State Sponsored E-currency

It looks like Sweden is set to lunch the E-Kroner sometime soon. I have mixed feelings about this as there is a pretty large cash economy here in the UK. The funny part of the 1st article is that even the homeless carry around portable CC machines to beg! Anyway, how do you regulate it, what is backing it Maybe I am just old. Will this kill the petro-dollar? Thats WW3 right there. LOL

I just see too many problems, hacking, government/corporation spying. I like a wad of dollars sometimes. Especially in Vegas.

www.crypto-economy.net...

www.bloomberg.com...

fortune.com...

a reply to: lakenheath24

who needs a cryptocurrency when people have credit cards?

a reply to: lakenheath24

Sweden is a zero-tolerance country. They should be ignored because they are a nanny-state tax-collecting bunch of fascists. IMHO.

The effective taxation rate in Sweden is commonly cited as among the highest in the world; see list of countries by tax rates.

en.wikipedia.org...

originally posted by: lakenheath24
Will this kill the petro-dollar?

How?

a reply to: TonyS

Sweden could just be the tip. Once its successful and the bugs worked out.....here ya go. Its funny that bankers hate it though, so hmmmm.

I do not understand why E Currency is referred to as a cash less currency ? The only way to purchase it, at least initially is by using whatever currency they except whether it's the dollar or kroner. I suppose after the initial purchase one could purchase more with any profits, but the fact is it's still tied to currency. When you cash it out, you will get dollars, they use the same system that currency is exchanged on for the purchase. It's not a separate entity as someone is always laughing on their way to the bank to deposit all the cash while everyone else plays with, figures on a screen.

a reply to: DJMSN


It's hip and cool to pretend you aren't using money.

a reply to: AugustusMasonicus

I thought that was why people used credit cards. At least you have something to play with, some are even shiny like money.

E-Stonia was the first one

I made a thread not to long ago that covers my idea on this topic in its entirety. The direction this will be taken in

a reply to: toysforadults

Can you link to it?

a reply to: AugustusMasonicus

Not the Kroner specifically....just an email currency in general. Say if OPEC adopted one. It was just a thought.

a reply to: lakenheath24


And who/what is the guarantor of that new currency?

Venezuela adopted the petro E-currency currently valued at $0.017333 US dollars and not trading.
Swedish goods bought with an E currency can be sold for their value in other currencies.
The Swedish government could stabilize the value by strictly controlling coin supply as long as there is a general acceptance of the currency in the country.

There are people still holding Etherium that have lost 90% of their investment, but that was a case of no central control over the supply and no longer general acceptance for investment strategies that leave you poor.

a reply to: AugustusMasonicus

No earthly idea. Which is my the op had questions. I was hoping someone could shed some light on it for me

a reply to: Cauliflower

Could it be counterfeited I wonder. Drug dealers would hate it!

originally posted by: TonyS
a reply to: lakenheath24

who needs a cryptocurrency when people have credit cards?

And debit cards, direct deposit, e-transfers for bills, etc.....I rarely even see cash anymore.

a reply to: snowspirit

I guess the idea is to replace or to "crypto" the official national currency? I guess the idea of a crypto currency is that it is "mined" through some mysterious block chain process that makes it super secure. The value of a nation's currency is either tied to gold, or as in the case of the US, its based upon the underlying value of the nations goods and services. I guess you could replace the nation's printed currency with a crypto, but from what we are seeing it appears valuation is highly volitle. Look at Bitcoin for example.

a reply to: TonyS

The mining process is relatively simple the way I understand it. Correct me if i'm wrong, but each miner has to be able to process the entire ledger of all transactions in order to get credit of a coin. This is the reason it scales in difficulty, is because that ledger is always growing and is encrypted. This is why miners are basically majority shareholders in regards to their power by choosing which ledgers to "mine". At least this is how I understand it. Granted, I am not a miner. I just read something recently that said basically that in a crypto executive summary.

Yeah but you can't do Scrooge McDuck swan dives into your cryptos.

a reply to: QuantumGarage

Thanks.
I'd sort of thought the same thing from the things I've been reading. Unfortunately, I guess, I've kind of lost interest in the crypto currency business.