitored and like robots, we will not be heard.

We either accept it or one of us must run as president of each country and be the one stopping it.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: duoleduo on October 11, 2018, 05:16:21 AM

This is not bad news, we should be optimistic. This shows that the government is consciously embracing cryptocurrencies rather than rejecting them, which will speed up the cryptocurrency globally.

Either that, or it means they just want to centralise it so they have more control as to what goes on and we end up with the same system we have now just on computers instead... It's like revolutionising by going back in time Grin

.

Since it's a bit of advertising for Jet Cash's fit to talk, this thread was first posted and ammended here: https://fittotalk.com/english-talk/index.php?topic=229.0 if anyone wants any help with their English then don't hesitate to sign up to the site and join us in improving the English of our forum - this also serves as an antiplagiarism reference too.

duoleduo

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This is not bad news, we should be optimistic. This shows that the government is consciously embracing cryptocurrencies rather than rejecting them, which will speed up the cryptocurrency globally.

kingasf10

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The topic of post is being more discussed in government houses. They are considering it as it will be eliminate lot of Money infrastructure but yet we need to improve our security system to prevent hacks. I think that we are taking different meaning of theft and hacking. I am not a master of programming but just want to raise some basic logic point, we can focus on generating wallets and addresses control system, like if hack happens and funds transferred to some other address, system automatically flag it is red, so none can do transaction with it.

cluit

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Quote from: tactac on October 09, 2018, 06:16:47 AM

It is said that central banks plan to release their own curypto currency in some countries,for example Japan.
I know it is quite extreme, but I consider the world that coin and bill currently circulated are abolished, and only the curypto currency issued by the central bank circulates.
I think there are some merits and demerits of this system.

Merit for goverment
· Promotion of utilization of blockchain and smart contracts in various infrastructures
· Reduce the cost of issuing coins and bills
· It is possible to prevent money laundering and crime because of catching a money transaction
· It is possible to confirm the history of deposits and withdrawals of funds and possible to reliably catch taxable objects
· Bribery can be eradicated

deMerit for goverment
· Increases a risk of hacking
· It takes cost to update various infrastructure such as payment systems
· Defining the total supply amount makes it impossible to measure to prevent deflation, and If it does not, it will become inflation
· When equipment is destroyed due to a disaster, it will not function as an exchanging means
· Bribery is eradicated

Merit for user
· There is no need to carry cash
· Reduce the cost required for payment settlement
· Easier transfer of assets in inheritance
· Since transactions are recorded on the blockchain, accounting and tax returns are simplified

I think there are other merits and demerits, so I'm happy if you suggest other ideas.

By the way, do you want to live in such a world? I do not want to live in such a world that I can be monitored by the goverment, no matter how convenient it is.

Lol it could be still abused as hell. You are underestimating the corruption with media and you are all tangibles of politics can be turned into data. For example if there was merit for government there would still be a lot of people who vote for the "bad guy" that ruins the countries even without corruption in elections the wrong kind of people would be elected.

Media makes sure's to get the public under control, ever country has channels that supports the regime and people who voted for them watches only those which results with them getting votes and in return for your example would get merits. Politics can't be solved via blockchain.

Topic: The world that all money have become crypto currencies issued by government - page 3. (Read 1736 times)