Central banks beat Bitcoin at own game with rival supercurrency

[toknormal]

Bullish ?  

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



The fact that the great Ambrose Evans Pritchard has even mentioned the word "Bitcoin" seems so to me. I don't recall him ever having charted these waters.

Bank of England Fiat gets its own blockchain...

[Yakamoto]

It seems like it'll be more of a shitcoin as opposed to an actual cryptocurrency, and there isn't enough reason or purpose for anyone to start using this. It is basically a centralised Bitcoin, with a single entity that can alone read the ledger.

I doubt it'll last for long.

[Mickeyb]

Lol what? Anything they are doing is making a bullshit altcoin.

"Its a peter pan system and it does not really grow up" , that comment though. Apparently they haven't heard of consensus or hard forks or even supply and demand for that matter. And don't get me started on the fact that bitcoin can be divided until the satoshis, so its perfectly feasible for each person the planet to have some part of bitoin

[Amph]

anything centralized is not a real cryptocurrency, crypto should be decentralized if you want to beat bitcoin, in the first place

shit coming from bank will never be decentralized, so better to invest in the altsection, than wasting time with a fiat-clone

[BellaBitBit]

lol.  Bitcoin is a "niche for aficionados"...ok sure.  Well let's see where this "supercurrency" goes. 

[63854]

If people want something centralized, they'd be using FIAT. A centralized crypto currency would destroy the entire purpose of itself.

[nanonymousx]

The value is bitcoin should stay none mainstream, anti all government, trusted by open community.

[fiatvacation]

If people want something centralized, they'd be using FIAT. A centralized crypto currency would destroy the entire purpose of itself.

Exactly, there is absolutely no point behind having a centralized cryptocurrency. It is literally no different than fiat. Every "feature" it has are things already offered by traditional fiat systems, but fiat does it better.

[gentlemand]

A centralised crypto would be a decisive moment in Bitcoin's evolution. It would cast it in a heavenly light.

The present monetary system is an incredible mish mash of dead ends, competing systems and unfathomable layers. Imagine what would happen if a central banker could impose a policy on all money everywhere with a couple of clicks on their office computer.

[mayax]

the black market which forms 95% of the Bitcoin, it will not switch to anything else if the things will go well with BTC

BTC is a niche market and nothing more. Once, the main exchangers will be closed one by one(it will surely happens because they are not financial license), the BTC value will go to zero. This will be the "end" of BTC and other e-currency will arise and so on.

[btbrae]

RSCoin, is for Really Shit coin, just like everything UK government tries to do that is IT-related. It will probably cost them billions to create a whitepaper.

[gentlemand]

Well, at least they were bright enough to farm out the initial farting around.

Considering it costs them ninety two thousand billion to create a website that shows you the time in the Huddersfield suburbs, I shudder to think how an attempt at a completely new monetary system would end up.

[matete]

Any currency that is controlled by the central bank loses its meaning. I don't think this will compete with bitcoin, neither will it kill the bitcoin. With all the regulations and rules to follow by the central bank, I bet it will gain little popularity as compared to bitcoin now.

[btbrae]

Well, at least they were bright enough to farm out the initial farting around.

Considering it costs them ninety two thousand billion to create a website that shows you the time in the Huddersfield suburbs, I shudder to think how an attempt at a completely new monetary system would end up.

I remember a web designer relative contracted for the council, one of these kinds of websites... and I asked how he quoted for it. "Well I figured out roughly how much we'd normally charge, then multiplied it by 3". I asked why he did that, and he said "I don't know, that's just what everybody does... they don't take you seriously otherwise... "

[Yogafan00000]

If a central bank came out with a digital currency, an automatic distributed exchange could be developed.  This would allow fiat-crypto conversions to happen online, near-instant, anonymously. (between buyers and sellers, not necessarily gov)

Bad for banks and crypto exchanges.

[gentlemand]

And said government digital currency would instantly or eventually track such transactions and freeze them. A government approved Bitcoin would be one of their deepest dreams and make the current level of financial control look pathetically amateurish.

[rienelber]

It seems like it'll be more of a shitcoin as opposed to an actual cryptocurrency, and there isn't enough reason or purpose for anyone to start using this. It is basically a centralised Bitcoin, with a single entity that can alone read the ledger.

I doubt it'll last for long.

Agree. Why would people use it, anyway?

[OROBTC]

...

I think btbrae and gentlemand have it just right.  Who in their right mind would trust a digital coin made by a central bank?

As a guess, monkeying around with the RSCoin (like mixing for example) would likely be banned, and RSCoin would likely have a "feature" that would allow easy tracking...

Ahh, no thanks!

[bitbaby]

Have you seen the movie "Big Short" OP? If you haven't, please do, you'll never trust banks again, they are not trust worthy at all and the sane people won't trust cryptocurrency they produce because if they control it they'll manipulate it for their self gain.

[Karasugoi]

Imitation is the sincerest form of flattery


Although they are doing a poor job of imitation.  The fact that they keep their blockchain to themselves, that is really where the value to the system resides, shows profound ignorance. 

Good luck Mr central banker noob