[2016-06-07] medium.com | why-central-banks-will-fail-at

[eye4bd]

why-central-banks-will-fail-at-digital-currency

Why Central Banks Will Fail at Digital Currency
This Medium post analyses the address Adam Ludwin of Chain gave at the Federal Reserve in Washington. Read his address before reading this.
Introduction
100 central bankers and regulators from around the world came to the Federal Reserve (the organization that inadvertently caused the creation of Bitcoin) in Washington D.C, for an event, titled “Finance in Flux: The Technological Transformation of the Financial Sector,”....
https://medium.com/@beautyon_/why-central-banks-will-fail-at-digital-currency-2a0f47e827cb#.4efjr5lf5

[yayayo]

A lengthy, but very well thought out article - definitely worth a read!

I especially liked this part:

People are asking the wrong questions about Bitcoin. One of these wrong questions is “What role should we (the state) play in the emerging digital asset economy?” The answer is you have no role to play.

The (central) bankers and regulators have a steep learning curve in front of them: They will have to learn, that their "services" are no longer needed. Their "skills" will become worthless. Trying to fight the inevitable will only lead to an acceleration of the Bitcoin adoption process, because people will become aware that these officials are oppressive and are not really acting in the public interest but only in their own. This will further damage the reputation of the fiat money system they represent.

ya.ya.yo!