http://money.cnn.com/2013/12/10/technology/bitcoin-jpmorgan/The difference between digital banking accounts we have now and the digital currencies, is each citizen has to register for a wallet. One wallet for one citizen. Like your Social Security Number in the USA.
Your wallet can them be moved around to different banks.
Digital currencies is a code word for complete government tracking and total loss of bank privacy. Your bank will still hold your balance, but
every transaction gets cleared through government servers.
As Armstrong said, Ecuador is the trial run for what is coming to every country in the world after 2015.75 when the global economy turns down (which will provide the excuses and justifications for the changes along with the bailins and need to lockup every person's balances).
Bitcoin was planted to condition to world to "digital currencies"...
Quite possibly. I don t think one has to invoke obscure conspiracies for that. Financial privacy is already so cumbersome and costly to achieve that most people will rather just give up on it. It is like trying to pay for rent and groceries with gold dust in order to avoid dealing with "evil fiat".
So far the Westerners would not yet agree to give up the financial privacy of being able to sign up a bank account where ever they wish, even in jurisdictions that have bank secrecy, e.g. the Philippines where I am and also apparently Ecuador. They are boiling frogs and don't realize what is going to hit them post 2015.75.
So the powers-that-be have numerous strategies for how they are breaking down that resistance in order to bring us to total government control:
1. Plant Bitcoin to condition the people to like "digital currencies", garnish the glossy-eyed devotion of the high-tech libertarians, and to give governments an excuse to make it illegal and create draconian replacements in their jurisdictions.
2. 19 muslims on camels, 9/11, Patriot Act, then FATCA.
3. Bring bank accounts of interest in bank secrecy jurisdictions into the risk mgmt department, and have them send out an SMS with all transaction details on every transaction asking if this was an authorized tx (I know anecdotally for a fact this happening).
4. Pile up the debt so high, repeal Glass-Steagal so banks can bankrupt themselves on speculation, so then the only solution is to 'restructure' (bailin, nationalize, confiscate by any other name) society's savings and pensions. This will require numbered accounts for each person in order to dole out "daily living allowances".
Etc..
You obviously hope that Monero or some other cryptocoin will allow people to retain financial privacy without joining some savage tribe and subsisting on berries and monkey meat. Good luck with that. Need I tell you that I am rather skeptical about the idea?
The only hope is distribution as a currency to the developing world has to begin pronto. Bitcoin isn't even close because it is centralization and rich boys investment pump paradigm (where the participants are deluded into think it is a currency paradigm).
I will not repeat again my past posts which reveal some ideas for solutions because I am losing time.
Crypto currencies function by no decree. They are decentrally produced.
Bitcoin is centrally produced for mining (Ghash.io + any other pool have > 50% of hashrate) and protocol development.
With the coming ETFs and other offchain entities, I posit it will soon by top-controlled for investment and transactions too.
Raise your hindquarters in the air for some Butthurtcoin.