USA just released a digital currency white paper. Wonder where they got the idea

[colinistheman]

This document just came out 2 days ago from the US governmental body EFTA (Electronic Funds Transfer Association):

http://efta.org/wp-content/uploads/2015/01/strategies-improving-us-payment-system.pdf

What's funny is if you search for the terms "bitcoin" or "blockchain" you don't find a single instance in the entire document.

But the document is so obviously created to mirror a bitcoin-like or ripple-like technology.

The clearly intentional lack of mentioning bitcoin (or any other existing cryptocurrency for that matter) when it's so obviously borrowing the ideas seems to indicate they feel threatened. Otherwise they would be crediting it properly, even if just in reference to their idea.

It seems like they want to feel that they are creating something new that will outdo Bitcoin and then take full credit for it. THAT I'd love to see.

By the time they have any sort of working implementation (which I doubt they ever will), bitcoin will be so widely adopted that their system will be utterly ignored and useless.



Here's a paragraph from their document. It reminds me of satoshi's white paper in 2008. Lol:

The Federal Reserve believes that the U.S. payment system is at a critical juncture in its evolution. Technology is rapidly changing many elements that support the payment process. High-speed data networks are becoming ubiquitous, computing devices are becoming more sophisticated and mobile, and information is increasingly processed in real time. These capabilities are changing the nature of commerce and end-user expectations for payment services. Meanwhile, payment security and the protection of sensitive data, which are foundational to public confidence in any payment system, are challenged by dynamic, persistent and rapidly escalating threats. Finally, an increasing number of U.S. citizens and businesses routinely transfer value across borders and demand better payment options to swiftly and efficiently do so.

This reminds me of one of my favorite quotes: "There are those who can see trends coming in advance... and those who chase the trends."

[pedrog]

"Good artists copy great artists steal."

[countryfree]

I wouldn't say they feel threatened, but it's quite normal that like any business, they are always looking for ways to make things better. If there are good things in BTC, they sure won't mind copying it. Except that the best thing about BTC is that its independent from all commercial and central banks, so whatever they do, they can help promote cryptocurrencies, but they can't compete with BTC.

[colinistheman]

I wouldn't say they feel threatened, but it's quite normal that like any business, they are always looking for ways to make things better. If there are good things in BTC, they sure won't mind copying it. Except that the best thing about BTC is that its independent from all commercial and central banks, so whatever they do, they can help promote cryptocurrencies, but they can't compete with BTC.

But if they didn't feel threatened then why didn't they even mention anything bitcoin or blockchain related as to the path of discovery or history of their paper? They avoided mentioning it completely, and there's no doubt what the paper was spurred by.

[gjgjg]

I suppose it's inevitable they try to look relevant and like they're up to speed on things...
The only hope is that it doesn't end up being something the government+banks try to replace btc with  (Ecuador style) .
That could just send up delaying btc adoption at best, and muddying the waters. Bit like most of those altcoins...  

Ps How is the Ecuador coin going i wonder

[botany]

Reminds me of "he who must not be named". 
Why are they so paranoid about Bitcoin?

[chaosknight]

yes they do believe that cryptology is best and bitcoin is a good innovation in the terms of financial transaction but they don't want to admit this publicly, they are threaten that if they did so then people will give more importance to bitcoin then their project

[jyakulis]

Well, they certainly have the resources to launch another coin and control the lion share of the mining if they wanted. Reminds me of that guy that was saying a government should release cryptocurrency and the mining and transactions controlled by super computers. Just curious if they would let lone wolves jump in on the mining process or they would want central control at hubs. They would have the power to make theirs legal tender, which bitcoin has not yet been afforded the luxury.

[ChuckBuck]

Like they say "Imitation is the greatest form of flattery".

Whatever government coin or payment system will be shutdown, once Bitcoin reaches the adoption phase.

Apple Pay will alert masses to the future of mobile payments, then Bitcoin will usurp them in total usership, once they're all on Android phones.

Can't wait to see how this all plays out.

[Gleb Gamow]

http://efta.org/wp-content/uploads/2015/01/strategies-improving-us-payment-system.pdf

[Gleb Gamow]

Ready for a shocker?

https://who.godaddy.com/whoisstd.aspx?domain=fedpaymentsimprovement.org&prog_id=GoDaddy&k=tO4HqCspipxA2vlP5%2fa1vxrtTWCroy3GhyBpIN%2frbPjy5%2fBTcxlG5C9cB3aIPb8oELi9QfApkkpJ%2fxQfpj5MVA%3d%3d

Domain Name: FEDPAYMENTSIMPROVEMENT.ORG
Registry Domain ID: D169522799-LROR
Registrar WHOIS Server: whois.godaddy.com
Registrar URL: http://www.godaddy.com
Update Date: 2013-08-26T22:26:31Z
Creation Date: 2013-08-26T22:26:30Z
Registrar Registration Expiration Date: 2016-08-26T22:26:30Z
Registrar: GoDaddy.com, LLC
Registrar IANA ID: 146

https://who.godaddy.com/whoisstd.aspx?domain=paypalsucks.com&prog_id=GoDaddy

Domain Name: PAYPALSUCKS.COM
Registry Domain ID: 42655783_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.enom.com
Registrar URL: www.enom.com
Updated Date: 2013-08-26T22:30:26.00Z
Creation Date: 2000-11-14T21:06:26.00Z
Registrar Registration Expiration Date: 2020-11-14T21:06:00.00Z
Registrar: ENOM, INC.
Registrar IANA ID: 48

ONLY ~4 minutes after https://fedpaymentsimprovement.org/ was created, PAYPALSUCKS.COM was updated. What are the odds?

[mayax]

see if hustlertube.com was updated as well and maybe Spankwire too... thanks

[ChuckBuck]

see if hustlertube.com was updated as well and maybe Spankwire too... thanks

Check out the bits on that sexy coin.  HUBBA HUBBA!



I bet she can fork my blockchain.  I'd last only 10 minutes for 1 confirmation!

[Gleb Gamow]

Here's the original two years earlier: http://web.archive.org/web/20131206032128/http://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdf

Sandra Pianalto is now Sandy Pianalto.

[AtheistAKASaneBrain]

Here's the original two years earlier: http://web.archive.org/web/20131206032128/http://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdf

Sandra Pianalto is now Sandy Pianalto.

Interesting. I was sure I heard this before being mentioned here. Whats up with the name change tho?

[Gleb Gamow]

Bitcoin is mentioned three times here: https://fedpaymentsimprovement.org/wp-content/uploads/Tomas_Noyes-Starpoint_LLP-120213.pdf

[Gleb Gamow]

Here's the original two years earlier: http://web.archive.org/web/20131206032128/http://fedpaymentsimprovement.org/wp-content/uploads/2013/09/Payment_System_Improvement-Public_Consultation_Paper.pdf

Sandra Pianalto is now Sandy Pianalto.

Interesting. I was sure I heard this before being mentioned here. Whats up with the name change tho?

Perhaps here?: https://bitcoinfoundation.org/forum/index.php?/topic/484-federal-reserve-bank-rfc-on-future-payment-systems/

[Grg]

"Strategy #5 – Enhance Federal Reserve Bank payments, settlement and risk-management services (2015 and
beyond)"


Is this thesame as part of Ethereum?


I´m glad to see that them a$$hol*s realize they can´t stop this movement. They HAVE to adjust to it.
Let´s make sure that they dont get TO much free space to adjust to make a offensive move and crack down upon the BTC-community.

-Grg

[Gleb Gamow]

https://www.chicagofed.org/publications/
chicago-fed-letter/2013/december-317

Conclusion

So far, the uses of bitcoin as a medium of
exchange appear limited, particularly
if one excludes illegal activities. It has
been used as a means to transfer funds
outside of traditional and regulated
channels and, presumably, as a speculative
investment opportunity. People
bet on bitcoin because it may develop
into a full-fledged currency. Some of
bitcoin’s features make it less convenient
than existing currencies and payment
systems, particularly for those who have
no strong desire to avoid them in the
first place. Nor does it truly embody
what Hayek and others in the “Austrian
School of Economics” proposed. Should
bitcoin become widely accepted, it is unlikely
that it will remain free of government
intervention, if only because the
governance of the bitcoin code and network
is opaque and vulnerable. That said,
it represents a remarkable conceptual and
technical achievement, which may well
be used by existing financial institutions
(which could issue their own bitcoins)
or even by governments themselves.

[Furio]

This document just came out 2 days ago from the US governmental body EFTA (Electronic Funds Transfer Association):

http://efta.org/wp-content/uploads/2015/01/strategies-improving-us-payment-system.pdf

What's funny is if you search for the terms "bitcoin" or "blockchain" you don't find a single instance in the entire document.

But the document is so obviously created to mirror a bitcoin-like or ripple-like technology.

The clearly intentional lack of mentioning bitcoin (or any other existing cryptocurrency for that matter) when it's so obviously borrowing the ideas seems to indicate they feel threatened. Otherwise they would be crediting it properly, even if just in reference to their idea.

It seems like they want to feel that they are creating something new that will outdo Bitcoin and then take full credit for it. THAT I'd love to see.

By the time they have any sort of working implementation (which I doubt they ever will), bitcoin will be so widely adopted that their system will be utterly ignored and useless.



Here's a paragraph from their document. It reminds me of satoshi's white paper in 2008. Lol:

The Federal Reserve believes that the U.S. payment system is at a critical juncture in its evolution. Technology is rapidly changing many elements that support the payment process. High-speed data networks are becoming ubiquitous, computing devices are becoming more sophisticated and mobile, and information is increasingly processed in real time. These capabilities are changing the nature of commerce and end-user expectations for payment services. Meanwhile, payment security and the protection of sensitive data, which are foundational to public confidence in any payment system, are challenged by dynamic, persistent and rapidly escalating threats. Finally, an increasing number of U.S. citizens and businesses routinely transfer value across borders and demand better payment options to swiftly and efficiently do so.

This reminds me of one of my favorite quotes: "There are those who can see trends coming in advance... and those who chase the trends."

Don't underestimate the stupidity of sheeps, once a bank launches it, it must be SAFE, SADLY MOST PEOPLE THINK THIS WAY, FLUORIDE IS REALLY DOING THE TRICK I think that this will be the bggest threat to bitcoin, mass adaption has failed untill this day, and it will be a fierce competitor if government launches it, because hey it's government, so it's legal.....