Bitcoin Central Bank

[SomeWhere]

The issue is instant confirmations... something the blockchain does not address....

That's only a small (and the only valid) part of the OP.

And, as I've posted before, there will be *technological* solutions for this, that don't require any kind of central authority or, for that matter, trust.

The multi-signing possibilities of the Bitcoin protocol are still *very* far from being used to their full potential, and everything that could ever be required in terms of instant transactions / confirmations / added security.

[1714660312]

1714660312

[solomon]

We don't need a central bank for POS transactions, we just need reputable intermediaries such as bitpay

[masize]

There is already a solution for what you are talking about. It's called the blockchain.

All that's needed will be provided by *technological* solutions, like 2 of 3 signing, not by trust.

I can't believe how this idea is even seriously discussed here. GTFO!

Can you believe this guy? WTF has the blockchain to do with instant confirmation?
Why are we talking about this when you already solved it for us. Genius!

[alexh]

There must not be a central bank for bitcoins, ever. IMO.

[mai77]

could the OP Esq. please alter your very offensive caption

else I might consider to report it  

[masize]

could the OP Esq. please alter your very offensive caption

else I might consider to report it  

You're right, it was too big, I reduced the size so it doesnt look so offensive. But its just a meme.

The facepalm meme is offensive, and the meme is in response of this.

I can't believe how this idea is even seriously discussed here. GTFO!

A punish have to be made when troll behaviour is done. This is a peacefull way to do it, instead of cursing.

[solex]

Anyone near Midtown West NY care to buy a drink at EVR with BTC and let us know how a face-to-face instant transaction of this type goes?

"On Sunday, EVR nightclub in New York will start accepting Bitcoins for drinks and food. “We have to train all the waitresses,” says Charlie Shrem, a partner at the club. Shrem is also CEO of BitInstant, a company that facilitates the retail purchase of Bitcoins at over 700,000 locations throughout the U.S. and co-chairman of The Bitcoin Foundation, which aims to standardize, protect and promote Bitcoin."

http://www.marketwatch.com/story/what-can-you-buy-with-bitcoins-2013-04-06

Location:
http://www.yelp.co.uk/biz/evr-new-york
Site:
http://evrnyc.com/

[legendster]

I hope its clear enough,

Its clear.  You are describing Mt. Gox.

Account-to-account transfers (bitcoin payments from one account to a merchant or other account who also uses Mt. Gox) are instantaneous.  

Other "banks" who don't even have accounts at Mt. Gox might accept payments from Mt. Gox account holders instantly using "green address" (because they trust Mt. Gox won't do a double spend). 

But to store your bitcoins with someone else means you are trusting that they are competent enough to hold your coins securely, and that they are not dishonest in which they run off with the funds.

+1 And I'd like to add is that the idea of a central figure CONTROLLING and CONTRIVING btc is against the whole idea of a decentralized currency.

[townf]

Here is the solution: notes, also known as receipts.

As in cash, or accounting entries.

The cash issuer is essentially the role you require, the guy who can guarantee to redeem real blockchain crypto for receipts and vice versa, thus guaranteeing transactions done by everybody using his receipts. Anybody at any time can do it with no central authority, they just have be able to recognize counterfeit receipts. If people use receipts for crypto to transact with, then the wait time problem is solved along with the anonymity problem and the irreversible transaction problem.

Before anybody flames me for a FRB shill, first realize that the solutions to the above problems are mandatory demands for true adoption by the masses of any currency in the real world. Using cash notes guaranteed to be redeemable on reserves is pretty much the only way to do this. Furthermore, crypto specie is infinitely more honest and superior to monetized government shit specie. You can't even compare FRB of the two.

[townf]

I humbly hijack this thread to call for implementation ideas for a decentralized crypto receipt issuing mechanism so we can have our cash which instantly solves OPs problem and many others. A "decentralized central bank" if you will.

If we don't come up with a good, decentralized public one, then many independent private ones will spring up, compete for a while, but then ultimately gobble each other up, cartelize, and then be a monopoly.

I will say though, that private independent ones may be a good solution for geographicallylocalized areas to start out with.

Receipts issued on crypto reserves used as a medium of exchange is guaranteed to happen one way or another at some point, as soon as crypto's popularity reaches a critical mass.

[crumbcake]

Independent trusted counter-parties will develop over time but the whole point of Bitcoin is not to completely centralize.  It is counter-productive. We want lots of small independent operators that can work with each other while still remain independent.  I hope you realize why Bitcoin is so popular now.   People want an alternative, not more of the same. 

It doesn't mean it looses centralization. Centralization is a natural behaviour in anything that grows, Bitcoin itself fave birth to lot of those
Mining: Mining Pools
Exchange bank : MtGox
Payment Processing: BitPay
Community: bitcointalk forum
Exchange Rating system: #bitcoin-otc

Like like everything else, theres need for organization.

Maybe I should used another word instead of Central.

I mean, Bitcoin Banks are a necessary evil. And needs Organization/s that should control bank legally speaking. Their authority is strong as people believe in it. If the organization gets corrupted, then nobody believes in it and a new Organization should take place. Just like #bitcoin-otc feedback system. Its a centralized system to feedback people and know who to trust, it basically control everyone reputation, is it centralized?

I think you might be missing the very thing that's interesting about Bitcoin.  Not requiring centralisation (as it grows) is the very thing that makes Bitcoin remarkable.  If Bitcoin required centralization to succeed, it could be written off as a grotesque failure -- A Rube Goldberg variation on digital currency, requiring pointlessly complex & specialized hardware to burn oodles of energy to merely exist. 

I think i get your "Centralization is a natural behaviour in anything that grows" ref.  As systems grow larger & more complex, we (typically) see specialization & centralisation.  And that's why Bitcoin attracts so many techies and math geeks -- it's an unusual thing, at worst as curious as the Moebius Strip, and, at best ... as an intelligent mold.  Do you sort'a get my analogies?

[KSV]

I searched in the forum and found nothing about a Bitcoin Central Bank idea like.

Maybe Bank is not the right word, actually what I mean is a centra authority to regulate Banks.

And what I mean for Bitcoin Banks is an Organization that works to keep people's Bitcoins safe and enable fast-secure transaction.
I come up for this idea as the 6 confirmation required and 1 hours min delay for transactions is totally ridiculous and impossible to implement in the local marketplace for anything you buy.

As I said, maybe this has been discussed before but havent found it.

It would act for reputation between banks, and a central authority to regulate banks.

When I have my wallet in a Bitcoin bank, and want to pay in a store, This store can have the wallet in the same bank or even another bank.
So when I do the transaction, the transaction is created by a trusted bank, who own the private keys of the BTC, so theres no way the user can Double Spend the coins. It'll work just like any other wire transfer or credit card payment nowadays. As the bank trusts the Credit Card to make the payment.

The transaction is created when theres money between two different banks and can be made simultaneously, but the user dont have to wait for confirmation, as the banks have trust between each other.

Transactions between two users from same bank don't even need a BTC transaction to be made, as the whole BTC of the Bank can be stored in the same address. The total user coins can be stored in a secure database with your actual BTC amount. The transaction just have to subtract the amount from the sender and add it to the receiver. Just like any other BANK in the world, they are just numbers in a database.

I hope its clear enough, sorry for my poor english.

thats an interesting idea, write to the BF