Author Topic: The Bank of England is monitoring digital currencies  (Read 4385 times)

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charleshoskinson

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Did you find developers to do the DPOS drop on the Litecoin/Bitcoin yet?

Don't need them. I could write the code myself if I wanted.

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Also if the contracts that you have signed allow you - 'Why do you think the Ether IPPO worked so good? Was it the design itself, or the general excitement of the crowd regarding the project?
'

The ability to communicate complex ideas in simple terms. That's what I brought to the table and it's really the secret sauce of crowdsales. Ethereum at its core is about a fundamental reinvention of the internet and the services running on top of it. Because it makes pretty much everything programmable and trustless, everyone can understand the potential power by the analogue of when javascript got connected to the Web browser.

IBM even sees the power: http://www.coindesk.com/ibm-sees-role-block-chain-internet-things/
« Last Edit: September 12, 2014, 04:44:03 am by charleshoskinson »

Offline tonyk

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I recall having a few convos with them back in March and May. The UK government in general has a very strong understanding of bitcoin and CC related topics. It appears the current approach is to let isle of man and jersey be experimental labs and then scale accordingly. City of London is the biggest potential supporter.

Good to see you back.

Did you find developers to do the DPOS drop on the Litecoin/Bitcoin yet?

Also if the contracts that you have signed allow you - 'Why do you think the Ether IPPO worked so good? Was it the design itself, or the general excitement of the crowd regarding the project?'

Thanks
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

charleshoskinson

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I recall having a few convos with them back in March and May. The UK government in general has a very strong understanding of bitcoin and CC related topics. It appears the current approach is to let isle of man and jersey be experimental labs and then scale accordingly. City of London is the biggest potential supporter.

Offline mf-tzo

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I really like the slogan "I killed the bank". It is catchy and can attract the younger rebels, geeks, revolutionary minds... In reality though the intention of course shouldn't be to kill the bank but rather to cooperate with the banks, create easy gateways and transfer funds world wide easy and more cost effective.

We definitely need Governments and Banks to maintain financial stability otherwise there will be chaos. However, where I come from people have lost any trust in our Government and in Banks and therefore Bitshares X should "kill" these banks for everyone's benefit...

UK is the financial world center and if BOE comes on board and issue a bitasset that will be amazing, I don't believe though that we will see something like that anytime soon...

Offline betax

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"Applications of the distributed ledger beyond
payment systems
The introduction of any new technology enables the
rethinking of business processes associated with the former
technology. In the case of payments, when paper ledgers were
first computerised, the underlying processes were not
significantly changed.
It is often the case that the bulk of the gains from the
introduction of a new technology do not arise immediately
because processes that make use of the technology also need
to be rethought. For example, Brynjolfsson and
McAfee (2014) observe that when the electric motor was first
introduced to factories, the productivity improvements it
enabled only emerged after a lag of 30 years. This was
approximately the time it took for a new cohort of factory
managers to emerge who realised that instead of merely
electrifying the single steam engine powering all the
machinery in a factory, small electric motors could be fitted to
each machine. While the initial installation did reduce costs,
the authors argue that the greatest gains came from factories
being rearranged according to the most efficient flow of
materials, rather than the limitations of the machinery. It was
not the electrification itself which produced the gains but the
changes in processes which it made possible.
In a similar way, the potential impact of the distributed ledger
may be much broader than on payment systems alone. The
majority of financial assets — such as loans, bonds, stocks and
derivatives — now exist only in electronic form, meaning that
the financial system itself is already simply a set of digital
records. These records are currently held in a tiered structure
(that is, with records of individuals’ accounts stored centrally
at their bank, and banks’ reserves accounts held centrally at
the central bank), but it may be possible in the future — in
theory, at least — for the existing infrastructure of the
financial system to be gradually replaced by a variety of
distributed systems (although this article makes no prediction
in this regard).
Some developers have already implemented
so-called ‘coloured coins’ which means using digital currencies
as tokens for other assets by attaching additional information.
This development could allow any type of financial asset, for
example shares in a company, to be recorded on a distributed
ledger. Distributed ledger technology could also be applied to
physical assets where no centralised register exists, such as
gold or silver.(2)"

Very nice read.
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Offline pgbit

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I think Bittylicious might be worth approaching. They are a UK trading platform: Fiat <> BTC: they know the regs.

bitbro

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We need more banking/ economic consulting experienced professionals and professors to help us market to these types and to b2b in general -  BM, any plans for beefing up the outreach model?  Digital marketing funnels are great but are only one way of reaching new plateaus


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Offline tonyk

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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?

I know it is logical...just that those things happen to other people not me... good time to break  this trend. Fingers crossed.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline luckybit

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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?

https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline tonyk

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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 eagleeye

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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?

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 luckybit

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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 jsidhu

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Hired by blockchain | Developer
delegate: dev.sidhujag

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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

Offline tonyk

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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.