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This should change the whole game soon
Comments
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Where does it say that please?
Read the bold text
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf
What exactly does 'thin air' mean is an unnecessary deviation from the discussion.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
That isn't an answer to my question. Why are they looking at a distributed ledger technology to achieve centralised control?
That article is also has several inaccuracies. "could speed up trading systems". No. blockchain is slow, precisely because of the cryptographic nature. Mature trading systems these days operate in the microseconds (lmax for e.g. under 5 microseconds per transaction) whereas blockchain transactions will take orders of magnitude longer.
I don't think you can get a safer and more transparent system that is any faster. You're not thinking like for like.
In the same breath I don't think that you can get the safety or transparency without an element of distribution, so they wish to keep that element probably whilst still retaining the keys to the code itself.
Another thought is they might be toying with thoughts of a global currency which may require a shared element between central banks.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
Read the bold text
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf
What exactly does 'thin air' mean is an unnecessary deviation from the discussion.
Thin air means thin air.
It's not sound money if some can create more units out of thin airNothing has been fixed since 2008, it was just pushed into the future0 -
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