chief economist Bank of England: we need adopt a digital currency like Bitcoin

[Q7]

That will mean every transaction become traceable. At least with cash it makes it harder to track where you spend the money. I would say it's getting bad to worse.

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[Mickeyb]

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!

I wouldn't be surprised that they didn't think of this as well. "Hey look, this blockchain stuff just gives us more control that we like and can't be without".

In all honesty, this might be necessary to happen. If this was to happen, all the people around the world would see what it means to have a decentralized currency like Bitcoin. Maybe then we would get some recognition after all.

[l8orre]

That will mean every transaction become traceable. At least with cash it makes it harder to track where you spend the money. I would say it's getting bad to worse.

except if you use SuperNET-Jumblr for Bitcoin and other Gen.1 coins, or Nxt coin shuffle  

[johnyj]

Their token is totally on the opposite side of the equation: They want it to lose value while bitcoin will always gain in value. Money printing is not stimulating economy but robbery, print a cryptocurrency to rob people with negative interest is still robbery   Who would be interested in a cryptocurrency that is constantly losing value through negative interest?

[neoneros]

Their token is totally on the opposite side of the equation: They want it to lose value while bitcoin will always gain in value. Money printing is not stimulating economy but robbery, print a cryptocurrency to rob people with negative interest is still robbery   Who would be interested in a cryptocurrency that is constantly losing value through negative interest?

bankers and the governments they control, that is who is interested in such a wretched, cripple system that will only benefit the bankers. It is the same mistake being made by the entertainment industry, in stead of adopting the idea that is the basis of media piracy, they try to adopt the wrong side of the problem with all kinds of strange sollutions. The banks make the mistake that they want to adopt 'a digital currency like Bitcoin'.. betting on the wrong horse there no matter what currency 'like' Bitcoin they will adopt.

Instead they should adopt the idea that Bitcoin is the digital currency and change their ways to facilitate people to use Bitcoin. Just like Xapo and other companies are doing, hop on the bandwaggon and reap the benefits. See what is possible with the wheel at hand and not inventing the wheel all over again and try to impose their backwards ideas into it. Who needs a wheel that will only go backwards?

[Kprawn]

Their implementation of the Blockchain is far removed from our vision for Bitcoin. You cannot have a Fiat based Blockchain clone and still call it Bitcoin. A centralized governed

Blockchain technology is definitely not Satoshi's intention for this technology. These "Private" Blockchains will be a cheap shot attempt to fool people into using a system,

where they are even more regulated and controlled. This is a major threat to Bitcoin and the original "Public" Blockchain.