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Liberty News ForumLNF Forums HereEconomics, Financial News › Central banks beat Bitcoin at own game with rival supercurrency
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Normal Topic Central banks beat Bitcoin at own game with rival supercurrency (Read 1,555 times)
TowardLiberty
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Central banks beat Bitcoin at own game with rival supercurrency
Mar 16th, 2016 at 8:06pm
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Computer scientists have devised a digital crypto-currency in league with the Bank of England that could pose a devastating threat to large tranches of the financial industry, and profoundly change the management of monetary policy.

The proto-currency known as RSCoin has vastly greater scope than Bitcoin, used for peer-to-peer transactions by libertarians across the world, and beyond the control of any political authority.

http://www.telegraph.co.uk/business/2016/03/13/central-banks-beat-bitcoin-at-own...

This is a big development.

As many have suggested the truly novel thing about Bitcoin is the distributed ledger. This technology has untold application and will end up being revolutionary.

It is going to put middlemen out of business and thereby reduce transaction costs, enabling us to be richer.

The only disheartening thing about this is the fact that the technology will be used for the purposes of making the state more efficient. The concept was created in order to enhance freedom, not to be a tool for restricting it.
« Last Edit: Apr 24th, 2016 at 9:16pm by admin »  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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TowardLiberty
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Re: Central banks beat Bitcoin at own game with rival supercurrency
Reply #1 - Mar 21st, 2016 at 10:26am
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Bump
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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Queshank
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Re: Central banks beat Bitcoin at own game with rival supercurrency
Reply #2 - Mar 21st, 2016 at 10:41am
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"RSCoin would be a tool of state control, allowing the central bank to keep a tight grip on the money supply and respond to crises."

Gee.  Who didn't see that coming? 

Queshank
  

Morality is doing what is right, regardless of what you are told.

Religion is doing what you are told, regardless of what is right.
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Queshank
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Re: Central banks beat Bitcoin at own game with rival supercurrency
Reply #3 - Mar 21st, 2016 at 10:43am
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But despite my sardonic commentary above ... I have two major soapboxes.

One is health insurance middlemen.

The other is debit and credit card fees charged by banks.

Both are unnecessary parasites on our economy.  Anything we can do to get rid of either one is a big plus in my opinion.

Queshank
  

Morality is doing what is right, regardless of what you are told.

Religion is doing what you are told, regardless of what is right.
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Limey
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Re: Central banks beat Bitcoin at own game with rival supercurrency
Reply #4 - Mar 21st, 2016 at 10:56am
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Queshank wrote on Mar 21st, 2016 at 10:43am:
But despite my sardonic commentary above ... I have two major soapboxes.

One is health insurance middlemen.


(rubs Queshank's head affectionately)

... if you just go for a proper, sensible, national health system, you won't need the insurance middlemen at all. They can all change careers, maybe use their skills in funfairs doing the three card trick, or become muggers.

Quote:
The other is debit and credit card fees charged by banks.
 




Couldn't agree more - they charge interest on balances, then charge you to use the damned plastic! Any other retailer doing that would get laughed at.

Mr. McDonald: here's your burger, Sir, that will be an even fiver with the drink and the fries, enjoy.

mr. Fatloser: why thank you Mr McDonald, I am sure I will

(Mr Fatloser walks, slowly because he has a variety of diet-related health issues, to a table and sits down to enjoy his modest repast)

Mr. McDonald (now standing by the table): Sir, can I have a further two pounds please (sub editor: insert 'dollars' here for US readers)

Mr. Fatloser: What? What for?

Mr. McDonald: Burger administration charge.

Mr Fatloser: Piss off.
  

Under Capitalism, Man exploits Man.

Under Communism, it's the exact opposite.
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TowardLiberty
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Re: Central banks beat Bitcoin at own game with rival supercurrency
Reply #5 - Mar 21st, 2016 at 12:36pm
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Queshank wrote on Mar 21st, 2016 at 10:43am:
But despite my sardonic commentary above ... I have two major soapboxes.

One is health insurance middlemen.

The other is debit and credit card fees charged by banks.

Both are unnecessary parasites on our economy.  Anything we can do to get rid of either one is a big plus in my opinion.

Queshank

Yeah I am all about whittling down their profits.

Though I do think health insurance makes sense for catastrophic care but I'd rather see mutual societies pooling their own resources in a voluntary and private program.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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TowardLiberty
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Re: Central banks beat Bitcoin at own game with rival supercurrency
Reply #6 - Mar 21st, 2016 at 12:40pm
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Limey wrote on Mar 21st, 2016 at 10:56am:
(rubs Queshank's head affectionately)

... if you just go for a proper, sensible, national health system, you won't need the insurance middlemen at all. They can all change careers, maybe use their skills in funfairs doing the three card trick, or become muggers.


Surely you are not talking about single payer?

There is nothing rational or sensible about monopsony!

Quote:
Couldn't agree more - they charge interest on balances, then charge you to use the damned plastic! Any other retailer doing that would get laughed at.

Mr. McDonald: here's your burger, Sir, that will be an even fiver with the drink and the fries, enjoy.

mr. Fatloser: why thank you Mr McDonald, I am sure I will

(Mr Fatloser walks, slowly because he has a variety of diet-related health issues, to a table and sits down to enjoy his modest repast)

Mr. McDonald (now standing by the table): Sir, can I have a further two pounds please (sub editor: insert 'dollars' here for US readers)

Mr. Fatloser: What? What for?

Mr. McDonald: Burger administration charge.

Mr Fatloser: Piss off.

Well to be far, I would expect to pay less for a future burger, say delivered next week, than I would a burger in hand.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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Re: Central banks beat Bitcoin at own game with rival supercurrency
Reply #7 - Sep 21st, 2016 at 12:09pm
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The concept of a distributed ledger dates back to the earliest incarnations of digital currency.  What's novel about Bitcoin is it's consensus mechanism because it protects against a number of exploits that prevented previous digital currencies from being totally decentralized and autonomous, especially the infamous 51% attack.

Central banks might improve their security and efficiency by incorporating certain elements of the Bitcoin protocol into their own electronic networks but they will never beat Bitcoin at it's own game because bank money can never be decentralized and autonomous.
  

Proud FairTax supporter.
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TowardLiberty
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Re: Central banks beat Bitcoin at own game with rival supercurrency
Reply #8 - Jun 6th, 2017 at 12:52am
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SapphireSpire wrote on Sep 21st, 2016 at 12:09pm:
The concept of a distributed ledger dates back to the earliest incarnations of digital currency.  What's novel about Bitcoin is it's consensus mechanism because it protects against a number of exploits that prevented previous digital currencies from being totally decentralized and autonomous, especially the infamous 51% attack.

Central banks might improve their security and efficiency by incorporating certain elements of the Bitcoin protocol into their own electronic networks but they will never beat Bitcoin at it's own game because bank money can never be decentralized and autonomous.

Just now seeing this post.

And that's a shame because it is a real gem.

I'd love to hear more about this consensus mechanism.

As far as what you say about central banks versus the real autonomous and decentralized rivals, I completely agree. By their nature, they will be less valuable for just the reasons you say. They cannot be truly autonomous and decentralized while also being sources of centralized control.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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