Will the big bad Bank bowl over the bitty Bitcoin?

Balloon footy in Shoreditch 300814 © david.altheer@gmail.com

TODAY HACKNEY can take some pride in hosting what is said to be the UK’s first bitcoin festival.

BlockStock starts its 10-day run in Shoreditch on Friday 12 September 2014 with the aim of  of boosting awareness of the digital currency

At the heart of the festival are Justina Cruickshank and Tashoma Vilini.

Bitcoiners, says Cruickshank, will be able to buy “tickets to gigs and comedy shows, dine out, book yoga classes, attend creative workshops and a whole manner of everyday things” – the usual Ditchie stuff – with the digital currency.

Hackney businesses among the the 198  in the UK accepting the digidollar are The Brew, restaurant-gallery the Proud Archivist, music venue-bar Zigfrid von Underbelly and the Dictionary Hostel. Hackney council is supporting the festival. (Why not try paying any parking fines with bitcoins?)

Nothing similar would work with the Bank of England. It says that if the bitcoin, created in 2008, catches on, it could one day risk financial stability.

Justina Cruickshank
Cruickshank: Go digital, Ditchies

Would that be the financial stability the Bank of England has maintained for the last decade or so? Ah, the period more commonly known as “boom and bust”.

Regardless of that,  the Bank continues its doom-mongering, saying it believes that bitcoins are used in a mere 300 UK transactions a day and that it estimates the amount of  bitcoins in the economy to be worth £60 million – barely 0.1% of sterling notes and coins.

Well, anyway, thank you for your advice, Bank of England. Now shouldn’t you be going back to your high-walled home in the City to print more money?

Sorry, you don’t call it “printing money”, do you? You prefer  “quantitative easing”.

David Altheer 120914 

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