Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: Outcome of UK.gov Digital currencies: call for information  (Read 521 times)

0 Members and 1 Guest are viewing this topic.

Offline davidpbrown

Outcome of UK.gov Digital currencies: call for information
« on: March 19, 2015, 10:53:14 AM »

Digital currencies: response to the call for evidence
https://www.gov.uk/government/consultations/digital-currencies-call-for-information
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/414040/digital_currencies_response_to_call_for_information_final_changes.pdf

Quote
The government received over 120 responses to the call for information. This document summarises the submissions received and outlines the government’s views and proposed next steps. At Budget 2015, the government is announcing the following:

    the government intends to apply anti-money laundering regulation to digital currency exchanges in the UK, to support innovation and prevent criminal use. The government will formally consult on the proposed regulatory approach early in the next Parliament

    the government will work with BSI (British Standards Institution) and the digital currency industry to develop voluntary standards for consumer protection

    the government is launching a new research initiative which will bring together the Research Councils, Alan Turing Institute and Digital Catapult with industry in order to address the research opportunities and challenges for digital currency technology, and will increase research funding in this area by £10 million to support this
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc

Offline cass

  • Hero Member
  • *****
  • Posts: 4328
  • /(┬.┬)\
    • View Profile
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #1 on: March 20, 2015, 12:38:15 AM »
https://www.gov.uk/government/consultations/digital-currencies-call-for-information/digital-currencies-call-for-information#background


Quote
However, there may also be reasons why the benefits of digital currencies are limited. Such reasons include the fluctuating price of digital currencies, meaning that they are not a stable store of value, and also the fact that digital currencies are accepted by a very limited number of merchants. There is also very limited buyer protection: when goods are bought using a digital currency and the merchant doesn’t send the promised goods, no action can be taken to reverse the transaction.

 :D
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline davidpbrown

Re: Outcome of UK.gov Digital currencies: call for information
« Reply #2 on: March 20, 2015, 12:57:49 PM »
Quote
2.23 Aside from regulation, several other actions were suggested to support the development and usage of digital currencies and related businesses. Over 20 responses mentioned that guidance and education would help to improve awareness and understanding and develop skills relevant to the technology. In addition, a consultancy, several banks and payment scheme companies, digital currency businesses and another government department suggested that a positive step would be for the government to make direct use of digital currency technology, and raised the possibility of banks or the Bank of England integrating digital currency technology into existing payment systems and state-issued currencies, including the option of the Bank of England issuing 'digital sterling'.

That's a move I'm tempted to advise them against.. but then it would not necessarily impact BitShares and other pegged GBP offerings and substantially having Government action like that, albeit BoE, would be a huge boost to digital currencies widely. I just wonder they would be setting themselves up for a fall, trying to do that themselves.

Perhaps they need support from those who know how.. that is perhaps BitShares @bytemaster could offer to do it for them? If devs are interested, there is a timely research call out from the Bank of England that might be a route into that rabbit hole.. Theme 5 specifically: http://www.bankofengland.co.uk/research/Pages/onebank/themeresponse.aspx

The other point in there that I wonder a lot of people do not appreciate fully is noting the nascent character of digital currencies atm and the long road ahead.

 :-\
« Last Edit: March 20, 2015, 01:00:02 PM by davidpbrown »
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc

Offline betax

  • Hero Member
  • *****
  • Posts: 808
    • View Profile
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #3 on: March 20, 2015, 01:21:21 PM »
You are correct about bytemaster offering consultancy, or even we could start a regulated gateway.

There are so many achievements in Bitshares that would allow for a digitalised world and will benefit everyone (both governments an people).

Note that IBM is also thinking to start their usd currency http://www.reuters.com/article/2015/03/12/us-bitcoin-ibm-idUSKBN0M82KB20150312
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline cube

  • Hero Member
  • *****
  • Posts: 1404
  • Bit by bit, we will get there!
    • View Profile
  • BTS: bitcube
  • Witness: bitcube
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #4 on: March 20, 2015, 01:25:52 PM »
You are correct about bytemaster offering consultancy, or even we could start a regulated gateway.

There are so many achievements in Bitshares that would allow for a digitalised world and will benefit everyone (both governments an people).

Note that IBM is also thinking to start their usd currency http://www.reuters.com/article/2015/03/12/us-bitcoin-ibm-idUSKBN0M82KB20150312

BM is probably tied down with bts 1.0 development.  One of the community members here should take the lead.  betax, how about you?
ID: bitcube
bitcube is a dedicated witness and committe member. Please vote for bitcube.

Offline kenCode

  • Hero Member
  • *****
  • Posts: 2222
    • View Profile
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #5 on: March 21, 2015, 04:31:51 PM »
just my 2 bts here, and sorry if this sounds like a really dumb idea.. fiats are about to go the way of the dodo in the next couple years. people will flee them, even if it says bitGBP or something like that. offering bitGBP wont recruit new bts people imo.
what might recruit better is converting open minded dpos people in the altcoin space. bitPPC or bitNMC, something like that. something that shows that the rest of the crypto community finally sees the value in dpos and starts using the bts platform for their dac, delegates, their own bitasset, etc. create of flood of developers using the dpos framework, the api, the wiki articles that could be syndicated into their wallets help screens, you name it. dpos is the future, no doubt about that anymore.
kenCode - Let's Agorise the world!

Offline Akado

  • Hero Member
  • *****
  • Posts: 2760
    • View Profile
  • BTS: akado
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #6 on: March 21, 2015, 04:40:19 PM »
just my 2 bts here, and sorry if this sounds like a really dumb idea.. fiats are about to go the way of the dodo in the next couple years. people will flee them, even if it says bitGBP or something like that. offering bitGBP wont recruit new bts people imo.
what might recruit better is converting open minded dpos people in the altcoin space. bitPPC or bitNMC, something like that. something that shows that the rest of the crypto community finally sees the value in dpos and starts using the bts platform for their dac, delegates, their own bitasset, etc. create of flood of developers using the dpos framework, the api, the wiki articles that could be syndicated into their wallets help screens, you name it. dpos is the future, no doubt about that anymore.

Or maybe even integrate the coin itself within the BitShares blockchain. I think if everyone agreed it would be a cool option. A snapshot would be taken on their own chain and then they could be able to import their private keys, receiving the respective asset and instead of being for example, bitPPC or bitNMC, it would actually be PPC and NMC. Difference is they would be within our chain and take advantage of all our features. That would being liquidity and would be able to charm people more easily into BTS. I think the general people prefer holding an "Alt" instead of a "bitAlt".

It would just be a matter of posting in bitcointalk and im surely at least a few alts would join. They could still develop their own features regardless of joining us.

Holders of those coins could actually trade them within a decentralized exchange. I think this is something worth discussing definitely
« Last Edit: March 21, 2015, 04:42:34 PM by Akado »
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline davidpbrown

Re: Outcome of UK.gov Digital currencies: call for information
« Reply #7 on: March 21, 2015, 04:44:27 PM »
Fiat will not die that quickly, it's unrealistic. Even in the worst case they would just adopt another.. look at what has happened in past sovereign defaults.

There's a big difference between appealing to the cryptocrowd and breaking into wider society.. orders of magnitude difference. All of cryptocurrency together is a drop is a big ocean.. it's not even considered a threat to fiat at the moment.

The BoE issuing actual bitGBP or learning to endorse the concept of pegged bitGBP - even if that is not directly and only BitShares bitGBP, would fasttrack everything BitShares has been playing with to date. As they've noted the whole industry is nascent.. lots of future potential but a lot still to be learnt and dealt with to ensure robust networks and usability. Still, engaging with a central bank could bring kudos and professional insights that might not otherwise be available.
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc

Offline kenCode

  • Hero Member
  • *****
  • Posts: 2222
    • View Profile
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #8 on: March 21, 2015, 05:28:57 PM »
bitEUR isnt popular so why will bitGBP be popular.. rhetorical..
 
k, how bout this.. how bout instead of trying to convert existing alts to bitNMC or whatever.. one thing i have noticed is a bunch of johnny come latelys to the alt scene, ie.. xcoin, ycoin, zcoin, dingdongcoin, kencodecoin, you know what i mean. we could do the same thing, just make a bunch of dpos coins and flood coinmarketcap and other sites with them, get them traded and then the johnny come latelys will be like oh man we need to use dpos too huh huh.. when all along it was our coins to begin with. pumpm and dumpm just to get dpos noticed. its not that hard to clone a bunch of them onto dpos and give them silly names like doge and dingycoin etc..
sorry, just thinkin out loud here lol
kenCode - Let's Agorise the world!

Offline davidpbrown

Re: Outcome of UK.gov Digital currencies: call for information
« Reply #9 on: March 21, 2015, 05:35:26 PM »
and off topic. Pump and dumping is not the route to credibility!

As for your rhetorical, in case you missed the obvious; whatever fiat moves first could become a bigger player than they otherwise might.. and the UK is home to a large financial services capability that might adopt that, as an alt to the USD. Also the OP detail suggests the UK might be one step ahead of Europe on this. It's less likely the ECB will issue their own digital Euro.
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc

Offline kenCode

  • Hero Member
  • *****
  • Posts: 2222
    • View Profile
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #10 on: March 21, 2015, 06:14:50 PM »
and off topic. Pump and dumping is not the route to credibility!
As for your rhetorical, in case you missed the obvious; whatever fiat moves first could become a bigger player than they otherwise might.. and the UK is home to a large financial services capability that might adopt that, as an alt to the USD. Also the OP detail suggests the UK might be one step ahead of Europe on this. It's less likely the ECB will issue their own digital Euro.

agreed. credibility of dpos could be shot if we upped it thru silly alts.
i'd love to see the bis, imf, ecb etc go for crypto, but if they educate the populace on crypto then they can forget about any control, the populace will just choose a crypto like bts which benefits us eitherway. the more centralized exchanges get hacked, the nicer a decentralized platform like bts looks too. theres so many reasons why bts can win this in the long run.. the sleeping giant..
kenCode - Let's Agorise the world!

zerosum

  • Guest
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #11 on: March 21, 2015, 06:27:24 PM »
... the sleeping giant..

Yes, the  slipping giant.


Slipping

1. on the downward trend.
2. losing the edge.
3. falling into error.
4. not paying attention.

Offline davidpbrown

Re: Outcome of UK.gov Digital currencies: call for information
« Reply #12 on: March 21, 2015, 06:30:32 PM »
Yes, the  slipping giant.


Slipping

1. on the downward trend.
2. losing the edge.
3. falling into error.
4. not paying attention.


If only talking shite could made people rich, eh.
฿://1CBxm54Ah5hiYxiUtD7JGYRXykT5Z6ZuMc

Offline jsidhu

  • Hero Member
  • *****
  • Posts: 1337
    • View Profile
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #13 on: March 22, 2015, 12:21:23 AM »
If boe listens to any of us we should stop ehat we are doing take the first ticket to england and fly out there... Thats a big deal it would single handedly put us near bitcoin cap if boe works with us somehow.. If boe can be persuaded it would be daniel so i suggest he reaches out on a shot in the dark via email first.
Hired by blockchain | Developer
delegate: dev.sidhujag

Offline kenCode

  • Hero Member
  • *****
  • Posts: 2222
    • View Profile
Re: Outcome of UK.gov Digital currencies: call for information
« Reply #14 on: March 22, 2015, 08:41:18 AM »
It never hurts to try.
A scheduled email blast from community members to specific decision making Officials perhaps?
kenCode - Let's Agorise the world!

 

Google+