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Ecuador Turning to Virtual Currency

51 点作者 bfwi将近 11 年前

9 条评论

jordigh将近 11 年前
What&#x27;s virtual about it? I can&#x27;t tell from reading the article. Is it virtual merely because none of it will be coins or bills?<p>Do other such &quot;virtual&quot; currencies exist, i.e. virtual merely because they only exist in ledgers and bank balances? I mean, other than the vast majority of US dollars and other traditional currencies.<p>All this talk of virtual currencies reminds me of how Europeans viewed Chinese paper money with suspicion when it was first described in The Travels.
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billyhoffman将近 11 年前
Given Ecuador&#x27;s financial situation, this seems like a plan to print money to pay bills, and make that &quot;virtual&quot; money to saving on printing :-)
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bubbleRefuge将近 11 年前
My mom is Ecuadorian and I have lots of family there and happen to own property there.<p>Correa is a gr8 president, but coming from the perspective of someone like myself who is well read on the intricacies of modern monetary systems, sticking with the dollar for this long has been one of the few very bad policies. From a political perspective its understandable given Ecuador&#x27;s history of currency devaluations. This move will very likely permit Ecuador to continue this economic miracle and transformation that has taken place(lifting many out of poverty, etc) . These changes should enable Ecuador to increase GDP , reduce unemployment further, continue to improve public infrastructure, increase standards of living, and become less dependent on exports to drive the economy. Hopefully, this will become a lesson to the entire world wherein electing leaders that are literate about economics and the functioning of the modern monetary system -Correa has U.S. PHD in Economics- , who don&#x27;t use inapplicable house-hold analogies ( i.e. gov should run like house-hold) to pander to voters ( are you listening EU ? ) can make the kind of strides that policy makers talk about but never achieve.<p>Read 7 Deadly Innocent Frauds of economic policy[1] : 1) Government spending is limited by taxation and borrowing 2) With Government Debts we are leaving our debt burden to our children 3) Government budget deficits take away savings 4) Social Security is broken. 5) The trade deficit is an unsustainable imbalance that takes away jobs and output. 6)We need savings to provide the funds for investment. 7)It’s a bad thing that higher deficits today mean higher taxes tomorrow.<p>[1] From Mosler&#x27;s book <a href="http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf" rel="nofollow">http:&#x2F;&#x2F;moslereconomics.com&#x2F;wp-content&#x2F;powerpoints&#x2F;7DIF.pdf</a>
ddt将近 11 年前
Sounds like they&#x27;re doing something closer to URVs [1] than Bitcoin.<p>[1]: <a href="http://en.wikipedia.org/wiki/Unidade_real_de_valor" rel="nofollow">http:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Unidade_real_de_valor</a>
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moron4hire将近 11 年前
I&#x27;ve only been to Ecuador once, but it seemed like people in general didn&#x27;t trust the government and thought it was corrupt. If that is the case, Ecuador&#x27;s problems wouldn&#x27;t be monetary or fiscal at all, it&#x27;d be that they have a bunch of crooks robbing them blind.<p>It always seems like it&#x27;s my lay-about, heavy-drinking, multiple-DUI-offending, chain-smoking, new-car-on-lease-every-two-years cousins who have the most trouble with money. I once saw one of them chug the leftover half of a bottle of whiskey, smash it over the back of his truck (oblivious to the damage he did to the tail light) and scream, &quot;That&#x27;s how we DO!&quot; Yeah, you have no idea how truthfully you speak, you idiot. And those three kids by two women you had out of wedlock are the ones who suffer the most for it. But &quot;live fast, die young, and leave a beautiful corpse,&quot; amiright!?<p>If you don&#x27;t get the analogy, my cousin is corrupt government, the kids are the people they govern. I&#x27;m not in general calling Ecuadorians drunken layabouts. And I&#x27;m not saying I specifically know this is the problem. I&#x27;m just saying, money is a communication of value, so if you have money problems, you most likely have value problems.
evbogue将近 11 年前
Perhaps a smarter idea for Ecuador is to take all of the USD they&#x27;re circulating and convert it into an existing and proven cryptocurrency. While becoming the best place in the world for a unhindered exchange of USD --&gt; BTC, they&#x27;d also not have to worry about all of the problems of building and administering a centralized virtual currency from scratch.
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lucb1e将近 11 年前
&gt; A monetary authority will be established to regulate the money<p>I suppose I should not have been so excited. The title really does read a &quot;virtual&quot; currency and not a cryptography-backed cryptocurrency.<p>This isn&#x27;t what it sounded like, it&#x27;s just like Paypal except the government is in charge.
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mr_luc将近 11 年前
Oh, boy.<p>I have a house in Ecuador. I am a fan of Bitcoin. And I am, on the whole, probably still a fan of Correa.<p>But ... yikes.
salibhai将近 11 年前
51% attack, anyone?
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