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RE: The Ethereum Formula - 1ETH = US$3,073.26 - Why you should be "Putin" your faith in Ethereum.... Vladimir has
What are your thoughts on Russia creating a national cryptocurrency?
http://www.newsbtc.com/2017/06/03/russia-soon-get-national-cryptocurrency/
Great question @joebloggs.
In one word "inevitable".
It is easy to forget that only 3% of Fiat currency is actually tangible (ie. exists in the real world). The remaining 97% is already being stored as 1's and 0's in a computer. The world's economy was digitalized years ago. Cryptocurrency is a very obvious "next step" in the evolution of money.
The advantage with cryptocurrency is that inflation is either non-existent, pre-determined or reasonably easy to predict. It cannot be easily manipulated at a national level (recent accusations of the Swiss manipulating their own currency). Cryptos are fully transparent and comparatively immune to fraudulent reproduction. And the list goes on.
I think the main thing holding back wider acceptance is the governments trying to figure out how they are going to tax cryptocurrency and the banks figuring out how they can keep some control and profit through their movement of money (especially now we've been given a way to do it for ourselves).
That's my thoughts. Agree, disagree?
I agree with all of your thoughts but disagree with your calculation. First, I think the value of Ethereum will be much, much higher if it reaches its potential globally. Second, I still hold a decent chunk of ETH so I am not a "hater."
But I disagree with your Russian thesis. Russia wants to create its own national crypto. If they create a crypto - and they have been inconsistent in what they have said and what they have done - they will try to force adoption. It would be a slap in the face if they created something and then nobody used it. Somebody would lose their job or their head.
Maybe they fork ETH.
I agree. If you look at my Bticoin formula, I did use a global economy. For this formula, it was based solely on Russia's PPP, it can certainly be scaled globally.
My Russian Thesis may in fact be due to my lack of computer knowledge. I was suggesting that Russia may look to create their own currency ass a dapp on the Ethereum platform.
Is this unrealistic or not possible? Genuine question.... I'm not great with computers. lol
Thanks for adding to the debate,
Fish