Central banks beat Bitcoin at own game with rival supercurrency

Central banks beat Bitcoin at own game with rival supercurrency, by Ambrose Evans-Pritchard. This might seem arcane, but it is going to change your life.

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. …

Bitcoin is inherently limited, a niche for aficionados and the ideological heir’s of the 19th Century ‘free banking’ movement. … “It is a Peter Pan system, and it doesn’t really grow up,” said Dr Danezis.

RSCoin is safer, faster, and far less less volatile. It can scale up indefinitely. Its beauty is that it cuts out the middleman, and reduces costs to a wafer thin level.

According to popular economic commentator Robert Wenzel, it’s all about government control:

Of course, there is plenty of evil attached to RSCoin. Like Bitcoin, it would be highly trackable… Unlike the distributed ledger of Bitcoin, the ledger for the RSCoin would remain exclusively in the hands of the central bank. …

Paper money controlled by government is bad enough, e-currency run by a government bank would be horrific, putting us further down the road to serfdom that F.A. Hayek warned us about.