Friday, December 01, 2017
Fed Official Decries Bitcoin as “Not Backed”
Bitcoin is backed by the use value of the distributed ledger in the underlying technology of the Blockchain.
by Jeffrey A. Tucker
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Randal K. Quarles, a Trump administration appointee to the Federal Reserve Board of Governors and Vice Chair for bank supervision, has given a lengthy speech (“Thoughts on Prudent Innovation in the Payment System”) that directly targets Bitcoin as a danger to the monetary and financial system.
To reiterate, an official speaking for the nation’s central bank that manages the global reserve currency – the institution that has long bragged about its power to bail out the entire world with the magic powers of the alchemist – has put down Bitcoin for being untrustworthy, unbacked, and unsound.
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Will someone please tell me what is backing up the current Federal Reserve Notes that pass for “money” today?
I can’t believe the hubris of some people.
The Federal Reserve Note, since 1970, has lost 99.99% of its value. There maybe even some 9’s at the end of that percentage.
I’m just shaking me head at this “attack” on bitcoin.
You should be too.
Save your nickels! It’s only thing worth anything — it still has some silver content. For now!
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