China bans your crypto as illegal, while preparing their own national crypto chain(s). Sweden too right? US Fed in the mix with their own plans.
"big thieves hate little thieves"
"big thieves hate little thieves"
I wouldn't be surprised if that was the case, but it was just conversation over a beer. Someone else to confirm.
China is trying to prop up domestic stocks and investment. Crypto blunts that effort. Moreover, following or reclaiming the money is difficult, slow, and sometimes impossible. Very bad.
Crypto is probably something that the NSA can headshot and easily kill your cottage industry. Also bad, but to a much lesser degree than the capital flight.
Not saying your wrong, but I'm curious.
A digital currency does not require a distributed ledger, nor does it require a validator model as it is not distributed or trustless to begin with as it's inherently centralized and backed by a government and existing monetary infrastructure usually.
In other words, digital money is nothing like cryptocurrencies.
Maybe if they used an authenticated append-only list to store the state or state changes, and published a summary of the head periodically in a way such that users could at least validate that the state changes were valid, or at least not violate certain rules, that might count.
If cryptography isn’t used in order to make something verifiable, it isn’t really a cryptocurrency, I’d say.
Digital money is the digital equivalent to cash. It's money that is emitted by the central bank in digital form that you really own, not a debt that a bank somehow owes you.
Cryptocurrency or not, central bank application or other, it's all implementation detail. The important definition is : it's money you can own but that you can't touch.
In a blockchain system, you can generate transaction off-chain(as in, no need for internet access), then you signed it with your private key, and send to a node in the chain. The nodes can verifiy/confim using your public key. The wallet address is a result of hashing your public key.
Compare with a digital currency, you most likely need an account and some sort of credential that managed by the company which issues the currency.