Can someone please explain to me what is the point of a cryptocurrency controlled by a central bank?
If I understand Bitcoin correctly:
If a single entity has the power to issue the coin then there is no need for Proof of Work. No miners. Government printing money. Etc.
If there is not proof of work, then there is no inmutability and past transactions can be altered. Money can be seized or frozen.
And if they really plan to make a legit coin with all of those things, then... why not Bitcoin?
Or is it about creating a "new start" so that all the same suits can become the new "early adopters". Is it just that they are pissed they didn't get on board soon enough?