How Bitcoin Plays Into the Hands of Central Bankers and Will Facilitate the Use of Negative Interest Rates

How Bitcoin Plays Into the Hands of Central Bankers and Will Facilitate the Use of Negative Interest Rates | naked capitalism: "Bitcoin enthusiasts like to present it as a “power to the people” form of money, stressing its apparent lack of ownership (the “Napster for finance“). They stress the lack of need for a “trusted party” like a bank or broker to verify that a payment has been made. And many clearly relish the idea of launching a currency outside the control of central banks (plus this beats Cryptonomicon in geekery).

If you believe the hype, you’ve been had. As Izabella Kaminska of the Financial Times tells us, you all are really just doing free/underpaid R&D for central banks, since you are debugging and building legitimacy for one of their fond projects, making currencies digital and getting rid of cash altogether."