madfranks
8th November 2013, 08:04 AM
http://www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2013/cfldecember2013_317.pdf
Here's a couple gems:
Should bitcoin become widely accepted, it is un-likely that it will remain free of government intervention, if only because the governance of the bitcoin code and network is opaque and vulnerable. That said, it represents a remarkable conceptual and technical achievement, which may well be used by existing financial institutions (which could issue their own bitcoins) or even by governments themselves.
The bitcoin code is "opaque and vulnerable"? I don't think they understand what open-source means. And LOL at them saying existing financial institutions and governments can issue their own bitcoins. HA!
Although some of the enthusiasm for bitcoin is driven by a distrust of state-issued currency, it is hard to imagine a world where the main currency is based on an extremely complex code understood by only a few and controlled by even fewer, without accountability, arbitration, or recourse.
Yes, the Federal Reserve really just said that. What chutzpah!
Here's a couple gems:
Should bitcoin become widely accepted, it is un-likely that it will remain free of government intervention, if only because the governance of the bitcoin code and network is opaque and vulnerable. That said, it represents a remarkable conceptual and technical achievement, which may well be used by existing financial institutions (which could issue their own bitcoins) or even by governments themselves.
The bitcoin code is "opaque and vulnerable"? I don't think they understand what open-source means. And LOL at them saying existing financial institutions and governments can issue their own bitcoins. HA!
Although some of the enthusiasm for bitcoin is driven by a distrust of state-issued currency, it is hard to imagine a world where the main currency is based on an extremely complex code understood by only a few and controlled by even fewer, without accountability, arbitration, or recourse.
Yes, the Federal Reserve really just said that. What chutzpah!