Crypto is Fallacy, Bank of Finland Says

Adviser on digitalization and head of the Digital Central Bank under the Ministry of Financial Stability and Statistics of Finland criticized crypto
03 July 2018   550

The Central Bank of Finland issued a document entitled "The Great Illusion of Cryptocurrencies", in which he expressed its attitude to digital currencies. This is reported by Cointelegraph.

The author of the document is Aleksi Grym, adviser on digitalization and head of the Digital Central Bank under the Ministry of Financial Stability and Statistics of Finland.

With the help of this document, Grim tries to convey how "shows how poorly understood the concept of money itself still is today" and how much the Internet and social networks "muddled our sense of fact and fiction".

A representative of the Bank of Finland believes that cryptocurrencies are not real currencies, but only "accounting systems for non-existent assets". As an argument, he cites the fact that technologies such as blockchain are essentially data storage systems. And their use for cryptocurrency "unrelated to the fundamental characteristics of money". The document also contains several citations from other studies, mostly with a negative connotation.

For all intents and purposes, that ledger is a centralised ledger. The fact that there are multiple synchronised copies of it, distributed across a network, is irrelevant, as each one has the same data.

Aleksi Grym

Adviser on Digitalization and Head of the Digital Central Bank process, Financial Stability and Statistics Department

According to the document, the main motive for buying crypto-currencies is criminal actions, a sense of belonging to the community, an attempt to defend themselves against "real or fictional" state oppression, or speculative trade.

In addition, Alexi Grym asks the question: "What is money?". He notes that over time the meaning of this word has changed, but until now, money means a unit for exchange, which can be stored and counted. But the cryptocurrencies, in his opinion, appear "out of thin air".

Bitcoin Cash Hardfork Implemented

Hardfork of a hardfork... just don't get confused in this crazy world of cryptocurrency
16 November 2018   81

Today, on November 15, a hardfork was implemented in the Bitcoin Cash (BCH) network. The first block in the Bitcoin ABC blockchain has mined a pool of

The last “common block” was # 556,766, mined by SVPool. on which the protocol update was activated.

Bitcoin SV got its first block. Now we can definitely talk about the division of Bitcoin Cash into two competing blockchains. Roger Ver, right before the hardfork, said that his pool had sent a significant amount of power to mining Bitcoin ABC.

Bitfinex exchange announced the transfer of BAB and BSV coins to the accounts of BCH holders.

Poloniex converted all BCH balances into assets BCHABC and BCHSV. At the same time, the BCH market became unavailable. Instead, the BCHABC / BTC, BCHSV / BTC, BCHABC / USDC and BCHSV / USDC trading pairs appeared. I / O of BCHABC and BCHSV is not yet available, but will open when the network stabilizes.