"The central bankers do not want their institutions to own or use Bitcoin itself."http://nyti.ms/2dTyWQ1
They will. Independent cryptocurrency is a superior substitute for gold reserves and foreign central banks' paper during wars.
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it's 40y CBs have been striving for something similar: special drawing rights. SDR failed, digital gold will succeed
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direct access to CB money on a ledger makes sense; it won't happen as it'd kill saving bankshttps://speakerdeck.com/nando1970/about-bitcoin-and-blockchain-1?slide=58 …
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Can do both (i.e. issue CB fiat money on blockchain and use real cryptocurrency as CB reserves).
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Are you anticipating war?
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There's usually a war somewhere. Hopefully not here!
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War has different levels of visibility. Depends on your position. US never stopped being in war since WW2.
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Do you see a scenario where Central Banks could issue cryptocurrency as legal tender?
@NickSzabo4 -
Do you feel issuing
#bitcoin as legal tender is an important/required step in mainstream adoption of cryptocurrency? -
I'm more curious than anything. If CB's were allowed to create digital currency, would we still "need" retail banks?
@netscr1be@NickSzabo4 -
that the retail banks' role changes as cryptocurrency takes hold is a given. Central banks have no user interface
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The Central Bank couldn't handle individual users in the past. Would that be the case now with crypto?
@netscr1be@NickSzabo4 -
I'm embarrassed to admit that I've been pondering this on and off all year, lol.
@netscr1be@NickSzabo4https://www.stratfor.com/weekly/international-banking-system-faces-existential-threat …
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Corrupt officials need somewhere to hide their money and banks are happy to oblige. The profit is so much larger than the fine.
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Wouldn't cryptocurrency ruin that sweet setup? Or maybe crypto wouldn't be used all of the time?
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They will be the last to jump in. And it will cost them a lot. all of what they can print with value on it.
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how about during wars, someone nukes the internet...and then you have the ded crypto-currencies
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The usefulness would depend on how much could be held in crypto reserves at that time.
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