[2014-09-12] Bank of England sees Bitcoin fraud risk, deflation danger

[cescan]

http://uk.reuters.com/article/2014/09/11/uk-britain-boe-bitcoin-idUKKBN0H61HL20140911

Bitcoin and similar digital currencies may be at increasing risk of fraud and could damage Britain's economy if they find widespread use, the Bank of England said on Thursday.

The BoE said the finite supply of Bitcoins - which are traded between users outside the banking system, and used to buy goods ranging from pizzas to PCs - meant that an economy where they formed the main currency would be at risk of deflation.

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[lihuajkl]

I think the government are welcome BTC. Some news was published before like Chancellor Osborne commissioned the UK Treasury to produce a program of work on cryptocurrencies. The government are looking ways to stimulate their economy no matter bitcoin or others. But once bitcoin is supported by the government and adopted by most the citizens, the bank will be headache. 

[notthematrix]

Defalation is good , thoose who believe in inflation are mad ore suicidal http://www.youtube.com/watch?v=Sqwd_u6HkMo

[bitbouillion]

Inflation keeps the fiat Ponzi running, deflation is it's death ... they only true reason why bankers run their propaganda "inflation is good" and "deflation is bad".

[yatsey87]

http://uk.reuters.com/article/2014/09/11/uk-britain-boe-bitcoin-idUKKBN0H61HL20140911

Bitcoin and similar digital currencies may be at increasing risk of fraud and could damage Britain's economy if they find widespread use, the Bank of England said on Thursday.

The BoE said the finite supply of Bitcoins - which are traded between users outside the banking system, and used to buy goods ranging from pizzas to PCs - meant that an economy where they formed the main currency would be at risk of deflation.

I don't see how there's an increasing risk of fraud? Sounds like they're worried to me. What they say is irrelevant anyway because their answer to economic crises is to keep printing more money which devalues the currency.

[CoinMode]

Deflation = Always Bad
Inflation = Always Good

"The Dogma of the Plutocrat for the Express Purposes of Oppressing the Plebeian"

When are these dinosaurs going to finally just go extinct forever?

[Pingu]

Maybe the bank of england should look at the fraud risk of fiat and all the bankers commiting fraud everyday.

[notthematrix]

thoose who believe in inflation are eigher mad or suicideal!
https://www.youtube.com/watch?v=Sqwd_u6HkMo