2021-01-27 Coindesk - BIS Chief Blasts Bitcoin’s Viability

[cr1776]

https://www.coindesk.com/agustin-carstens-bitcoin

The chief banker at the bank for central banks, Agustín Carstens, cast doubt on bitcoin’s long-term viability Wednesday, saying it was only a matter of time before a 51% attack brings down the world’s original cryptocurrency.
...“Above all, investors must be cognizant that Bitcoin may well break down altogether. Scarcity and cryptography alone do not suffice to guarantee exchange,” he said.
...

This part was particularly rich:

“So, clearly, if digital money is to exist, the central bank must play a pivotal role, guaranteeing the stability of value, ensuring the elasticity of the aggregate supply of such money, and overseeing the overall security of the system,” he said.

Perhaps he should (a) be more cognizant about what he is putting into his mouth (it isn't healthy) and (b) what is coming out of it when he clearly doesn't know what he's talking about.   My suggestion would be that he read more prior to pontificating.

[davis196]

This guy has the mentality of a twentieth century fiat supporter.
I assume that,in his mind,no entity can survive without the almighty government taking care and having full control over that entity.I wonder how thousands of companies in the private sector had survived without the priceless support coming from the almighty centralized government,that is full with genius people,who can take care of everything.
A successful 51% attack will crash the Bitcoin price to zero,which will leave the attacker with nothing,no profits,only losses.What's the point of a 51% attack then?

[dansus021]

i mean 51% attack is not going happen again i guess, people need control 51% hash power to the world hashrate which that imposibble if the network keep growing

[amishmanish]

Ahh. Where are the memes?!! This guy reminds me of that fat guy who went viral with the "Civil war it is" meme. It is actually funny though. The BIS declares itself as being owned by 63 central banks and that it is the banker to banks. Why does the head of such an organization come out so strongly AGAINST putting money into something that people do completely voluntarily.

Its not like they are shifting money amongst their own coterie of institutions behind close doors? The Bitcoin network is used by people who see value in being able to transact without borders and without fear of losing it to some kind of "policy" uncertainty. Heck, it doesn't even have a policy.

Purely from the way that tie curves over his belly, I doubt anybody should take him seriously.

[Karartma1]

https://www.coindesk.com/agustin-carstens-bitcoin

The chief banker at the bank for central banks, Agustín Carstens, cast doubt on bitcoin’s long-term viability Wednesday, saying it was only a matter of time before a 51% attack brings down the world’s original cryptocurrency.
...“Above all, investors must be cognizant that Bitcoin may well break down altogether. Scarcity and cryptography alone do not suffice to guarantee exchange,” he said.
...

This part was particularly rich:

“So, clearly, if digital money is to exist, the central bank must play a pivotal role, guaranteeing the stability of value, ensuring the elasticity of the aggregate supply of such money, and overseeing the overall security of the system,” he said.

Perhaps he should (a) be more cognizant about what he is putting into his mouth (it isn't healthy) and (b) what is coming out of it when he clearly doesn't know what he's talking about.   My suggestion would be that he read more prior to pontificating.

The guy probably doesn't know that digital money is here already because their useless fiat is also running cashless-mode and to me that it's digital. There's no innovation to it, it's a stupid digital representation of what we have in the physical realm.
It's too much for them to understand the revolution that bitcoin put into place so a take like that of the article does not surprise me at all: let them protect their small little garden while bitcoin slowly disrupts the financial world. The genie is out of the bottle and they fail to recognise it.

[buwaytress]

Guy who doesn't like something because it is the opposite of what he likes, says something bad about that something he doesn't like.

Anti-banks will blast banks. Bankers will blast antitheses to banks. Why are we surprised?

I'm dying for the headline where a former Bitcoin developer rallies the BIS boys and 51% attacks Bitcoin, and then watch as the reorg nullifies their effort.

[bbc.reporter]

https://www.coindesk.com/agustin-carstens-bitcoin

The chief banker at the bank for central banks, Agustín Carstens, cast doubt on bitcoin’s long-term viability Wednesday, saying it was only a matter of time before a 51% attack brings down the world’s original cryptocurrency.
...“Above all, investors must be cognizant that Bitcoin may well break down altogether. Scarcity and cryptography alone do not suffice to guarantee exchange,” he said.
...

This part was particularly rich:

“So, clearly, if digital money is to exist, the central bank must play a pivotal role, guaranteeing the stability of value, ensuring the elasticity of the aggregate supply of such money, and overseeing the overall security of the system,” he said.

Perhaps he should (a) be more cognizant about what he is putting into his mouth (it isn't healthy) and (b) what is coming out of it when he clearly doesn't know what he's talking about.   My suggestion would be that he read more prior to pontificating.

Hehehe he is only speaking to let his masters hear that the BIS and all the institutions that are connected below and with it will not become irrelevant. The invention of bitcoin is a clear sign that there will be unpleasant times for the banking sector.

[Carlton Banks]

Perhaps he should (a) be more cognizant about what he is putting into his mouth (it isn't healthy)

not sure if you're referring directly to this spokesman's physical stature, but it applies: Agustin Carsten is literally shaped like an oversized football. Symbolically, it's quite apt (and a "PR" disaster); the man looks like a dangerously fat cat

[cr1776]

Perhaps he should (a) be more cognizant about what he is putting into his mouth (it isn't healthy)

not sure if you're referring directly to this spokesman's physical stature, but it applies: Agustin Carsten is literally shaped like an oversized football. Symbolically, it's quite apt (and a "PR" disaster); the man looks like a dangerously fat cat

I was referring to his physical stature.  He mental stature may be similar, or he may just be a shill for the authoritarians.

I think he is a shill for the fiat loving "fat cats".  LOL

[bbc.reporter]

He looks strangely similar to the character villain the Kingpin in the Marvel comic books. Maybe he was hired for this role because of this kingpin banker look hehehe.

[Darker45]

This part was particularly rich:

“So, clearly, if digital money is to exist, the central bank must play a pivotal role, guaranteeing the stability of value, ensuring the elasticity of the aggregate supply of such money, and overseeing the overall security of the system,” he said.

In other words, it hasn't really improved from the current situation of fiat. It has just gone digital. The corrupt central bank's role is still there, and theirs is the power over value, theirs is the power over supply, theirs is the power over security which could be translated to control, and so on.

However, whether we like it or not, it will be the central bank-issued digital fiat which will reach mainstream adoption quickly, even overnight. It has the backing of the law so there's not much the masses can do really.

[Kittygalore]

This guy has the mentality of a twentieth century fiat supporter.
I assume that,in his mind,no entity can survive without the almighty government taking care and having full control over that entity.I wonder how thousands of companies in the private sector had survived without the priceless support coming from the almighty centralized government,that is full with genius people,who can take care of everything.

So what you are saying is this guy is a senile that kisses the boots of the people that are on the seat of power. I do agree with you as I can see through the BS of a person that wants to take control of something, they manipulate the people into thinking that bitcoin can't last long if there is no official intervention from the government or central banks and I assume he wants to project the idea that they care about the users of bitcoin, when they clearly do not. This senile old man should be reading the news, we are celebrating 12 years of bitcoin on the market and there seems to no crash that is going to happen. In my opinion, this manipulative move is just an indicator that central banks are getting scared that bitcoin is slowly taking them over and they know that when the time that does, it will be too late so they do what they can to go at it while it is still small.

[bbc.reporter]

This part was particularly rich:

“So, clearly, if digital money is to exist, the central bank must play a pivotal role, guaranteeing the stability of value, ensuring the elasticity of the aggregate supply of such money, and overseeing the overall security of the system,” he said.

In other words, it hasn't really improved from the current situation of fiat. It has just gone digital. The corrupt central bank's role is still there, and theirs is the power over value, theirs is the power over supply, theirs is the power over security which could be translated to control, and so on.

However, whether we like it or not, it will be the central bank-issued digital fiat which will reach mainstream adoption quickly, even overnight. It has the backing of the law so there's not much the masses can do really.

They also have the infrastructure and the masses’ minds captured on the answer of what is currency?

The way how the institutions and money services similar to Paypal are treating bitcoin like a new Tulip mania 2.0 is also not helping bitcoin’s cause as a currency.

[Darker45]

This part was particularly rich:

“So, clearly, if digital money is to exist, the central bank must play a pivotal role, guaranteeing the stability of value, ensuring the elasticity of the aggregate supply of such money, and overseeing the overall security of the system,” he said.

In other words, it hasn't really improved from the current situation of fiat. It has just gone digital. The corrupt central bank's role is still there, and theirs is the power over value, theirs is the power over supply, theirs is the power over security which could be translated to control, and so on.

However, whether we like it or not, it will be the central bank-issued digital fiat which will reach mainstream adoption quickly, even overnight. It has the backing of the law so there's not much the masses can do really.

They also have the infrastructure and the masses’ minds captured on the answer of what is currency?

That's because the prevailing theory on currency is the one which the current system adopts. But that will eventually change when the flaws and weaknesses of the current monetary system are magnified and whose effects are strongly felt by the larger public. There must be certain events for the monetary status quo to be seriously challenged and that must include global pandemics like the one we are currently suffering from.

The way how the institutions and money services similar to Paypal are treating bitcoin like a new Tulip mania 2.0 is also not helping bitcoin’s cause as a currency.

We're partly to blame on this one. We are promoting HODLing more than spending.

[Karartma1]

I don't think hodlers need to be blamed, preferring sound money over crap fiat money is simply the right thing to do now. I try to hold the majority of my coin on the way forward and until I have a paid job why should I be using my precious coins? all the world's fighting over acquiring sats why should I let them go?

[bbc.reporter]

@Karartma1. Agreed. The hodl campaign was very likely to occur because of bitcoin’s monetary policy. I am not implying that the monetary policy created is a mistake, however, developers should explore other types of policies. We are only in the early stages of cryptoeconomics.

[Karartma1]

Let's put into the equation the fact that Biden will keep pushing hard with helicopter money and we basically have the way paved for an even bigger usd devaluation.
https://www.cbsnews.com/news/biden-stimulus-check-2000-recurring-democratic-lawmakers-2021-01-30/
Having bitcoin today is like having the best life insurance coverage for the future, therefore once more, I'd rather spend my already debasing fiat than my precious acquired corn.