Crypto responds to the Bank of International Settlement’s bitcoin report

To bitcoin adherents, bitcoin and other cryptocurrencies are still a work in progress. Yes, its energy usage is an issue but it’s one that developers are aware of any trying to solve.

One blockchain professional I spoke to on Thursday compared the BIS report to saying the world would be in trouble if a baby was put in charge. Babies tend to grow up before they are given any responsibility and crypto developers are hard at work helping bitcoin and other digital currencies grow up.

"I don’t think many people appreciate just how early stage this technology is," Jamie Burke, the founder and CEO of specialist bitcoin and blockchain VC fund Outlier Ventures, told the Blockchain Alternative Investment Conference in London on Monday.

Something like 98% of bitcoin’s original code base has been rewritten since it was first created in 2009 and developers around the world continue to work on new ideas, solutions, and technology.

Allarie said: "I’m deep, deep in it and I’m a pretty technical person and I cannot keep up. There’s so much. I’m not even close. There’s just so much activity and so much innovation happening. I’ve never seen anything like it, it’s just happening at such a pace."

Sourced through Scoop.it from: www.businessinsider.com

How ironic from the BIS that they came out with their cryptocurrency segment in their report claiming, basically the technology is obsolete one way or another when it comes to the financial sector .

However the cryptocurrency community did respond back to the BIS report and set the record straight. The technology driving Bitcoin has evolved tremendously over the past 9 years and most importantly we have an army of developers from all over the world who are working non-stop in fine tuning developing creating solutions for the blockchain.

I’m afraid (also evident) that the BIS is terribly misinformed and also have based their study on old news, information and documentation available. The central banks do not provide a safe haven as they claim. In the contrary have been responsible for many economic crises in the past 100 years or so. Bitcoin was incepted as a mean to detach from the current problematic archaic system and find a safe  decentralized haven in terms of sound wealth/currency value preservation.

 

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