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.
