Bitcoin is revolutionizing the finance industry and several nations are announcing their own cryptocurrencies. Venezuela is the latest example with The Petro. Today I share some thoughts of this phenomenon of nation state backed cryptos and would like to hear your opinions!
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Ivan on Tech by Ivan Liljeqvist
Lol, governments are panicking.
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Either they will make their own crypto, or people will hold money in Bitcoin and goverment gets nothing out of it. Its a deseperate move.
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Yes, I agree
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Bitshares decentralized exchange is the future!
https://bitshares.org/
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They have a choice to get swallowed or tap into the blockchain.
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Keep up the good work Ivan :)
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indeed! So happy to seeing nations doing this, will only help to even faster adoption! Exciting!!
Thank you @ivanli! Inspiring someone from Europe doing so well :) Cheers!
btw, recently did the post about top cryptoexperts to follow and you are one of the featured people there ;) - 40 Best Blockchain Influencers & Cryptocurrency Experts To Follow in 2018 (On SteemIt Too) - http://bit.ly/2AdNCn0
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That is an awesome list bro!
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Great point. Having a local cryptocurrency would definitely reduce the inflation. There will be issues with this model. Trust issues will definitely bring it down in the long term.
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A very important reason missing from your list. Every transaction that occurs will be electronic and on the blockchain. That allows much easier monitoring of activity for multiple purposes, among the most important to a government is tax collection. Other purposes will vary and be dependent on the ethics and intentions of people within the governing agencies.
Note that most governments and banks have been moving towards “cashless” systems already. Use of blockchain based currency facilitates the transition that is already occurring.
The biggest question remaining is how current banks fit in this new paradigm for money.
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Lol, this hole story reminds me of kodak!
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Government = Politicians and politicians can't be crypto leaders as transparency is not part of their tradition
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You're right.
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Venezuela is launching their own crypto, which is a way to save themselves and get back the lost trust of their people, I just hope for the sake of their people that the goverment won't ruin it like they did with the fiat.
“Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, Maduro( The president of Venezuela) said in his regular Sunday televised broadcast.(Reuters.com)
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The first step in trying to force people to use their currency and regain control over our entire economy is to make it.
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If nations build their own cryptos, they'll having competing nations trying to crack their system to figure out ways to bankrupt them. If nations ADOPT cryptos that already exist, people may still want to crack them, but if all nations unite under a world currency ... well ... we'd be incentivized against having a weak defense.
There are pros and cons.
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Crypto backed by some other asset suggests that its internal mathematics aren't sound enough to be trusted on its own. This seems pointless to me. What is the government saying when they say that 1 digital asset is equal to one gallon of petrol? Is their math less trustworthy than the likelihood of receiving a gallon of petrol for every digital asset you lose?
Just another way to say "trust us instead of mathematics". History shows where this goes. Trust in authority will always dissappoint. They will run off with your national crypto if you're foolish enough to trust it.
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Cryptocurrencies do tend not to stay "pure". In order to gain even more momentum a lot of them try to have functions of other things that have already been established. For example now we have coins that pay you dividents like a stock of a corporation. We already have many coins that give you certain voting rights (again a lot like a stock).
Backing up a crypto with real tangible assets is something that comes from securities (https://www.investopedia.com/terms/s/security.asp). Simply told, a security is a piece of paper( a document) that manifests a right to get a monetary asset from a debtor, who is obliged to give it to you. The price of the security is not that of the piece of paper but reflects the asset it manifests. This same thing is beginning to happen to some cryptocurrencies.
It is a real phylosophical debate, whether cryptos should stay "pure" and really dusrupt the past and create really a "new economy", or should they adopt the usages of other already existing things and mix them with blockchain technology to basically becomes somewhat of a mix between the two, so that adoption of this new tech become more widespread.
I''ll love to hear some opinions on the manner?
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Can't see any benefit for individuals from a government issued crypto other than going cashless.
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Just the fact that is it government backed and has the same general properties of bitcoin. One drawback is it will only be used in that country. So it is basically like an online back account.
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I do believe that the governments are worried about no one using their currency and their government crashing. Especially in the smaller countries, they are just panicking.😂
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There is something else that people who aren't familiar with the law miss, regarding cryptos and money.
In every law system(country) we have something called "legal tender". For example in the USA the dollar is such.
This means that if you have a debt in the USA, that needs to be payed and you decide to pay it in USD, your creditor IS OBLIGED BY LAW to recieve the payment and consider your debt extinguished! Any other way of payments is considered datio in solutum, which means that you were obliged to your creditor for one thing and you make a new contract with him to extinguish your debt by giving him something else.
If you and your creditor decide to do a datio in solutum YOU BOTH HAVE TO AGREE on when the new thing that you owe him will be!
In the case of legal tender you can extinguish your debt with it regardless of the will of your creditor. If he wants something else too bad for him! If you owed him 50$ and instead of them he wants you to give him 5 chickens TOO BAD! And if you give him the 50$ and he refuses to take them YOU CAN SUE HIM TO TAKE YOUR MONEY! That is the real power of legal tender!!!
That is the real, longterm battle that cryptos have in front of them! Every country decides what to consider legal tender for itself, and basically whatever is written in the law as legal tender IS legal tender and you can SUE people to take your money in order to extinguish debts.
Laws need to be changed if we want cryptos as we have them now, and cryptos issued by nation states to have any ground of comparison! Our cryptos wont be legal tender anytime soon, but if a nation decided to do its own ICO, nothing will stop her from making her shitty coin into legal tender by changing a law :)
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In my opinion, the bitcoin will become more expensive in the future
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Reserve Bank of Australia governor Philip Lowe thinks bitcoin is mostly attractive to criminals and speculators but has acknowledged there could one day be an electronic Aussie dollar based on similar technology. See https://thewest.com.au/business/money/rba-chief-says-bitcoin-for-criminals-and-speculators-but-bank-is-open-to-idea-of-electronic-aussie-dollar-ng-b88689363z Me thinks he does not know much about the crypto revolution; or if he does he does not say so publicly.
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Nice look brother
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