The Bank of England has announced it is planning its very “own” Crypto currency, called RScoin.
The coin would be “so much better than Bitcoin” for the alleged advantage of being “backed by the trust of governments”. Exactly the “assurance” everyone needs these days.
Proving to know little more than what some central-bank controlled press office has fed them, Britain’s Daily Telegraph writes on what is actually just the latest wet dreams of the banking elites in a poorly researched article, http://www.telegraph.co.uk/business/2016/03/13/central-banks-beat-bitcoin-at-own-game-with-rival-supercurrency/. Just like the BoE itself, The Daily Telegraph has failed to understand what they’re actually doing, or talking about respectively.
If you want to read something really stupid about the very central bankers responsible for 2008’s economic crisis, then you might want to read that article. No one there is even getting the first thing about Bitcoin’s true innovation for being trustless and peer-to-peer decentralised in nature. The article entirely fails to even scratch on the implications of Satoshi Nakamoto’s solving the Byzantine General’s problem and thereby succeeding with managing distributed consensus for the first time in history. As every mathematician or computer scientist will confirm, this is the actual importance of “Bitcoin” and “Blockchain technology” though. Introducing some central-planners-controlled “RScoin”, the Bank of England’s latest brain fart, proves to only be yet more of the same: namely another attempt of the state at humanity, at freedom, and thus at everyone of us — backed by yet more state-control, central planning and government power. It also proves that governments are having a very hard time moving beyond the technological level of horse-drawn carriages and gunpowder.
With the alleged “trust” of RScoin, sold to us as an “advantage”, the real trouble proves to be the lack of this very trust when people are supposed to put it in governments once again, and after governments and banking elites have empoverished the world for much more than merely the Federal Reserve’s 103 years of existence now.
At least, a “competing currency” RScoin is though. So let us see how this will play out. Let us see how, and if so, it really can compete with Bitcoin and Alt coins at the end of the day.