[2014-09-12] Bitcoin 'could pose a risk to UK economy'

[patricktim]

http://www.telegraph.co.uk/technology/news/11090391/Bitcoin-could-pose-a-risk-to-UK-economy.html

But despite rapidly expanding interest in Bitcoin, it still occupies only a small niche.

The Bank estimates that just 20,000 people in the UK currently hold any bitcoins, and that most of them see it as a store of value rather than money. All Bitcoin-holding Britons combined make as few as 300 transactions per day, it estimates.

[jbrnt]

Another misleading title from modern journalism

Bank of England actually said it is extremely unlikely at present

“Should they achieve limited adoption as a payment system, they are unlikely to undermine the Bank’s ability to achieve monetary stability. While that could, in theory, change if sterling were abandoned in favour of an alternative currency for a significant fraction of the economy, such a scenario is considered extremely unlikely at present,” it said.

[PatMan]

......undermine the Bank’s ability to achieve monetary stability.

Are they joking? What stability are they referring to exactly? The reason the monetary situation has been so unstable for the last 10 years is because of the banks & their unethical, thieving, greedy mismanagement. They're just worried about losing their jobs, scaremongering whores.

[gmx95]

I am surprised with a low numbers: 300 transactions per day through the whole Britain? That's too small.
I would expect there to be much more buying and selling activity in the UK.

[Lethn]

I am surprised with a low numbers: 300 transactions per day through the whole Britain? That's too small.
I would expect there to be much more buying and selling activity in the UK.

That's probably the only transactions they knew about I know I try my best to keep low key about my dealings in Bitcoin even if I only have a tiny amount right now, we Brits actually do something about the government spying on and censoring us over here, that said I did contact the Bank of England and HMRC to ask about taxes.

[lihuajkl]

None sense! The economy have  just weathered bad situation and is recovering. Their bad management of the banks caused the economy deteriorate. They are finding something to blame.

[CoinMode]

I am surprised with a low numbers: 300 transactions per day through the whole Britain? That's too small.
I would expect there to be much more buying and selling activity in the UK.

They mean taxable transactions from Brits to Brits, not international business going in and out, and certainly not including any non-taxed transfers that happen outside of businesses. All of the transfers to and from the Dark Wallet devs are likely under the table and untraceable. So perhaps there are 300 cups of tea being sold daily for bitcoins in London. They have a very narrow and inaccurate definition that is based on the old financial system where a untaxed transfer of funds is not considered a transfer of funds.

[teukon]

The Bank continues to monitor digital currencies and the risks they pose to its mission. If a subset of people transacted exclusively in a digital currency, then the Bank’s ability to influence demand for this group may potentially be impaired,...

The Bitcoin community continues to monitor the Bank of England and the risk it poses to our mission.  If a subset of people transacted exclusively in bitcoin, then the Bank's ability to manipulate demand for this group will hopefully be impaired.

[Lethn]

The Bank continues to monitor digital currencies and the risks they pose to its mission. If a subset of people transacted exclusively in a digital currency, then the Bank’s ability to influence demand for this group may potentially be impaired,...

The Bitcoin community continues to monitor the Bank of England and the risk it poses to our mission.  If a subset of people transacted exclusively in bitcoin, then the Bank's ability to manipulate demand for this group will hopefully be impaired.

Mwhwhahahahahahahahahaahahahahahahahahahahhahahaaaaaaaaa!!!!!!!!!!!!!!!!!!!!

https://www.youtube.com/watch?v=VzRQ4QrZnXQ

[IYFTech]

The Bank continues to monitor digital currencies and the risks they pose to its mission. If a subset of people transacted exclusively in a digital currency, then the Bank’s ability to influence demand for this group may potentially be impaired,...

The Bitcoin community continues to monitor the Bank of England and the risk it poses to our mission.  If a subset of people transacted exclusively in bitcoin, then the Bank's ability to manipulate demand for this group will hopefully be impaired.

THIS!   

Spot on dude.