Bank Of England to create it's own Crypto, centrally controlled of course

pooya87

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Quote from: Doamader on August 20, 2016, 09:11:01 PM

I see this as incentive to moove forward, moove to all digital, left the printed money, and make all transactions online. I believe this new coin will be quite stable, should work as shares i believe, anyway the fact is this will push real costumers into crypto world, and who knows if they can find the bitcoin as well the others altcoins.

these things usually have nothing to do with bitcoin not even indirectly. they will never even mention anything about bitcoin or even altcoins, they are only using the new technology to create their own ledger for making transactions faster, safer, and cheaper.

Doamader

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I see this as incentive to moove forward, moove to all digital, left the printed money, and make all transactions online. I believe this new coin will be quite stable, should work as shares i believe, anyway the fact is this will push real costumers into crypto world, and who knows if they can find the bitcoin as well the others altcoins.

ivanst776

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Quote from: silversurfer1958 on August 16, 2016, 10:51:14 PM

All that is going to change then is that it won't be a paper fiat system, it will be an electronic one.
They just have to have control don't they.
Money should just Work, it shouldn't require millions of people to manage and centrally control it.

http://dcebrief.com/bank-of-england-to-manage-its-own-digital-currency/comment-page-1/#comment-213

Half of people or less do not care about the privacy when they deal because they deal in public and don't have what to hide.

So the idea to create a new cryptocurrency from the bank of England is a good way which increases the usability of crypto.

Those that don't want to make transaction through this coin can easily move into bitcoin.

amacar2

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Quote from: cooldgamer on August 16, 2016, 10:53:31 PM

I don't see an issue with this. Its a way for people to transmit their money with the benefits of crypto's low fees, but have the security of a central bank instead of jumping into the volatility. It should be able to coexist with BTC just fine.

I also see there will be no harm to bitcoin or crypto world. People can easily move money across country with low fees as well as almost instant transaction. And also more secured than traditional online banking.

Slark

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Well, I am happy that bitcoin caused such impact. Now we have phenomena of national/backed by official banking system cryptocurrencies.

And that is a clear signal of acknowledgment of Bitcoin's potential!

It is not a bad thing, if doing right will likely provide great addition to the cryptocurrency ecosystem as a whole through investment into research and development.

Also it could provide financial boost for development of the core Bitcoin code.

panju1

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Quote from: spazzdla on August 18, 2016, 10:24:08 AM

Quote from: cooldgamer on August 16, 2016, 10:53:31 PM

I don't see an issue with this. Its a way for people to transmit their money with the benefits of crypto's low fees, but have the security of a central bank instead of jumping into the volatility. It should be able to coexist with BTC just fine.

It will become the perfect tool to watch what your people spend and drive interest rates into the negative 10% area... A future with centrally controlled blockchains where all other forms of transacting are highly ILLEGAL is coming to an earth near you.. The future is very dark.

At the first signs of negative interest rates, people might switch to gold, bitcoins or anything else of value.
While governments would love to have negative interest rates and just take your money, people won't be so accommodating.

spazzdla

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Quote from: cooldgamer on August 16, 2016, 10:53:31 PM

I don't see an issue with this. Its a way for people to transmit their money with the benefits of crypto's low fees, but have the security of a central bank instead of jumping into the volatility. It should be able to coexist with BTC just fine.

It will become the perfect tool to watch what your people spend and drive interest rates into the negative 10% area... A future with centrally controlled blockchains where all other forms of transacting are highly ILLEGAL is coming to an earth near you.. The future is very dark.

Ayers

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china also wanted to create their own currency, but isn0t this very similar to have another fiat money, isn't better for them to just move their fiat to a more secure and low cost blockchain technology? i think they are wasting time by creating an altcoin, we have plenty already none will accept it

yayayo

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Central banks are very good at currency devaluation and wasting of reserves. Especially the Bank of England that sold most of its gold reserves during an all time low. If the BoE wants to waste money on a still-born project it is just following its own tradition.

I think it is pure fear of loosing power coupled with a lack competence that leads to all those centrally controlled blockchain projects by (central) banks. The people behind these projects refuse to see the simple truth that the only reason to use the resource intensive concept of a blockchain for a digital currency is to make decentralization possible.

People do not need another Paypal. All these projects will fail like the Canadian "MintChip", that is barely remembered today.

ya.ya.yo!

electronicash

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Quote from: silversurfer1958 on August 16, 2016, 10:51:14 PM

All that is going to change then is that it won't be a paper fiat system, it will be an electronic one.
They just have to have control don't they.
Money should just Work, it shouldn't require millions of people to manage and centrally control it.

http://dcebrief.com/bank-of-england-to-manage-its-own-digital-currency/comment-page-1/#comment-213

it is still worth the try. having england's crypto can give bitcoin a change to be seen by the entire people in the world.
the good about their crypto is that its still can be traced thru their blockchain technology, this feature can help them a lot.

ethereumhunter

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i think its a good news for cryptocurrency, because if other bank read about this, then maybe they will think that its a new step that they could bring and integrate with their bank system and they could offer to their customer to join with cryptocurrency and at last many people will be know about bitcoin.

cooldgamer

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I don't see an issue with this. Its a way for people to transmit their money with the benefits of crypto's low fees, but have the security of a central bank instead of jumping into the volatility. It should be able to coexist with BTC just fine.

silversurfer1958

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All that is going to change then is that it won't be a paper fiat system, it will be an electronic one.
They just have to have control don't they.
Money should just Work, it shouldn't require millions of people to manage and centrally control it.

http://dcebrief.com/bank-of-england-to-manage-its-own-digital-currency/comment-page-1/#comment-213

Topic: Bank Of England to create it's own Crypto, centrally controlled of course (Read 610 times)