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Author Topic: Why Central Banks Will Fail at Digital Currency  (Read 889 times)
Jmild1
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June 17, 2016, 10:37:04 AM
 #21

They will fail because they have to pay their employees. Miners also have to get paid for the transactions, but it is almost nothing compared to what banks ask.

Bitcoin is a huge threat to banking system but if banks and govs decide to fight bitcoin i think they will win. Bitcoin is alive at the moment because they let it.
I believe that it will be bloody when the time comes that government will try to stop the usage of bitcoin. Its still hard to decide who will win on each side, many people will fight for bitcoin's usage.
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June 17, 2016, 10:43:24 AM
 #22

As I have said before, you cannot have blockchain without bitcoin, and this article by professor Saifedean Ammous, published in the prestigious American Banker, expounds this fact nicely.

"Men who try and separate blockchain from bitcoin are inevitably software vendors desperately trying to sell their services, trying to separate the inseparable because they can’t come up with business models where they interact directly with bitcoin. They also tend to be statists with a fervent belief in the absolute authority of government and implicit legitimacy of the money it mandates everyone accept in payment."

This is the answer on many threads here, he found simple words to explain why bitcoin have a future, and why trols are trolling.
For now bank sector is without answer, but they will try something for sure. Its just question when and what, probably they already have plans.

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June 17, 2016, 11:08:20 AM
 #23

My simple reason the central bank will fail in the digital currency, it is because of the attitude of those who had rejected the existence of bitcoin.

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June 17, 2016, 11:52:27 AM
 #24

They will fail because they have to pay their employees. Miners also have to get paid for the transactions, but it is almost nothing compared to what banks ask.

Bitcoin is a huge threat to banking system but if banks and govs decide to fight bitcoin i think they will win. Bitcoin is alive at the moment because they let it.
I believe that it will be bloody when the time comes that government will try to stop the usage of bitcoin. Its still hard to decide who will win on each side, many people will fight for bitcoin's usage.
Well it probably just means instead of big exchanges we will have to get our Bitcoins from community members through paypal or something. That will be interesting because the price data etc. Will not really be known then haha which does complicate things. But a website will probably open to help us.
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June 17, 2016, 12:17:54 PM
 #25

Did you read that Canadian central bank has launched his demo of blockchain canadian dollar
Central Banks with his priinting are going to the past,nobody trust them anymore

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June 18, 2016, 02:30:58 AM
 #26

As I have said before, you cannot have blockchain without bitcoin, and this article by professor Saifedean Ammous, published in the prestigious American Banker, expounds this fact nicely.

"Men who try and separate blockchain from bitcoin are inevitably software vendors desperately trying to sell their services, trying to separate the inseparable because they can’t come up with business models where they interact directly with bitcoin. They also tend to be statists with a fervent belief in the absolute authority of government and implicit legitimacy of the money it mandates everyone accept in payment."

This is the answer on many threads here, he found simple words to explain why bitcoin have a future, and why trols are trolling.
For now bank sector is without answer, but they will try something for sure. Its just question when and what, probably they already have plans.

Saifedean Ammous never said that you cannot have blockchain without bitcoin. His article neither says that nor implies that:  http://www.americanbanker.com/bankthink/blockchain-wont-make-banks-any-nimbler-1079190-1.html

His article merely claims that any non-bitcoin blockchain would be "extremely costly and inefficient." That opinion may or may not be accurate. But you keep putting words in his mouth completely different from what he said.

You also quote this:
Quote
"Men who try and separate blockchain from bitcoin are inevitably software vendors desperately trying to sell their services, trying to separate the inseparable because they can’t come up with business models where they interact directly with bitcoin. They also tend to be statists with a fervent belief in the absolute authority of government and implicit legitimacy of the money it mandates everyone accept in payment."
But those aren't his words either. That quote is from some writer at Coindesk: http://www.coindesk.com/central-bank-fail-digital-currency/

Contrary to that quote, there are many examples of non-bitcoin blockchains. Other cryptocurrencies use blockchain. Anybody can use Google to identify other existing uses for blockchain beyond cryptocurrencies.

Look, professor Saifedean Ammous doesn't have a monopoly on opinions about blockchain. And it's not mature that you say "trols are trolling" just because people disagree with you.
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June 18, 2016, 03:03:50 AM
 #27

They will fail because they have to pay their employees. Miners also have to get paid for the transactions, but it is almost nothing compared to what banks ask.

Bitcoin is a huge threat to banking system but if banks and govs decide to fight bitcoin i think they will win. Bitcoin is alive at the moment because they let it.
I believe that it will be bloody when the time comes that government will try to stop the usage of bitcoin. Its still hard to decide who will win on each side, many people will fight for bitcoin's usage.
Well it probably just means instead of big exchanges we will have to get our Bitcoins from community members through paypal or something. That will be interesting because the price data etc. Will not really be known then haha which does complicate things. But a website will probably open to help us.

Because some other countries sees it as illegal maybe thats the reason why government dont look bitcoin as their modern digital currency but if they see the full potencial and market of this coin surely government will create their ways to control the blockchain or make their own network, and surely people will keep fighting for bitcoins existance in near future.



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danherbias07
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June 18, 2016, 04:17:33 AM
 #28

As I have said before, you cannot have blockchain without bitcoin, and this article by professor Saifedean Ammous, published in the prestigious American Banker, expounds this fact nicely.

"Men who try and separate blockchain from bitcoin are inevitably software vendors desperately trying to sell their services, trying to separate the inseparable because they can’t come up with business models where they interact directly with bitcoin. They also tend to be statists with a fervent belief in the absolute authority of government and implicit legitimacy of the money it mandates everyone accept in payment."

This is the answer on many threads here, he found simple words to explain why bitcoin have a future, and why trols are trolling.
For now bank sector is without answer, but they will try something for sure. Its just question when and what, probably they already have plans.

I am sure they are making plans or getting a group to deal with this or they will be left behind. They will need to upgrade and get a better choice rather than separating it. If they want their own then they better hurry getting another satoshi like brain.

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