[2014-09-17] CD: Boston Fed: Bitcoin Could Be Reducing Online Shopping Costs

[LiteCoinGuy]

Boston Fed: Bitcoin Could Be Reducing Online Shopping Costs

Yet, the authors say that bitcoin could become a solution for online commerce, particularly as more e-tailers begin accepting digital currency. In the long term, bitcoin could be a viable candidate system to replace an existing financial infrastructure that the Boston Fed deems “fragmented” and “inefficient”.

The authors note:

   “In principle, any of the functionality or services related to payment and transfer offered in the existing financial system should be, and likely will be, a candidate for reform if such reform can result in greater efficiency by using technology developed in the open-source distributed network framework that is at the foundation of bitcoin.”

http://www.coindesk.com/boston-fed-bitcoin-revolutionize-payments/

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[Kprawn]

And I quote ..." lack of a central authority make it a risky form of money, though its underlying technology holds great promise. "

The whole point of BTC is not to have a central authority calling the shots. 

It is also clear, that they are not understanding the competition amongst "miners" for blocks. What collusion would take place, between mining giants? Whatever you mine is yours to keep.

They should go back to the office, and do some proper homework, before they make silly statements like these.

One thing, I do give them, remittance with BTC will never be the same. 

[cr1776]

And I quote ..." lack of a central authority make it a risky form of money, though its underlying technology holds great promise. "

The whole point of BTC is not to have a central authority calling the shots. 

It is also clear, that they are not understanding the competition amongst "miners" for blocks. What collusion would take place, between mining giants? Whatever you mine is yours to keep.

They should go back to the office, and do some proper homework, before they make silly statements like these.

One thing, I do give them, remittance with BTC will never be the same. 

Good point. I think the more accurate statement based on history is:

"Central authority makes fiat a risky form of money. "

[SirWilliam]

Nice!

[BitMarshall]

Very nice!