Jens Weismann, head of Germany's Bundesbank Central Bank, has proposed the "idea of a central bank cryptocurrency to compete vs Bitcoin".
He argues that the main reason that the Federal Reserve Banks would be appropriate is "trust" vs the "decentralized Bitcoin approach".
Trust may have a claim that Governments around the world work with Central Banks -- this is true. He does not speak to the very issues of Central Banks that have caused the mess because of their centralize fiat ways that go unchecked.
What did we expect him to say -- a duck is a duck.
Did we expect the Central Banks to throw a "welcome part for Bitcoin"?
Central Banks actually seem quite late to the party -- or maybe the Banker currency of choice "Ripple" comes into place which is owned by the Banks..
His words fly in the face of many other countries that are "embracing change".
Quite frankly, all of this appears to be one heck of a mess. Transitioning from fiat monies to a currency of trust is going to messy. Central Banks may have been quiet for some time, but don' think they don't have a plan.
they can try, all competitions are welcomed, just do not cheat and manipulate
The chess board is getting quite active.
the gold manipulation becomes hard now, they did dump a few million contracts for flash crash, but only dropped a few dollars. I think that means there are too many paper contracts now finally and the ability to manipulate is very small now. So trying to manipulate cryptos now maybe
My read is they will not go down without a fight or maybe it's only for delay or show. Who knows?
We are going to see more of this as nations try to prevent losing control of fiscal policy.
I think you right. Look at how Russia changed their behavior on cryptos --- but then again they don't have a Rothschild controlled Central Bank. It will be interesting.
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No one with any intelligence will trust a Central Bank, to do anything other than create and tolerate inflation over the long term, that will slowly erode the value of the currency
Well said. However, you said the word "intelligence" --- we have to remember these banker and governments at times are criminal. Criminals are going to fight fire with fire. Which is why I am surprised to see so many other governments have a positive stance on Bitcoin laws and regulation. You are right...trust will be zero with the Central Banks when the dollar goes down.
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Note the difference between Germany's thoughts on this and the way Russia is embracing the blockchain.
Russia creates Russian Miner Coin to expand the infrastructure of what is already built, lends it's societal capital to the market and pays out 18% of top line revenues to holders.
Germany says, let's create a central bank's currency so we can still subjugate everyone to our will. The Bundesbank is one of the most reprehensible organizations there is.
Is it because Russia's Central Bank is not owned by the Rothschild 's?
No. FYI, I'm not a huge fan of the whole 'rothschilds own the world meme' I'm with Martin Armstrong on this... the Rothschilds are the past. The problem today is Goldman Sachs.
But, the Bank of Russia is still a headache for Putin. It's still staffed by mainly IMF-trained economists. Nabullina, the president, is being dragged back to Russia's interests by Putin slowly. Even Medvedev, the Prime Minister, is beginning to realize there is no hope for Russian/US relations.
No, this is coming from Putin while the BoR still drags its feet a bit. Putin is the one pushing for an independent Russian financial system and economy that is insulated from U.S. hybrid war attack. He's even gotten guys like Igor Sechin and Alexei Miller (CEO's of Rosneft and Gazprom) to see the light on doing business in Dollars.
Though it took a failed coup against him in February of 2015 for that to happen.
Interesting thoughts...keeping my eyes open.
Actually, a Govcoin could be a welcome step to support the transition from aged fiat currency infrastructure to a robust and digital financial system. But the Govcoin system must be transparent and open. Features that almost seem impossible with the current vested interests. Where Govcoin would fail to meet expectations, Bitcoin and others will continue to thrive.
The ball is and remains on the Government's half for now.
Well, thats the game we can play. Lets see how they try to control fiscal and economics policies due to cryptocurrency.
Saludos
I always thought if they had truly wanted to interfere with BTC, they would have by now,