Bitcoin Forum

Bank of England looks into ‘centralised’ bitcoin alternative, RSCoin

https://thestack.com/cloud/2016/03/10/bank-of-england-looks-into-centralised-bitcoin-alternative-rscoin/


Why Banks wound not be happy with fully transparent ledger? What are their afraid of? And why to centralized it? What's the point of centralized cryptocurrency then? They already have centralized system anyway currently.

Banks want to design their own cryptocurrency because they don't want to see a shift in power to decentralized corporations.
The whole purpose of liberalism is to maintain the power in the hands of a few and banks want to protect that!

they want it centralized because if not then they will not have control over people's money.
they are happy with transparent ledger. that's actually all they want. nothing more, nothing less.

I read something about that on newspapers today, they want a copy of bitcoin, that is centralized and with one key that could freeze or stole user coins. I see it as a bad copy that no one that believe on bitcoin would use it.

So Another bank is trying to take control (like all the others) but not in regards to blockchain but rather to build their own alt coin in which they will have full control of, but with some transparency as promised. The only point someone use this, is for transaction fee's and no other benefit will be given to users which it sucks considering they could take 10 more steps into improving the situation for their users.

A centralized version can not be anonymous. Centralized version may be just an electronic format of fiats. I guess with internet banking we're already having it.
How a bank will tackle 51% hash power attack with their own private blockchain?

That would be a fake copy of bitcoin, I doubt a bank in the current time can actually use an anonymous version of Bitcoin or any currency, decentralization is an important part of bitcoin core as well.

Thats it.
But not just in England, in quite a few countries in the EU this could be seen.

At a guess, I think the BoE wants, in part,  a more efficient way for the banks to transfer reserve currency between themselves. At the moment it's likely pretty inefficient and done at the end of each day, AIUI, They likely want a system that updates throughout the day, a system that's fit for the internet age, not the legacy system they have now, that's fit only for the age of the quill pen. Seems reasonable to me. I don't see it as a competitor to bitcoin. It'll not make much difference to bank customers other than large transactions might be verified more rapidly. It ought reduce costs to banks and BoE but whether customers will benefit remains to be seen.

a centralized copy of bitcoin is nothing more than a worse version of an altcoin, and we have plenty of those in the altsection

at best only a portion of their citizen will accpet that shit, i prefer to deal with altcoin at this point than touching anything centralized

Interesting news article you have there. I doubt their plan will succeeded.


Yes agree. If I were to use a centralized version of Bitcoin, I'd prefer Altcoin or normal fiat.

There is plenty to hide and more money flows behind the curtains and closed doors that we can imagine. That is the reason why Bank of England want to have their own version of digital currency.
Their ledger would be a joke, where only insignificant and standard transactions will be stored.

This is pure nightmare. Forget about the cheap transactions if a bank is having the whole control and a masterkey to freeze and steal what you think you own.This is a bigger scam than the actual fiat scam.At least with cash in your pockets this cash is out of control from banks and governments.
With such a stupid coin they plan to launch you would be enslaved totally.

The banks want a centralized version of Bitcoin so that they can pre-mine all the coin and offer you loans later on with high interest fees obviously  ;D

not this time for the banks to do that, it takes a fairly long process to receive the ledger, they are still thinking about the consumer and their income is still stable and the main destination of people save their money, but I believe the next few years, there will be some banks that started receiving ledger.