Author Topic: The Bank of England is monitoring digital currencies  (Read 4386 times)

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Offline gamey

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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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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 Brent.Allsop

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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 Bitshark

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Develop mutually beneficial relationship with the bank of England to get Bitshares mainstream adoption; than let the technology itself destroy them.  +5%

Offline tonyk

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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 luckybit

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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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Wait, I thought we killed it already...
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline luckybit

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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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