Why There Should Be A Bitcoin Central Bank

[QuestionAuthority]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

[themys]

The bitcoin doesn't need that, its decentralized! Are we talk about the same thing?

[darkangel11]

The bitcoin doesn't need that, its decentralized! Are we talk about the same thing?

I thought decentralization was a myth. Same as internet anonymity.

[RobertDJ]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

It is very decentralized. If you are implying that it is not decentralized because there are so few pools, then I would say that it takes very little to start a new pool and it takes very little (even less) to a miner to pull their hashpower from a pool that is acting in an untrustwrothy manor

[Mieehayii]

Fractional reserve is legalized theft. Period.
[

But who are they stealing from?

Everyone. Quite literally.

If you do not understand this, then you do not understand how fractional reserve banking works. Read the rest of this thread for the briefest of introductions to the topic.

Fractional reserves allow banks to "create" money and essentially devalues money however the amount that money is devalued is less then what can be earned by investing your money so fractional reserve banking actually facilitates people to increase their wealth and standard of living.

The only people who are negatively affected are people who have cash 'under the mattress' literately

there are no second gox, I believe.

[hdbuck]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

there you go: https://blockchain.info/fr/pools
decentralized.

[QuestionAuthority]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

there you go: https://blockchain.info/fr/pools
decentralized.

There you go: https://bitcoinfoundation.org
Leadership and development is not

[hdbuck]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

there you go: https://blockchain.info/fr/pools
decentralized.

There you go: https://bitcoinfoundation.org
Leadership and development is not

touché but they represent themselves. They seek a "business plan" as they said. But they wont do anything without the support of them miners.

[QuestionAuthority]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

there you go: https://blockchain.info/fr/pools
decentralized.

There you go: https://bitcoinfoundation.org
Leadership and development is not

touché but they represent themselves. They seek a "business plan" as they said. But they wont do anything without the support of them miners.

That's what they say but I'd be happier if they just went away. 

[hdbuck]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

there you go: https://blockchain.info/fr/pools
decentralized.

There you go: https://bitcoinfoundation.org
Leadership and development is not

touché but they represent themselves. They seek a "business plan" as they said. But they wont do anything without the support of them miners.

That's what they say but I'd be happier if they just went away. 

hehe, but i feel they are running out of bitcoins tho.. soon they'll fade away. like they never happened

[QuestionAuthority]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

there you go: https://blockchain.info/fr/pools
decentralized.

There you go: https://bitcoinfoundation.org
Leadership and development is not

touché but they represent themselves. They seek a "business plan" as they said. But they wont do anything without the support of them miners.

That's what they say but I'd be happier if they just went away. 

hehe, but i feel they are running out of bitcoins tho.. soon they'll fade away. like they never happened

Keep a happy thought! lol

[exoton]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

there you go: https://blockchain.info/fr/pools
decentralized.

There you go: https://bitcoinfoundation.org
Leadership and development is not

TBF does not actually speak for "Bitcoin" nor are they any kind of an official bitcoin foundation (despite their misleading name.

It is an invalid argument to say that Bitcoin is centralized because of TBF

[Eric Mu]

Wow, didn't expect my article got so much attention.
Much has changed and now I am working for HaoBTC, a BTC "bank" based on the fractional reserve model. I still think having a central bank would be good for a business like ours - it increases trust and minimize chance of malpractice.

[bitcollins85]

I suspect in the future you will pay a service fee to store your btc in a large regulated and insured third party. This fee will be proportional to the risk you take when you allow the bank risk your btc as loans.

[irfan01]

there must be a bitcoin central bank because it can facilitate users in using bitcoin bitcoin

[maku]

There shouldnt be any central bank. Bitcoin is Decentralized right?

Bitcoin is decentralized? Who told you that lie?

there you go: https://blockchain.info/fr/pools
decentralized.

There you go: https://bitcoinfoundation.org
Leadership and development is not

touché but they represent themselves. They seek a "business plan" as they said. But they wont do anything without the support of them miners.

That's what they say but I'd be happier if they just went away. 

Haha, you know that Bitcoin Foundation is a laughingstock right now? The bitcoin foundation is too scandalous to be considered legit.
Founded in 2011, the Bitcoin Foundation's initial goal was to provide advocacy to the cryptocurrency but since that time they failed many times with their questionable decisions and poor judgement.
So I feel we don't need another failing central force of bitcoin like BF.

[extrabyte]

I would prefer to keep my own Bitcoin in my own wallet be my own banker and I control what I want when I want not to be in control of someone else like the Banks

[BitProdigy]

lol what's the job of a Central Banker of Bitcoin? Print Bitcoin out of thin air? Can't happen sorry, Central Banks are now obsolete. Good riddance to all Banks and the Fractional Reserve Lending Ponzi Scheme that has scorched this earth for far too long. Say hello to sound money that cannot be manipulated and cannot be controlled you fucking scum.

[Possum577]

Who do I quote the subject of this thread?

There's no point in even reading the OP. If bitcoin ends up mimicking the fiat system it will disappear. A blockchain type system to increase transaction speed, lower fees, and ensure validity can be easily generated by most governments to support their fiat currency. Creating a central bank for Bitcoin defeats a major purpose of Bitcoin.

Now I have to go back and reinforce my current thinking by reading the OP's crazy rationale.

Ok, read the OP. I see a few themes getting woven together, here's my take:

1) Fractional Reserve Lending: It's bad for fiat, it'll be bad for Bitcoin. It'll encourage inflation. Instead of having a central bank owning bitcoin to then lend it out to lenders (and encouraging the lending of money that really doesn't exist), organizations that want to do lending for Bitcoin should do so on their own and let their own reputation and reserves cover it, don't link the lenders to a central system...there MUST be the threat of failure, otherwise organizations will take more risk than is prudent.

2) Confidence in Bitcoin: A central bank doesn't provide confidence in the currency it deals in. Look at the Dollar, look at the Euro, need I continue? People will have confidence in Bitcoin due to the blockchain and the community that supports it.

[master sato]

The problem with creating bitcoin banks is that people will increasingly ask what the point of bitcoin is supposed to be.