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Ecuador Bans Bitcoin - Anyone here from Ecuador?

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ChainRadio

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Just saw this: http://coinfire.cf/2014/07/25/ecuador-becomes-first-outright-ban-bitcoin/

Anyone here from Ecuador? Anyone else have thoughts regarding this?

Posted on July 24, 2014 at 9:59 PM

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• CrimsonRoze

  

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  "[...] to create a new Central Bank backed cryptocurrency backed by [...]". Are the entire world missing this point? According to that statement, it seems that Ecuador is actually embracing cryptocurrency theory even if it bans competition.

  Anyone ready to speculate on Ecuador-coin? :D

  Posted on July 24, 2014 at 10:40 PM
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• ChainRadio

  

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  @crimsonroze "[...] to create a new Central Bank backed cryptocurrency backed by [...]". Are the entire world missing this point? According to that statement, it seems that Ecuador is actually embracing cryptocurrency theory even if it bans competition.

  Anyone ready to speculate on Ecuador-coin? :D

  It will still be central bank controlled and likely mined by the government only would be my guess.

  I am also guessing it won't be open source either based on the stance of the government to outright ban all other cryptocurrencies.

  I think the worst part is they crashed the Eucador currency in 2000 from mismanagement and switched to USD. I don't have high hopes they will pull off a cryptocurrency very well.

  I hope they prove me wrong though.

  Posted on July 24, 2014 at 10:48 PM
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• CrimsonRoze

  

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  The very fact that they are trying is the interesting part.

  Posted on July 24, 2014 at 10:50 PM
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• ChainRadio

  

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  @crimsonroze The very fact that they are trying is the interesting part.

  Completely agree. I really hope it goes well. I really, really, really do.

  Posted on July 24, 2014 at 10:51 PM
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• Viper

  

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  I don't understand why governments think they can actually "ban" anything. All it serves to do is drive it underground where it continues to thrive.

  Posted on July 25, 2014 at 12:48 AM
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• sull

  

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  Nations adopting crypto-currency is inevtiable and has been one of my primary concerns about the future of bitcoin (not the tech, the currency+). If this becomes the norm, where countries create silo'd versions of bitcoin, and I suspect it will, then count on bitcoin value to drop. The one approach that I was hoping would have an impact if it could be developed sooner than later, is SideChains which would enable Ecuador to have their own currency system pegged to bitcoin. This would uphold the value of bitcoins and if adopted across many nations, the price would increase and bitcoin sustained as utility and scarcity based store of value.

  Which do you think it the better approach? Silo'd versions of crypto-currencies for countries or Bitcoin Sidechains (in theory)?

  Posted on July 26, 2014 at 10:05 AM
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• lainfinity

  

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  Julian Assange is from Equador!!!!!

  Posted on July 26, 2014 at 10:18 AM
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• bitsol

  

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  @chainradio Just saw this: http://coinfire.cf/2014/07/25/ecuador-becomes-first-outright-ban-bitcoin/

  Anyone here from Ecuador? Anyone else have thoughts regarding this?

  This sounds horrible, even though I am not from Ecuador.

  Posted on July 26, 2014 at 10:28 AM
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• ChainRadio

  

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  @sull Nations adopting crypto-currency is inevtiable and has been one of my primary concerns about the future of bitcoin (not the tech, the currency+). If this becomes the norm, where countries create silo'd versions of bitcoin, and I suspect it will, then count on bitcoin value to drop. The one approach that I was hoping would have an impact if it could be developed sooner than later, is SideChains which would enable Ecuador to have their own currency system pegged to bitcoin. This would uphold the value of bitcoins and if adopted across many nations, the price would increase and bitcoin sustained as utility and scarcity based store of value.

  Which do you think it the better approach? Silo'd versions of crypto-currencies for countries or Bitcoin Sidechains (in theory)?

  In theory I would go with Sidechains for sure.

  Posted on July 26, 2014 at 10:33 AM
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• BikerGSX

  

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  This will backfire on the government, so they want to ban BTC, and then introduce there own. The way I see it; this will only help BTC and other cryptos, because the Ecuadorian population will get exposed to crypto, then they will want BTC as that will always have value.

  How many countries in the past have for example tried to ban the Dollar to try to support their own currency? It never works, supply and demand always wins.

  Posted on July 26, 2014 at 12:22 PM
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