Are the Central Banks starting to worry about the public's perception?

[SquallLeonhart]

I am not in favor of mocking people who have done so much to help but nothing happened in return, they at least did something which is what matters in these type of situations. We are talking about people who have worked hard to make sure they get a better world, they did protests against wall street and how they get away with basically greedy illegal moves and maybe they didn't get anyone jailed or nothing changed at all but at least they tried.

So, to call them useless and tell that they went back to basement to play COD (like that is a bad thing, I would love to be able to freely do that without worrying about life) is really not helping at all, in fact those people did more for you than you ever did for them so I would say they are much better humans than you can ever be this way.

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[sana54210]

I am not in favor of mocking people who have done so much to help but nothing happened in return, they at least did something which is what matters in these type of situations. We are talking about people who have worked hard to make sure they get a better world, they did protests against wall street and how they get away with basically greedy illegal moves and maybe they didn't get anyone jailed or nothing changed at all but at least they tried.

So, to call them useless and tell that they went back to basement to play COD (like that is a bad thing, I would love to be able to freely do that without worrying about life) is really not helping at all, in fact those people did more for you than you ever did for them so I would say they are much better humans than you can ever be this way.

I feel like if you are a bank that has over a trillion dollars in volume, you shouldn't really care about public, public is not really something that could do anything about you at all, it is only a pebble along the way and it wouldn't really slow you down. However you do marketing, if wall street wants to continue they have to make sure that everyone keeps giving them their money to continue invest, if all people withdrew their money from banks all at the same time, banks wouldn't have enough money to pay those people, there are more money digitally in banks than there are money in cash form so it would bankrupt them and a lot of people.

This is why I think they care about in marketing purposes, they want to be loved for marketing reasons, but not fear public may stop their illegal activities.

[semobo]

There is no way they can hide the popularity of Bitcoin as time goes because the world tends to adjust into cashless transaction, we may not even have to announce everywhere that bitcoin or cryptocurrency is the way to go because gradually it will be introduced to the people about which digital currency is accepted to stores, having Cryptocurrency logos on the stores will eventually make them learn Bitcoin.

The banks will stay forever but they will now have to battle with cryptocurrencies.

It's not because we want "cashless-transactions", that's not a good reason for Bitcoin to exist. It's because a stateless, self-sovereign, decentralized, censorship-resistant cryptocurrency NEEDS to exist, taking into account the level of technology available.

Government will paint that anonymity of decentralized payment system is the reason why illegal activities becomes so easy to fund even though the real fact is exact opposite so people have to learn the difference if they want to bring the change because government will never teach the people about these things.

[amishmanish]

These tempered views of central bank in terms of consulting general public are little more than political exercises. Like the speech itself pointed out, people really have no idea of actual inflation. What people perceive is a result of the general political atmosphere. In times of stable, dependable governments people have more propensity to spend and don't really care what inflation is. That is what the banks as well as governments love. Making people comfortable about spending more than they earn and fooling them into living a blissful, indebted life is the best scenario for banks, governments and industrialists.

As you said, with just the idea that "money" isn't supposed to bleed value, the cat really is out of the bag (at least, for a few of us). Even then, i don't think the banks per se are more concerned about public's perception. This is merely a politically motivated line of thought.

[BuNga_cute]

I think Central Bank is not worried about public perceptions, whatever mistakes the Central Bank has committed, the leaders of
the country will be blamed. Because whatever is done by the Central Bank is based on government decisions, because the Central
Bank is under government regulation. So the public will definitely hold the government accountable, Central Bank is only tasked
with printing money according to government orders and explaining to the public the steps they will take, related to the results is
a government matter.

[justdimin]

Government will paint that anonymity of decentralized payment system is the reason why illegal activities becomes so easy to fund even though the real fact is exact opposite so people have to learn the difference if they want to bring the change because government will never teach the people about these things.

Yeah Bitcoins are used for many wrong purposes but considering the number of advantages we can always avoid these problems. The biggest challenge I believe that comes in the way of adopting of bitcoins and using them as currency is the lack of technological knowledge among people and the fear of adopting a digital currency is high because no central government is backing it and you have no assurance either. I don't think central banks are worried one bit because they know they are backed by the central government and no matter how what happens people will come back again.

Bitcoins as a currency brings certain problems too and everyone knows that there is a chance that we might see bitcoins being used heavily in future but price changes and things like confirmation times are still going to cause big problems. There are scammers who will double spend and do tricks on new people who once get scammed will never use bitcoins again.

[Spaffin]

Central banks are unlikely to worry about public opinion, because all their actions suggest otherwise. The fall in the values of the national currency, as well as the increase in the money supply, devalue the savings of citizens, and, first of all, the government and the Central Bank are to blame for the current situation. Of course, everyone understands that during the global crisis, which is exacerbated by the coronavirus pandemic, there are many problems, but the government and the Central Bank must look for other ways out to solve these problems.

[RealMalatesta]

Inflation is inflation no matter wherever you are, there is really no way that you could be not feeling it just because you have a stable government, you would still feel it, on top of that if you have high inflation you can't also have stable government because high inflation would either change that government but even if it doesn't at least get a big vocal group that talks about it.

So, only places with low inflation would have a quiet and stable government in order to be not a big deal. Inflation is important not just because prices get high but also because salaries do not get high at the same level, business charge 30% more for same product but increase salary 10% more to workers, so those workers now have to pay more for the same stuff with less money.

[freedomgo]

IMO, central bank has nothing to worry, people might have invested in bitcoin to avoid inflation but certainly only few percentage of the popular or users of  money issued bank central bank. They are sure pretty aware of the existence of bitcoin and I'm sure it's not they will not allow it as a tool to destroy the fiat system, remember they are in control of the a nation's policy or law, they can draft a law always in their favor.

[sheenshane]

Another way or around, it's either people will still keep their trusts with the bank, get used to the future inflations and survive.
It might also central banks will adopt a bitcoin's system like using blockchain technology but not actually on Bitcoin currency and produce a new platform for a store of value that would make the Bitcoin as useless as a medium of exchange (due to the decentralized nature).

The central bank still has full power with the store of value. Bitcoin on the other hand are small peoples getting together. They have more influence and power. So I think, they can still win against the Bitcoin. ( if that's the case though ) But we will see it when we cross the bridge, IMO.

[wxa7115]

I believe deep inside them, those people behind the Central Banks, they know that "the cat is out of the bag". Billions and billions of the paper money they print will shift into sound money, Bitcoin.

https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200930~169abb1202.en.html

"We must explain much better to the general public what we are doing and why. Monetary policy can only be credible if we ensure that our goals are truly understood and shared by the people we serve".

This is something I find to be ironic, if people do not know what they are doing is because they have made every single effort to hide this from the public on the first place and now they are acting as if their actions are well intended and the public is at fault for not understanding that everything they are doing is for the greater good.

But who is going to buy such a huge lie? Fiat currencies were nothing but a confidence scam, people simply trusted that this time around the governments and central banks have finally mastered the art of printing currency from thin air and not crash the economy of the world in the process, and many are realizing too late that no matter what they do it seems this is an impossible dream and that the economy is headed for another crash.

[Maroons]

Another way or around, it's either people will still keep their trusts with the bank, get used to the future inflations and survive.
It might also central banks will adopt a bitcoin's system like using blockchain technology but not actually on Bitcoin currency and produce a new platform for a store of value that would make the Bitcoin as useless as a medium of exchange (due to the decentralized nature).

The central bank still has full power with the store of value. Bitcoin on the other hand are small peoples getting together. They have more influence and power. So I think, they can still win against the Bitcoin. ( if that's the case though ) But we will see it when we cross the bridge, IMO.

For me there is no way people will lose their trust to banks, it is embedded to people's lives and it is what people are used to, adapting to bitcoin and shifting bitcoin from alternative way of payment as their main will be almost impossible for we will need to adjust to bitcoin's nature and let's be honest some people will not like how often bitcoin's price fluctuate and the only thing i can see in the future is banks adapting to blockchain technology

[Yatsan]

I think Central Bank is not worried about public perceptions, whatever mistakes the Central Bank has committed, the leaders of
the country will be blamed. Because whatever is done by the Central Bank is based on government decisions, because the Central
Bank is under government regulation. So the public will definitely hold the government accountable, Central Bank is only tasked
with printing money according to government orders and explaining to the public the steps they will take, related to the results is
a government matter.

Indeed. Since central banks are centralized institutions being ruled and controlled by the government, whatever would happen will be a reflection or fall back into the government and not on the central banks so they would really not worry about the people's perceptions or opinions with regards to certain issues for the fact that what people know banks are being handled by the government. All the things done by the banks such as money regulations concerning printing and circulation are all being stated by the government and with bank as a national institution being ruled or regulated by the government, they would just do what the government would say.

For me there is no way people will lose their trust to banks, it is embedded to people's lives and it is what people are used to, adapting to bitcoin and shifting bitcoin from alternative way of payment as their main will be almost impossible for we will need to adjust to bitcoin's nature and let's be honest some people will not like how often bitcoin's price fluctuate and the only thing i can see in the future is banks adapting to blockchain technology

Indeed. People are already get used into using and engaging into banks ever since even when the crypto is still not existing. People might loss trust on crypto but not certainly on banks for they have known and have been using it for a long period of time making themselves familiarize on that.

[bitbunnny]

I wouldn't say that central banks worry about anything, at least not in majority of countries. They have their firm role that is defined and regulated by the law but public perception is not something they pay much attention too. As long as they have their guaranteed perception that will not change.

[wxa7115]

I wouldn't say that central banks worry about anything, at least not in majority of countries. They have their firm role that is defined and regulated by the law but public perception is not something they pay much attention too. As long as they have their guaranteed perception that will not change.

I disagree, believe me they do care about the public perception of their fiat currencies, in fact for fiat currencies that is everything, the moment the trust in fiat currencies reaches a certain low threshold then the game is over for that fiat currency around the world and we know this is true because essentially every single fiat currency that has existed in the past has crashed to its intrinsic value which is zero.

People despite not understanding a great deal of how the economy works still trust that this time things are different but they are not, we cannot have a fiat currency that governments can manipulate at will and at the same time have a healthy economic system.

[Alobo Realer]

I don't think banking system is worried at all about the emergence of cryptocurrencies. Because their lobby is super strong and has been deeply rooted within society since hundreds of years. A mare cryptocurrency that emerged just 11 years ago, can't destabilize the foundation that banking system has built around the world.

It is true that the banking system has been deeply rooted in the society for hundreds of years, yet they see Crypto currency as treat to their system, some fight to erase it from the surface of trading and payment because it is like nothing they have seen but unfortunately it has grown more than their power can do. If you truly take a good survey you will discover crypto has gain so much energy and adoption that the banking system is becoming uncomfortable and starting to worry

[bitgolden]

I don't think banking system is worried at all about the emergence of cryptocurrencies. Because their lobby is super strong and has been deeply rooted within society since hundreds of years. A mare cryptocurrency that emerged just 11 years ago, can't destabilize the foundation that banking system has built around the world.

It is true that the banking system has been deeply rooted in the society for hundreds of years, yet they see Crypto currency as treat to their system, some fight to erase it from the surface of trading and payment because it is like nothing they have seen but unfortunately it has grown more than their power can do. If you truly take a good survey you will discover crypto has gain so much energy and adoption that the banking system is becoming uncomfortable and starting to worry

They do not see it as a "threat" per se, because they can use it just like you and me. It could be decentralized and maybe they won't have the chance to have a power over it like they have power over fiat, they can't be bailed out neither because nobody can print more bitcoins to help them out, all of these are bad for banks and I understand why they would want something better suited for them.

However one thing is true, if you can make money from bitcoin, so they can, there is nothing stopping a bank to buy a billion dollars worth of bitcoin, which is why I think they are not worried all that much. Obviously they wouldn't prefer this, but they do not see it as a threat neither, they see this more like a inconvenience to their already working system to make them richer.

[wxa7115]

They do not see it as a "threat" per se, because they can use it just like you and me. It could be decentralized and maybe they won't have the chance to have a power over it like they have power over fiat, they can't be bailed out neither because nobody can print more bitcoins to help them out, all of these are bad for banks and I understand why they would want something better suited for them.

However one thing is true, if you can make money from bitcoin, so they can, there is nothing stopping a bank to buy a billion dollars worth of bitcoin, which is why I think they are not worried all that much. Obviously they wouldn't prefer this, but they do not see it as a threat neither, they see this more like a inconvenience to their already working system to make them richer.

I disagree, they do see it as a threat, maybe not right now but they see the potential of the technology and they know they could be against their most fierce adversary yet, and just to show you how this can become true, banks charge a fee for many transactions, some are free but the major ones cost money and they take a percentage out of it, in the case of bitcoin the cost of the transaction will depend on how much you want to pay but the bigger the amount you want to move the cheaper it becomes and eventually a point is reached in which moving your money in bitcoin is the cheaper alternative.

Meaning that a wealthy person trying to make a transaction or simply move his money from one address to another will find this to be cheaper on bitcoin than in a bank and people for the most part will always choose the cheaper option which means that if bitcoin gets enough adoption people will begin to send more money through bitcoin than with banks and they cannot allow this to happen.

[tippytoes]

They do not see it as a "threat" per se, because they can use it just like you and me. It could be decentralized and maybe they won't have the chance to have a power over it like they have power over fiat, they can't be bailed out neither because nobody can print more bitcoins to help them out, all of these are bad for banks and I understand why they would want something better suited for them.

However one thing is true, if you can make money from bitcoin, so they can, there is nothing stopping a bank to buy a billion dollars worth of bitcoin, which is why I think they are not worried all that much. Obviously they wouldn't prefer this, but they do not see it as a threat neither, they see this more like a inconvenience to their already working system to make them richer.

I disagree, they do see it as a threat, maybe not right now but they see the potential of the technology and they know they could be against their most fierce adversary yet, and just to show you how this can become true, banks charge a fee for many transactions, some are free but the major ones cost money and they take a percentage out of it, in the case of bitcoin the cost of the transaction will depend on how much you want to pay but the bigger the amount you want to move the cheaper it becomes and eventually a point is reached in which moving your money in bitcoin is the cheaper alternative.

Meaning that a wealthy person trying to make a transaction or simply move his money from one address to another will find this to be cheaper on bitcoin than in a bank and people for the most part will always choose the cheaper option which means that if bitcoin gets enough adoption people will begin to send more money through bitcoin than with banks and they cannot allow this to happen.

I believe this one factor is one benefit of crypto, transferring from one wallet to another will incur minimal fee as compared to using banks or other traditional remittance centers. I have seen that in some countries, the usage of crypto is more on remittance purposes. Some find out that sending money to their family via crypto is very favourable as they are not paying high transaction fees. And it doesn't matter if you will send good amount of money or not. And then from the other end of the world, what your family can do is just exchange the crypto to their local fiat. A lot of crypto exchanges are already offering the conversion of crypto to your local fiat. Just make sure to find a legit site. So I believe, banks don't like that because they can't charge high fees anymore if crypto will become mainstream.

[Ayiranorea]

Central banks serve as the backing system for economic situation in a country. They have entire control over the money flow happening within the country. More country have experienced a downfall in the economic downturn and some has gone negative. As a result we've seen more people shifting from the traditional fiat usage towards the bitcoin.

People's perception is changing, but this is very minor. People won't directly move to something new, first they'll examine and further make the move. Now what we see is the time of examining the bitcoin and its network for long term usage.