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CaptainLorca

Fedcoin instead of US Dollar?

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I've came across this interesting article in the washington post: https://www.washingtonpost.com/opinions/bitcoin-is-big-but-fedcoin-is-bigger/2017/12/18/53e2e79a-e1b8-11e7-89e8-edec16379010_story.html?utm_term=.fcb7c6f90dfb

 

Long story short: 

They're talking about a federal cryptocurrency which could replace cash dollar. Its a prediction - nothing planned as far as we can say!

The blockchain of this currency would run with goverment server. So.. thats the thing actually:

 

If all movement of that money is handled through a blockchain of the goverment, it just means that they know everything. There would be no possibility to hide money, to deal with drugs in big business. Everything would be registered. 

The most people of society payin with cash. So would they with an official crypto from the goverment. Eveyrthing would be transparent. If you buy an apple.. an ice or even a dildo. The goverment would know where you bought it and maybe what you bought due to receipt.

 

On the other hand.. if recession hits, the goverment could just push out $1,000 to everone, just for buying stuff.

 

I don't think I need to tell you what that means. Money shouldn't be in control of the goverment.

 

That a cryptocurrency would replace the cash one day is inevitable. But its a question of how. 
--------------

What are your thoughts with this?

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Hm no I don't think its bc of the Bitcoin... BTC only shows that it works. 

Blockchain an official currency would prevent people from being robbed so easily. Drugdeals wouldn't work so well. Thats the basic and benefit from it. But is makes you transparent. They know what you're doin with your money and I'm fed up that my bank knows what kind of sh*t i do with my money.

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I'm not sure I understand how it would be any different from the blockchain tech we already have in place with BTC and altcoins?  Those are already transparent (well, most of them anyway).  How would fedcoin be different?

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2 hours ago, JenFromCA said:

I'm not sure I understand how it would be any different from the blockchain tech we already have in place with BTC and altcoins?  Those are already transparent (well, most of them anyway).  How would fedcoin be different?

Fedcoin would just replace cash. That’s the difference. And it’s full in control of the goverment. If you buy anything with cash, no one will really now what you did with it. But if it goes through a goverment blockchain, they know what you did with your money.

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Id be against this. I do not want anyone seeing may activity; how much a spend, where did i spend it on and such. They are already monitoring our searches and locations and stuffs. That's enough(though i hate it either)

 

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Just now, CaptainLorca said:

That is what its about. To get control on the money. No drug deals on the easy way for example. If there is no cash, it won't be easy!

Yes, I get that. That'd be a good thing but I believe in freedom and as far as I can see that's not freedom. What will come after that? The government having cams in your bedroom? 

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1 minute ago, CaptainLorca said:

Freedom is an illusion. You have no freedom. The only freedom you have is your mind and what you make of it. But controlling the money is a good way to have an invisible hand over you. You feel watched.. you won't do shit then.

I feel like freedom is not only your mind. If you're in a little cage with a free mind? Do you call yourself free?

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Fedcoin... Sounds almost comedic. I don't see this becoming a reality anytime soon, but I'm sure blockchain is going to have an impact on pretty much every industry, including government (And the Fed).

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3 hours ago, Edward said:

Fedcoin... Sounds almost comedic. I don't see this becoming a reality anytime soon, but I'm sure blockchain is going to have an impact on pretty much every industry, including government (And the Fed).

Hm maybe. I think we're not that far away from a goverment- or bankcrypto. BTC and the altcoins just prove that it works. The banks and goverments are interested in getting rid of cash. Creating cash costs a lot of money. Also the handling of money is expensive. But maybe you're thinking something ahead I don't see clearly now. 

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Yes I'd be against this coin also. 

Centralizing the blockchain is a bit like putting crisps in a sandwich the two just don't go together in my opinion. 

One of the things I like about blockchain is that it puts the ownership of money in the hands of the people that own it, and away from government control. 

Say there was some financial crisis, would the government just put limits on the network to reduce the amount of money people can withdraw like they do in banks?

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29 minutes ago, Skilful said:

Yes I'd be against this coin also. 

Centralizing the blockchain is a bit like putting crisps in a sandwich the two just don't go together in my opinion. 

One of the things I like about blockchain is that it puts the ownership of money in the hands of the people that own it, and away from government control. 

Say there was some financial crisis, would the government just put limits on the network to reduce the amount of money people can withdraw like they do in banks?

You didn‘t read the article? :D

A „fedcoin“‘ wouldn‘t be like BTC or similar. It would replace cash. But you‘re right. They could control what happens with your money. But also they can do the opposite very easily.

you have to make a clear cut between BTC and a „fedcoin“.

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37 minutes ago, CaptainLorca said:

You didn‘t read the article? :D

A „fedcoin“‘ wouldn‘t be like BTC or similar. It would replace cash. But you‘re right. They could control what happens with your money. But also they can do the opposite very easily.

you have to make a clear cut between BTC and a „fedcoin“.

I didn't read the article just read your summary. But I just think any coin that proposes to centralize the blockchain is going against everything blockchain stands for, and all the benefits that the blockchain provides (or most of them) would just be lost (in terms of how that new coin functions) but yes I get that BTC would still exist :)

I see now they say the coin is:

Quote

Colloquially known as fedcoin

So maybe a bit less of a joke than I first thought when I read the original post in the thread. 

But this: 

Quote

 

There is another reason for governments to like the idea of a national cryptocurrency: strengthening the power of monetary policy to help manage the economy.

Currently, the Federal Reserve lowers interest rates during tough economic times, but the Fed is practically limited at the zero bound because it is difficult to impose negative interest rates (regardless of whether that would be good policy). Suppose bonds were issued with a negative interest rate of 2 percent, making it expensive for investors to hold them. Who would buy them? Why not hold cash, which has a zero percent interest rate? With a national cryptocurrency, whose supply is controlled by the central bank, rates can be negative.

 

is exactly the type of thing I was alluding to. I really don't like the idea that government take blockchain, and start tweaking it artificially to help with their own fiscal policy! 

This will be a sad day for blockchain I think. Maybe it would be an ok middle step I guess, but eventually I think the whole world needs a de-cenentralized currency that knows no international borders, or government controls, but I guess that's a long way off, and maybe not even practically possible?

Edited by Skilful

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On the long term this would be a dream. Money that has worldwide the same worth. Imagine what this would mean!

BTC could be that.. but for that it has to be regulated, implemented and accepted by society. 

I think that a govermental crypto will be faster. And why wouldn‘t governments want exactly that? Total control.

on a Longterm there will be maybe one currency and no borders. But that would take a no border polictic and from this, we‘re more than far away.. sadly.

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It seems almost inevitable at some point that governments across the world (in advanced countries) will switch to some form of digital currency.  It might not be called Fedcoin, but I'd be willing to bet we're going to go digital in the future.  Even if it's far off into the future, it will likely happen eventually.

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I think it will happen within the next 10 years. It already happens. Paypal, Apple Pay, NFC.

even german Debit cards have nfc. But limited to 20€ each payment. Cash is too expensive. Notes that are ripped apart need to be replaced, coins need to be washed over and over again. Handling that cash at Banks costs money. The governments want to get rid of it

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