RScoin is coming but do you want it?
Top UK Telegraph journo Ambrose Evans-Pritchard just wrote about this planned crypto-currency in what is either an incredibly stupid and uneducated article or pure propaganda… it was titled “Central banks beat Bitcoin at own game with rival supercurrency.” The article is horrible central bank happy-talk that reads like the Bank of England wrote it for him and starts off with a blatant lie only three words in… this new RScoin, put out by the central bank of England, has not BEAT bitcoin. It is worse in every imaginable way than bitcoin… right down to the name. RScoin… central banker types aren't exactly the most creative. We'll call it FiatCoin around here.
But the underlying intent is deadly serious. Central banks apparently have in mind mimicking bitcoin but issuing electronic currencies themselves and charging people to buy the currency. People may actually pay the central bank directly, thus creating accounts with central banks!
If central banks and their handpicked political hooligans are successful in banning cash, the central bank's RScoin could become the only game in town for millions and even billions of savers and investors. And central bankers would love that idea because they'd have total access to those accounts. They'd know everything you were doing and have the ability to seize or shut off your account at their choosing.
It's posited as a good thing. Everyone needs a second opinion on what they need to do with their cash and where they spend it. No doubt your friendly central banker will be glad to give you advice, and penalize you if you don't take it.
Telegaph journalist Ambrose is very happy with all these potential evolutions. We learn for instance, that “bitcoin is a failing experiment but its spin-off effects may change the world.”
Of course RScoin isn’t actually distributed yet, but Ambrose seems confident that any central bank currency is going to be a big hit. And, oh yeah, bitcoin isn't a failing experiment. If Ambrose wants to sell me all his bitcoin at 50% below current market price of $430 I will buy as much as he wants to offload.
Here’s how he puts it:
Computer scientists have devised a digital crypto-currency in league with the Bank of England that could pose a devastating threat to large tranches of the financial industry, and profoundly change the management of monetary policy.
After this startling pronouncement, the article turns vague. And well it should because there are lots of problems with this idea.
The biggest problem is that central banks are involved to begin with. The reason bitcoin and other cryptocurrencies are doing well – and they are – is because they are NOT part of the vast Ponzi scheme that passes for Western finance.
Depending on how they’re used and the precautions that are taken, bitcoin and other crypto-currencies are fairly anonymous. Yes, every transaction is public… but finding out who made the transactions can be as impossible as you want it to be.
More importantly, there’s a cap on bitcoin issuance and bitcoin is not easy to come by. You have to “mine” it – solve specific equations – to obtain it and only a certain amount is available at a time.
RScoin may do away with these pesky problems. Doubtless there will be no “mining,” as with bitcoin. The most obvious way to distribute RScoin will be to have people pay for it. Ambrose hints as much when he indicates that people may soon be able to transact directly with central banks if they want to use RScoin. They can actually have an account with the Bank of England!
What a super-duper thrill, eh?
Of course, the bankers at the Bank of England will charge for this prestigious development. No doubt they will be the ones setting the price of an RScoin, at least initially. Later on they will hand-pick traders and run a rigged market that they will pretend is a “free” one. That's one speculation anyway.
We’ve seen it all before. Three of the main attractions of bitcoin are that it is anonymous, that it has a cap so bitcoins cannot be continually printed, thus debasing the rest of the currency stock and, finally, that it is PRIVATE and not part of the current financial system.
Of course, there will be users for RScoin, this is true. Millions and eventually billions no doubt. The same people who use Visa cards and can’t conceive of transacting outside of the current central bank economy.
That won’t be everyone, though. In fact, having RScoin will probably just validate the niche for private currencies. Short of banning private currencies outright, they will continue to grow. If RTcoin becomes popular, private crypto-currencies will probably see explosive growth.
Central bankers will find RScoin, or something like it, hard to resist because it will actually give them more control. For one thing, they don’t have to distribute it through the commercial banking system. This cuts out a middleman.
Second, it may allow central banks to generate more control over the credit card sector, including cards such as VISA and MasterCard.
Finally, it will give central banks more and more control over customer accounts, especially if they are lodged directly at the central bank.
This no pipe dream. Ben “Broadly-Bent” Broadbent, the Bank of England's Deputy Governor comments in the article that “the system could in principle be used to cover government services, tax collection, and benefit payments.”
In other words, such a currency could advance the horrible cashless society that Broadly-Bent and other economic elites have in mind.
Bottom line from Ambrose's happy-talk article:
Such a currency transfers “control of money creation from private banks to the state. Arguably, this would make the financial system safer and less prone to boom-bust cycles.”
How many outright lies and fallacies can one man fit into an article?! The financial system is unsafe and is prone to booms and busts BECAUSE of centralized control of money printing and price-fixing of interest rates. Free markets (capitalism – when left unrestricted) do not require force. They do not require a central planner. That's why central banking is actually a tenet of communism. It is communist control of the money system… and since money is involved in everything it is communism embedded in the entire economy. Complete with a PolitBureau who meet behind closed doors and decide what is best for us.
RScoin doesn’t change a thing about the current Ponzi-scheme. In fact, its issuance would make things worse. Central banks would be in charge of how much to mint and central bankers always debase. The boom-bust cycle would be unaffected.
Nothing that comes out of a central bank is any good. They are simply engines of the monetary rape. In this case, the rapists see the main advantages of an electronic currency is that THEY control the results as well as the issuance. They can see your accounts and transactions records at any time and ensure that your account is made available for purposes of fines, tax collection and even outright confiscation.
A brave new world indeed. Thanks but no thanks. We’ll stick with our private crypto-currencies. Of course, that doesn’t mean we’ll stop covering the broader sector of electronic money, especially if RTcoin – or some other similar facility – comes online.
We’re a pioneer in this area, having recommended people buy bitcoin when it was only $3.oo a coin. Ultimately, bitcoin went to $1,000 a coin, making some of our subscribers extremely wealthy. Just two months ago we featured another evolving cryptocurrency, Ethereum, near 0.006BTC. It is currently at 0.03BTC for a gain of 400%. Cryptocurrencies are increasingly important, and you need to know about them.
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