What if? A government controlled digital currency

pawel7777

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Quote from: Madness on January 29, 2015, 07:15:13 AM

Quote from: pawel7777 on January 29, 2015, 07:12:11 AM

Quote from: sandykho47 on January 29, 2015, 06:17:33 AM

The whole purpose of bitcoin & other cryptocurrency will be gone
That won't be cryptocurrency anymore Sad

I need to ask. What's the purpose/advantage of cryptocurrencies in your opinion?

It's obivous and your question have an obvious answer , most of people are using Cryptoo currencies in general because it's simply Annonymus and we don't have to deal with banks bullshits (tracking , limiting etc ... ) , waiting time to transfer money , huge fees so if the goverment make a digital currency that they can track just like in other payment methods and they can limit our accounts then it's simply useless for Digital currencies fans .

Well, it's not obvious for sandykho47, since he thinks that Gov/Central Bank controlled cryptocurrency (centralised, non-anonymous, not trust-less) will defy the purpose of bitcoin (and other alts).

That's why I asked for his stance on purpose of bitcoin.

Madness

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My goal is becaming a billionaire.

Quote from: pawel7777 on January 29, 2015, 07:12:11 AM

Quote from: sandykho47 on January 29, 2015, 06:17:33 AM

The whole purpose of bitcoin & other cryptocurrency will be gone
That won't be cryptocurrency anymore Sad

I need to ask. What's the purpose/advantage of cryptocurrencies in your opinion?

It's obivous and your question have an obvious answer , most of people are using Cryptoo currencies in general because it's simply Annonymus and we don't have to deal with banks bullshits (tracking , limiting etc ... ) , waiting time to transfer money , huge fees so if the goverment make a digital currency that they can track just like in other payment methods and they can limit our accounts then it's simply useless for Digital currencies fans .

pawel7777

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Quote from: sandykho47 on January 29, 2015, 06:17:33 AM

The whole purpose of bitcoin & other cryptocurrency will be gone
That won't be cryptocurrency anymore Sad

I need to ask. What's the purpose/advantage of cryptocurrencies in your opinion?

sandykho47

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Knowledge its everything

The whole purpose of bitcoin & other cryptocurrency will be gone
That won't be cryptocurrency anymore Sad

ikydesu

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fb.com/Bitky.shop | Bitcoin Merch!Premium Quality!

If the government controlled digital currency:
- must be have a taxes
- corruption
- sabotage

But make more security and not anonymous anymore

tss

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yes.. it has existed for 40+ years now.. its called visa/mastercard and later "american" express. they each have their own ledger or blockchain

koelen3

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Sooner or later, a man who wears two faces forgets

I know atleast that won't be a true Cryptocurrency for me

hongw

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I think you are confused as to how crypto currency works. Crypto currency is when your money is mathematically protected from seizure and operates on the consensus of all the users.

A currency that a government controls would obviously not meet this criteria. In many ways the US dollar already works in a very similar way in that many dollar transactions are done electronically

keelba

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The problem with the Mintchip and the Black Gold coin are that they are still based on some existing fiat currency. The USD is near death. Adding a digital wrapper to it is not going to solve the problem of the current money problem. There's going to have to be more to the story than that.

TheButterZone

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RIP Mommy

It exists, as far as I'm fucking concerned. http://www.cnbc.com/id/102368697

The Bitcoin Co-op

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Governments are strongly considering creating cryptocurrencies, but they would likely use mining just like Bitcoin. They would just use a protocol more to their liking--something that is more easily traced, or automatically deducts taxes from transactions to make avoidance impossible.

coinpr0n

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Quote from: leopard2 on January 28, 2015, 04:51:15 PM

one word, RIPPLE

They sure would love that.

leopard2

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one word, RIPPLE

slaveforanunnak1

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Quote from: RodeoX on January 28, 2015, 02:43:48 PM

Quote from: slaveforanunnak1 on January 28, 2015, 02:16:15 PM

I'm worried about them passing a law (pick a country) which states :

"here is your private key! if you wanna make a new one, you have to register it! If you generate your own key willy nilly, then you are a financial terrorist!!!!!!11"
Merchants will have to check the public address against some gov managed DB to make sure it's "valid"

totalitarian wet dream!!

This is where we have leverage. I go on about how minimal regulation is good for BTC. But make no mistake, once I have paid my taxes the government is done. I will not obey the laws you are worried about. If the gov wants to push that hard then they will push me underground. Then they get nothing and there is nothing they can do about it.

http://www.reddit.com/r/Bitcoin/comments/25yhtn/my_worry_with_bitcoin_as_a_network_engineer/

RodeoX

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The revolution will be monetized!

Quote from: slaveforanunnak1 on January 28, 2015, 02:16:15 PM

I'm worried about them passing a law (pick a country) which states :

"here is your private key! if you wanna make a new one, you have to register it! If you generate your own key willy nilly, then you are a financial terrorist!!!!!!11"
Merchants will have to check the public address against some gov managed DB to make sure it's "valid"

totalitarian wet dream!!

This is where we have leverage. I go on about how minimal regulation is good for BTC. But make no mistake, once I have paid my taxes the government is done. I will not obey the laws you are worried about. If the gov wants to push that hard then they will push me underground. Then they get nothing and there is nothing they can do about it.

slaveforanunnak1

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Activity: 743

Merit: 502

I'm worried about them passing a law (pick a country) which states :

"here is your private key! if you wanna make a new one, you have to register it! If you generate your own key willy nilly, then you are a financial terrorist!!!!!!11"
Merchants will have to check the public address against some gov managed DB to make sure it's "valid"

totalitarian wet dream!!

countryfree

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Merit: 1047

Your country may be your worst enemy

Government control means localized currency. Any country which has its own fiat currency could get its own electronic currency, and you would have to pay a commission for change each time you travel from a country to another. So, what's the point?

RodeoX

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The revolution will be monetized!

Quote from: pawel7777 on January 28, 2015, 12:50:16 PM

Quote from: RodeoX on January 28, 2015, 12:43:59 PM

I think you will see a lot of these in the future.

Canada has one now.
http://en.wikipedia.org/wiki/MintChip

Apparently that didn't succeed:

Canada Puts Halt to MintChip Plans; Could Sell Digital Currency Program
http://blogs.wsj.com/canadarealtime/2014/04/04/canada-puts-halt-to-mintchip-plans-could-sell-digital-currency-program/

But it seems to me it's not a 'Digital Currency' as Wikipedia describes it, but just another way of processing fiat payments.

You are correct!
The funny part is that when they were developing this they held "the mintchip challenge". They asked the question "What would you use mintchip for?" The number one answer was "To buy bitcoin". lol. So they picked another choice as winner and closed the contest. It was the beginning of the end for mintchip.

pawel7777

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Quote from: RodeoX on January 28, 2015, 12:43:59 PM

I think you will see a lot of these in the future.

Canada has one now.
http://en.wikipedia.org/wiki/MintChip

Apparently that didn't succeed:

Canada Puts Halt to MintChip Plans; Could Sell Digital Currency Program
http://blogs.wsj.com/canadarealtime/2014/04/04/canada-puts-halt-to-mintchip-plans-could-sell-digital-currency-program/

But it seems to me it's not a 'Digital Currency' as Wikipedia describes it, but just another way of processing fiat payments.

keelba

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Quote from: RodeoX on January 28, 2015, 12:43:59 PM

I think you will see a lot of these in the future.

Canada has one now.
http://en.wikipedia.org/wiki/MintChip

I was not aware of such a device and I think you're on to something.

Topic: What if? A government controlled digital currency (Read 1896 times)