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The core behind bitcoin was to create a decentralized currency that could be traded around the world and remove greedy governments. However in recent events all of this is changing and changing so much so that Estonia could possibly be the first country to offer their own token.
This honestly floors me to the point of why anyone would invest in it as you are again just investing into a country again just like buying FIAT or FOREX trading honestly. If one country does it and is successful with it then there is going to be no stopping other countries from doing the same. But like always people will flock to things such as this to try and gain a quick buck. It actually damage the core goal of cryptocurrency that a majority of people still don't see or understand.
This new ICO is centered around e-residency program for e-residents. If your interested in knowing what e-resident government is their website is at https://e-resident.gov.ee/
It is actually a very interesting model in how it works and its mission goal. Plus many have adopted into it so far which could pave a new future for some tokens based on ethereum.
I want to see everyone country with their own crypto - all of course on the steem blockchain
@bitcoinflood Thanks for the post. I've worked with the Estonian Government and I'm fairly familiar with their outlook. I think this is likely but not in an attempt to hamper Bitcoin or other non-localized cryptos. They are thinking ahead. Once the dollar is no longer the deposit of wealth used to back currency economy every government will need to back their currency with something else. This is a mid to long term strategy to adapt to the inevitable.
It does sound interesting and does seem to be based on Ethereum contracts thus helping the price of Ethereum.
@stellabelle tweeted yesterday "once upon a time there use to be an app for everything but now there is an ICO for everything.
I hope this doesn't hurt the future of cryptocurrency as it purpose is getting defeated
It seems to be based on Ethereums block chain so the core block chains should actually increase in value as more and more system use it.
In many ways it's actually a good thing, more platforms and applications that crypto has there will be a wider user base. More people will bring high capitalization, adoption, innovation. We're living in very exciting times!
I think it's more than what we see on the surface; this is a digital currency and it requires high internet penetration for it to be accepted by it's citizenry. A large number of Estonian citizen have access to Internet and the government may find it easy to roll out the coin. Thanks for the insight.
Very true your going to need a very stable internet for anything like this, Maybe even free internet paid for by the fees ? That could be interesting.
Unless they allow individuals to hold their own private keys and ensure the issuance of the currency is kept within promised norms, this will be a non-starter. Plenty of countries already have digitized their currency - Finland and Japan are good examples. But the attraction of public blockchains with currency tokens is that they afford a degree of privacy, ensure the tokens are in the control of those who possess them, and no one entity can issue tokens as they see fit.
Bitcoin and Ethereum still hold much more promise than this kind of scheme. IMHO.
That is a big part of this why I don't like it myself. It centralizes and regulates and token instead of it being decentralized which is why crypto came into existence. It seems like countries are slowly creeping in and taking over and people are not realizing it yet.
I remember hearing some time ago about Palestinians having similar plans.
https://bitcoinmagazine.com/articles/palestine-may-launch-its-own-cryptocurrency-sovereign-legal-tender/
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Wow, we have to take close at these government back crypto, it promisses a good future to anyone who have it.
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