In This Episode:
The central bank of China, the PBOC is hiring a team of people to develop a new digital currency which utilizes the blockchain technology. They join the other central banks which have publicly declared they’re looking into the feasibility of blockchain. This could really be a game changer.
china chinese yuan people's bank of china currency digital blockchain US dollar reserve currency bitcoin......
The Bank of China just doesn't get it. It's like a grandpa trying to be cool but failing miserably. Cryptocurrency is all about decentralization and managing your own money without having to put trust in anyone. What they're coming up with completely defeats the purpose. In cryptocurrency, the blockchain is a public ledger that is synchronized across various nodes which allows transactions to be securely and publically verified. In their case, the blockchain is nothing more than a database because it's all centrally controlled. In the end, this doesn't solve any problems that I can see and in fact means that truly decentralized cryptocurrency is more important than ever.
This is a joke right? All this will do is accelerate the crap out of Bitcoin's adoption and acceptance. Do you really think the U.S is gonna accept usage of what's basically a China Coin? There would be so much squabbling among nations that they'll all end up agreeing an an a-political coin that no single country controls. That solution is already here. It's Bitcoin mWe already have 'digital currencies'. 'Blockchain' itself doesn't mean anything - what means something is trust, decentralization, and personal sovereignty for every individual with their money - no middle men. Doing central banking with blockchain is thus completely pointless - why pay all this money to create a new system that will function essentially as the old system does?
I agree that this news from China is extremely important and on behalf of those who share this view, I thank you for bringing it to us. You've no doubt heard about the "Fedcoin" that is expected to emerge from the USA in due course. To me, it's clear that over the longer-term cash will be phased out as much as possible and, for reasons we all know well, the best way to be to build a government supported crypto currency is with some variant of the block chain. China has given us a heads-up about what's coming down the road.
Yes this legitimizes the entire crypto currency space; but it means that we now have to pick very carefully the likely eventual winners in the private sector crypto currency world. I think the winners are going to be those with excellent use cases and who are not judged by the "officials" to be in competition with government money.
in the world of hacking it's dangerous to create virtual money and spot on money man the cash has been stolen to a degree that nothing much is left for ordinary people to me it seems it's a way of admitting the mark of the beast is the underlining agenda globaly am I paranoid.......
