Bitcoin Forum

If people want something centralized, they'd be using FIAT. A centralized crypto currency would destroy the entire purpose of itself.

Well, at least they were bright enough to farm out the initial farting around.

Considering it costs them ninety two thousand billion to create a website that shows you the time in the Huddersfield suburbs, I shudder to think how an attempt at a completely new monetary system would end up.

It seems like it'll be more of a shitcoin as opposed to an actual cryptocurrency, and there isn't enough reason or purpose for anyone to start using this. It is basically a centralised Bitcoin, with a single entity that can alone read the ledger.

I doubt it'll last for long.

You steal an idea, change it a little bit and call it revolutionary and new? Is that the innovation this new centralized Real Shit coin brings? Anyone with two brain cells can see the advantages of supporting a decentralized and public system, over some copy cat attempt at doing something that will be used to infringe on people's privacy and can be manipulated by the powers in control of the centralized private Blockchain. The banks are getting desperate and hanging on 1 finger, the one we are showing them now. 

Surprised I'd not come across that one before, looks like the kind of thing that would be announced with trumpets and fanfares but it seems to have quietly come out months after publication. Had a brief look through it and it seems fairly in-depth and well thought out but it kind of gives the game away when your eyes glaze over from seeing "the central bank controls the money supply" so many times before you finally find their projections on network capacity. They claim there's no upper limit but didn't dig into it much, just another shitcoin from an even less trusted than usual source but there might be something interesting in their system.

EDIT: Plenty of crypto FUD comedy in the article but just had to quote this bit at the end: "...to transfer control of money creation from private banks to the state.". Yeah, about as Federal as federal express ;)

EDIT2: Just been reading through a doc misleadingly quoted as a reference to "The Chicago Plan" via a link to an article by the Telegraph, "The Chicago Plan Revisited" and aside from the obvious stupidity of putting money creation in the hands of a private company masquerading as a state body there are several other issues with the outlined plan.

Firstly, this ain't the 1930's and we've had a communications revolution since then, money partly exists to overcome inefficiencies in communication and its role is largely negated by the ability to link markets directly, why introduce an inefficiency? It's worth reading the "Proof of Labour" budget proposal because they address the primary failing of monetary systems as they exist today, value has to be both created and destroyed otherwise it leaks out of the system to the point where the vast majority of value in existence is artificial.

Another quote from the linked article "Mr Broadbent said the system could in principle be used to cover government services, tax collection, and benefit payments. It is more likely to start with the settlement of bonds and equities, and for exchanges and clearing houses.".
First part, great! Fabulous!! Absafrikinlutely wonderful!!! That's exactly how Nazi Germany pulled off the greatest economic achievement in history and dug their way out of the shithole the bankers left Germany in with the Treaty of Versailles, get some cryptogeeks to build a system to do exactly that and the state will be beloved. Maybe not some cryptogeeks on the payrole of the Bank of England though, check who owned Versailles when that treaty was signed and who bought out England's economy for pennies to the pound after the US civil war...
The second part, getting it started with mortgage backed securityesque funny money value from the stock market casino... not such a good idea building your house using mud for foundations, and "mud" is a polite term.

Even the fact these kind of documents exist mean crypto has been more successfully than even the wildest dreams of the most embarrassingly anoraked geek, this is catchup of epic proportions by people who have held the world to ransom for decades and bled it dry. There's a vital step to take to peacefully move forward though and that's for states to accept they don't need these gangsters for any part of the process, they can build their own systems or easily find honest innovators to build them for them. Fail to take that step and make-believe value will find its way into the system and it will just become a more efficient way of bleeding the world dry.

You steal an idea, change it a little bit and call it revolutionary and new? <...>