A Federal Reserve Cryptocurrency? Former Fed Governor Says This Idea Deserves Serious Consideration
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It's a trend that's accelerating actually, because at this point when the Russians trade with the Chinese, which they do, what do you use? My thought is this; that understanding that the dollar is unstable as it is, at this point the Fed might try to create an alternative. And an alternative that's more under their control than the dollar and actually out of the traditional banking system. What would happen if the Federal Reserve created a look-alike dollar? Let's call it the Fedcoin.
Could you imagine a world where cash is no longer accepted and everything is tracked and monitored? Not only will this bring a safety net to all who use altcoins but it will cause a surge in use and development as new companies form and bring about this new wave of change in the altcoin economy. Could this be the tip that we have been waiting for? If a bitcoin us federal reserve government decides to create an altcoin, what would that entail?
Ever since I knew that bitcoin is a cashless currency with an inbuilt record of transaction, I have been expecting a government or Federal reserve cryptocurrency with a back door to control the people. If they want to maintain control of the people, it would be stupid of them not to try. I agree completely, they will try. Will bitcoin us federal reserve work is the big question here. With so many people misunderstanding BTC as well as altcoins as a whole.
I think a Federal Government will mask it as something else when they feed it to the sheeple haha. Thank you for the feedback lifeworshiphave an awesome day! EU bitcoin us federal reserve accepted to go forward with regulations of banks concerning crypto currancies.
China already is doing that. Like most new technology it is first a nerdish thing and than it becomes mainstream controlled by big entities. Yes, indeed they are. I have already been up to date and even written articles about several different countries, developments, and world news on altcoins, bitcoins, and steemit.
I wrote an article in my local newspaper here in Norway back in regarding this subject when I first got into and invested in Bitcoin. I suggested that the US Govt might think of making their own crypto-coin as a way of taking control back from the banks. I suggested it might be called the Bitdollar ha ha. In bitcoin us federal reserve old days only Govts could issue money in system known as seigniorage. This worked very for centuries because is was not debt created as is when banks create money.
It was how the UK rebuilt its economy after WW2. But with the onslaught of Computors the banks realized they could simply create their own money digitally without having to buy "cash" from the Govt. This is how it became the biggest swindle in history and why the banks now rule the world.
Thus Govt, and I stress Govt, issued money NOT, the FED as the FED is a private Bank could actually solve many of the debt problems by once again creating its own digital money - much in the same way President Lincoln did with the Greenbacks in s and take away the power of the banks. I was born into this bitcoin us federal reserve detesting the banks. My father used to say "Arthur hated the banks when he was a sperm" ha ha. Even before I understood how the economy works my gut instinct told me they were all crooks.
Bitcoin showed a new way for the first time. It will not die but it will probably not be used as the main crypto-coin. It will probably be used to hold capital like gold. It holds mystery and has history and as such it will hold its own. All currency is only as strong as the people who believe in it. The fall of the Roman empire proved that.
No invading army destroyed Rome, it was the people themselves who stopped believing in it and thus stopped believing in their currency. Bitcoin has grown not because people wanted to make money but because the people who drove it and invested in it truly believed in it and still do. Bitcoin enthusiasts were sick of the corruption of banks Govts etc.
Early investors were anarchists like the dollarvigilante for example whom I think is also here on Steemit. The first time I listened to Jeff Berwicka few years ago now, I was blown away. I thought "wow the world is changing". Also Andreas Antonopoulos of course.
Of course we all want financial stability but no rich person ever became rich just because they bitcoin us federal reserve to become rich. Everyone has a more deeper inner motivation that drives them. If Bill gates was or Steve Jobs Jobs were only interested in money they old never have gone into computers in the first place.
If the FED create a crypto-coin they do have an advantage of having the Govt behind them in that they can enforce bitcoin us federal reserve population to use it I suppose. But people are waking up to the idea of having a currency that no one can control - decentralized. But the problem is still yet not solved with China dominating the Bitcoin mining. I also think that if the Fed or the Govt decide to go down this path then they to will find themselves in a pickle because they also are corrupt and have huge sums of money they have hidden.
And bitcoin us federal reserve they too will be faced of having to know what to do to get it back into the system with it. This for bitcoin us federal reserve explains why there is a race for a crytpo-currency that is untraceable. And is the reason why Monero is doing well as it is at the moment probably the best for anonymity.
I also feel bitcoin us federal reserve any government controlled cryptocurrency will have bitcoin us federal reserve potential to be controlled by an internal source, like BTC we know or at least think is "unknown anon programmer" we also have seen many things in bitcoin's core that call for more research and development of all ALT coins as well as the future technologies something like bitcoin is capable of producing.
I totally agree with what you say I "that any government controlled cryptocurrency will have the potential to be controlled by an internal source" - the future, albeit a little scary, is also an exciting one with regard to how this whole story of currency and economy will end up being played out.
All I know is that the bitcoin us federal reserve of Bitcoin was a genuine game changer. It was unexpected and utterly original and in the future bitcoin us federal reserve will attributed for bringing out the a change in how we as a human race see money. Bitcoin awakened us for the first time as to how money is, and has been, bitcoin us federal reserve to control mankind for centuries. For now, it is only the relatively few people, such as yourself my good friend, who have their eyes open to see the truth, their minds eager to lean its secrets, and their hearts full of expectation for change, who are driving forward this coming change.
Eventually, in time, this quiet money revolution will filter out into the public domain, and then things will be unstoppable. And may be, just may be, we can take back control of our own lives from out of the hands of the money controlling elites who would have it that we all stab each other in the back for every nickel and dime.
The truth is there is enough for everyone, we have just all been brainwashed into thinking there isnt. Deep in our hearts we all know this. Why else are we all here on Steemit. Steemit has this sense of inner freedom we all desire, therefore Steemit is also part of the revolution and it is why I know it cant fail. With regards to the article I wrote I will have look around but I dont think I kept it, either way it doesnt bitcoin us federal reserve really.
What matters is now, and what we do together to make it all work. And it is so easy. We just believe in each othersupport each other, dont lie to each other and discuss thoughts and ideas without fear of judgement or rejection. It seems to me that Steemit is the first of its kind to allow us to do that. What a time to be alive.
Good corresponding with you Tmbo. I think you are quite an inspirational fellow yourself. Keep up the good work. Hope to have future conversations like this one and, I appreciate the obvious dedication and understanding of value you have in a decentralized currency.
Sometimes when you first have the blinders taken off it can be overwhelming. Federal Reserve will issue its own cryptocurrency then, make Americans use it. Countries world wide, abandoning the US Dollar. Could this mean a rise for Steem? Stay tuned for more news, and as always thank you for being a huge part of my experiences! Authors get paid when people like you upvote their post. Check them out below: So much information and insight, thank you for the feedback, do you happen to have a link to your article online?
Is there anyway you still have a copy of it that you could take pictures and post, seriously, I would love to read it. Thank you again, you have also bitcoin us federal reserve my thoughts, have an awesome bitcoin us federal reserve Steem on my new found friend!
Thank you again for bitcoin us federal reserve input!
