from Hacker News

Bank of England payment system crashes

by stugrey on 10/20/14, 12:13 PM with 1 comments

• by irdial on 10/20/14, 5:10 PM

  If this had happened with Bitcoin, it would be front page news globally. No one knows what this "glitch" is, where it came from, whether an attack, software or hardware failure, yet everyone blithely trusts the BOE to reconcile the amounts and fix the problem without reporting the cause.

  This story is highly indicative of the doublethink when it comes to software applied to money functions, the irrational trust in government institutions and central banks (independent or not). Bitcoin will remove this opaque, centralized system and replace it with something solid, open, trustworthy and incorruptible.