chief economist Bank of England: we need adopt a digital currency like Bitcoin

Kprawn

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Their implementation of the Blockchain is far removed from our vision for Bitcoin. You cannot have a Fiat based Blockchain clone and still call it Bitcoin. A centralized governed

Blockchain technology is definitely not Satoshi's intention for this technology. These "Private" Blockchains will be a cheap shot attempt to fool people into using a system,

where they are even more regulated and controlled. This is a major threat to Bitcoin and the original "Public" Blockchain. Angry

neoneros

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Quote from: johnyj on September 21, 2015, 08:17:35 AM

Their token is totally on the opposite side of the equation: They want it to lose value while bitcoin will always gain in value. Money printing is not stimulating economy but robbery, print a cryptocurrency to rob people with negative interest is still robbery Cool

Who would be interested in a cryptocurrency that is constantly losing value through negative interest?

bankers and the governments they control, that is who is interested in such a wretched, cripple system that will only benefit the bankers. It is the same mistake being made by the entertainment industry, in stead of adopting the idea that is the basis of media piracy, they try to adopt the wrong side of the problem with all kinds of strange sollutions. The banks make the mistake that they want to adopt 'a digital currency like Bitcoin'.. betting on the wrong horse there no matter what currency 'like' Bitcoin they will adopt.

Instead they should adopt the idea that Bitcoin is the digital currency and change their ways to facilitate people to use Bitcoin. Just like Xapo and other companies are doing, hop on the bandwaggon and reap the benefits. See what is possible with the wheel at hand and not inventing the wheel all over again and try to impose their backwards ideas into it. Who needs a wheel that will only go backwards?

johnyj

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Beyond Imagination

Their token is totally on the opposite side of the equation: They want it to lose value while bitcoin will always gain in value. Money printing is not stimulating economy but robbery, print a cryptocurrency to rob people with negative interest is still robbery Cool

Who would be interested in a cryptocurrency that is constantly losing value through negative interest?

l8orre

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Quote from: Q7 on September 21, 2015, 07:33:23 AM

That will mean every transaction become traceable. At least with cash it makes it harder to track where you spend the money. I would say it's getting bad to worse.

except if you use SuperNET-Jumblr for Bitcoin and other Gen.1 coins, or Nxt coin shuffle Grin

Mickeyb

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Quote from: Denker on September 21, 2015, 04:24:20 AM

Quote from: Mickeyb on September 20, 2015, 01:55:08 PM

Quote from: saturn643 on September 20, 2015, 01:45:15 PM

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

Of course, they will not adopt Bitcoin but rather, they would issue their controlled, centralized crypto currency.

"One idea, Haldane told an audience of business owners in Northern Ireland, could be to scrap cash and adopt a state-issued digital currency like Bitcoin".

Now they see that they don't have a chance against crypto wave so they have decided to fight it with a plan B. They will issue their centralized tokens and market them as better than Bitcoin.

To scrap cash and issue a government controlled digital currency is the worst nighmare I can think of.This means total control for them. Every tiny transaction you will do is trackable and contrallable. No no no! They will be able to freeze your payments and close your accounts at any time. They can force you how to spend your money, where to spend your money.You can get forced to spend your money, saving and hoarding could be restricted.No no no!

I wouldn't be surprised that they didn't think of this as well. "Hey look, this blockchain stuff just gives us more control that we like and can't be without".

In all honesty, this might be necessary to happen. If this was to happen, all the people around the world would see what it means to have a decentralized currency like Bitcoin. Maybe then we would get some recognition after all.

Q7

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That will mean every transaction become traceable. At least with cash it makes it harder to track where you spend the money. I would say it's getting bad to worse.

maokoto

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The interest of several banks for cryptocurrencies indicate that we probably are in the good track.

Who knows ... If an important bank creates is own crypto for their clients, the popularity of crypto altogether (including Bitcoin) would likely rise.

l8orre

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well if they are not totally stupid (which may be the case), this may refer to making their state-issued cryptocurrency eligible to pay your taxes with,
and use it to pay public expenditures with.

sort of high-tech versions of tally sticks of old.

Denker

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Furthermore how can they say words like a state-issued digital currency like Bitcoin.
Either these guys don't know it better or this is an attempt to make the public believe Bitcoin is controllable, therefore we don't need it, because it is to slow and whatever, and make our own bankcoin which will have better features. Roll Eyes

neoneros

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Quote from: Denker on September 21, 2015, 04:24:20 AM

Quote from: Mickeyb on September 20, 2015, 01:55:08 PM

Quote from: saturn643 on September 20, 2015, 01:45:15 PM

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

Of course, they will not adopt Bitcoin but rather, they would issue their controlled, centralized crypto currency.

"One idea, Haldane told an audience of business owners in Northern Ireland, could be to scrap cash and adopt a state-issued digital currency like Bitcoin".

Now they see that they don't have a chance against crypto wave so they have decided to fight it with a plan B. They will issue their centralized tokens and market them as better than Bitcoin.

To scrap cash and issue a government controlled digital currency is the worst nighmare I can think of.This means total control for them. Every tiny transaction you will do is trackable and contrallable. No no no! They will be able to freeze your payments and close your accounts at any time. They can force you how to spend your money, where to spend your money.You can get forced to spend your money, saving and hoarding could be restricted.No no no!

No, no, no! indeed. It still surprises me how many people still do not grasp the basics of bitcoin. It is about no control at all by any centralised institution. A beginning of decentralisation and liberation of bureacracy. Away with all the meddling middle men, institutions gaining control over the most simple things, making them too complex and trying to make some profit along the way so next to nothing is left from what we worked for so hard.

It is a revolution of the economic slavery that has been dictated to us. We are no longer controlled, but we are in control. The free market was never free, it was centralised and controled, we are making the first steps to a new world, a new economy which is a truly FREE market.

Denker

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Quote from: Mickeyb on September 20, 2015, 01:55:08 PM

Quote from: saturn643 on September 20, 2015, 01:45:15 PM

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

Of course, they will not adopt Bitcoin but rather, they would issue their controlled, centralized crypto currency.

"One idea, Haldane told an audience of business owners in Northern Ireland, could be to scrap cash and adopt a state-issued digital currency like Bitcoin".

Now they see that they don't have a chance against crypto wave so they have decided to fight it with a plan B. They will issue their centralized tokens and market them as better than Bitcoin.

To scrap cash and issue a government controlled digital currency is the worst nighmare I can think of.This means total control for them. Every tiny transaction you will do is trackable and contrallable. No no no! They will be able to freeze your payments and close your accounts at any time. They can force you how to spend your money, where to spend your money.You can get forced to spend your money, saving and hoarding could be restricted.No no no!

NorrisK

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Quote from: LMGTFY on September 21, 2015, 03:26:40 AM

Quote from: 7788bitcoin on September 21, 2015, 03:19:51 AM

UK has a population of about 64-65 millions but we only have 21 millions BTC....

1 BTC isn't the smallest unit - it's subdivided into a further 100,000,000 units.

That said, there's no way the Treasury will adopt BTC. They'll continue to want something firmly under their control.

Still, all large economies hold a huge amount of gold. The mining of gold is completely out of their control, so this can potentially be just as much of a risk.

Maybe bitcoin is becoming more like gold, early miners are the ones who joined the gold rush and will reap huge profits. Huge mining farms become the gigantic mining conglomorates.

LMGTFY

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Quote from: 7788bitcoin on September 21, 2015, 03:19:51 AM

UK has a population of about 64-65 millions but we only have 21 millions BTC....

1 BTC isn't the smallest unit - it's subdivided into a further 100,000,000 units.

That said, there's no way the Treasury will adopt BTC. They'll continue to want something firmly under their control.

7788bitcoin

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UK has a population of about 64-65 millions but we only have 21 millions BTC....

Betwrong

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Sounds promising in a way. One of the cooments to the article I liked the most: "One thing for certain is that all fiat currency schemes collapse eventually because those who've obtained the power to administer them are, to be polite, fallible."
I really think that there is no future without Bitcoin, the question is when the majority of the people in charge will accept that.

WhatTheGox

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Quote from: saturn643 on September 20, 2015, 01:45:15 PM

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

Yeah good idea i hear there is a good one already made and secure tried and tested, cant think what its called.

NorrisK

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I'm always interested to see how this types of news gets relayed..

They say need to adopt a digital currency like bitcoin, and then suddenly it is UK may adopt bitcoin..

Totally different imo, but atleast a positive stance on crypto

turvarya

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Quote from: Snoopy1 on September 20, 2015, 02:31:41 PM

Quote from: Blawpaw on September 20, 2015, 02:25:00 PM

Quote from: saturn643 on September 20, 2015, 01:45:15 PM

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

This is a sign that digital currency mainstream adoption is being consolidated. But once the governments start to use digital currencies won't they make their own digital currency instead of adopting bitcoin?

Why make there own when Bitcoin is already built and used all over the world.

Also the UK could easily buy all bitcoins as its worth 3.3b right now which is not much for a whole country.

That is not how markets work. They can't buy all Bitcoin, since not all Bitcoin are on the market. Also, if they would start to buy, the price of Bitcoin would go up.

dothebeats

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Quote from: Snoopy1 on September 20, 2015, 02:31:41 PM

Quote from: Blawpaw on September 20, 2015, 02:25:00 PM

Quote from: saturn643 on September 20, 2015, 01:45:15 PM

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

This is a sign that digital currency mainstream adoption is being consolidated. But once the governments start to use digital currencies won't they make their own digital currency instead of adopting bitcoin?

Why make there own when Bitcoin is already built and used all over the world.

Also the UK could easily buy all bitcoins as its worth 3.3b right now which is not much for a whole country.

They can't just do that. Also, I don't think that a centralized currency and block chain ledger would actually work out pretty well. Sure they might be considering the use of bitcoins, but to what extent? How are they going to use bitcoin and to what matter?

Undermood

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Quote from: Snoopy1 on September 20, 2015, 02:31:41 PM

Quote from: Blawpaw on September 20, 2015, 02:25:00 PM

Quote from: saturn643 on September 20, 2015, 01:45:15 PM

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

This is a sign that digital currency mainstream adoption is being consolidated. But once the governments start to use digital currencies won't they make their own digital currency instead of adopting bitcoin?

Why make there own when Bitcoin is already built and used all over the world.

Also the UK could easily buy all bitcoins as its worth 3.3b right now which is not much for a whole country.

The issued digital currency is centralized and cannot be compared with bitcoin. I don't think they will buy bitcoin. Bitcoin is spreat to many ppl and it is difficulty for them to control it.

Topic: chief economist Bank of England: we need adopt a digital currency like Bitcoin (Read 1525 times)