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Author Topic: chief economist Bank of England: we need adopt a digital currency like Bitcoin  (Read 1320 times)
saturn643
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September 20, 2015, 06:45:15 PM
 #1

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076
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September 20, 2015, 06:55:08 PM
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Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

Of course, they will not adopt Bitcoin but rather, they would issue their controlled, centralized crypto currency.

"One idea, Haldane told an audience of business owners in Northern Ireland, could be to scrap cash and adopt a state-issued digital currency like Bitcoin".

Now they see that they don't have a chance against crypto wave so they have decided to fight it with a plan B. They will issue their centralized tokens and market them as better than Bitcoin.
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September 20, 2015, 07:09:12 PM
 #3

I think BTC will start really taking off once it gets rolled into popular ETFs and Mutual Funds. 
Looking forward to that day!
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September 20, 2015, 07:20:57 PM
 #4

Don't get too excited! The guy is just looking for a way to impose negative interest rates. This isn't a valid motivation to use BTC in my book. That's the problem of central bankers, they don't think like the rest of us.
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September 20, 2015, 07:25:00 PM
 #5

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

This is a sign that digital currency mainstream adoption is being consolidated. But once the governments start to use digital currencies won't they make their own digital currency instead of adopting bitcoin?
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September 20, 2015, 07:31:41 PM
 #6

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

This is a sign that digital currency mainstream adoption is being consolidated. But once the governments start to use digital currencies won't they make their own digital currency instead of adopting bitcoin?

Why make there own when Bitcoin is already built and used all over the world.

Also the UK could easily buy all bitcoins as its worth 3.3b right now which is not much for a whole country.
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September 21, 2015, 07:11:59 AM
 #7

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

This is a sign that digital currency mainstream adoption is being consolidated. But once the governments start to use digital currencies won't they make their own digital currency instead of adopting bitcoin?

Why make there own when Bitcoin is already built and used all over the world.

Also the UK could easily buy all bitcoins as its worth 3.3b right now which is not much for a whole country.
The issued digital currency is centralized and cannot be compared with bitcoin. I don't think they will buy bitcoin. Bitcoin is spreat to many ppl and it is difficulty for them to control it.

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September 21, 2015, 07:37:20 AM
 #8

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

This is a sign that digital currency mainstream adoption is being consolidated. But once the governments start to use digital currencies won't they make their own digital currency instead of adopting bitcoin?

Why make there own when Bitcoin is already built and used all over the world.

Also the UK could easily buy all bitcoins as its worth 3.3b right now which is not much for a whole country.

They can't just do that. Also, I don't think that a centralized currency and block chain ledger would actually work out pretty well. Sure they might be considering the use of bitcoins, but to what extent? How are they going to use bitcoin and to what matter?

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September 21, 2015, 07:41:35 AM
 #9

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

This is a sign that digital currency mainstream adoption is being consolidated. But once the governments start to use digital currencies won't they make their own digital currency instead of adopting bitcoin?

Why make there own when Bitcoin is already built and used all over the world.

Also the UK could easily buy all bitcoins as its worth 3.3b right now which is not much for a whole country.
That is not how markets work. They can't buy all Bitcoin, since not all Bitcoin are on the market. Also, if they would start to buy, the price of Bitcoin would go up.

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September 21, 2015, 07:45:18 AM
 #10

I'm always interested to see how this types of news gets relayed..

They say need to adopt a digital currency like bitcoin, and then suddenly it is UK may adopt bitcoin..

Totally different imo, but atleast a positive stance on crypto Smiley

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September 21, 2015, 08:15:02 AM
 #11

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

Yeah good idea i hear there is a good one already made and secure tried and tested, cant think what its called.
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September 21, 2015, 08:19:37 AM
 #12

Sounds promising in a way. One of the cooments to the article I liked the most: "One thing for certain is that all fiat currency schemes collapse eventually because those who've obtained the power to administer them are, to be polite, fallible."
 I really think that there is no future without Bitcoin, the question is when the majority of the people in charge will accept that.

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September 21, 2015, 08:19:51 AM
 #13

UK has a population of about 64-65 millions but we only have 21 millions BTC....

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September 21, 2015, 08:26:40 AM
 #14

UK has a population of about 64-65 millions but we only have 21 millions BTC....

1 BTC isn't the smallest unit - it's subdivided into a further 100,000,000 units.

That said, there's no way the Treasury will adopt BTC. They'll continue to want something firmly under their control.

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September 21, 2015, 08:43:49 AM
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UK has a population of about 64-65 millions but we only have 21 millions BTC....

1 BTC isn't the smallest unit - it's subdivided into a further 100,000,000 units.

That said, there's no way the Treasury will adopt BTC. They'll continue to want something firmly under their control.

Still, all large economies hold a huge amount of gold. The mining of gold is completely out of their control, so this can potentially be just as much of a risk.

Maybe bitcoin is becoming more like gold, early miners are the ones who joined the gold rush and will reap huge profits. Huge mining farms become the gigantic mining conglomorates.

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September 21, 2015, 09:24:20 AM
 #16

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

Of course, they will not adopt Bitcoin but rather, they would issue their controlled, centralized crypto currency.

"One idea, Haldane told an audience of business owners in Northern Ireland, could be to scrap cash and adopt a state-issued digital currency like Bitcoin".

Now they see that they don't have a chance against crypto wave so they have decided to fight it with a plan B. They will issue their centralized tokens and market them as better than Bitcoin.

To scrap cash and issue a government controlled digital currency is the worst nighmare I can think of.This means total control for them. Every tiny transaction you will do is trackable and contrallable. No no no! They will be able to freeze your payments and close your accounts at any time. They can force you how to spend your money, where to spend your money.You can get forced to spend your money, saving and hoarding could be restricted.No no no!


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September 21, 2015, 10:06:29 AM
 #17

Bank of England's chief economist says we may need to cut interest rates even further and adopt a digital currency like Bitcoin.

http://citywire.co.uk/money/uk-could-adopt-bitcoin-with-negative-interest-rates/a843076

Of course, they will not adopt Bitcoin but rather, they would issue their controlled, centralized crypto currency.

"One idea, Haldane told an audience of business owners in Northern Ireland, could be to scrap cash and adopt a state-issued digital currency like Bitcoin".

Now they see that they don't have a chance against crypto wave so they have decided to fight it with a plan B. They will issue their centralized tokens and market them as better than Bitcoin.

To scrap cash and issue a government controlled digital currency is the worst nighmare I can think of.This means total control for them. Every tiny transaction you will do is trackable and contrallable. No no no! They will be able to freeze your payments and close your accounts at any time. They can force you how to spend your money, where to spend your money.You can get forced to spend your money, saving and hoarding could be restricted.No no no!



No, no, no! indeed. It still surprises me how many people still do not grasp the basics of bitcoin. It is about no control at all by any centralised institution. A beginning of decentralisation and liberation of bureacracy. Away with all the meddling middle men, institutions gaining control over the most simple things, making them too complex and trying to make some profit along the way so next to nothing is left from what we worked for so hard.

It is a revolution of the economic slavery that has been dictated to us. We are no longer controlled, but we are in control. The free market was never free, it was centralised and controled, we are making the first steps to a new world, a new economy which is a truly FREE market.

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September 21, 2015, 10:19:39 AM
 #18

Furthermore how can they say words like a state-issued digital currency like Bitcoin.
Either these guys don't know it better or this is an attempt to make the public believe Bitcoin is controllable, therefore we don't need it, because it is to slow and whatever, and make our own bankcoin which will have better features. Roll Eyes

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September 21, 2015, 12:16:30 PM
 #19

well if they are not totally stupid (which may be the case), this may refer to making their state-issued cryptocurrency eligible to pay your taxes with,
and use it to pay public expenditures with.

sort of high-tech versions of tally sticks of old.
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September 21, 2015, 12:26:08 PM
 #20

The interest of several banks for cryptocurrencies indicate that we probably are in the good track.

Who knows ... If an important bank creates is own crypto for their clients, the popularity of crypto altogether (including Bitcoin) would likely rise.

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