Bitcoin could 'bring the internet to a halt,' banking group warnsDon't bet on bitcoin ever replacing the dollar or other traditional currencies as everyday money.
That's one of the messages from a new report by an organization that represents dozens of the world's central banks.
The group, Switzerland-based Bank for International Settlements (BIS), said the "intense interest" in bitcoin and other cryptocurrencies had prompted it to look "beyond the hype" at what use they could actually contribute to the economy.
The report's authors were unimpressed, detailing a range of problems with trying to adopt cryptocurrencies as a widely used form of money.
They include the danger that just processing all the payments "could bring the internet to a halt," said the report, which was published Sunday.
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http://money.cnn.com/2018/06/18/technology/bitcoin-cryptocurrencies-internet-bis/index.html Did we expect any other response from a institution that are hanging on their fingertips to survive? Bitcoin has disrupted all these international settlement institutions and now they are lashing out against Bitcoin in an attempt to stop it.
They have obviously not heard about the Lightning Network and off-chain transactions. Before these idiots make clueless statements like this, they have to do some homework first. )o(