Topic: IBM working with US Federal banks to develop digital currency - page 2. (Read 2310 times)

Good luck getting me to spend my precious universal, uncontrollable, money for some shitty bank coupons. Looks like the banks have passed through the "Bitcoin can't be money!" phase and entered the "I'll create my own alt-coin!" phase. Good luck with that.

I will ask again. Why would any country introduce something of this nature?

They trying to doing something and failing is IBM's thing.
Whether they create some hardware another company takes the idea and makes it better then makes a million dollars. Same with their programming endeavours, OS/2 Warp anyone?

Fur sure it will be not. The economic system based on the currency digital coin cannot be manipulated like that the actual system. The production of the digital coin is determined, controlled and realized by the peer to peer technology. This technology ask and realize the not possibility of manipulation of the amount of money (digital coin) produced in time even if this kind of money will be centralized. While the actually economic system based at the actual fiat money is controlled by the human kind which can abuse with everything has to do with it.

So, in the first case is the technology which "command". In the second the (one or more) human being.  In the first case cannot is possible the manipulation of the money. In the second yes. This is the essential difference between the two currencies. Even both are centralized. Is not the centralization the problem but who command about money.

Yup. I guess the advantage of a dollar which has some BTC related innovations wipes out ridiculous transfer and clearance times.

A centralized digital currency run by federal banks... how is that essentially not the system we already have? The majority of USDs are in electronic format anyway. The only difference is that the USD can take physical shape in the form of dollar bills and coins, but the majority of transactions (by value, not volume) are currently electronic.

Of course there is a point: Getting people to fall for the ponzi scheme again by remarketing it into "electronic money" when it's the same good ol fiat shit. They want to distract everyone from Bitcoin and they will keep pushing their agenda which is making Bitcoin seem as something fishy. Meanwhile, they are working hard into a electronic centralized crypto. It's a big distraction plan to keep people away from Bitcoin.

Yes there is no point for a country to create it's own cryptocurrency. It may create one if they decide to switch over to digital format by abounding the fiat completely, which is not at all possible. I will never use a centralized cryptocurrcny for any reasons because I'm already using Paypal.

I'm not an specialist in this field so my words cannot be reliable but I think that its impossible and cannot be possible in any way to produce digital coins without the verification and the inability to violate the rule of exact production of an amount of coins in a determined and not possible to be manipulated period of time. If this rule can (exist any possible way to) be violated this product will be not more a peer to peer technology product but another thing which will be not a digital coin but - using one your expression written in an post a few time ago - a token coin. Like the coins produced by any game developer. This kind of money can be produced by anyone and I don't think that Federal Reserve will want such kind of money to replace the us dollar. Anyhow I am not talking about this kind of money and I don't think that the Federal Reserve and IBM are discussing together to create such digital token. They are studying blockchain and if will create a clone or something similar to it based at peer to peer technology and at blockchain technology the output of this effort will be a digital coin (like bitcoin) and it will have its main or overall characteristics.

They'd go digital to smooth out transactions and transfers. Do you honestly think they'd give up the ability to create more or debase it? That's the whole point for them and a infinitesimal numbers of the regular folks who use it are aware that it happens and that it impacts them. It's not as if such money would ever be mineable or its creation publicly verifiable either. It'll be just as it always was but will simply work better on a day to day basis.

First of all because this kind of money cannot be manipulated or, in the worst of cases, can be manipulated very few and always way much less than the actual fiat money and only for a temporary time (not forever). If manipulated it will be restrictions in the near future so it will be very hard that this manipulation be true. The production of a digital coin is regular and controlled by its technology of production and not from the will of the human person which will govern the Central Bank. Then this kind of money will condition all the economy to move away with other rules. Rules which will be defined from this kind of money. There must be other things but these will depends from the amount produced in a determined time, the time of the production of one block, the final amount of digital coin which will be produced (is fixed or infinite) etc.

Problem remain the physique form of this kind of money because can be abused with it if it will be in the same amount with the amount produced by the technology used to produce the digital coin. But this form of this currency can be replaced totally with the debit and credit card and this will create a pure cashless economy. There must be other problems connected with this kind of economy based in such kind of currency but for sure this economy will suffer less or at all (if realized correctly) from the economic crises.

Such a good news..

Centralized digital currency is the same as fiat. What is the point in that?

The important question to ask is, can I counterfeit it ad infinitum at effectively zero cost? 

It's funny to see how the majority of banks and companies are interested only in the Blockchain technology instead of the coin itself (Bitcoin). And now, banks are trying to make a digital currency to have better control of your money and manipulate the price. A centralized digital currency might not be a great idea considering the fact that governments can spy you more on the public ledger. Still, this is some interesting news after all considering the fact that thanks to Bitcoin's technology, banks and companies such as IBM found inspiration to make a digital currency similar to Bitcoin. Just my opinion. Please correct me if I'm wrong.

It's called marketing and rebranding. THey will launch the same old shit with a different smell and sell it as the next big thing in hopes people ignore Bitcoin and go for the "official" alternative. Bitcoin needs to spend a lot in marketing too, let's not forget how marketing can win battles even if the advertised product is objectively worse than an alternative.

Try telling that to a significant percentage of the people posting on here. They cannot wrap their heads around that simple fact.

Yes they are starting afresh again but this tie in the name of cryptocurrency. They completely forget the main objective of bitcoin. What is the need of another currency which is backed by a government or bank. We need financial freedom from the governments who suck our money.

A centralized and controlled version of a digital currency backed by government is nothing different than the actual fiat money system. I mean almost 95% of the fiat money is digital.
That is going in circles in my opinion. But let them do if they want to.I will not use that shitty crap.

If they want to develop this it may be to use the technology for military purposes and not strictly for civil and commercial use. All things corporate in the U.S must have some military connection in order to be deemed profitable.