Exclusive: IBM looking at adopting bitcoin technology for major currencies

[mike623317]

True.  Any form of fiat will only last until the central bank destroys it.  That is why the true innovation is assets such as bitgold, bitoil, ect.  Bitfiat is only intended to bridge the gap.

Exactly +5% +5%

[Helikopterben]

The central bank will not default, no matter the monetary manipulations on the USD required to accomplish this.

Monetary manipulations on the USD (money printing) IS default.  Debts are not repaid legitimately, therefore it is default on their obligations.

But it's true that those hurt savings stored in BitUSD just as much as they hurt other USD (except for yield).  There would be less need for an MPA tracking USD if USD itself were less unwieldy.  It would be more like BitBTC and BTC.

True.  Any form of fiat will only last until the central bank destroys it.  That is why the true innovation is assets such as bitgold, bitoil, ect.  Bitfiat is only intended to bridge the gap.

[carpet ride]

Yeah agree. once these companies catch on, they're all going to want to launch their own digital usd


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[donkeypong]

It's just a matter of time before the big banks, as well as companies and perhaps central banks, start to use a ledger system based on the blockchain. But that doesn't make it decentralized.

[Troglodactyl]

The central bank will not default, no matter the monetary manipulations on the USD required to accomplish this.

Monetary manipulations on the USD (money printing) IS default.  Debts are not repaid legitimately, therefore it is default on their obligations.

But it's true that those hurt savings stored in BitUSD just as much as they hurt other USD (except for yield).  There would be less need for an MPA tracking USD if USD itself were less unwieldy.  It would be more like BitBTC and BTC.

[Helikopterben]

The central bank will not default, no matter the monetary manipulations on the USD required to accomplish this.

Monetary manipulations on the USD (money printing) IS default.  Debts are not repaid legitimately, therefore it is default on their obligations.

[Pheonike]

Not for that site,   but its on other sites, just search the title on Google.

[carpet ride]

We need to comment on this article in as many places as possible since its Reuters. Could use it for marketing.

Is there a comments section on desktop? Not seeing one on mobile


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[Pheonike]

We need to comment on this article in as many places as possible since its Reuters. Could use it for marketing.

[carpet ride]

This means absolutely nothing beyond talks between the Fed and IBM to further digitize the US dollar.

No mention of consensus mechanism.

No mention of inflation rate.

I'm pretty sure their concept of "decentralized consensus" would be something such as allowing each Federal Reserve District a delegate or node.     ::)

Even if brought to fruition, these kind of changes may slightly slow the eventual flight from the dollar domestically, but I doubt it will have much effect globally.

So far I can't determine if it would allow the world to go down to a penny per peer to peer transaction and allow anyone to be their own bank. If so the bts merchants and remittance markets go up in smoke?


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[bobmaloney]

This means absolutely nothing beyond talks between the Fed and IBM to further digitize the US dollar.

No mention of consensus mechanism.

No mention of inflation rate.

I'm pretty sure their concept of "decentralized consensus" would be something such as allowing each Federal Reserve District a delegate or node.     ::)

Even if brought to fruition, these kind of changes may slightly slow the eventual flight from the dollar domestically, but I doubt it will have much effect globally.

[starspirit]

It has a central bank backing it, and that has a much larger balance sheet than BTS. The central bank will not default, no matter the monetary manipulations on the USD required to accomplish this. Doesn't that logically make BitUSD the weaker alternative, because by construct it is exposed not only to the quality of USD and what the central bank does, but also to the gap risk inherent in BTS?

[Troglodactyl]

same thing as a bitusd etc lol

Well no.  This has no collateral backing it, and is centrally manipulated.

[jsidhu]

same thing as a bitusd etc lol

[Pheonike]

The competition is heating up!!

http://www.reuters.com/article/2015/03/12/us-bitcoin-ibm-idUSKBN0M82KB20150312?feedType=RSS&feedName=technologyNews

http://www.reddit.com/r/Bitcoin/comments/2yu3co/exclusive_ibm_looking_at_adopting_bitcoin/