Do we Need Central Banks?

[BuyBuyBitcoin]

Great discussion on bitcoins value (by hedge fund managers) over central banks fiat in the coming years.

https://offthechain.libsyn.com/murad-mahmudov-the-ultimate-bitcoin-argument

It was trending high enough Apple removed them from iTunes.

Last week we released a podcast discussing the ultimate argument for Bitcoin.
It exploded & ranked #4 in US investing category before mysteriously being taken down by @Apple.

We had no warning. We don’t know why. They took down our podcast, but they can’t take down Bitcoin!

https://twitter.com/APompliano/status/1059622643991826433

[Indamuck]

There will always be a need for central banks because of our current lending system.  Right now there are more debts than money to pay everything back.  Our economy can't function without debt as it stands today.  Central banks are creating money out of thin air with fraction reserve lending.  They lend out money that they don't even have, its one big scam.

[bigbosma]

Even when the world will fully accept cryptocurrency as a means of payment, banks will still be needed, as there will be many people who will not want to switch to the use of cryptocurrency. In addition, there will be mortgages, loans, debits and all other banking operations.

[bitcoinrays]

No matter how bitcoin develops, it can not replace cash, whether you need it or not, the government maintains the existence of the bank.

Well said. But this statement is valid for these years and many to come further. But believe me there would be a time coming when this statement would prove wrong. People will see the amazing response from the whole world and this bitcoin would be the only supreme currency. At that time, people would might live in a cashless society. It takes a long time though.

[bdc2343]

Even when the world will fully accept cryptocurrency as a means of payment, banks will still be needed, as there will be many people who will not want to switch to the use of cryptocurrency. In addition, there will be mortgages, loans, debits and all other banking operations.

That's right, you're right, and there are a few more reasons why cryptocurrencies are so small compared to interconnected banks around the world. And your opinion helps me understand that we do not need the central bank.

[Conasse]

Central banks coordinate the economy, and yes we need it. It doesn't have to be a "central bank" it can be another entity type or organization.
If a day we turn to a 100% crypto used we will still need something like this

[saman0987]

if is their central bank , every one can use and save their coin easy .. but , that will be very dangerous and unsafe in the future ...

[DennyPen]

Central banks do need us, lol. It doesn't matter how to call the organization that grabs people's money. It can be called "an exchange," for example 

[muslol67]

As global economic movements increase, central banks are beginning to be ineffective. Money mobility also increased. Even if central banks try to do the right things, sometimes bad results may arise. In the light of all these data, Bitcoin can be solution with global and a limited number.

[Sobocirevo]

I think that some kind of regulatory body is still needed. In addition, there are many unique banking transactions which bitcoin cannot change. Therefore, I see the ideal - the adoption of bitcoin by banks and their joint successful work.

In my personal opinion, the central bank is still needed to regulate the financial sector because if it is not regulated it will be a source of economic chaos, observers and cyptocurrency users different from each other which results in the economy not being conducive. Of course the role of the central bank in regulating cryptocurrency is different from the application of fiat money.

[Olayinka225]

This is not in any way associated with bank or banking, this is purely cryptocurrency and should remain such. Rather do we need central bank for our dear crypto.

[nuraziaaziz]

After blockchain technology has been introduced, people will prefer to not use central banks because who wouldn't want to own their own health with this advance technology.

[Rooster101]

What I knowis that all governments need a central bank because they are the main implementor of the country's monetary policies. It said to regulates the volume of credit and currency, pumping in more money when market is dry of cash, and pumping out money when there is excess of credit. Even the world is fully digital, central banks will still exist because they still have a functions that can not replace by the cryptocurrencies.

[mocker001]

I agree central banks do more bad than good, the central banks are the new rulers, they are the new king and queens, they are designed to keep the poor poorer and  to make the rich richer

[Ezenwanyi]

Asking for Central Bank would defeat in no small measures the very purpose for the creation of Cryptocurrency .
Having a central bank, would give the government the power to manipulate the prices of various Cryptocurrency.
Cryptocurrencies are better off without any form of organized control.

[OecoSystema]

Banks are over, the paradigm is moribund. In the coming years we'll see UBIs brought in. Energy & production will be free. Currency itself will be devalued.

Estonia already has an Ethereum wallet built in to their new national ID cards. With that kind of solution, implementing a UBI is technically possible.

On the banking system, Nouriel Roubini recently said the following: "Central banks should issue their own digital currencies to replace a crisis-prone banking system and shut out cryptocurrencies". https://www.theguardian.com/business/2018/nov/19/why-central-bank-digital-currencies-will-destroy-bitcoin

I have founded OecoSystema (https://bitcointalk.org/index.php?topic=5079577.0). It is a combination of both worlds, centralized and decentralized, aimed at low-income people. Instead of waiting for a solution, I think we need to start creating solutions.

[blocklancer8]

In my opinion, we need the central bank to withdraw fiat money that we get from bitcoin. Requires a central bank because not all governments legalize bitcoin so that in using it for daily needs this central bank needs.

[bitfocus]

if we all go p2p crypto, we don't need any bank, and no central bank.

[OecoSystema]

In my opinion, we need the central bank to withdraw fiat money that we get from bitcoin. Requires a central bank because not all governments legalize bitcoin so that in using it for daily needs this central bank needs.

I agree, but central banks do not have individuals as customers, only banks. It is the commercial banks that enable this function of bitcoin/fiat exchange. This works as long as the system is stable. In a country like Venezuela with hyperinflation, people do not want fiat. There it is better to hold on to bitcoin etc. and use them for daily expenses directly.

In Venezuela, operating a crypto mining rig is illegal and you can be imprisoned for it. Still, according to Bloomberg most households in the capital run a mining operation because there is no trust in government, banks or the central bank.

I doubt governments will ever legalize Bitcoin as legal tender.

[OecoSystema]

if we all go p2p crypto, we don't need any bank, and no central bank.

Yes, but technically we can't. Cryptos don't scale yet. And the only way to get in to them is by exchanging fiat (mining is no longer realistic for individuals and both bitcoin and ethereum are highly centralized in mining as well as distribution).

This is why I am combining a centralized approach to the decentralized nature of cryptos. It can be distributed this way. Everyone gets 50 ECOS in oecosystema (initial supply is 0). OecoSystema: https://bitcointalk.org/index.php?topic=5079577.0