Topic: Why Central Banks Will Fail at Digital Currency - page 2. (Read 988 times)
There simply is no reason for there to be a cryptocurrency made by banks. No reason at all. The fiat system they have is sufficient and works mostly in their favour. Having a cryptocurrency is completely useless for banks and won't make any sense, and it would end up costing them more than it would generate in value for them.
In my opinion banks digital currency will fail because central banks don't want a decentralized trusted system, they want a digital coin that they could control, move and change if its needed.
The reason why central banks will fail at digital currency is even simpler: Central bankers are not needed for the system to operate at all. Introducing central bankers to cryptocurrencies is absurd and overrides the very reason of why they were created in the first place. Bitcoin works as a self-regulating system, spitting into the face of all the artificial theories constructed to justify an inflationary fiat regime to give power to the bankers.
It seems that these ladies and gentlemen have yet to understand the simple fact that their services have become worthless and there's nothing they can do about it. On an individual level it's kind of sad, because it is truly a rude awakening for these people that are accustomed of feeling important... but it's great news for the society as a whole. No more interventionist lunacy that destroys the livelihood of the citizen only to protect the special interests of a chosen few.
ya.ya.yo!
I am sure Venezuelans will trust a central bank coin. 
Institutions are only as good as the people that run them, and central banks are no different. Bitcoin's appeal is in its decentralized nature.
Institutions are only as good as the people that run them, and central banks are no different. Bitcoin's appeal is in its decentralized nature.
Central banks are behind on this technology. Also, the ones that are teaming up to make their own blockchain will realize that it's not the same as the bitcoin blockchain. They are making one that isn't an open ledger, it's a closed ledger so it is fundamentally different and can't replace bitcoin.
In my opinion banks digital currency will fail because central banks don't want a decentralized trusted system, they want a digital coin that they could control, move and change if its needed.
They will have a huge disadvantage when competing with bitcoin and they just don't seem to get it. Bitcoin's main advantages are because it is an open source, distributed network, and beyond the control of any entity. The plans I have seen banks pursue have them in control of distribution, production, and ownership. So they are just like bitcoin except that the bank will decide who gets them, how they can be used, where they can be used, how many will be produced, what the price will be, and these rules can change whenever the bank feels like it.
You have to be a sucker to use bank coins. Seriously, only a complete fool would chose their coupons over the universal money of bitcoin.
You have to be a sucker to use bank coins. Seriously, only a complete fool would chose their coupons over the universal money of bitcoin.
All banks already have their digital currency or digital form of fiat as online banking. Now some banks are looking to use decentralized ledger systems to record all bank transaction in block but without any reward or decentralized authority. They may only adapt technology and ledger system of blockchain.
I read this very interesting article with a new thinking on the topic why central banks will fail with their attempt at digital currencies.
Why Central Banks Will Fail at Digital Currency
Around 100 central bankers and regulators from around the world came to the Federal Reserve (the organization that inadvertently caused the creation of bitcoin) last week in Washington, DC, for an event titled "Finance in Flux: The Technological Transformation of the Financial Sector".
Full article
Why Central Banks Will Fail at Digital Currency
Around 100 central bankers and regulators from around the world came to the Federal Reserve (the organization that inadvertently caused the creation of bitcoin) last week in Washington, DC, for an event titled "Finance in Flux: The Technological Transformation of the Financial Sector".
Full article
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