I read, but I don't know if it is true, that 95% of autonomous vehicles is easy and is being done. The other 5% is really, really hard and we might never get there.Veiled wrote: ↑Tue Dec 12, 2017 9:23 pmThis is a fabulous thread...entertaining and so informative.I think blockchain is attractive and could be positioned to decrease regulation costs and attract government involvement, so I think government issued cryptocurrency is the new self-driving car (i.e. seems impossible now, might be doable eventually although probably further away than we think).Valuethinker wrote: ↑Thu Nov 16, 2017 5:27 pmOn CBs and Crypto Bank of England blog has had a couple of posts and links to papers they have produced. Yes, it could be used for settlement between CBs. SDRs are a money created by the IMF that CBs use in this fashion. Not crypto, but an artificial currency.J_Markov wrote: ↑Thu Nov 16, 2017 3:33 pmForgive my ignorance on monetary policy, but can the Federal Reserve come up with a cryptocurrency? In other words, can they decide one day that they will substitute the dollar for their own cryptocurrency? In Europe many countries were switched to the Euro in the not so distant past, could they do the same in the future with a cryptocurrency?
On cryptocurrency if the UK government chooses to authorize an e-pound that is honoured 1 for 1 at the Central Bank as a GBP (cash) then it's a done deal. This would be the equivalent of ETFs or perhaps a better example is an ADR (for the BP ADR listed in NYSE, say, BNY Mellon holds 10 shares of BP stock traded in London on its home exchange). If the main High Street Clearing Banks are permitted to exchange, then there's no problem with the general public using it.
In fact, this already occurs. Certain banks in Scotland and Northern Ireland issue their own notes (Bank of Ulster, Clydesdale, RBS, Bank of Scotland) which are honoured as 1 for 1 as English pound notes (actually pound coins, these days) at English banks. Adding blockchain to that would be fairly trivial, I should think.
I think the main proposals are more like Special Drawing Rights, which is a basket of the currencies of member states of the IMF (roughly). It can be used for transactions between Central Banks. No reason that could not be implemented as a blockchain.
The main thing governments want is traceability: for purposes of preventing money laundering (proceeds of criminal activities into legit ones) and tax evasion (which is itself illegal).
The Wannacry virus which shut down big chunks of the National Health Service one day, demanded payment in bitcoin. Some hospitals did pay. It turns out that some of that bitcoin deposited has been accessed (suspicion was it was the North Koreans who launched the ransomware) which surprised IT security exports. Now we know why governments want traceability!