<p>In an article for Fox News, senior economist Francois Velde of the Federal Reserve Bank of Chicago describes Bitcoin. “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,” Velde wrote. In his attempt to criticize Bitcoin, Federal Reserve banker Velde actually summed up fairly well everything that’s wrong with his own employer, and in doing so outlines the threat Bitcoin poses to it. To address Velde’s first criticism, Bitcoin’s underlying code, like all programs, does require some knowledge of programming to […]</p><p>The post Fed Banker Tries Criticizing Bitcoin, Ends Up Perfectly Describing The Fed appeared first on Bitcoin Magazine.</p> January 22, 2014 at 09:57AM
