Reading the BoE's speech[1] they seem quite open about what they're up to. The speech hints at the possibility of taking away the FSCS[2] and that it's possible for the man in the street to bypass the banks and bank directly with the BoE. It talks of how much more efficient the system will be, that's not surprising given the system now is only really fit for the age on the quill pen. They know this will shake up banks and there will be job losses, lots. All they can do is spell out what's possible with the technology, politicians will likely be making the decision regards things like the FSCS. I believe central banks want a better system, it's not in their interest to maintain the status quo - they know it's not fit for purpose and that there's a better way. YMMV.
As regards bitcoin vs rscoin. Competition is good, I'm sure free marketers and libertarians will agree. So we should now, hopefully, see bitcoin up its game.
[1] http://www.bankofengland.co.uk/publications/Pages/speeches/2016/886.aspx
[2] https://en.wikipedia.org/wiki/Financial_Services_Compensation_Scheme
Topic: Central banks beat Bitcoin at own game with rival supercurrency (Read 1460 times)
Imitation is a form of praise "or something like that", If they are trying to play on our field then at least it's known there are advantages that banks can't offer in their current way and them starting coins would not be so bad IMO.
What's sad is that regular folk won't know the difference. And the media will perpetuate their BS. Hopefully, we'll have a loud enough voice to keep people from making that mistake?!
In the meantime, I think banksters are trying to buy time to keep their illusion of solid currency house of cards. They just don't have a secret way of buying into Bitcoin, or others, and know if they make a move that way, their house of cards will fall
I feel seriously worried about my mother and sister and other family members. I only wish I had enough invested to take care of them, but I doubt my little bit will ever make that much of a difference. It's a scary future we're facing here, but my grandmother survived something very similar, so bring it on!
In the meantime, I think banksters are trying to buy time to keep their illusion of solid currency house of cards. They just don't have a secret way of buying into Bitcoin, or others, and know if they make a move that way, their house of cards will fall
I feel seriously worried about my mother and sister and other family members. I only wish I had enough invested to take care of them, but I doubt my little bit will ever make that much of a difference. It's a scary future we're facing here, but my grandmother survived something very similar, so bring it on!
This thing is gonna die long before it gets anywhere near being put into action. Have they actually thought it through at all?
You steal an idea, change it a little bit and call it revolutionary and new? <...>
You know that taking free stuff isn't, technically, stealing, right?
Nice one Tok, C&P reply from another discussion on the article:
(C&P'd from here:
https://dashtalk.org/threads/rival-super-currency-designed-by-ucl-for-the-bank-of-england.8316/ )
Quote
Surprised I'd not come across that one before, looks like the kind of thing that would be announced with trumpets and fanfares but it seems to have quietly come out months after publication. Had a brief look through it and it seems fairly in-depth and well thought out but it kind of gives the game away when your eyes glaze over from seeing "the central bank controls the money supply" so many times before you finally find their projections on network capacity. They claim there's no upper limit but didn't dig into it much, just another shitcoin from an even less trusted than usual source but there might be something interesting in their system.
EDIT: Plenty of crypto FUD comedy in the article but just had to quote this bit at the end: "...to transfer control of money creation from private banks to the state.". Yeah, about as Federal as federal express
EDIT2: Just been reading through a doc misleadingly quoted as a reference to "The Chicago Plan" via a link to an article by the Telegraph, "The Chicago Plan Revisited" and aside from the obvious stupidity of putting money creation in the hands of a private company masquerading as a state body there are several other issues with the outlined plan.
Firstly, this ain't the 1930's and we've had a communications revolution since then, money partly exists to overcome inefficiencies in communication and its role is largely negated by the ability to link markets directly, why introduce an inefficiency? It's worth reading the "Proof of Labour" budget proposal because they address the primary failing of monetary systems as they exist today, value has to be both created and destroyed otherwise it leaks out of the system to the point where the vast majority of value in existence is artificial.
Another quote from the linked article "Mr Broadbent said the system could in principle be used to cover government services, tax collection, and benefit payments. It is more likely to start with the settlement of bonds and equities, and for exchanges and clearing houses.".
First part, great! Fabulous!! Absafrikinlutely wonderful!!! That's exactly how Nazi Germany pulled off the greatest economic achievement in history and dug their way out of the shithole the bankers left Germany in with the Treaty of Versailles, get some cryptogeeks to build a system to do exactly that and the state will be beloved. Maybe not some cryptogeeks on the payrole of the Bank of England though, check who owned Versailles when that treaty was signed and who bought out England's economy for pennies to the pound after the US civil war...
The second part, getting it started with mortgage backed securityesque funny money value from the stock market casino... not such a good idea building your house using mud for foundations, and "mud" is a polite term.
Even the fact these kind of documents exist mean crypto has been more successfully than even the wildest dreams of the most embarrassingly anoraked geek, this is catchup of epic proportions by people who have held the world to ransom for decades and bled it dry. There's a vital step to take to peacefully move forward though and that's for states to accept they don't need these gangsters for any part of the process, they can build their own systems or easily find honest innovators to build them for them. Fail to take that step and make-believe value will find its way into the system and it will just become a more efficient way of bleeding the world dry.
EDIT: Plenty of crypto FUD comedy in the article but just had to quote this bit at the end: "...to transfer control of money creation from private banks to the state.". Yeah, about as Federal as federal express
EDIT2: Just been reading through a doc misleadingly quoted as a reference to "The Chicago Plan" via a link to an article by the Telegraph, "The Chicago Plan Revisited" and aside from the obvious stupidity of putting money creation in the hands of a private company masquerading as a state body there are several other issues with the outlined plan.
Firstly, this ain't the 1930's and we've had a communications revolution since then, money partly exists to overcome inefficiencies in communication and its role is largely negated by the ability to link markets directly, why introduce an inefficiency? It's worth reading the "Proof of Labour" budget proposal because they address the primary failing of monetary systems as they exist today, value has to be both created and destroyed otherwise it leaks out of the system to the point where the vast majority of value in existence is artificial.
Another quote from the linked article "Mr Broadbent said the system could in principle be used to cover government services, tax collection, and benefit payments. It is more likely to start with the settlement of bonds and equities, and for exchanges and clearing houses.".
First part, great! Fabulous!! Absafrikinlutely wonderful!!! That's exactly how Nazi Germany pulled off the greatest economic achievement in history and dug their way out of the shithole the bankers left Germany in with the Treaty of Versailles, get some cryptogeeks to build a system to do exactly that and the state will be beloved. Maybe not some cryptogeeks on the payrole of the Bank of England though, check who owned Versailles when that treaty was signed and who bought out England's economy for pennies to the pound after the US civil war...
The second part, getting it started with mortgage backed securityesque funny money value from the stock market casino... not such a good idea building your house using mud for foundations, and "mud" is a polite term.
Even the fact these kind of documents exist mean crypto has been more successfully than even the wildest dreams of the most embarrassingly anoraked geek, this is catchup of epic proportions by people who have held the world to ransom for decades and bled it dry. There's a vital step to take to peacefully move forward though and that's for states to accept they don't need these gangsters for any part of the process, they can build their own systems or easily find honest innovators to build them for them. Fail to take that step and make-believe value will find its way into the system and it will just become a more efficient way of bleeding the world dry.
(C&P'd from here:
https://dashtalk.org/threads/rival-super-currency-designed-by-ucl-for-the-bank-of-england.8316/ )
Another FIAT bullshit 
This new coin is just an attempt to get in on the Crypto action. It's a centrally controlled Bitcoin wannabee!
Well if stupid George Brown hadn't sold all our gold at the worst possible time, they could have underpinned it with gold, and that would have been a world beater. Now that the UK banks have created so much virtual currency with no value, it is difficult to see what the BoE can do to create a credible currency. Maybe they should call it a Guy-Fawkes-Coin, and burn all the current fiat currency supported by the corrupt House of Commons.
You steal an idea, change it a little bit and call it revolutionary and new? Is that the innovation this new centralized Real Shit coin brings? Anyone with two brain cells can see the advantages of supporting a decentralized and public system, over some copy cat attempt at doing something that will be used to infringe on people's privacy and can be manipulated by the powers in control of the centralized private Blockchain. The banks are getting desperate and hanging on 1 finger, the one we are showing them now.
You're right with all you said.
But see it like that.Everybody using this centralized permissioned coin will sooner or later realize that the open and permissionless coin and protocol is the one you will find ll what you are looking for.
I mean AOL in the past did the open internet a great favour. The same could happen here.
You steal an idea, change it a little bit and call it revolutionary and new? Is that the innovation this new centralized Real Shit coin brings? Anyone with two brain cells can see the advantages of supporting a decentralized and public system, over some copy cat attempt at doing something that will be used to infringe on people's privacy and can be manipulated by the powers in control of the centralized private Blockchain. The banks are getting desperate and hanging on 1 finger, the one we are showing them now.
RSCoin will no doubt instantly become the world's most widely adopted private chain
bitcoin is the world's most widely adopted public chain
congratulations to both chains fo being number 1 in their respective class
Satoshi's invention is just beginning to be used as a powerful tool that will help us all cope with the complexity of our lives. We will begin to see many new applications for this standard technology. It will soon affect every industry making the term "blockchain" synonymous with "modern progressive state of the art higher living standards"
Congratulations banking industry for learning how new scientific inventions can help you deliver better services to your customers. I can't a wait to see which existing legacy industry learns about this new science lesson next.
bitcoin is the world's most widely adopted public chain
congratulations to both chains fo being number 1 in their respective class
Satoshi's invention is just beginning to be used as a powerful tool that will help us all cope with the complexity of our lives. We will begin to see many new applications for this standard technology. It will soon affect every industry making the term "blockchain" synonymous with "modern progressive state of the art higher living standards"
Congratulations banking industry for learning how new scientific inventions can help you deliver better services to your customers. I can't a wait to see which existing legacy industry learns about this new science lesson next.
Imitation is the sincerest form of flattery
Although they are doing a poor job of imitation. The fact that they keep their blockchain to themselves, that is really where the value to the system resides, shows profound ignorance.
Good luck Mr central banker noob
Have you seen the movie "Big Short" OP? If you haven't, please do, you'll never trust banks again, they are not trust worthy at all and the sane people won't trust cryptocurrency they produce because if they control it they'll manipulate it for their self gain.
...
I think btbrae and gentlemand have it just right. Who in their right mind would trust a digital coin made by a central bank?
As a guess, monkeying around with the RSCoin (like mixing for example) would likely be banned, and RSCoin would likely have a "feature" that would allow easy tracking...
Ahh, no thanks!
I think btbrae and gentlemand have it just right. Who in their right mind would trust a digital coin made by a central bank?
As a guess, monkeying around with the RSCoin (like mixing for example) would likely be banned, and RSCoin would likely have a "feature" that would allow easy tracking...
Ahh, no thanks!
It seems like it'll be more of a shitcoin as opposed to an actual cryptocurrency, and there isn't enough reason or purpose for anyone to start using this. It is basically a centralised Bitcoin, with a single entity that can alone read the ledger.
I doubt it'll last for long.
I doubt it'll last for long.
Agree. Why would people use it, anyway?
And said government digital currency would instantly or eventually track such transactions and freeze them. A government approved Bitcoin would be one of their deepest dreams and make the current level of financial control look pathetically amateurish.
If a central bank came out with a digital currency, an automatic distributed exchange could be developed. This would allow fiat-crypto conversions to happen online, near-instant, anonymously. (between buyers and sellers, not necessarily gov)
Bad for banks and crypto exchanges.
Bad for banks and crypto exchanges.
Well, at least they were bright enough to farm out the initial farting around.
Considering it costs them ninety two thousand billion to create a website that shows you the time in the Huddersfield suburbs, I shudder to think how an attempt at a completely new monetary system would end up.
Considering it costs them ninety two thousand billion to create a website that shows you the time in the Huddersfield suburbs, I shudder to think how an attempt at a completely new monetary system would end up.
I remember a web designer relative contracted for the council, one of these kinds of websites... and I asked how he quoted for it. "Well I figured out roughly how much we'd normally charge, then multiplied it by 3". I asked why he did that, and he said "I don't know, that's just what everybody does... they don't take you seriously otherwise... "
Any currency that is controlled by the central bank loses its meaning. I don't think this will compete with bitcoin, neither will it kill the bitcoin. With all the regulations and rules to follow by the central bank, I bet it will gain little popularity as compared to bitcoin now.
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