Topic: Crypto Central Banks - page 2. (Read 298 times)

Corporations, NGOs, Governments, Banks manage themselves all the time with such governance structures. Do you want a corporation to make the monetary policy for you? Giving the example of BNB and CZs scrupulous methods to increase his platform's fee earning just shows that you do not understand the difference between Bitcoin and these other "corporations".

Bullshit. There is LN. It is far better than all the other in terms of scaling as well as decentralization as an L2 system. Go search for"El Zonte Bitcoin beach". Don't repeat uninformed bullshit fed to you by Ethereum and BCS scammer devs and telegrams. I have nothing against ETH. Yet, those pretending that ETH can be a decentralized, sound money are only hell-bent on pumping their bags.

More bullshit. There is no monetary policy. BNB is a centralized coin that runs on Binance's servers. If an online ledger is all you care about, just use your bank for all those transactions. Continue giving the power of your wage and consumption to your central bank, your politicians and your coprorates. That is how the world has always been. Bitcoin fixes that.

Concern appreciated. Yet, take off your lenses and prejudices from holding bags of BSC shitc-tokens and rug-pulls where you and everyone like you hopes to get a 100X before it all crashes down. Bitcoin is not playing that game. It does not have one of those scam devs that newbies pay allegiance to in their TG and Discord just to get in on the next closed door pump and dump scheme.

Bitcoin's monetary policy is its deflationary emission, hard-cap, the community, censorship resistant, commitment to being community driven and constant innovation. That is the only policy it needs. If you still view "monetary policy" from the perspective of a central bank, why are you even into crypto??

Because we are so comfortably used to the kind of system we are under right now. It seems we cannot imagine a currency which is totally free from state control. The fiat system is designed in such a way that there are a number of control mechanisms allowed. The state and the central bank inflate and deflate the monetary supply, dictate to a certain extent the currency's value, regulate inflation, and so on. It seems all these are necessary and that a fiat system will fail miserably without them. In all fairness, Bitcoin hasn't yet proven that the opposite could work. We have yet to see a country fully run by a Bitcoin-based economy. We might see one soon.

Hello

Thanks to everyone for the comments, I will try to answer everyone in a single post:

1. My examples with ETH, BNB are not limited only to them, other altcoins are also often managed, somewhere by the community, somewhere personally (by the council) of the creators, but in any case, this control is similar or similar to the monetary policy of Central Banks. Somewhere the currency has inflation and is trying to fight it (as now in updates code in ETH), somewhere deflation, burning tokens like BNB, somewhere in other ways, but this is a monetary policy, similar, somewhere more, somewhere less, lik monetary policy Central Banks

2. The real use of BTC as a means of payment for mass use is impossible due to long blocks and expensive commission. Nobody will pay even a $ 1 commission for each of the tens of daily payments for real goods / services, in order to pay tens of $ commissions a day. At the same time, taking into account the sometimes increase in cost transaction to $ 100 or more, with massive payments, total commissions per day can exceed a person's monthly income.
It is thanks to the monetary policy of BNB that the commission there costs 0.1-0.6 cents, and ETH also strives for this, by updating the code of "Berlin", "London" and way to PoS. Moreover, the speed of the final Bitcoin blocks of 60 minutes or more is also unacceptable for the real currency of daily mass payments. Only cryptocurrencies with a monetary policy and the ability to regulate the speed of transactions and the price of transactions, as well as the issue of tokens (printing or burning) that can become real currencies, and not just means of accumulation and speculation. And this is already confirmed by the crypto economy, where ETH, BNB, SOL and other currencies are used in the DeFi and NFT market, and if BTC is used, it is only wrapped, similar to the gold "wrapped" in ballances fiat currencies in clasic economy.

3.The given up examples of technical differences between Bitcoin and Altcoins are like the physical difference between Gold and Paper. Yes, Bitcoin has technical differences, both advantages for stability and the low speed and high price of the commission, and it is these technical differences that make it a crypto-gold, and not a currency of mass payments. At the same time, unlike Gold, Bitcoin also has a minimal monetary policy same of the Central Bank, in terms of updating the code by the decentralized community

And the minimal monetary policy BTC (at least in terms of limiting the 21m emission and support for this by those who update the code and adopt it), and the large monetary policy of ETH, BNB and other Alcoins, confirms that the idealistic ideas of libertarians are good for initial popularization, but not acceptable for real MASSMARKET use of world currency.

My post is that noone cannot do without classical monetary rules and economic policy in fiat and in crypto economy.

P.S. Sorry for possible spelling inaccuracies, as English is not my native language.

Vitalik Buterin & ETH always maintained a partnership with microsoft and big tech who are allies of banking cartels. Bitcoin's retail support can't be compared to ETH. Ethereum receives privileged treatment from retail merchants and the media thanks to their partnerships with MSFT and pandering to bank policy.

The truth is many cryptocurrencies like ETH pander to bank inflationary policy by creating coins with infinitely printable supplies. Those projects get a thumbs up from banks and their allies. While inflation protected deflationary assets like bitcoin usually get a thumbs down. Who can guess at the motives behind it.

Inflation in the US and perhaps around the world is expected to rise. It may be premature to say the central bank devised scheme of money printing is perfect.

There is no future where there is a crypto central bank, crypto is decentralized and that will stay that way. All the ETH is doing is accepted by the public, sure Vitalik could be wanting to move it a direction but if the public doesn't want it then they could very well ignore it.

All that eip 1559 and eth 2.0 where miners will be hurt got a huge amount of disagreement from the miner community, which didn't change the result because everyone else who paid a shit ton of gas fee ignored them, but it got some complaints at least. BNB on the other hand is a centralized currency, they have that BSC which is decentralized, CZ is not doing anything to change that for now but he can anytime he wants, he rules over the whole blockchain with his validators. Long story short these are not proofs of central bank, it is proof of central currency.

It's not "Crypto Central Banks" of VB and CZ. ETH and BNB, are securities. The burn, print more, and whatever, is just like a stock split, buy back, reverse split, issuing more stocks, nothing new. The power of Bitcoin is the competition to validate transactions and produce blocks, thus it's secure. (Not to mention its fair launch).

It's fine if we have CBDC since we will have more options. We can have BTC, CBDC, and others.

for now the only thing that attracts attention in payment transactions outside of crypto is Bitcoin, and for altcoin  it is still not publicly decided. because of the value resilience and fluctuating altcoin are still not comparable to Bitcoin.
Therefore, it is very difficult for altcoin to enter the realm of financially legal payments.
And it's definitely not possible to accept any of the altcoin  given the freedom to pay for goods. because it will trigger pressure from other altcoin  that force themselves to apply for legal payments that are legal in every country.

therefore, only Bitcoin is enough, and does not apply to altcoin .

Because it’s just in the early process of adoption. Wait for El Salvador. It’s a country plugging in in a free and open system as an alternative to Central Banking.


Good for them. Bitcoin is still more secure, and more valuable than them.


If you accept that they are centralized and OK with being centralized, then OK. Bitcoin’s main value proposition is censorship-resistance, therefore security/decentralization must be overshot.


Good for them if they want a cabal, like the Federal Reserve, to decide the supply increase, or decrease. In Bitcoin, it’s in the protocol.

BTC is used to pay for goods. Its even a LEGAL TENDER in 6 mln people country.

https://twitter.com/DocumentingBTC/status/1406664487126642695
"20,000 people in El Salvador 🇸🇻 recently transacted on the #Bitcoin Lightning Network, using the
@Bitcoinbeach
wallet.
All together, their total fees were $4.98. Yes, 𝗮𝗹𝗹 𝘁𝗼𝗴𝗲𝘁𝗵𝗲𝗿."


There is no increase in the money supply in BNB. Lauchpads does not increase BNB supply. Staking on binance chain does not increase BNB supply. BNB is deflationary as long as binance is generating profit. You did not make your lessons right MR "But apparently from the lack of education and less understanding of the general structure of the economy"

Bitcoin does not need to be a world currency to be worth to hodl. In fact no decentralized coin will achieve that. And if you want to hold centralized crypto that can be printed/burned according to centralized decisions - go and hold fiats. Dollar lost in value 95% in last 110 years thanks to mechanisms that you love so much.

Actually in the world I'm living in there are few things I could buy with Bitcoin and basically none I could buy with altcoins.

So all I see here is a wall of text with convenient inaccuracies advertising how good your altcoins are.
And if you are so keen for centralization - the thing Bitcoin tries to run away from - you're always free to use your altcoins. But please don't come crying when the central point of failure will break/no longer meet your expectations.

Hello

My short things aboute Crypto Central Banks

Many bitcoin maximalists live in the fantasies of an idealistic theory of bitcoin as a world currency.
But apparently from the lack of education and less understanding of the general structure of the economy, they do not notice how other crypto-currencies become real world digital currencies, and not just means of accumulation and speculation. And it's not just about the technology of long and expensive BTC transactions, the lack of smart contracts, etc.

ETH and BNB are, unlike BTC, realy already used to pay for goods and services, and not only for goods and services in DeFi and NFT, but also in the real world.
And this happens due to the presence in them of the monetary policy inherent in the fiat currencies of the real world, which makes them convenient in terms of the speed of operations, commissions, accrued interest on the deposit ...

Establishing a Crypto Central Banks in the person of CZ or Vitalik (sometimes taking from account the DAO vote, but sometimes despite the misconceptions of mass miners), the price of the commission for the operation, the block speed (by updating the code in the ETH or, for example, limiting the 21 nodes in BNB), this is a standard function of managing economic processes.

The burning or add printing of coins is also a standard function of managing the money supply, and the % rate for staking is practically the same as the refinancing rate of the classical Central Bank, which stimulates the increase in staking deposits during the period of growth of the % staking rate, or vice when % less is stimulates  investing coins in the "means of production" of other projects, for example, on the Binance Launchpad.

The presence of such basic mechanisms for managing monetary policy as an increase or decrease in the money supply and the refinancing (staking) rate, in conjunction with other less popular mechanisms, in the real TOP currencies of crypto-economy, once again confirms the fallacy of the idealistic theory about Bitcoin as a single world currency (which is practically does not take part in the mechanisms of mass payment for goods / services), and retains the value of Bitcoin only as crypto-gold.

At the same time, thanks to the understanding of classical economic processes by CEO`s the market leaders ETH and BNB, using real monetary technologies, they become real world currencies, confirming that the Blockchain is just a new type of database that changes the world in the same way just like Internet, and is not the sacred graal of libertarians.
And Blockchain will change the world using the classic fiat rules of economics and only partially improving their technological application like new database

@aerashow