Federal Reserve Bank Of Boston statement!

Hydrogen

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Quote from: Powerloader on February 23, 2021, 06:14:51 PM

"I would suspect, down the road, that a number of central banks will have digital currency," he said. "When there is a digital currency available, other than the underground economy, it’s not clear why people would use bitcoin."

That remark is a bet on the moral majority being too complacent and demoralized to examine and explore cryptocurrencies for themselves.

Exploiting the publics collective lack of information and education is an effective strategy in this day and age.

Some say the key to crypto mass adoption is expanding bitcoin's utility to make it viable for coffee payments.

But the answer we may be looking for is people being more curious and open to new things and new ideas.

Being willing to explore and try new things like crypto so as not being reliant on complete strangers to educate us on things.

chaoscoinz

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Quote from: Powerloader on February 23, 2021, 06:14:51 PM

Here is the statement from the President of the aforementioned Bank....So he is either purposefully missing the point of Decentralisation or he actually doesn't understand the difference between Bitcoin and a bank implemented cryptocurrency?.....
"I would suspect, down the road, that a number of central banks will have digital currency," he said. "When there is a digital currency available, other than the underground economy, it’s not clear why people would use bitcoin."

Trying to view the situation from a regulators perspective, The cryptocurrency market is very unregulated but not nearly as bad as it was durring the big bull run bubble of 2017. Regulatory bodies like the SEC have been bringing down the ban hammers hard, taking out projects left and right.
The current government system is slow and takes years to make hard change. To an individual, it's simple enough to make the switch, but the regulators are supposed to speak out on behalf for the little guy who's not technical inclined. Which is why the statement probably seems biased.

bryant.coleman

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Central banks will create their own digital currencies, but they are unlikely to become popular enough.

Don't underestimate the power of the state. CBDCs will have state support and that will act to their advantage. But then, CBDCs are likely to replace fiat payment gateways and may offer competition to PayPal, MasterCard.etc. Their impact on proper cryptocurrencies such as Bitcoin and Ethereum is going to be pretty limited. Cryptocurrency users are not going to turn to CBDCs overnight. At the most, those who are using stablecoins right now may use CBDCs instead to protect their assets from short-term volatility.

Coinsfera

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Quote from: Powerloader on February 23, 2021, 06:14:51 PM

Here is the statement from the President of the aforementioned Bank....So he is either purposefully missing the point of Decentralisation or he actually doesn't understand the difference between Bitcoin and a bank implemented cryptocurrency?.....
"I would suspect, down the road, that a number of central banks will have digital currency," he said. "When there is a digital currency available, other than the underground economy, it’s not clear why people would use bitcoin."

There are only two options: they do not understand or they do not want to understand. If CBDCs are launched then will be made popular by them rather than will be popular. These are not the same thing. People will accept them by default but not voluntarily.

davis196

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Quote

“Personally, I’ve been surprised that Bitcoin has continued to flourish,” Eric Rosengren, the head of the regional central bank, said in an interview with The New York Times on Friday.
“I would suspect, down the road, that a number of central banks will have digital currency,” he said. “When there is a digital currency available, other than the underground economy, it’s not clear why people would use Bitcoin.”
“I would expect, over time, Bitcoin prices to come under pressure,” he continued.

So this guy thinks that central bank digital currencies will become a competition to Bitcoin,so the people will dump Bitcoin in order to buy CBDC.This doesn't seem like a valid point to me.
The people won't buy and use CBDC,unless the governments/central banks force them to do so.Even if the governments force the people to use CBDC,the true Bitcoin supporters will never sell their BTC,in order to buy CBDC.They can simply choose to use both BTC and CBDC.
It's pretty normal to see a banker,who is skeptical about Bitcoin.I don't know why we should pay attention to every banker in the world,that says "Bitcoin is garbage".

Lorence.xD

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Central banks will create their own digital currencies, but they are unlikely to become popular enough.

They will never be popular enough, China tried their CBDC but there seems to be no traction they gained from it. The best thing to do is not to replace something established to introduce something new, the old is good so why change it right? I hope that they realize that fighting this wave by creating their own digital currency will not cause any damage and instead of fighting it, they will just accept it as it is and try to make regulations that are satisfying for the two sides which is the government and the people who use bitcoin and other cryptocurrency.

slaman29

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Why would a central bank figure think otherwise? Their sole purpose is to centralize and regulate, monitor and oversee. And he does have a point if he talks on behalf of most people who want the same thing. Why would they use Bitcoin if they could use digital dollars that is protected by the government that they want, and costs zero fees to send and if hacked would be restored by their government?

Don't expect everyone to understand or want financial independence:)

Rruchi man

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Quote from: Powerloader on February 23, 2021, 06:14:51 PM

"I would suspect, down the road, that a number of central banks will have digital currency," he said.

If it gets to that, unless the central banks plan to enforce the use of their digital currency, i see a situation where individuals might not be so excited to buy it reasons being that;

(a) There are so many other coins in the market, some with good prospects, why will they wantt to buy a new coin?
(b). Most people have lost trust in the government, and they will not like to get involved with a digital currency that is controlled by the government through the central bank.

cabron

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There will be users of the bank's digital currencies the bitcoin users will not stop using BTC just as much as how we use BTC today where the community keeps growing. The only reason probably why people will be using bank's currencies is that its the only they may accept so people can use it to buy merchandise locally. If there are stores going to be accepting any other currencies people may even prefer it than theirs.

yazher

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Quote from: Powerloader on February 23, 2021, 06:14:51 PM

Here is the statement from the President of the aforementioned Bank....So he is either purposefully missing the point of Decentralisation or he actually doesn't understand the difference between Bitcoin and a bank implemented cryptocurrency?.....
"I would suspect, down the road, that a number of central banks will have digital currency," he said. "When there is a digital currency available, other than the underground economy, it’s not clear why people would use bitcoin."

There's nothing about their digital coin and people might be interested to invest in it but if they have some features that you can convert your BTC to their digital coins, which is stable coins I believe, then that would be helpful for us. we have now another alternative to our existing stable coins. The name Bitcoin underground economy because they cannot access any control of it or they cannot get control of its market. Whatever they say about it, more likely bitcoin will have its positive exposure which makes it more popular than the other coins.

BADecker

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Most people are rather dense. Using banks is built into them, no matter what kind of currency they produce.

Cool

tsaroz

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The difference is we don't really own the bank issued digital currency and could be confiscated. It is kept a track of and there's a middle man involved that takes the benefits. Digital currency too have miners or node owners but they don't have a direct relation with the sending and receiving party. Crypto is freedom.

yhiaali3

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It is certain that all banks will seek in the future to create their central digital currency, but it is certain that it will be central and this is the fundamental difference between digital currencies and Bitcoin because Bitcoin is decentralized and completely out of control, banks will try to attract people through central digital currencies, but they do not ever understand that People prefer decentralization and this is what makes Bitcoin the world's most popular popular currency.

Wenbing

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Quote from: Powerloader on February 23, 2021, 06:14:51 PM

Here is the statement from the President of the aforementioned Bank....So he is either purposefully missing the point of Decentralisation or he actually doesn't understand the difference between Bitcoin and a bank implemented cryptocurrency?.....
"I would suspect, down the road, that a number of central banks will have digital currency," he said. "When there is a digital currency available, other than the underground economy, it’s not clear why people would use bitcoin."

All central bank governors or directors need to read the bitcoin whitepaper before commenting on what they dont have knowledge about. Satoshi nakamoto created btc to replace the failed money system, to be better than fiat in great ways.

Secondly, they all need to take a course on cryptocurrency and blockchain, to know how these techology work and how the promise of Defi will defy the traditional financial system.

Quote from: ?? on ??

Central banks will create their own digital currencies, but they are unlikely to become popular enough.

The problem that Satoshi Nakamoto sighted will continue to occur to a financial system that operates on centralisation mechanism. The difference between central banks digital currencies and fiat currencies is just the technology else every other thing will work like fiat currencies.

What will happen in times of economic recession, the reserve banks will mine more of their digital currency, thereby fueling inflation.

[moderator's note: consecutive posts merged]

ChrisPop

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A cryptocurrency created by a Central Bank and controlled by the government will be pretty much like the electronic numbers we see in our bank accounts. What makes Bitcoin unique is the decentralization of the network, augmented by its scarcity (limited supply).

Shortly people will use Bitcoin instead centralized "stablecoins" because they don't want their hard-earned money to depend on the government actions.

Coyster

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Quote from: Powerloader on February 23, 2021, 06:14:51 PM

"I would suspect, down the road, that a number of central banks will have digital currency," he said. "When there is a digital currency available, other than the underground economy, it’s not clear why people would use bitcoin."

Of course quite a lot of countries and Central Banks will launch their own CBDC's, but the misconception there is that it's going to hamper Bitcoin usage, initially people had that thought when talks on CBDC's become popular, but it's obvious clear now that CBDC's are simply going to be digital Fiat, that'll be centralized and controlled by the central banks.

Having said that, the Bitcoin community will no doubt continue to grow, it already is, institutional Investors now believe in the network, so people and more people will continue to use Bitcoin, it guarantees control, freedom, it's a hedge, a currency and other whatnots, Bitcoin will only continue to get more popular and not the other way round.

stompix

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Here is the actual link to the interview:
https://www.nytimes.com/2021/02/19/business/rosengren-bitcoin.html
If the paywall is triggered here are the quotes:

Quote from: Powerloader on February 23, 2021, 06:14:51 PM

So he is either purposefully missing the point of Decentralisation or he actually doesn't understand the difference between Bitcoin and a bank implemented cryptocurrency?.....

He understands it perfectly, why do you think otherwise?
From the average consumer using a payment method to pay for stuff it really doesn't matter what's really behind it, if it was otherwise we would have no XRP or USDT or other centralized coins around here. The ones that care about the decentralization and control over their funds will stay with bitcoin, the sheep will go for the cryptofiat and the bounty hunters after the newest ICO scam.

Quote from: ?? on ??

Central banks will create their own digital currencies, but they are unlikely to become popular enough.

Why not?
If everyone will be forced to accept since it will be recognized as a national currency why would you think it won't be popular?

mindrust

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Central banks will create their own digital currencies, but they are unlikely to become popular enough.

They already kinda is.

USD is their biggest product. Cheesy

It doesn't even matter if their currency will operate on a blockchain or not as you know. All they want is removing the physical bank notes.

ChiBitCTy

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Quote from: Powerloader on February 23, 2021, 06:14:51 PM

Here is the statement from the President of the aforementioned Bank....So he is either purposefully missing the point of Decentralisation or he actually doesn't understand the difference between Bitcoin and a bank implemented cryptocurrency?.....
"I would suspect, down the road, that a number of central banks will have digital currency," he said. "When there is a digital currency available, other than the underground economy, it’s not clear why people would use bitcoin."

There is no question in my mind that he likely has no clue what he is talking about, and he wouldn't be the first person in a position of power, or who has a strong background in finance, that speaks of bitcoin without really having any clue what he is talking about. Take Warren Buffet for example, he has NO CLUE how bitcoin works ( and has even admitted as much ) but is still considered a genius investor.

He also just might be against bitcoin and what it stands for, therefore he is talking nonsense to try and throw others off.

Poker Player

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Central banks will create their own digital currencies, but they are unlikely to become popular enough.

I think they will become as popular as fiat currencies are nowadays. Another thing is that people realize that they are the same inflationary crap as cash, while there is a superior alternative like Bitcoin.

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