Central bank and it ignorance on Bitcoin

fullhdpixel

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Quote from: Nrcewker on June 04, 2022, 03:31:02 AM

Due to the decentralised nature of Bitcoins, government is not showing any support to it.
And all the central banks follow the rules and regulations imposed by government, therefore they are also helpless, and doesn't show any interest in this digital currency.
I have also heard that, as the government is unable to control cryptos, and seeing many people are joining the crypto world, therefore planning to launch it's own digital coin.
Nevertheless, this will continue forever, and we will continue to use Bitcoins as a digital asset.
Neither the bank nor the government will show any interest in the coin. And they will continue ignoring it.

I sort of understand the logic as well, if I was head of any central bank in any nation of the world, I wouldn't want people to invest into something that I had absolutely no control over neither. Even in a nation that is poor, if people invest heavily into dollar because they know that their fiat will get weaker against dollar, that is a bad thing and the central bank usually increases the interest rates a lot to keep interest towards their own fiat.

So if they do this, then how could they not be disliking bitcoin? That is not even like dollar, that is decentralized currency that the nation could not go into at all and would make their fiat weaker and central banks purpose is to keep their own coin strong.

SatoPrincess

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Quote from: n0ne on June 03, 2022, 07:29:28 PM

Quote from: SatoPrincess on June 03, 2022, 05:58:03 PM

The banks are no longer ignorant on bitcoin. I doubt they ever were, the financial institutions are not naive of bitcoin. They know the potentials of bitcoin, they just don’t want to lose their clients that’s why they never supported bitcoin publicly. JPMorgan is shifting towards crypto investments in the last year.

The banks tried to stay ignorant. Now this has changed and slowly banks were getting on the track. Even in the past it looks like banks and financial institutions have made investments on Cryptocurrencies indirectly fearing their involvement could ruin the banking system. Anyhow this is the time where the cryptomarket needs to coexist with the banking sector. As a beginning many banks have started to support trading of specific crypto. Hope this will get widen around.

Yes, you’re right. I think they were afraid of making their active involvement in cryptocurrency investment public. I don’t see why they should be afraid of bitcoin, I believe cryptocurrency and traditional money system can coexist. Financial institutions are all about profits, and in the last decade bitcoin has been the most profitable asset in business. It will be to think the banks and financial institutions didn’t cash in on the hype.

carlfebz2

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Quote from: Tellek Garing on June 04, 2022, 08:49:06 AM

Quote from: cagrisur on June 04, 2022, 08:23:00 AM

I wonder how long does this kind of people would stick to their kinda principle-like when trusting Bitcoin or maybe they're just following the trend because just like what you said they don't want to lose their clients. tellculvers com survey taco bell breakfast hours

The truth is we can separate Bitcoin from the centralized currency, that is to say, Bitcoin must co-exist with the bank to make it more effective and its transaction solidifies, but the central bank doesn't seem to understand this spoint and are always quit to move against Bitcoin there giving it a blanket view.

The fact is most of the bank's executives have little knowledge about Bitcoin's peaceful coexistence with the traditional currencies.

You dont know if they are actually doing something which would oppose into its utility yet we know that government doesnt really like decentralization or anonymous which means that it is really going against their

preference even though they arent that knowledgeable or fully aware on what it is all about but knowing it wont really be that hard for them to do so which is something not surprising.

We cant call them ignorant but once they do say something which is out of the context then its normal to have these kind of reactions.

TheGreatPython

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Quote from: cagrisur on June 03, 2022, 07:41:21 AM

Though the idea for central bank digital currencies stems from cryptocurrencies and blockchain technology, CBDCs are not cryptocurrencies. CBDCs are controlled by a central bank, whereas cryptocurrencies are almost always decentralized, meaning they cannot be regulated by a single authority.

The cryptocurrencies that we are seeing today are not decentralized neither unfortunately. This is why I am behind all the things that the governments are willing to do. Because, I would prefer bitcoin and even eth, but after that there aren't many that would be able to call itself a decentralized one, most others are centralized and heavily at that as well and the team could change some stuff on it, which means it is not going to be something I favor.

If I am going to trust my money into something centralized, I would prefer the USA government to centralize it over some guy doing it, because that is what we do right now, some random guy creates a centralized coin and we invest into that, makes no sense.

Tellek Garing

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Quote from: cagrisur on June 04, 2022, 08:23:00 AM

I wonder how long does this kind of people would stick to their kinda principle-like when trusting Bitcoin or maybe they're just following the trend because just like what you said they don't want to lose their clients. tellculvers com survey taco bell breakfast hours

The truth is we can separate Bitcoin from the centralized currency, that is to say, Bitcoin must co-exist with the bank to make it more effective and its transaction solidifies, but the central bank doesn't seem to understand this spoint and are always quit to move against Bitcoin there giving it a blanket view.

The fact is most of the bank's executives have little knowledge about Bitcoin's peaceful coexistence with the traditional currencies.

cagrisur

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I wonder how long does this kind of people would stick to their kinda principle-like when trusting Bitcoin or maybe they're just following the trend because just like what you said they don't want to lose their clients. tellculvers com survey taco bell breakfast hours

Taskford

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Quote from: Tellek Garing on June 04, 2022, 03:16:57 AM

Central banks are not ignorant but are simply afraid of the potential of cryptocurrency to eliminate their existence, so the passive digital currency is a threat since the digital currency is out of their control. Must the bank executives and staff invest in Bitcoin so we can push their hate to ignorance rather than a deliberate action aimed at undermining the existence of cryptocurrency just for control's sake.

Maybe they are not afraid on its potential but rather they are just been alerted with so many scams happened around in this scene and most provably this is what make government feel alerted when it comes on bitcoins adoption so maybe we need more time for it for us to see some good adoption to happen because for now maybe we can expect that they will give things which we don't like to hear.

Nrcewker

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Quote from: teosanru on June 03, 2022, 05:45:40 PM

Quote from: Odusko on February 13, 2022, 05:54:45 PM

Bitcoin as a digital decentralized currency have been widely criticized by many banks and other financial monolithic characters who have been on for front of global financial system, the latest being the call of central banks governors to the EU for the total ban of bitcoin mining and trading ,this also came a week after the Rusia central bank governor advised the President against cryptocurrency adoption.
This have proven to a large extent the political undertone as regards to the central banks position on compartitors such as bitcoin having the capacity to transform the economy of a nation,state or region as a whole, what are the possibilities of central banks governors winning the war against the decentralized finances or will the central banks looses it relevancy when Bitcoin finally become a global currency.

That's true central banks treat bitcoin as their competiton only so it's for sure they will never advocate it they will always continue to ignore it. I don't know if such a war would take place or not but if it's a diplomacy fight with world leaders involved they will always favour the fiat world and will never favour the decentralised finance so I am sure bitcoin will never become a global currency in this manner only adoption is a way it can become a global currency.

That's the bitter truth to be honest.
Due to the decentralised nature of Bitcoins, government is not showing any support to it.
And all the central banks follow the rules and regulations imposed by government, therefore they are also helpless, and doesn't show any interest in this digital currency.
I have also heard that, as the government is unable to control cryptos, and seeing many people are joining the crypto world, therefore planning to launch it's own digital coin.
Nevertheless, this will continue forever, and we will continue to use Bitcoins as a digital asset.
Neither the bank nor the government will show any interest in the coin. And they will continue ignoring it.

Tellek Garing

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Central banks are not ignorant but are simply afraid of the potential of cryptocurrency to eliminate their existence, so the passive digital currency is a threat since the digital currency is out of their control. Must the bank executives and staff invest in Bitcoin so we can push their hate to ignorance rather than a deliberate action aimed at undermining the existence of cryptocurrency just for control's sake.

Oceat

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Quote from: SatoPrincess on June 03, 2022, 05:58:03 PM

The banks are no longer ignorant on bitcoin. I doubt they ever were, the financial institutions are not naive of bitcoin. They know the potentials of bitcoin, they just don’t want to lose their clients that’s why they never supported bitcoin publicly. JPMorgan is shifting towards crypto investments in the last year.

I wonder how long does this kind of people would stick to their kinda principle-like when trusting Bitcoin or maybe they're just following the trend because just like what you said they don't want to lose their clients. Well, that does make sense since majority of the users of banks are more than using the Bitcoin. They just want to stay in business but secretly investing in Bitcoin that's kinda funny but who cares as long as the adoption of Bitcoin expand that does a thing and it helps.

n0ne

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Quote from: SatoPrincess on June 03, 2022, 05:58:03 PM

The banks are no longer ignorant on bitcoin. I doubt they ever were, the financial institutions are not naive of bitcoin. They know the potentials of bitcoin, they just don’t want to lose their clients that’s why they never supported bitcoin publicly. JPMorgan is shifting towards crypto investments in the last year.

The banks tried to stay ignorant. Now this has changed and slowly banks were getting on the track. Even in the past it looks like banks and financial institutions have made investments on Cryptocurrencies indirectly fearing their involvement could ruin the banking system. Anyhow this is the time where the cryptomarket needs to coexist with the banking sector. As a beginning many banks have started to support trading of specific crypto. Hope this will get widen around.

AmoreJaz

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Quote from: Fatunad on June 03, 2022, 05:59:55 PM

Once they do have taken a right grasps of everything then prepared for countermeasures. Kiss

Its not ignorance but rather missing out on whats new today just like on what other members been saying above.
They might had missed up but learning wont be that hard yet they do have the resources and the capacity on doing so.
Central banks is automatically go against with Bitcoin yet it totally opposes centralization which is something that normal.

or they are just hard-headed on educating themselves about crypto and blockchain technology. but i think, it is the skepticism on this market because in some ways, it will be another financial option to the banking users. i don't think Bank people are not searching or reading about crypto. before you can go against a specific technology, at least educate yourself what's in it for you. they may know the benefits and advantages but of course there will always the factor of uncertainty in this market esp the volatility factor. also, as this is proliferated by scammers, they will think that this is not a tangible market to get involved with.

Fatunad

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Once they do have taken a right grasps of everything then prepared for countermeasures. Kiss

Its not ignorance but rather missing out on whats new today just like on what other members been saying above.
They might had missed up but learning wont be that hard yet they do have the resources and the capacity on doing so.
Central banks is automatically go against with Bitcoin yet it totally opposes centralization which is something that normal.

SatoPrincess

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The banks are no longer ignorant on bitcoin. I doubt they ever were, the financial institutions are not naive of bitcoin. They know the potentials of bitcoin, they just don’t want to lose their clients that’s why they never supported bitcoin publicly. JPMorgan is shifting towards crypto investments in the last year.

lalabotax

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This is not new. We know how the mechanism and system in the bank. Their centralized system doesn't like a decentralized system. They want to control all financial sectors in the world, They want all people in the world only to use those centralized systems offered by banks. it is different with the basic concept of Bitcoin. That is why banks will never be in line with Bitcoin.
And their ignorance is real enough. Many countries still ban Bitcoin as whatever, as the currency, or even only as a digital asset. This is actually so sad enough, But we can see how the future will be. We know that the technology keeps going on, and Bitcoin is always becomes the future product and development. Let's see what will be in the future

teosanru

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Quote from: Odusko on February 13, 2022, 05:54:45 PM

Bitcoin as a digital decentralized currency have been widely criticized by many banks and other financial monolithic characters who have been on for front of global financial system, the latest being the call of central banks governors to the EU for the total ban of bitcoin mining and trading ,this also came a week after the Rusia central bank governor advised the President against cryptocurrency adoption.
This have proven to a large extent the political undertone as regards to the central banks position on compartitors such as bitcoin having the capacity to transform the economy of a nation,state or region as a whole, what are the possibilities of central banks governors winning the war against the decentralized finances or will the central banks looses it relevancy when Bitcoin finally become a global currency.

That's true central banks treat bitcoin as their competiton only so it's for sure they will never advocate it they will always continue to ignore it. I don't know if such a war would take place or not but if it's a diplomacy fight with world leaders involved they will always favour the fiat world and will never favour the decentralised finance so I am sure bitcoin will never become a global currency in this manner only adoption is a way it can become a global currency.

Quidat

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Quote from: Fortify on June 03, 2022, 03:21:14 PM

Quote from: Odusko on February 13, 2022, 05:54:45 PM

Bitcoin as a digital decentralized currency have been widely criticized by many banks and other financial monolithic characters who have been on for front of global financial system, the latest being the call of central banks governors to the EU for the total ban of bitcoin mining and trading ,this also came a week after the Rusia central bank governor advised the President against cryptocurrency adoption.
This have proven to a large extent the political undertone as regards to the central banks position on compartitors such as bitcoin having the capacity to transform the economy of a nation,state or region as a whole, what are the possibilities of central banks governors winning the war against the decentralized finances or will the central banks looses it relevancy when Bitcoin finally become a global currency.

It feels like you underestimate the intelligence of the people who hold senior positions in central banks around the world, while they are still liable to making mistakes or not understanding new technology, they are some of the most intelligent people you'll find. Part of that intelligence is constantly being able to review and revise your opinions on things like disruptive technologies - they are capable of changing their opinions as time goes on. We're starting to hear talk of different central banks trialing out digital currencies, but they will not be bound to Bitcoin or any existing currency in order to achieve that aim. In fact, they will want to be able to show that they have full control over a currency which may require inflationary abilities and a much larger amount in circulation.

No one is perfect even they are on the top position of said institution but there are things which cant be known because it is something new or out of their awareness.We dont have that all-knowing ability that only exist on animes. LOL!
They might able to missed out those basic information about bitcoin or crypto as a whole but doesnt mean that they couldnt easily adapt which we know that they are on upperhand since they are been long to finance division
which understanding something would be easy as pie but dont expect that they would go along considering these big guys do came from traditional fiat system so anticipate on what would be their primary impression.

Fortify

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Quote from: Odusko on February 13, 2022, 05:54:45 PM

Bitcoin as a digital decentralized currency have been widely criticized by many banks and other financial monolithic characters who have been on for front of global financial system, the latest being the call of central banks governors to the EU for the total ban of bitcoin mining and trading ,this also came a week after the Rusia central bank governor advised the President against cryptocurrency adoption.
This have proven to a large extent the political undertone as regards to the central banks position on compartitors such as bitcoin having the capacity to transform the economy of a nation,state or region as a whole, what are the possibilities of central banks governors winning the war against the decentralized finances or will the central banks looses it relevancy when Bitcoin finally become a global currency.

It feels like you underestimate the intelligence of the people who hold senior positions in central banks around the world, while they are still liable to making mistakes or not understanding new technology, they are some of the most intelligent people you'll find. Part of that intelligence is constantly being able to review and revise your opinions on things like disruptive technologies - they are capable of changing their opinions as time goes on. We're starting to hear talk of different central banks trialing out digital currencies, but they will not be bound to Bitcoin or any existing currency in order to achieve that aim. In fact, they will want to be able to show that they have full control over a currency which may require inflationary abilities and a much larger amount in circulation.

sklopan

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Quote from: cagrisur on June 03, 2022, 07:41:21 AM

Though the idea for central bank digital currencies stems from cryptocurrencies and blockchain technology, CBDCs are not cryptocurrencies. CBDCs are controlled by a central bank, whereas cryptocurrencies are almost always decentralized, meaning they cannot be regulated by a single authority.

Absolutely right. At the same time, I am almost sure that the intention to control the cryptocurrency will lead to a fall in the exchange rate, and as a result, a fall in the popularity of this currency.

cagrisur

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Though the idea for central bank digital currencies stems from cryptocurrencies and blockchain technology, CBDCs are not cryptocurrencies. CBDCs are controlled by a central bank, whereas cryptocurrencies are almost always decentralized, meaning they cannot be regulated by a single authority.

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