Probably lends itself GNU Taylor which works with central authority.
Bank of England to explore a potential Central Bank Digital Currency
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Re: Bank of England to explore a potential Central Bank Digital Currency
#12Bitcoin, et al. seek to approximate a monetary system, to bootstrap a workable currency outside the traditional trappings of a centralized state. Being digital is not the point, it just makes the idea possible whether or not it works in practice.
What exactly would a central bank “digital currency” bring to the table?
Dollars, pounds, yen, are already digital.
Re: Bank of England to explore a potential Central Bank Digital Currency
#13Super interesting talk on this at https://www.youtube.com/watch?v=EM7NB1_NtC4
Re: Bank of England to explore a potential Central Bank Digital Currency
#14This is great... easier rails into hard money (crypto).
Just no.
Hard money is not desirable. Whatever comes out of this "the country's money supply should be determined by some cryptobros" is not going to be the result.
Re: Bank of England to explore a potential Central Bank Digital Currency
#15They should make it work on the 'old money' system of penny, shilling and pound, with twelve pence to a shilling and twenty shillings to the pound, then use the abbreviation 'd' for pence, and then throw in farthings (quarter penny) and half-crowns (two shillings and six pence) because if there's one thing I've learnt about finance, its that the more confusing things are, the easier it is to make a profit.
While in general quite confusing, I cannot help but notice, that they used to use better divisible numbers like 12, to go to the next bigger unit.
I also read that Babylonians or whoever it was, used a system with base 60, even better divisible.
I wonder how it would affect our daily lives, if we still had such better divisible numbers in use with money today. For example 60 cent make a euro or dollar or whatever. Of course then it might not be called "cent" any longer.
In essence, perhaps not all ideas of such an old system were bad in principle.
Re: Bank of England to explore a potential Central Bank Digital Currency
#16Bitcoin, et al. seek to approximate a monetary system, to bootstrap a workable currency outside the traditional trappings of a centralized state. Being digital is not the point, it just makes the idea possible whether or not it works in practice. What exactly would a central bank “digital currency” bring to the table? Dollars, pounds, yen, are already digital.
The change here, from what I can tell, is that you could have consumers directly dealing with the central bank, holding accounts directly with it, cutting out the traditional retail banks.
I'm not sure one way or another if that's a good idea, and I guess they aren't either, hence the forming a committee to investigate.
Re: Bank of England to explore a potential Central Bank Digital Currency
#17Bitcoin, et al. seek to approximate a monetary system, to bootstrap a workable currency outside the traditional trappings of a centralized state. Being digital is not the point, it just makes the idea possible whether or not it works in practice. What exactly would a central bank “digital currency” bring to the table? Dollars, pounds, yen, are already digital.
Programmable money, they decide the rules on where, how, who and until when money can be spent.
See chapter 6.4 here: https://www.bankofengland.co.uk/-/media/boe/files/paper/2020...
Re: Bank of England to explore a potential Central Bank Digital Currency
#18They should make it work on the 'old money' system of penny, shilling and pound, with twelve pence to a shilling and twenty shillings to the pound, then use the abbreviation 'd' for pence, and then throw in farthings (quarter penny) and half-crowns (two shillings and six pence) because if there's one thing I've learnt about finance, its that the more confusing things are, the easier it is to make a profit.
While in general quite confusing, I cannot help but notice, that they used to use better divisible numbers like 12, to go to the next bigger unit. I also read that Babylonians or whoever it was, used a system with base 60, even better divisible. I wonder how it would affect our daily lives, if we still had such better divisible numbers in use with money today. For example 60 cent make a euro or dollar or whatever. Of…
My favorite theory explaining the emergence of base- 12 and 60 is counting on your fingers: count up to the 12 phalanges on one hand (using your thumb), then start over and keep track of dozens with the 5 fingers on the other hand.
Re: Bank of England to explore a potential Central Bank Digital Currency
#19Bitcoin, et al. seek to approximate a monetary system, to bootstrap a workable currency outside the traditional trappings of a centralized state. Being digital is not the point, it just makes the idea possible whether or not it works in practice. What exactly would a central bank “digital currency” bring to the table? Dollars, pounds, yen, are already digital.
If a business wants to hold cash outside of a bank, it has to use bank notes. This would give them the option of holding digital currency directly.
Also you'd expect a ground up design of a digital first currency to include much lower cost of transfers enabling micro transactions and much better speed to settle.
Re: Bank of England to explore a potential Central Bank Digital Currency
#20If this provides a solution for anonymised digital cash payments such that something like paypal or a bank transfer isn't necessary then i'm all for it.