This document just came out 2 days ago from the US governmental body EFTA (Electronic Funds Transfer Association):
http://efta.org/wp-content/uploads/2015/01/strategies-improving-us-payment-system.pdf
What's funny is if you search for the terms "bitcoin" or "blockchain" you don't find a single instance in the entire document.
But the document is so obviously created to mirror a bitcoin-like or ripple-like technology.
The clearly intentional lack of mentioning bitcoin (or any other existing cryptocurrency for that matter) when it's so obviously borrowing the ideas seems to indicate they feel threatened. Otherwise they would be crediting it properly, even if just in reference to their idea.
It seems like they want to feel that they are creating something new that will outdo Bitcoin and then take full credit for it. THAT I'd love to see.
By the time they have any sort of working implementation (which I doubt they ever will), bitcoin will be so widely adopted that their system will be utterly ignored and useless.
Here's a paragraph from their document. It reminds me of satoshi's white paper in 2008. Lol:
This reminds me of one of my favorite quotes: "There are those who can see trends coming in advance... and those who chase the trends."
http://efta.org/wp-content/uploads/2015/01/strategies-improving-us-payment-system.pdf
What's funny is if you search for the terms "bitcoin" or "blockchain" you don't find a single instance in the entire document.
But the document is so obviously created to mirror a bitcoin-like or ripple-like technology.
The clearly intentional lack of mentioning bitcoin (or any other existing cryptocurrency for that matter) when it's so obviously borrowing the ideas seems to indicate they feel threatened. Otherwise they would be crediting it properly, even if just in reference to their idea.
It seems like they want to feel that they are creating something new that will outdo Bitcoin and then take full credit for it. THAT I'd love to see.
By the time they have any sort of working implementation (which I doubt they ever will), bitcoin will be so widely adopted that their system will be utterly ignored and useless.
Here's a paragraph from their document. It reminds me of satoshi's white paper in 2008. Lol:
Quote
The Federal Reserve believes that the U.S. payment system is at a critical juncture in its evolution. Technology is rapidly changing many elements that support the payment process. High-speed data networks are becoming ubiquitous, computing devices are becoming more sophisticated and mobile, and information is increasingly processed in real time. These capabilities are changing the nature of commerce and end-user expectations for payment services. Meanwhile, payment security and the protection of sensitive data, which are foundational to public confidence in any payment system, are challenged by dynamic, persistent and rapidly escalating threats. Finally, an increasing number of U.S. citizens and businesses routinely transfer value across borders and demand better payment options to swiftly and efficiently do so.
This reminds me of one of my favorite quotes: "There are those who can see trends coming in advance... and those who chase the trends."
Don't underestimate the stupidity of sheeps, once a bank launches it, it must be SAFE, SADLY MOST PEOPLE THINK THIS WAY, FLUORIDE IS REALLY DOING THE TRICK
I think that this will be the bggest threat to bitcoin, mass adaption has failed untill this day, and it will be a fierce competitor if government launches it, because hey it's government, so it's legal.....Yup, I fear that "an official institution" releases their own crypto. Even Apple or something like that could official launch Applecoin and have all the hipster plebs making it #1 coin. Disastrous.
