Very soon Cryptocurrency will overthrow the mighty Dollar from its throne. As we speak 100 countries are creating their own sovereign national Cryptos. Abiy Ahmed has told Ethiopian bankers to prepare for it. Some folks are discussing about an African Cryptocurrency. 40 million American have invested in publicly traded bitcoins. Russia is countering the impact of NATO sanctions with Cryptos. The world is moving away from the Dollar as a global store of value and means of exchange and every person is becoming his own/ her own banker. This is the consequence of the new post-Internet revolution, the Age of Blockchain Technology! We are past the era of Internet of Information and entering the era of the Internet of Values - Blockchain Technology!
https://www.yahoo.com/news/biden-signin ... 21459.html
Re: Biden's Executive Order On Cryptocurrency: Tame the Wild West or Danger to NATO Sanctions?!
The problem is, most cryptocurrency providers ask dollar or other hard currency account to enter into the process and start trading with it. ለጊዜው ቂጥ ጥሎ ኩንንብ ነው ለእንደኛ አይነት ሀገር. Plus, the idea of crypto is to get out of the banking system and to let customers trade to each other without passing through a bank. ሴረኛው አብይ is a confused pathetic individual. On one hand he is asking bunks to merge and counter foreign competitors and on the other hand he is advising the banks to disperse like sands and trade along with individuals ....
Horus wrote: ↑09 Mar 2022, 23:55Very soon Cryptocurrency will overthrow the mighty Dollar from its throne. As we speak 100 countries are creating their own sovereign national Cryptos. Abiy Ahmed has told Ethiopian bankers to prepare for it. Some folks are discussing about an African Cryptocurrency. 40 million American have invested in publicly traded bitcoins. Russia is countering the impact of NATO sanctions with Cryptos. The world is moving away from the Dollar as a global store of value and means of exchange and every person is becoming his own/ her own banker. This is the consequence of the new post-Internet revolution, the Age of Blockchain Technology! We are past the era of Internet of Information and entering the era of the Internet of Values - Blockchain Technology!
https://www.yahoo.com/news/biden-signin ... 21459.html
Re: Biden's Executive Order On Cryptocurrency: Tame the Wild West or Danger to NATO Sanctions?!
Kibramlak,
As you well know there many different kinds of digital currency products. We are only starting with digital payment systems such as ebirr! Yes, bitcoin in its purest form and its initial conception, it is a peer-to-peer transaction tool without any middleman such as banks or credit card companies. It is strictly trust based economic system. There is no underlying backing or insuring entity to fall back on. The record keeping system is the glorified ledger book called Blockchain handled by those with expensive and high computing computer owners called miners. That is the really independent peer-to -peer but banks use cryptocurrency as one of their financial products. I am not a finance guy and lack the specific features of what Abiy was taking about but I think he was thinking about creating which creating and Ethiopian cryptocurrency may be calling it ethiocrypt!? As far as trading in bitcoin, it is only logical that it must be bought with dollar or other acceptable currency. If it was an Ethiopian crypto, you could have purchased with Birr.
As you well know there many different kinds of digital currency products. We are only starting with digital payment systems such as ebirr! Yes, bitcoin in its purest form and its initial conception, it is a peer-to-peer transaction tool without any middleman such as banks or credit card companies. It is strictly trust based economic system. There is no underlying backing or insuring entity to fall back on. The record keeping system is the glorified ledger book called Blockchain handled by those with expensive and high computing computer owners called miners. That is the really independent peer-to -peer but banks use cryptocurrency as one of their financial products. I am not a finance guy and lack the specific features of what Abiy was taking about but I think he was thinking about creating which creating and Ethiopian cryptocurrency may be calling it ethiocrypt!? As far as trading in bitcoin, it is only logical that it must be bought with dollar or other acceptable currency. If it was an Ethiopian crypto, you could have purchased with Birr.
Re: Biden's Executive Order On Cryptocurrency: Tame the Wild West or Danger to NATO Sanctions?!
Horus, the biggest weakness of Cryptocurrency is its extreme volatile price. It is almost impossible to do real business payment with it as there is no way businesses can plan their earnings for the next day let alone next month. Many business including Tesla have stopped using it due to its high price fluctuation.Horus wrote: ↑09 Mar 2022, 23:55Very soon Cryptocurrency will overthrow the mighty Dollar from its throne. As we speak 100 countries are creating their own sovereign national Cryptos. Abiy Ahmed has told Ethiopian bankers to prepare for it. Some folks are discussing about an African Cryptocurrency. 40 million American have invested in publicly traded bitcoins. Russia is countering the impact of NATO sanctions with Cryptos. The world is moving away from the Dollar as a global store of value and means of exchange and every person is becoming his own/ her own banker. This is the consequence of the new post-Internet revolution, the Age of Blockchain Technology! We are past the era of Internet of Information and entering the era of the Internet of Values - Blockchain Technology!
https://www.yahoo.com/news/biden-signin ... 21459.html
Cryptocurrency is used as replacement for fiat and as a payment method mostly in the dark web to buy and sell illegal goods. Other than that, the majority of its usage is limited to price speculation. People buy Bitcoin & other Cryptocurrency not to use them for payment but to sell them when the price gets high. That is the main use of Cryptocurrency for now. As long as Cryptocurrency doesn't come up with something that helps stabilize its price and makes it useful for businesses I really don't think it will be a threat to dollar and other fiat currencies.
The underlining Blockchain technology on the other hand is being used in many real world applications including banks. In fact it could replace the current SWIFT system that banks are using to settle transactions. But for the actual Cryptocurrencies, it is very difficult to replace fiat or even be used regularly as a payment system.
Re: Biden's Executive Order On Cryptocurrency: Tame the Wild West or Danger to NATO Sanctions?!
temari,
Yes, you are describing an idea and a technology that is just emerging. All new inventions went through similar periods of uncertainty, doubt, risk, reliability and other business considerations. It precisely for the reasons you mentioned that Biden ordered the central bank to develop a cryptocurrency regulatory system. It is no more fringe economy. Yes currently the speculators are engaged in trading the product rather than using it for payment and transactional purpose. At the very bottom of the idea of value is simply a psychology - it is a notion around which people form a common belief. As we speak 40 million people believe its a real value and that economic belief is growing. Remember, there is no truly underlying economic reality why a house is worth 5 million Birr in Ethiopia relative to per-capita income. Most of it is psychological - greed, fear, and speculation. In this age of information driven service economy, it all bubble and mass psychology of thin air value imagination. The entire humanity believes that there is God not because there is a material evidence of proof but because there is a critical mass of people who believe in the notion. Value is a notion we believe in, that is all.
Yes, you are describing an idea and a technology that is just emerging. All new inventions went through similar periods of uncertainty, doubt, risk, reliability and other business considerations. It precisely for the reasons you mentioned that Biden ordered the central bank to develop a cryptocurrency regulatory system. It is no more fringe economy. Yes currently the speculators are engaged in trading the product rather than using it for payment and transactional purpose. At the very bottom of the idea of value is simply a psychology - it is a notion around which people form a common belief. As we speak 40 million people believe its a real value and that economic belief is growing. Remember, there is no truly underlying economic reality why a house is worth 5 million Birr in Ethiopia relative to per-capita income. Most of it is psychological - greed, fear, and speculation. In this age of information driven service economy, it all bubble and mass psychology of thin air value imagination. The entire humanity believes that there is God not because there is a material evidence of proof but because there is a critical mass of people who believe in the notion. Value is a notion we believe in, that is all.