Petter Reinholdtsen

The European Central Bank (ECB) take a look at bitcoin
4th November 2012

Slashdot just ran a story about the European Central Bank (ECB) releasing a report (PDF) about virtual currencies and bitcoin. It is interesting to see how a member of the bitcoin community receive the report. As for the future, I suspect the central banks and the governments will outlaw bitcoin if it gain any popularity, to avoid competition. My thoughts go to the Wörgl experiment with negative inflation on cash which was such a success that it was terminated by the Austrian National Bank in 1933. A successful alternative would be a threat to the current money system and gain powerful forces to work against it.

While checking out the current status of bitcoin, I also discovered that the community already seem to have experienced its first pyramid game / Ponzi scheme. Not very surprising, given how members of "small" communities tend to trust each other. I guess enterprising crocks will try again and again, as they do anywhere wealth is available.

Tags: bitcoin, english, personvern, sikkerhet.

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