Central bankers continue their schizophrenic stance on cryptocurrencies with a warning from Agustin Carstens, the General Manager of the Bank for International Settlements (BIS), the central bank for central bankers.

International Bankster Agustin Carstens Begs Young People To Stop Using Bitcoin

<center>https://youtu.be/r9GpUypsdYM</center>

and here is the article with the transcript.

[The future of money and payments](https://www.bis.org/speeches/sp190322.htm)
Speech by Mr Agustín Carstens, General Manager of the BIS, at the Central Bank of Ireland, 2019 Whitaker Lecture, Dublin, 22 March 2019. (Includes link to pdf)

Some more interesting recent speeches by BIS members.

["My message to young people: stop trying to create money"](https://www.bis.org/speeches/sp180704a.htm)
Translation of an interview with Mr Agustín Carstens, General Manager of the BIS, in the Basler Zeitung, 25 June 2018.

>No, they [cryptocurrencies] are not money; they are a form of investment, an asset. They cannot assume the functions of money for the simple reason of how they are created. Those who have the biggest incentive in the system of these so-called cryptocurrencies are those who produce the assets - the miners. By producing "money", they wish to make a profit, and in return they deliver, as it were, the infrastructure that keeps cryptocurrencies going. This incentive, however, is not compatible with maximising the usefulness of money. Cryptocurrencies do not fulfil any of the three purposes of money. They are neither a good means of payment, nor a good unit of account, nor are they suitable as a store of value. They fail dramatically on each of these counts.

This is truly the pot calling the kettle black! How do central banks create money? Do they do it for free? No, they do it off the back of whichever nation state they are attached to, their fee being from the interest rate. The banking "miners" are those few large banks that can trade directly with the central bank. All fiat money is less a store of value as it is a debt to the future. 

[Cryptocurrencies and the economics of money](https://www.bis.org/speeches/sp180624b.htm)
Speech by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, on the occasion of the Bank's Annual General Meeting, Basel, 24 June 2018. (Includes video of speech and pdf transcript.)

This article analyses the fee structure of Bitcoin as incompatible with it being classed as money. 

Steem has a number of features that could make it closer to money than Bitcoin. Steem has a number of economic levers that could, if there was an economic team in control, be used to adjust the coin supply. These have been tweaked in the past, sadly without any economic knowledge, such as increasing the SBD debt ceiling; consensus is not always the same as knowledge.

One other feature of the Steem blockchain is that its economy is fairly stable *in STEEM terms*; why are we obfuscating this simple fact by showing USD is a question I have asked many times, with no real answer except that it promotes exiting the blockchain.

Anyway, worth reading the banksters' analyses to know what is likely to come next and which current cryptos are likely to survive.


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@rycharde manages the [AAKOM project](https://steemit.com/@aakom) and the [MAP Trail](https://steemit.com/@accelerator).</center>

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