Why There Should Be A Bitcoin Central Bank - page 14.

CokeCoin

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Quote from: gonnafly on September 05, 2014, 07:50:13 AM

Quote from: wallpaperwallet on August 31, 2014, 04:31:25 PM

This article is not written by "Forbes." It is written by Eric Mu. Eric Mu doesn't get it.

True enough. But unfortunately, the vast majority of people will only think: "I read on Forbes about Bitcoin, and they said..."
It seems that Mr. Mu has written several Bitcoin articles for Forbes. Perhaps if Forbes were to get enough complaints about Mr. Mu's obvious ignorance of the fundamentals of Bitcoin, these articles would cease.

Link to complaint area then?

gonnafly

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Quote from: wallpaperwallet on August 31, 2014, 04:31:25 PM

This article is not written by "Forbes." It is written by Eric Mu. Eric Mu doesn't get it.

True enough. But unfortunately, the vast majority of people will only think: "I read on Forbes about Bitcoin, and they said..."
It seems that Mr. Mu has written several Bitcoin articles for Forbes. Perhaps if Forbes were to get enough complaints about Mr. Mu's obvious ignorance of the fundamentals of Bitcoin, these articles would cease.

oceans

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Creating a bitcoin central bank would just ruin all what bitcoin is about. With bitcoin it is totally different to the currencies we use now. Creating a central bank for bitcoin is only doing what we already do with GBP, USD and such and it would only be following in suit to that and bitcoin is not the same.

A central bank for bitcoin would not work in my opinion.

master-P

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https://keybase.io/masterp FREE Escrow Service

Quote from: Cortex7 on September 04, 2014, 08:20:10 PM

Quote from: BlockShame on August 31, 2014, 04:28:39 PM

Quote from: WineAndWhiskey on August 31, 2014, 04:05:10 PM

Quote from: Orjaner on August 31, 2014, 03:52:38 PM

This is just embarrassing... Total ignorance of the problem satoshi was setting out to solve.

It's an op-ed piece, i don't think it reflects the views of Forbes...

Yeah, but it is still embarrassingly ignorant.

It is.

It may not reflect the opinion of Forbes.

But it does reflect badly on Forbes. Certainly to anyone who understands bitcoin and why it was created in the first place.

Media outlets often will try to find writers to write editorials that are contrary to their own beliefs. This adds some level of balance to the conversation. I certainly do not agree with this writer's opinion however I do think it is healthy to have these kinds of discussions.

Cortex7

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Quote from: BlockShame on August 31, 2014, 04:28:39 PM

Quote from: WineAndWhiskey on August 31, 2014, 04:05:10 PM

Quote from: Orjaner on August 31, 2014, 03:52:38 PM

This is just embarrassing... Total ignorance of the problem satoshi was setting out to solve.

It's an op-ed piece, i don't think it reflects the views of Forbes...

Yeah, but it is still embarrassingly ignorant.

It is.

It may not reflect the opinion of Forbes.

But it does reflect badly on Forbes. Certainly to anyone who understands bitcoin and why it was created in the first place.

cutepuppy

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Quote from: minerpumpkin on August 31, 2014, 04:14:13 PM

Not a good idea at all, I believe! This would destroy all the advantages of Bitcoin. Having a central authority is completely undermining everything Bitcoin has accomplished so far. Please make some Altcoin or something, but not with Bitcoin! (It would cause a hardfork anyways Cheesy

)

I am pretty sure that the protocol already does the same functions that a central bank does. A central bank will do nothing more then control the supply of money (usually via interest rates, but sometimes though outright purchases/sales of the currency), however the protocol already does this for us when the difficulty changes due to average block times and when the block subsidy changes.

yitingyou

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I cant agree with this view.

TheMage

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Litecoin Association Director

I skipped pages 3-5, so sorry if this has been posted already.

Quote

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Do you know what this is? This is the genesis block. Do you know why that was put in there? To keep pesky banks and fractional reserves and derivatives and other hellish abominations out of crypto's.

This isn't money that mommy and daddy use, this is the new generation that realizes the social and economic impact that our current system has RAPED society with.

https://en.bitcoin.it/wiki/Genesis_block

Quote

This was probably intended as proof that the block was created on or after January 3rd, 2009, as well as a comment on the instability caused by fractional-reserve banking.

SanMerryDro

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Quote from: WineAndWhiskey on August 31, 2014, 04:05:10 PM

Quote from: Orjaner on August 31, 2014, 03:52:38 PM

This is just embarrassing... Total ignorance of the problem satoshi was setting out to solve.

It's an op-ed piece, i don't think it reflects the views of Forbes...

It‘s the opinion of the authors, not Forbes.

FloodZone

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wallpaperwallet

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This article is not written by "Forbes." It is written by Eric Mu. Eric Mu doesn't get it.

BlockShame

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Quote from: WineAndWhiskey on August 31, 2014, 04:05:10 PM

Quote from: Orjaner on August 31, 2014, 03:52:38 PM

This is just embarrassing... Total ignorance of the problem satoshi was setting out to solve.

It's an op-ed piece, i don't think it reflects the views of Forbes...

Yeah, but it is still embarrassingly ignorant.

minerpumpkin

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A pumpkin mines 27 hours a night

Not a good idea at all, I believe! This would destroy all the advantages of Bitcoin. Having a central authority is completely undermining everything Bitcoin has accomplished so far. Please make some Altcoin or something, but not with Bitcoin! (It would cause a hardfork anyways Cheesy

)

WineAndWhiskey

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Quote from: Orjaner on August 31, 2014, 03:52:38 PM

This is just embarrassing... Total ignorance of the problem satoshi was setting out to solve.

It's an op-ed piece, i don't think it reflects the views of Forbes...

Orjaner

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This is just embarrassing... Total ignorance of the problem satoshi was setting out to solve.

ensurance982

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Trust me!

Well, then go and create an altcoin for that! Cheesy

I guess some governments are already trying and establishing such a currency. But it can't be a decentralized cryptocurrency! If there's one single thing that's centralized, it topples the whole idea of Bitcoin! Not a good idea, we'd introduce a single point of failure!

Jeramom

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Quote from: NikkieBeraj on August 31, 2014, 03:00:34 PM

Forbes contributors aren't some unified body. They freelance contribute. I've read many good articles by contributors and many really terrible (and grammatically error-ridden) ones like this.

Right, but this Forbes contributer is also a speaker for them e.g. at http://bitcoinexpo2014.com/

Ondago

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Quote from: NikkieBeraj on August 31, 2014, 03:00:34 PM

Forbes contributors aren't some unified body. They freelance contribute. I've read many good articles by contributors and many really terrible (and grammatically error-ridden) ones like this.

Just look at Kashmir Hil https://www.youtube.com/watch?v=gSfFdMeORO0l, a real live reporter for Forbes (as in, not a contributor) who was one of MSMs earliest bitcoin proponents. And the first reporter to live on only what she could buy with bitcoin for a week.
Forbes actually has a very good track record in terms of positive bitcoin articles.

NikkieBeraj

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Forbes contributors aren't some unified body. They freelance contribute. I've read many good articles by contributors and many really terrible (and grammatically error-ridden) ones like this.

Omikifuse

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Unlike money, you can't just print more money to satsfy the growing demand. There are only 21M Bitcoins going to be created, if the fractional stuff goes too far, we might have more than 21M to be given back to the customers, what is impossible to happens no matter what you do.

So I guess better no, thanks

Topic: Why There Should Be A Bitcoin Central Bank - page 14. (Read 18314 times)