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Government backed crypto currencies
#1
We have now seen Venezuela introduce the government backed Petro coin (backed by oil). Now Turkey and Iran talk about introducing a government backed crypto. At least it's a step in recognizing that the technology behind crypto has something to offer that fiat currency don't. 

Is it a good development? What will it mean to the current unregulated cryptos? 

https://cointelegraph.com/news/turkey-ir...elas-petro
Cardano is the most promising 3 gen. crypto right now.


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#2
I think that we'll see more and more government being involve in crypto... no chance they will stay put and wait for things to happen!
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#3
(2018-02-26, 05:45 PM)Cell Wrote: I think that we'll see more and more government being involve in crypto... no chance they will stay put and wait for things to happen!

It seems soo.
Cardano is the most promising 3 gen. crypto right now.


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#4
If crypto is the future, and we all think it is, then I would assume govt and multi nationals will try to get into the action too. In general it will make acceptance by the masses more easy if the govt backs it, though it is counter intuitive too as we want less central interference.
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#5
And, when govt begins to get interested... things become harder (legislation, taxes, etc.).
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#6
Since Venezuela has sanctions placed on it by the US Government, someone from the US buying or possessing the Venezuelan Petro could potentially be fined or jailed.

That in itself makes the price of this cryptocurrency too steep for American investors.
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#7
But how will they know???
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#8
(2018-02-28, 02:57 AM)cta102 Wrote: But how will they know???

By tracking the outgoing ethereum. 

If you bought your ethereum somewhere, chances are the US government has access to your details from the exchange. This is especially the case if it is an American exchange.

This is one of the reasons some people prefer to mine their own crypto despite it being usually costlier than buying with fiat.
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#9
(2018-02-28, 03:49 PM)Jacob Wrote:
(2018-02-28, 02:57 AM)cta102 Wrote: But how will they know???

By tracking the outgoing ethereum. 

If you bought your ethereum somewhere, chances are the US government has access to your details from the exchange. This is especially the case if it is an American exchange.

This is one of the reasons some people prefer to mine their own crypto despite it being usually costlier than buying with fiat.

This is why we need a decentralised exchange. Maybe AMON could be a solution.
What is this thing that builds our dreams, yet slips away from us?

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#10
Did you get approved by the AMON KYC yet Hugues?
Cardano is the most promising 3 gen. crypto right now.


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