I am so sick of this hypocritical nonsense - Fed Governor on Bitcoin

[wry]

So the expected incoming US Federal Reserve Governor for New York doesn't think Bitcoin meets the definition of a currency.

Just to review, currencies function as:

a. Medium of Exchange - It is something that can be easy exchanged for value - check

b. Unit of Account - It can be used to keep track of financial information -  check

c. Store of Value - It retains value over time - this is where he claims Bitcoin fails.  Obviously, its value moves a lot.  However, the direction Bitcoin has been moving is generally UP.  Yes, it is down 70% from its all time high, but then the US Dollar, his presumed preferred currency, is down over 98% from it's all time high - $20.67 per ounce of gold, to ~$1,350 per ounce of gold, or if you want to start in 1971 rather than 1932, down over 97% ($35 per ounce of gold to ~$1,350).  He's certainly old enough to have lived through watching the USD drop that 97%, worse, no one wants it to get better, his goal is for it to lose 2% MORE of its value each year. 

I hope in the near future more people will start to call these economists on their hypocrisy.  

https://cointelegraph.com/news/crypto-doesnt-pass-test-of-what-a-currency-should-be-says-likely-ny-fed-president

 

[badger]

Now wry, to be fair, would you really REALLY expect anything less than hypocrisy and general d-baggery from a politician that is expected

to be anywhere near the fed reserve?... I know you didn't, hehe. Much cc?? wry

[Xylber]

FED creates money, of course they ar enot going to support the competition, the decentralized competition...

[wry]

Yeah thanks @badger and @Xylber!  The thing is that in addition to making the US monetary system the Federal Reserve is supposed to also regulate it.  Decentralized solutions like bitcoin totally solve the too big to fail problem of banks.  Also they are supposed to be professionals, not politicians.  I just wish someone from the mainstream business press - Economist, Financial Times - would call them on this bullshit they keep spewing.

Too much to ask, I know!

Thanks again for your thoughts!