Archived "Vladimir Putin Endorses Russia's New Cryptocurrency" - the CryptoRuble (sputniknews.com)
submitted ago by k_digi
Posted by: k_digi
Posting time: 3.1 years ago on
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Archived on: 1/15/2018 10:00:00 AM
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Archived "Vladimir Putin Endorses Russia's New Cryptocurrency" - the CryptoRuble (sputniknews.com)
submitted ago by k_digi
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[–] k_digi [S] ago (edited ago)
I believe it is (going to be) blockchain based.
it depends on what you call 'decentralized' not many 'cryptocurrencies' are issuance decentralized including 'Bitcoin' which is not issuance decentralized. (in terms of issuance) (so they are both not decentralized in that case, in terms of nodes then they are both decentralized)
yes the issuance will be interesting information to look at.
I don't think it is 'backed' by the Ruble that would be an error in terms.
No it's not the same as having an online bank account with the 'Ruble' IF the key difference is the balance of power of issuance - so IF the Russian central bank is not issuing it
here are the 'IFS':
Then by terms and fact it is no longer issued by 'The Central Bank' it is being issued by the algorithm.
If say in 20 years the people at the central bank become mentally ill due to eating some tainted donkey meat and decide to destroy the Ruble by printing trillions (or in any other way) well then in that case if the Cryptio ruble is issued by an algorithm then it would just gain that energy that the Ruble 'lost' - so it would gain that 'value' of the human energy attached, it would just re-balance.
if it was 'banned' well see 'cryptocurrency'
[–] yergi ago (edited ago)
.....The article stated it's not blockchain based.
.....If Bitcoin we're not decentralized, we wouldn't have bicoin cash, and other hard forks that create derivatives. So, Bitcoin certainly is decentralized. There is no server to take down, and the community controls the source code. Bitcoin is the definition of decentralized. On the other hand, having a government control every aspect from coding to issuance and conversion back into cash is the definition of centralized. Bitcoin and "crypto rubles" couldn't be any farther apart on this spectrum.
....The article stated that it is backed by rubles, and people would have to explain where they received their online rubles from, or be taxed at 13%....
This is by no stretch of the imagination a crypto currency. This is more akin to having a bank account tied to a wallet address.
[–] k_digi [S] ago
https://i.imgur.com/rO3iqVw.png
you have confused 'decentralized' with 'decentralized issuance' hence why i said 'it depends on what you call decentralized?'
nope it is my opinion that you have misunderstood how 'money' works, but yes it will be interesting to see how that policy is 'enforced'
again see my comments as regards issuance if you are still confused just re-read them, if you don't understand the words or i have made English errors just ask for clarification.