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Author Topic: [2019-01-12]Nick Szabo: Central Banks will Turn from Physical Gold Reserves to B  (Read 83 times)
Vladdirescu87
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January 12, 2019, 10:38:17 PM
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Nick Szabo: Central Banks will Turn from Physical Gold Reserves to Bitcoin Reserves in 2019

A Blockchain and Crypto pioneer, Nick Szabo – many believe that he could be the anonymous developer of Bitcoin (BTC), Satoshi Nakamoto – said that central banks will more than likely turn to digital currencies to support their reserves, while speaking at the Israel Bitcoin Summit at Tel Aviv University on Tuesday, January 8, 2018.

Nick suggested that in 2019, cryptos may highly be viewed as a potential alternative to existing central bank reserve denomination.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/central-banks-will-turn-from-physical-gold-reserves-to-bitcoin/

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January 12, 2019, 10:58:54 PM
 #2

Is there any video of Nick Szabo actually saying that central banks will adopt Bitcoin in 2019? Because from the quotes in the article, it's clear that he spoke about a hypothetical scenario without any clear date.

Quote
All forecasts are maybe valid. Ukraine, which is both raucously corrupt and involved in a proxy war with Russia, has seen a weighty increase in crypto usage in the past year.   

And this is their cited source - https://www.financemagnates.com/cryptocurrency/innovation/cointext-expands-to-ukraine-and-italy/

So, according to coinidol's journalism standards, a press release for some crypto company is equal to "weighty increase in crypto usage". Facepalm.

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January 14, 2019, 04:57:47 PM
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Is there any video of Nick Szabo actually saying that central banks will adopt Bitcoin in 2019?
~

Of course a smart guy like Nick Szabo couldn't make such a stupid prediction.

The closest thing he said at the Israel Bitcoin Summit (after explaining vulnerability of the Swiss government) were the words quoted below:

Quote
... and so a more trust minimized solution is cryptocurrency, to hold some of your central bank reseves in cryptocurrency ...

and then after explaining the physical vulnerability of gold reserves he added:

Quote
... so that's a very suboptimal solution to what you would hope to be trust minimized secure reserves, and you can do a lot better with cryptocurrency in that regard.

You can see it for yourself following the link below (starting at 50:52).

https://www.youtube.com/watch?v=8Rd_YYzf86M

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January 17, 2019, 09:41:27 PM
 #4

It makes sense for them to switch some to bitcoin which is of course digital gold. These finance guys will know of the importance of diversity. Even Warren Buffet says that you need to diversify to stay rich, it is not good to keep all those golden eggs in one basket

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January 18, 2019, 03:13:20 AM
 #5

Is there any video of Nick Szabo actually saying that central banks will adopt Bitcoin in 2019?
~

Of course a smart guy like Nick Szabo couldn't make such a stupid prediction.

The closest thing he said at the Israel Bitcoin Summit (after explaining vulnerability of the Swiss government) were the words quoted below:

Quote
... and so a more trust minimized solution is cryptocurrency, to hold some of your central bank reseves in cryptocurrency ...

and then after explaining the physical vulnerability of gold reserves he added:

Quote
... so that's a very suboptimal solution to what you would hope to be trust minimized secure reserves, and you can do a lot better with cryptocurrency in that regard.

You can see it for yourself following the link below (starting at 50:52).

https://www.youtube.com/watch?v=8Rd_YYzf86M

The title is clickbait hehehe. He was only expressing an opinion on what might be a better solution for central banks, I reckon. However, because of the lacking regulatory framework, Nick Szabo knows this will not occur somewhere in the near future.

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January 18, 2019, 06:21:08 AM
 #6

I think they might have misunderstood what Nick Szabo was saying. It is one thing to explain why one option is better than another and saying that Central Banks will make those decisions based on those factors alone. Things become very complicated when politics gets involved in the decision making process.

A lot of governments have made some pretty bad decisions in the past, because political aspirations and voter influence were more important than the "better" option that was put on the table.  Angry

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January 18, 2019, 10:11:00 AM
 #7

More useless clickbait cr@p from coinidol - I wish this guy would stop posting their BS.

I've said it before & I'll say it again - any "news(?)" outlet that uses comic headline cartoons drawn by a five year old can't be taken seriously & should be ignored.

Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0    Do not trust Yobit/HitBTC/BiteBTC/coinsbit/p2pb2b/Mercatox/C-cex/Poloniex/WEX/KuCoin/LiveCoin/TheRockTrading/Bitfinex/ADAB/Okex/TradeSatoshi scam exchanges or ICO's by known scammers like HashCoins/Ambisafe/Bountyhive - they WILL scam you! Use diligence & research. Buy coins, sell coins - don't invest in stupid shit. If your questions aren't answered - don't touch it.
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