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Sweden’s central bank says it has begun testing an e-krona

reuters.com

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Re: Sweden’s central bank says it has begun testing an e-krona

#11

Post by newguy1234 »

aazaa wrote: post #9

This effort betrays a supreme misunderstanding about what makes Bitcoin important. "Blockchain technology" is not what makes Bitcoin revolutionary. Bitcoin is censorship-resistant electronic cash. It's teleportable currency - without a deplatforming option. That's the innovation. What Sweden is engaging in is a cargo cult. Build the blockchain runway, hoping the planes will land. They won't because they have no reaso…

Bitcoin is also valuable because the rules of the system are transparent. The rules of the system cannot easily be changed without a majority concensus.

In regard to censorship resistance that becomes somewhat of a struggle because Bitcoin transactions aren't truly anonymous and now there are various companies working to deanonymize users. This means you can still be persecuted for your bitcoin activity. I've been shifting towards privacy coins like monero for this very reason.

Re: Sweden’s central bank says it has begun testing an e-krona

#13

Post by volgar1x »

vinniejames wrote: post #6
kragen wrote: post #4

This headline is goofy. Central banks have been using digital electronic currencies for decades. The difference is that now they want to include all Swedes in the electronic currency system, not just Swedish banks, as they have been for decades. (And the claim that this uses "blockchain technology" is just a lie; it's a centralized database. It's no more a blockchain than Git is.) I think this is a terrible idea give…

Git is somewhat like a blockchain though

Without proof of work

Re: Sweden’s central bank says it has begun testing an e-krona

#14

Post by volgar1x »

aazaa wrote: post #9

This effort betrays a supreme misunderstanding about what makes Bitcoin important. "Blockchain technology" is not what makes Bitcoin revolutionary. Bitcoin is censorship-resistant electronic cash. It's teleportable currency - without a deplatforming option. That's the innovation. What Sweden is engaging in is a cargo cult. Build the blockchain runway, hoping the planes will land. They won't because they have no reaso…

Why is this getting downvoted?

Re: Sweden’s central bank says it has begun testing an e-krona

#15

Post by newguy1234 »

volgar1x wrote: post #14
aazaa wrote: post #9

This effort betrays a supreme misunderstanding about what makes Bitcoin important. "Blockchain technology" is not what makes Bitcoin revolutionary. Bitcoin is censorship-resistant electronic cash. It's teleportable currency - without a deplatforming option. That's the innovation. What Sweden is engaging in is a cargo cult. Build the blockchain runway, hoping the planes will land. They won't because they have no reaso…

Why is this getting downvoted?

Some people really don't like cryptocurrencies

Re: Sweden’s central bank says it has begun testing an e-krona

#16

Post by tzumby »

rabuse wrote: post #7
lawn wrote: post #3

> The pilot will run until February 2021 and will use block-chain technology, the Riksbank said. Will it really? Riksbanken can have a central server to resolve any double spends, which is only really a problem in a decentralized network. Once you have a singular authority you can just let them decide, and you'll have no need for an inefficient cryptocurrency. > which is being developed by consulting firm Accenture A…

It's buzzwords being thrown around again. Blockchain is highly inefficient for anything other than decentralized consensus.

For sure, doesn’t seem like there’s a need to solve for adversarial Byzantine style attacks here. Even a permissioned proof of authority blockchain is overkill for this (which is most likely what Accenture is building/configuring for them)

Re: Sweden’s central bank says it has begun testing an e-krona

#18

Post by rvense »

aazaa wrote: post #9

This effort betrays a supreme misunderstanding about what makes Bitcoin important. "Blockchain technology" is not what makes Bitcoin revolutionary. Bitcoin is censorship-resistant electronic cash. It's teleportable currency - without a deplatforming option. That's the innovation. What Sweden is engaging in is a cargo cult. Build the blockchain runway, hoping the planes will land. They won't because they have no reaso…

They are not building it to be censorship-resistant. They are building it to be a public alternative to commercial digital payment services.

Re: Sweden’s central bank says it has begun testing an e-krona

#19

Post by volgar1x »

rvense wrote: post #18
aazaa wrote: post #9

This effort betrays a supreme misunderstanding about what makes Bitcoin important. "Blockchain technology" is not what makes Bitcoin revolutionary. Bitcoin is censorship-resistant electronic cash. It's teleportable currency - without a deplatforming option. That's the innovation. What Sweden is engaging in is a cargo cult. Build the blockchain runway, hoping the planes will land. They won't because they have no reaso…

They are not building it to be censorship-resistant. They are building it to be a public alternative to commercial digital payment services.

That's actually his whole point!

Re: Sweden’s central bank says it has begun testing an e-krona

#20

Post by bitxbit »

All these banks and financial institutions launching digital currencies miss the whole point: FRICTIONLESS transactions. Right now you have layers upon layers of network companies nickle and diming you. This is literally someone taking a penny from everyone’s account except it is a lot more than that. There’s absolutely no reason for Mastercard and Visa to even exist in 2020. They’re sitting on top of some obsolete imaginary network collecting rent.
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