BIS - Failing spectacularly to understand crypto currencies

Wednesday 05/07/2018, 16:20CET

If you follow the crypto news then you have probably heard the lastest from mister quintisential fat cat banker Agustin Carstens.

He must be getting a bit rattled to come out with such patently wrong statements in an attempt to regain the monetary narrative from open cryptos.

In trying to portray innovative programmers and entrepreneurs as naive medlers in the dangerous financial machinery of the global economy.

By asserting that they (central banks and the BIS) are the only actors responsible and divine enough to control the creation and distribution of money globaly, deeply underestimates the damage and pain they have wrought around the world with their monetary shenanigans.
And to continue to claim that the global banking system does its best for the collective humanity is a patent joke.

I do not know how cryptos will change the world, but they will, and the result will probably be better that what we have right now.
The toothpaste has already been squeezed out, it is not going back into the tube, by publicly trying, you are just showcasing how woefully uninformed you really are to everyone.
I think Andreas Antonoulos sumed it up well..

For more reading...

story on cointelegraph
story on CCN
story on CNN Money

and finally for a deep dive into the thinking of this guy and his colleagues on cryptos...
"Money in the digital age: what role for central banks?" Lecture by Agustín Carstens
General Manager, Bank for International Settlements

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addendum:

I would like to drop a challenge to BIS Chief #AgustinCarstens.
To openly debate the merit of cryptocurrencies in the global economy with anyone known in the cryptocurrency community. (my choice would be Andreas A. He is awesome)
The debate should be live streamed online with no edits and open to live comments and a Q&A session live from the public.

If Agustin Carstens, as BIS Chief, as the leader and figure head of the organisation that, if any, is instrumental in coordinating the actions of the globes central banks, does actually and honestly act, first and foremost in the best interests of the global financial system to the benefit of the majority of the inhabitants of this planet and its financial ecosystem, and honestly, and to the best of his ability and integrity, remove himself from the influences of special interests, then we forgive him for his lack of knowledge of what cryptocurrencies are, and the potential they offer.

We as the cryptocurrency community will only too gladly do our honest best to enlighten you, Agustin Carstens, as to what cryptocurrencies are, how they work, and how they can be applied to current financial and bureaucratic problems plaguing our planet.

We would do this so that you would be properly prepared for this open and honest debate. To finally have some public high profile closure on the topic of what are cryptos really: true financial innovation, or hoax garbage?

Come on Agustin, if you are an honest guy, and we all want to give you the benefit of the doubt, then you have nothing to be afraid of.
In fact, you have a huge opportunity to dramatically improve the reputation and public profile of central banks everywhere. An issue that you yourself cannot deny is a growing problem: that of credibility. This at a time when the global economy has entered uncharted territory. A time when the actions of people, like yourself, that have been, for better or for worse, bestowed the awesome, god like power over the global economy can literally mean life and death over hundreds, if not many thousands of people through failed economic policies.
We do not blame you for these unintended consequences, only as long as you were doing your honest best for these people.
The debate I propose is the fastest, and most potent way to remove lingering, and growing doubts that the actions of you, and your colleagues around the world in central banks, and other positions of financial and economic power work to the best of your abilities to place the wellbeing of the global financial system far above that of you yourself, your colleagues, or the special interests that surely attempt to coerce your better judgement to their benefit.