Central banks beat Bitcoin at own game with rival supercurrency

[Denker]

http://www.telegraph.co.uk/business/2016/03/13/central-banks-beat-bitcoin-at-own-game-with-rival-supercurrency/

The proto-currency known as RSCoin has vastly greater scope than Bitcoin, used for peer-to-peer transactions by libertarians across the world, and beyond the control of any political authority.

The RSCoin is deemed more likely to gain to mass acceptance than Bitcoin since the ledger would remain exclusively in the hands of the central bank, with the 'trust' factor of state authority.

Bitcoin is inherently limited, a niche for aficionados and the ideological heir's of the 19th Century 'free banking' movement. Its code restricts it to a limit of 21 billion Bitcoins, and it can handle only seven transactions per second. "It is a Peter Pan system, and it doesn't really grow up," said Dr Danezis.

The whole article is pure awesomeness!
Read it and laugh or cry, whatever you want.

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[OmegaStarScream]

It's centralized . Bitcoin > anything centralized . As simple as that .

[richardsNY]

People here can laugh at this article and the "super coin" but the average joe will accept this with open arms since it's coming from a "very trusted" source. When it comes to Bitcoin, they see it as shady. Big difference.

[Racey]

Some other information.

Open source on github (RSCoin) https://github.com/gdanezis/rscoin

The Australian Securities Exchange is currently working on replacing its post-trade platforms - used for clearing and settlement services to the local equity market - with distributed ledger technology developed internally in partnership with fintech firm Digital Asset.

The People's Bank of China similarly recently revealed it was planning to issue its own digital currency and build new infrastructure in conjunction with Citibank and Deloitte.

http://www.itnews.com.au/news/bank-of-england-working-on-bitcoin-alternative-rscoin-416779

[watashi-kokoto]

I hate this, they want to take over, copy Bitcoin's success and will do anything to stay in control.

There's a small group of people controlling the world. Bitcoin seems to make them uneasy, and I think this is what this is all about.

We suspected this from the start so why am I even surprised?

[3x2]

Centralized ? IMO not gonna work.

[LiteCoinGuy]

"21 billion Bitcoins"

when did we change this? 

[BitcoinHodler]

it is going to be another altcoin. that is all about it.

the only thing possible is that it might be pumped on a bigger scale than any other altcoin since a bank is behind it.

[bargainbin]

...
Bitcoin is inherently limited, a niche for aficionados and the ideological heir's of the 19th Century 'free banking' movement. Its code restricts it to a limit of 21 billion Bitcoins, and it can handle only seven transactions per second. "It is a Peter Pan system, and it doesn't really grow up," said Dr Danezis.
...

Nonsense!

[watashi-kokoto]

Yes, I agree, this is never going to succeed, it's never gonna scale.


In fact I suspect they're too incompetent to release anything in less than 18 months.

They have trouble doing basic stuff like getting the right people, organising teams, dividing labour


In short, Bitcoin has a huge edge and it's Big ! on Facebook, etc, in China, everywhere

[watashi-kokoto]

All these bombastic releases R3 this , all banks that, central banks something else

Meanwhile they're too busy testing the bailouts, to make sure they work as expected, so they can finally retire upon the next financial crisis

this is what's it all about. there is noone who actually cares about a common man, no matter what nation. They don't care about a Joe worker and will happily throw him over board, outsourcing, automation

that's why

[starbook]

Its interesting they attack bitcoin the same moment that bitcoin is preparing to halving and getting more and more investments,now they start their own currencie.What and why would they use a crypto coin since bitcoin the king of the market isnt a sucess as they are saying.It were a threat to fiat currencies they say,it isnt at all ,bitcoin is based on fiat and depends it.The coin may sell off since has the seal as they say from central bank but people will get into crypto world soo they will be able to choose where they will invest their money ,let the supercurrency comes live to see its suceess or fail.

[bargainbin]

...
this is what's it all about. there is noone who actually cares about a common man, no matter what nation. They don't care about a Joe worker and will happily throw him over board, outsourcing, automation

that's why

ONOES! My whole worldview... shattered!

[greenuser]

There is a paradigm shift afoot in the world of finance. As blockchain technology becomes integrated into our financial system bigger and bigger players will inevitably get involved.  Just as bitcoin attracted large scale Chinese investment in its mining infrastructure,  JPMorgan, HSBC, Lloyds, GoldmanSachs have been watching and now, they want in.  Automation in the form of the “smart contract” means you can streamline your workforce and get rid of the “back office” white-collar worker. So they are very interested

Bitcoin is far from the autonomous utopia we all dreamed of, what with the squabbling over halving.  I mean, Dashcoin needed to make such adjustments, voted, and it was done in a day.
If a currency is to be decentralised, it still needs to maintain its own control.  Control by consensus.  And bitcoin doesn't have it.  The bedroom I.T geeks that have spent hours in front of their computers to make bitcoin what it is today don't have the skills to take it any further.  I.E, when it comes to crypto-currency, Bitcoin may not be the chosen one!

I am still hopeful as new players emerge. Max Kieiser from RT (one of the worlds most watched financial TV programs has put his weight behind “Startcoin”.... and the banks take notice.  Max, (an ex-stockbroker) lead the Silver Liberation Army in 2011,  with a campaign to bring down JPMorgan, “Buy silver, Crash JP Morgan”.  The bank had been naked short selling silver derivatives, (selling contracts for silver they physically didn't have), Max had calculated that if every American went and bought an ounce of silver ($25) and took physical delivery of it, people would have power over the banks.  The bank was so far over levered with the derivative, anyone wanting to cash-in a silver derivative would force JP to go to the market to buy silver.... and the only silver would be in the hands of the people. 

Who know what coin will be the one that wins the day, or if it will indeed be one coin.  One thing is for sure.  Like Bitcoin, “start-up” coins are easy to mine with computers for both the BIG Banks and little  individuals.  They can be cheap to buy into for speculators and there is good support for early adopters (and its the early adopters that bag the cash).   

Hold on, Its gona be a cracking ride!

[Denker]

I hate this, they want to take over, copy Bitcoin's success and will do anything to stay in control.

There's a small group of people controlling the world. Bitcoin seems to make them uneasy, and I think this is what this is all about.

We suspected this from the start so why am I even surprised?

We are definitely in phase 3.
"Then they will fight you!"
Bitcoin is getting attacked from several sides at the same time at the moment.Maybe this will be the moment of truth for the next comings months.The devs will have to deliver now, that is a fact.Scaling must have/is having priority and we also have to look closely what one or the other altcoin/bankcoin is doing.
If we mess this up the crypto landscape might look completely different in the not so far future.
Right now it's very quiet regarding the core devs. I see this as a good sign and hope these guys are coding their asses off to bring in the needed features and improvments to keep going forward.
It will be very exciting weeks and months now. So squeeze your butt cheeks gentlemen!

[Yakamoto]

I hate this, they want to take over, copy Bitcoin's success and will do anything to stay in control.

There's a small group of people controlling the world. Bitcoin seems to make them uneasy, and I think this is what this is all about.

We suspected this from the start so why am I even surprised?

We are definitely in phase 3.
"Then they will fight you!"
Bitcoin is getting attacked from several sides at the same time at the moment.Maybe this will be the moment of truth for the next comings months.The devs will have to deliver now, that is a fact.Scaling must have/is having priority and we also have to look closely what one or the other altcoin/bankcoin is doing.
If we mess this up the crypto landscape might look completely different in the not so far future.
Right now it's very quiet regarding the core devs. I see this as a good sign and hope these guys are coding their asses off to bring in the needed features and improvments to keep going forward.
It will be very exciting weeks and months now. So squeeze your butt cheeks gentlemen!

We've been back and forth with the "third phase" for a long time.

Considering this is centralised, this seems like an absolutely terrible idea, and there is very little promise that this will actually work. I'm curious if anyone will actually participate in this "RSCoin" and where it will go from that.

Ethereum is a better choice than this.

[greenuser]

BUMP!

Why two threads?

other here https://bitcointalk.org/index.php?topic=1397310.0

(Note to admin: please delete this post and join the two threads "Re: Central banks beat Bitcoin at own game with rival supercurrency" together.  Thank you)

[louisLavery]

The link to the BoE speech[1] is worth reading. If they use a common ledger to enable other firms (like P2P lenders) to move reserves between each other and banks then that's a game changer (well, so long as they get rid of the FSCS[2]) as banks will be in fear of losing reserves - so they'll have to be nicer to their depositors. It doesn't matter that the ledger's under control of the central bank, at least not to the man in the street.

Is it a threat to bitcoin? They are making disparaging remarks about bitcoin but that's to be expected and a good sign as it means they are taking it seriously. Competition is good, isn't it? Thus RSCoin's good for bitcoin and bitcoin for RSCoin. So maybe bitcoin now needs to up its game if it wishes to survive, not bury its head in the sand.

[1] http://www.bankofengland.co.uk/publications/Pages/speeches/2016/886.aspx
[2] http://fscs.org.uk/

[gentlemand]

Beyond political authority yet it gives central banks a tighter rein? That's unusual reasoning.

[alyssa85]

This isn't a threat to bitcoin, it's a threat to banks. The idea is that in order to spend pounds, you don't need to bother with the banks, you can deal directly with the Bank of England via a blockchain and cut the retail banks out.

The only reason the banks were bailed out in the crash is because they control the payment networks. They were afraid that with no banks, employees wouldn't get paid, people who sold goods wouldn't be paid. But if the fiat of a country, (the pound in the UK) is on a blockchain held by the BoE, why would you need retail banks at all?

BTC meanwhile will continue for those who want non-fiat money.