Poll

How do you feel about the Bank of England?

I think we can develop mutually beneficial relations with the Bank of England
18 (52.9%)
I'm unsure about how I feel about the Bank of England
8 (23.5%)
I think the Bank of England is a bank not to cooperate with but to replace entirely
8 (23.5%)

Total Members Voted: 32

Voting closed: July 08, 2016, 06:08:33 PM

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: The Bank of England is monitoring digital currencies  (Read 635 times)

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Offline luckybit

The Bank of England is monitoring digital currencies
« on: September 11, 2014, 06:02:25 PM »

They seem to have an excellent understanding of the technology. They have done their research thoroughly.

http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q3prereleasedigitalcurrenciesbitcoin.aspx

https://www.youtube.com/watch?v=CxDKE_gQX_M&feature=youtu.be
https://www.youtube.com/watch?v=rGNNiTaC2xs

Their mission objective is financial stability. As long as the prices can't crash so hard it disrupts the economy it seems they don't mind Bitcoin because it does not effect their mission which is stability. BitEURO is stable so there wouldn't be any price crashes and as far as price crashes of BTSX, if it were to be turned into an ETF style stock then eventually there could be stability in ownership at least as much as with stocks in traditional banks.

So I think Bitshares X is in a very unique position where it's not a threat to economic stability but at the same time can innovate and create a new industry. I think these videos show that at least the Bank of England isn't likely to see Bitshares X as a threat to it's objectives.
« Last Edit: September 11, 2014, 06:10:07 PM by luckybit »
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Offline tonyk

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Re: The Bank of England is monitoring digital currencies
« Reply #1 on: September 11, 2014, 06:12:59 PM »
Wait, I thought we killed it already...
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline luckybit

Re: The Bank of England is monitoring digital currencies
« Reply #2 on: September 11, 2014, 06:22:29 PM »
Wait, I thought we killed it already...

There are three possibilities going forward which I can see.

1) The Bitshares community seeks to establish and develop mutually beneficial relations with central banks such as Bank of England.
2) The Bitshares community stays neutral but monitors and learns from the central banks such as the Bank of England.
3) The Bitshares community seeks to put the Bank of England out of business entirely without any cooperation.

Each option has it's pros and cons. At some point the community is going to have to make these kinds of choices so I decided to put the poll up now. Since it's now official that the Bank of England is monitoring technologies like Bitshares X, what better time to have this discussion? How should the Bitshares X community interact with the central banks and what do the delegates think of interacting with banks?

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Offline tonyk

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Re: The Bank of England is monitoring digital currencies
« Reply #3 on: September 11, 2014, 06:34:59 PM »
Wait, I thought we killed it already...

There are three possibilities going forward which I can see.

1) The Bitshares community seeks to establish and develop mutually beneficial relations with central banks such as Bank of England.
2) The Bitshares community stays neutral but monitors and learns from the central banks such as the Bank of England.
3) The Bitshares community seeks to put the Bank of England out of business entirely without any cooperation.

Each option has it's pros and cons. At some point the community is going to have to make these kinds of choices so I decided to put the poll up now. Since it's now official that the Bank of England is monitoring technologies like Bitshares X, what better time to have this discussion? How should the Bitshares X community interact with the central banks and what do the delegates think of interacting with banks?

I think the community has made its (unwise in my view) choice, nemely that it has already 'killed the bank'... even the T-shirts proclaiming the fact are in mass production...
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline Bitshark

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Re: The Bank of England is monitoring digital currencies
« Reply #4 on: September 11, 2014, 06:42:32 PM »
Develop mutually beneficial relationship with the bank of England to get Bitshares mainstream adoption; than let the technology itself destroy them.  +5%

Offline Brent.Allsop

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Re: The Bank of England is monitoring digital currencies
« Reply #5 on: September 11, 2014, 06:54:43 PM »
Wait, I thought we killed it already...

There are three possibilities going forward which I can see.

1) The Bitshares community seeks to establish and develop mutually beneficial relations with central banks such as Bank of England.
2) The Bitshares community stays neutral but monitors and learns from the central banks such as the Bank of England.
3) The Bitshares community seeks to put the Bank of England out of business entirely without any cooperation.

Each option has it's pros and cons. At some point the community is going to have to make these kinds of choices so I decided to put the poll up now. Since it's now official that the Bank of England is monitoring technologies like Bitshares X, what better time to have this discussion? How should the Bitshares X community interact with the central banks and what do the delegates think of interacting with banks?


It appears that this community might think that these 3 options are morally equivalent, each of them having "pros and cons".  And it really hurts me how many people want to kill and destroy these kinds of big institutions.  Just the attitude revealed by someone saying: "Wait, I thought we killed them already" reveals this primitive hateful no co-operation is necessary mindset.

In my opinion, the obvious answer is, the first community to get the big banks on board, and getting access to their capital, and ability to make things happen, will easily blow everyone else away.  We've got to learn to be lovers, and how to get along, and grow this herd as big as possible.  We all need to be desperately thinking, how do we get the big banks on board as SOON as possible, not looking for and hopping they just die.

Lonely haters will never get anywhere.


Offline tonyk

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Re: The Bank of England is monitoring digital currencies
« Reply #6 on: September 11, 2014, 07:00:53 PM »
Wait, I thought we killed it already...

There are three possibilities going forward which I can see.

1) The Bitshares community seeks to establish and develop mutually beneficial relations with central banks such as Bank of England.
2) The Bitshares community stays neutral but monitors and learns from the central banks such as the Bank of England.
3) The Bitshares community seeks to put the Bank of England out of business entirely without any cooperation.

Each option has it's pros and cons. At some point the community is going to have to make these kinds of choices so I decided to put the poll up now. Since it's now official that the Bank of England is monitoring technologies like Bitshares X, what better time to have this discussion? How should the Bitshares X community interact with the central banks and what do the delegates think of interacting with banks?


It appears that this community might think that these 3 options are morally equivalent, each of them having "pros and cons".  And it really hurts me how many people want to kill and destroy these kinds of big institutions.  Just the attitude revealed by someone saying: "Wait, I thought we killed them already" reveals this primitive hateful no co-operation is necessary mindset.

In my opinion, the obvious answer is, the first community to get the big banks on board, and getting access to their capital, and ability to make things happen, will easily blow everyone else away.  We've got to learn to be lovers, and how to get along, and grow this herd as big as possible.  We all need to be desperately thinking, how do we get the big banks on board as SOON as possible, not looking for and hopping they just die.

Lonely haters will never get anywhere.

My poor choice of words/bad English skills, or blind believe that the sarcasm can be easily seen, are to blame for misinterpreting my position on this - I strongly disagree with the slogan - "I killed the bank" ... read my other post  and here it is in straight words - "I believe this slogan is stupid, counterproductive and should be dropped ASAP"
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline gamey

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Re: The Bank of England is monitoring digital currencies
« Reply #7 on: September 11, 2014, 07:20:04 PM »

My poor choice of words/bad English skills, or blind believe that the sarcasm can be easily seen, are to blame for misinterpreting my position on this - I strongly disagree with the slogan - "I killed the bank" ... read my other post  and here it is in straight words - "I believe this slogan is stupid, counterproductive and should be dropped ASAP"

I knew you were joking even though I didn't know you despised the slogan.

Also I don't think anyone ever pushed it as a serious slogan.  It was talked about in the context of a T-shirt slogan and now Brent is giving us big speeches on being haters.

Obviously everyone on here has nothing against cooperation with banks.  I don't really think that needs to be discussed further.  However, the main thrust of this experiment is to be decentralized and setup to run completely independent of brick & mortar institutions.  At the end of the day, that is what it is. 

« Last Edit: September 11, 2014, 07:22:55 PM by gamey »
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Offline tonyk

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Re: The Bank of England is monitoring digital currencies
« Reply #8 on: September 11, 2014, 07:36:58 PM »
However, the main thrust of this experiment is to be decentralized and setup to run completely independent of brick & mortar institutions.  At the end of the day, that is what it is.

However, the main thrust of this experiment is to be decentralized and setup to run completely independent of brick & mortar institutions and to provide the same as well as more, functions and services needed by the society just to do it in a better and more fair way!


And yes, some of those brick & mortar institution might be killed as a bi-product of that. But not all and definitely not in past tense.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

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Re: The Bank of England is monitoring digital currencies
« Reply #9 on: September 11, 2014, 07:49:11 PM »
i am still trying to figure out if and what kind of damage they can do to the btsx blockchain .. haven't found any yet
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Offline jsidhu

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Re: The Bank of England is monitoring digital currencies
« Reply #10 on: September 11, 2014, 07:50:11 PM »
The also released this info on BOE: https://bitsharestalk.org/index.php?topic=8783.msg113943;topicseen#msg113943

This is WSJ's interpretation of the release.
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Offline luckybit

Re: The Bank of England is monitoring digital currencies
« Reply #11 on: September 11, 2014, 08:50:15 PM »
However, the main thrust of this experiment is to be decentralized and setup to run completely independent of brick & mortar institutions.  At the end of the day, that is what it is.

However, the main thrust of this experiment is to be decentralized and setup to run completely independent of brick & mortar institutions and to provide the same as well as more, functions and services needed by the society just to do it in a better and more fair way!


And yes, some of those brick & mortar institution might be killed as a bi-product of that. But not all and definitely not in past tense.

It seems the BOE is focused on maintaining financial stability. They don't seem to care what technology is used as long as it achieves their objectives. So if Bitshares X can help them to achieve their objectives then a mutually beneficial relationship can be developed at least in theory.

I mean who doesn't want financial stability? But how can Bitshares X produce that stability? For one Bitshares X isn't challenging the stability of the Euro, the Pound or the Dollar. It simulates these currencies which means the central banks can maintain their economic responsibilities due to the fact that everything could still be priced in their currencies.

Bitcoin is a problem because it's volatile and if everything were priced in Bitcoin then that actually could affect financial stability. While I'm not going to far as to say the effect would be bad it would certainly mean that their inflation policies might not work which could affect strategic policies of the banks.

Wouldn't it be interesting if BOE could endorse a BitAsset as long as it supports the financial stability goals of the BOE?
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Offline eagleeye

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Re: The Bank of England is monitoring digital currencies
« Reply #12 on: September 11, 2014, 08:54:26 PM »
Wait, I thought we killed it already...

There are three possibilities going forward which I can see.

1) The Bitshares community seeks to establish and develop mutually beneficial relations with central banks such as Bank of England.
2) The Bitshares community stays neutral but monitors and learns from the central banks such as the Bank of England.
3) The Bitshares community seeks to put the Bank of England out of business entirely without any cooperation.

Each option has it's pros and cons. At some point the community is going to have to make these kinds of choices so I decided to put the poll up now. Since it's now official that the Bank of England is monitoring technologies like Bitshares X, what better time to have this discussion? How should the Bitshares X community interact with the central banks and what do the delegates think of interacting with banks?

Isnt different parts of the community doing different things between 1, 2 and 3.  In essence, we are probably doing 2 and 3 at the same time with some high level ones (the developers perhaps) strategically doing number 1.

Offline tonyk

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Re: The Bank of England is monitoring digital currencies
« Reply #13 on: September 11, 2014, 08:55:49 PM »
However, the main thrust of this experiment is to be decentralized and setup to run completely independent of brick & mortar institutions.  At the end of the day, that is what it is.

However, the main thrust of this experiment is to be decentralized and setup to run completely independent of brick & mortar institutions and to provide the same as well as more, functions and services needed by the society just to do it in a better and more fair way!


And yes, some of those brick & mortar institution might be killed as a bi-product of that. But not all and definitely not in past tense.

It seems the BOE is focused on maintaining financial stability. They don't seem to care what technology is used as long as it achieves their objectives. So if Bitshares X can help them to achieve their objectives then a mutually beneficial relationship can be developed at least in theory.

I mean who doesn't want financial stability? But how can Bitshares X produce that stability? For one Bitshares X isn't challenging the stability of the Euro, the Pound or the Dollar. It simulates these currencies which means the central banks can maintain their economic responsibilities due to the fact that everything could still be priced in their currencies.

Bitcoin is a problem because it's volatile and if everything were priced in Bitcoin then that actually could affect financial stability. While I'm not going to far as to say the effect would be bad it would certainly mean that their inflation policies might not work which could affect strategic policies of the banks.

Wouldn't it be interesting if BOE could endorse a BitAsset as long as it supports the financial stability goals of the BOE?

Those feel like things too good to be true. I do hope for once the saying is wrong.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline luckybit

Re: The Bank of England is monitoring digital currencies
« Reply #14 on: September 11, 2014, 08:58:31 PM »
However, the main thrust of this experiment is to be decentralized and setup to run completely independent of brick & mortar institutions.  At the end of the day, that is what it is.

However, the main thrust of this experiment is to be decentralized and setup to run completely independent of brick & mortar institutions and to provide the same as well as more, functions and services needed by the society just to do it in a better and more fair way!


And yes, some of those brick & mortar institution might be killed as a bi-product of that. But not all and definitely not in past tense.

It seems the BOE is focused on maintaining financial stability. They don't seem to care what technology is used as long as it achieves their objectives. So if Bitshares X can help them to achieve their objectives then a mutually beneficial relationship can be developed at least in theory.

I mean who doesn't want financial stability? But how can Bitshares X produce that stability? For one Bitshares X isn't challenging the stability of the Euro, the Pound or the Dollar. It simulates these currencies which means the central banks can maintain their economic responsibilities due to the fact that everything could still be priced in their currencies.

Bitcoin is a problem because it's volatile and if everything were priced in Bitcoin then that actually could affect financial stability. While I'm not going to far as to say the effect would be bad it would certainly mean that their inflation policies might not work which could affect strategic policies of the banks.

Wouldn't it be interesting if BOE could endorse a BitAsset as long as it supports the financial stability goals of the BOE?

Those feel like things too good to be true. I do hope for once the saying is wrong.

If you have the best technology in the world to help them achieve their objectives and if you've got the most expertise in the world at applying it then why wouldn't they need the technology and expertise?

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