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Jun 18 - Bank of England trashes bitcoin while praising its non-existent digital pound



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 1 month ago '15        #1
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Jun 18 - Bank of England trashes bitcoin while praising its non-existent digital pound
 

 
The technology behind central bank digital currencies (CBDC) could be “tens of thousands of times more efficient per transaction” than bitcoin, according to the Bank of England’s fintech director, Tom Mutton.

During his speech at the Future of FinTech Conference on Thursday, he voiced the Bank of England’s (BOE’s) noncommittal interest in the development of a CBDC and its commitment to keeping cash “available for as long as [people] wish to use it.”

Talking about the bank’s 2020 survey on CBDCs, Mutton said, as quoted by Coindesk, “Bitcoin, given its performance shortcomings and energy inefficiency, is in no way a relevant comparison for the sort of technology we might use in a central bank digital currency.” He also called on UK citizens to not “throw the blockchain baby out with the bitcoin bathwater.”

According to Mutton, the BOE’s potential digital currency could play a role in the country’s transition to a net-zero economy. To do so, Mutton said, energy efficiency should be a core consideration in the design of the CBDC and should come with data and analytics technology that will allow the central bank to optimize the financial system to be as energy efficient as possible.

BOE Governor Andrew Bailey said last month that digital currencies “have no intrinsic value.” He has warned that people who invest in crypto should be prepared to lose all their money. Earlier in April, the BOE said it would team up with the UK Treasury to explore CBDCs. The taskforce is expected to look at use cases, opportunities, and risks of a potential digital pound.

visit this link https://www.rt.com/busine .. rumps-bitcoin/
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 1 month ago '16        #2
foshoVoodoo  topics gone triple plat - Number 1 spot x43
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Defund england buy Bitcoin
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 1 month ago '16        #3
DonLimpio 
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Dude made valid points
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 1 month ago '15        #4
Chasefovea 
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World leaders always have something negative to say about bitcoin when its bearish because they want to buy in at even lower prices dont be fooled
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 1 month ago '15        #5
Chasefovea 
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Trash btc who cares . i pay my bills just trading it

You can make money when it goes down just flip to short

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 1 month ago '19        #6
MapleSyrup 
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 DonLimpio said
Dude made valid points
His ideas refer to a centralized currency probably. Which is ofc what the banks want, they want their power and control back.




fu*k the banks tho.
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 1 month ago '05        #7
Tha TC  topics gone triple plat - Number 1 spot x3
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 Chasefovea said
Trash btc who cares . i pay my bills just trading it

You can make money when it goes down just flip to short

+1   

 1 month ago '20        #8
itsthekid123  topics gone triple plat - Number 1 spot x1
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 DonLimpio said
Dude made valid points
Nah

bitcoin uses a lot of energy because money is energy, and btc is the perfect store of it.

the energy is used to secure the network, not handle the transactions.

with the central bank's currency, it's nothing more than a glorified excel sheet or database that they can 'print' money on whenever they want.

bitcoin has won already, sucks for the people that are still f*ghting against it or don't see the opportunity of a lifetime in front of them
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 1 month ago '16        #9
DonLimpio 
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 itsthekid123 said
Nah

bitcoin uses a lot of energy because money is energy, and btc is the perfect store of it.

the energy is used to secure the network, not handle the transactions.

with the central bank's currency, it's nothing more than a glorified excel sheet or database that they can 'print' money on whenever they want.

bitcoin has won already, sucks for the people that are still f*ghting against it or don't see the opportunity of a lifetime in front of them
I respectfully disagree. That whole "money is stored energy" arguement is dog sh*t in my humble opinion. Money can be anything, and it has been anything throughout history. Theres a level of scrutiny that takes something somewhat valuable to becoming "sound money".
Is there demand
Is there supply
Is it transportable
Is it immutable etc.
Does Bitcoin pass the test. Sure there are a lot of great new things about it that are shaking up the financial world. But there are other digital a*sets going above and beyond what bitcoin does. What would guarantee the first person to the race becoming the victor.
Its very questionable with all the progress thats been made; all the new projects that have popped up over that last few years. And at the end of the day, the money printers who have been controlling finance will do what they please as they have been for centuries whether we like it or not. Bitcoin won't win that war unless it becomes cheaper/faster/more efficient than sending a text message (which other cryptos are already capable of). Most people will pick the more efficient a*set. Most people prefer comfort over revolution. If this weren't true then freedom would have been achieved a long time ago.

 1 month ago '20        #10
itsthekid123  topics gone triple plat - Number 1 spot x1
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 DonLimpio said
I respectfully disagree. That whole "money is stored energy" arguement is dog sh*t in my humble opinion. Money can be anything, and it has been anything throughout history. Theres a level of scrutiny that takes something somewhat valuable to becoming "sound money".
Is there demand
Is there supply
Is it transportable
Is it immutable etc.
Does Bitcoin pass the test. Sure there are a lot of great new things about it that are shaking up the financial world. But there are other digital a*sets going above and beyond what bitcoin does. What would guarantee the first person to the race becoming the victor.
Its very questionable with all the progress thats been made; all the new projects that have popped up over that last few years. And at the end of the day, the money printers who have been controlling finance will do what they please as they have been for centuries whether we like it or not. Bitcoin won't win that war unless it becomes cheaper/faster/more efficient than sending a text message (which other cryptos are already capable of). Most people will pick the more efficient a*set. Most people prefer comfort over revolution. If this weren't true then freedom would have been achieved a long time ago.
bitcoin requires about 100+ hours of study before one can begin to fully understand it

at least it was that way with me and smarter people than me
(take a look at any of Michael Saylor's talks :

)

all the faster/more efficient transactions can be handled on top of bitcoins secondary layer. the first layer is for final settlement. what is the final settlement of accounts? that's something i learned about last year and i been holding bitcoin for 8 years now. final settlement happens traditionally with a bank or credit card 2-3 weeks after the initial transaction you do. It takes time to be verified. With bitcoin, it takes 20-30 minutes for the transaction to be verified 6 times on the network, but it is the final settlement. that's why people say its slow or inefficient. Once transactions start occurring more and more on the 2nd layer (as they are starting to via lighting and strike), then speed of those transactions will be at the speed of light, and they won't use any energy.
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