Bank of England wants centralized and anonymous Bitcoin version.

ctlaltdefeat

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Quote from: owm123 on March 10, 2016, 06:50:23 PM

Bank of England looks into ‘centralised’ bitcoin alternative, RSCoin

https://thestack.com/cloud/2016/03/10/bank-of-england-looks-into-centralised-bitcoin-alternative-rscoin/

Quote

Referring to transparency of funds, Meiklejohn explained that an RSCoin ledger could be published publicly by a central bank. She added that the system’s design would also allow a central bank to make transactions entirely, or partially, anonymous.

Why Banks wound not be happy with fully transparent ledger? What are their afraid of? And why to centralized it? What's the point of centralized cryptocurrency then? They already have centralized system anyway currently.

not this time for the banks to do that, it takes a fairly long process to receive the ledger, they are still thinking about the consumer and their income is still stable and the main destination of people save their money, but I believe the next few years, there will be some banks that started receiving ledger.

SuperCoinGuy

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The banks want a centralized version of Bitcoin so that they can pre-mine all the coin and offer you loans later on with high interest fees obviously Grin

Denker

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Quote from: SFR10 on March 11, 2016, 01:29:06 AM

So Another bank is trying to take control (like all the others) but not in regards to blockchain but rather to build their own alt coin in which they will have full control of, but with some transparency as promised. The only point someone use this, is for transaction fee's and no other benefit will be given to users which it sucks considering they could take 10 more steps into improving the situation for their users.

This is pure nightmare. Forget about the cheap transactions if a bank is having the whole control and a masterkey to freeze and steal what you think you own.This is a bigger scam than the actual fiat scam.At least with cash in your pockets this cash is out of control from banks and governments.
With such a stupid coin they plan to launch you would be enslaved totally.

Slark

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There is plenty to hide and more money flows behind the curtains and closed doors that we can imagine. That is the reason why Bank of England want to have their own version of digital currency.
Their ledger would be a joke, where only insignificant and standard transactions will be stored.

jacktheking

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Interesting news article you have there. I doubt their plan will succeeded.

Quote from: Amph on March 11, 2016, 03:55:17 AM

a centralized copy of bitcoin is nothing more than a worse version of an altcoin, and we have plenty of those in the altsection

at best only a portion of their citizen will accpet that shit, i prefer to deal with altcoin at this point than touching anything centralized

Yes agree. If I were to use a centralized version of Bitcoin, I'd prefer Altcoin or normal fiat.

Amph

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a centralized copy of bitcoin is nothing more than a worse version of an altcoin, and we have plenty of those in the altsection

at best only a portion of their citizen will accpet that shit, i prefer to deal with altcoin at this point than touching anything centralized

louisLavery

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At a guess, I think the BoE wants, in part, a more efficient way for the banks to transfer reserve currency between themselves. At the moment it's likely pretty inefficient and done at the end of each day, AIUI, They likely want a system that updates throughout the day, a system that's fit for the internet age, not the legacy system they have now, that's fit only for the age of the quill pen. Seems reasonable to me. I don't see it as a competitor to bitcoin. It'll not make much difference to bank customers other than large transactions might be verified more rapidly. It ought reduce costs to banks and BoE but whether customers will benefit remains to be seen.

bob123

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Quote from: Raimonn on March 10, 2016, 07:22:11 PM

I read something about that on newspapers today, they want a copy of bitcoin, that is centralized and with one key that could freeze or stole user coins. I see it as a bad copy that no one that believe on bitcoin would use it.

Thats it.
But not just in England, in quite a few countries in the EU this could be seen.

kingntking

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That would be a fake copy of bitcoin, I doubt a bank in the current time can actually use an anonymous version of Bitcoin or any currency, decentralization is an important part of bitcoin core as well.

coinplus

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A centralized version can not be anonymous. Centralized version may be just an electronic format of fiats. I guess with internet banking we're already having it.
How a bank will tackle 51% hash power attack with their own private blockchain?

SFR10

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So Another bank is trying to take control (like all the others) but not in regards to blockchain but rather to build their own alt coin in which they will have full control of, but with some transparency as promised. The only point someone use this, is for transaction fee's and no other benefit will be given to users which it sucks considering they could take 10 more steps into improving the situation for their users.

Raimonn

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I read something about that on newspapers today, they want a copy of bitcoin, that is centralized and with one key that could freeze or stole user coins. I see it as a bad copy that no one that believe on bitcoin would use it.

--Encrypted--

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hee-ho.

Quote from: owm123 on March 10, 2016, 06:50:23 PM

Bank of England looks into ‘centralised’ bitcoin alternative, RSCoin

https://thestack.com/cloud/2016/03/10/bank-of-england-looks-into-centralised-bitcoin-alternative-rscoin/

Quote

Referring to transparency of funds, Meiklejohn explained that an RSCoin ledger could be published publicly by a central bank. She added that the system’s design would also allow a central bank to make transactions entirely, or partially, anonymous.

Why Banks wound not be happy with fully transparent ledger? What are their afraid of? And why to centralized it? What's the point of centralized cryptocurrency then? They already have centralized system anyway currently.

they want it centralized because if not then they will not have control over people's money.
they are happy with transparent ledger. that's actually all they want. nothing more, nothing less.

Blawpaw

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Banks want to design their own cryptocurrency because they don't want to see a shift in power to decentralized corporations.
The whole purpose of liberalism is to maintain the power in the hands of a few and banks want to protect that!

owm123

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Bank of England looks into ‘centralised’ bitcoin alternative, RSCoin

https://thestack.com/cloud/2016/03/10/bank-of-england-looks-into-centralised-bitcoin-alternative-rscoin/

Quote

Referring to transparency of funds, Meiklejohn explained that an RSCoin ledger could be published publicly by a central bank. She added that the system’s design would also allow a central bank to make transactions entirely, or partially, anonymous.

Why Banks wound not be happy with fully transparent ledger? What are their afraid of? And why to centralized it? What's the point of centralized cryptocurrency then? They already have centralized system anyway currently.

Topic: Bank of England wants centralized and anonymous Bitcoin version. (Read 651 times)