President of the Federal Reserve Bank of Minneapolis Say Crypto "Nonsense"

▶️ Watch on 3Speak


The usual suspects are coming out of the woodwork now.

Most recently, the President of the Minneaspolis Bank of the Fed espoused how cryptocurrency is nonsense. Actually he stated this about all digital assets.

In this video I discuss how we, once again, see a lack of understanding from those who are in charge of the banking system.

Here is the article mentioned in the video:

https://dailyhodl.com/2022/11/20/fed-president-says-entire-notion-of-crypto-is-nonsense-following-the-controversial-implosion-of-ftx/


▶️ 3Speak



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If it was nonsense the SWIFT banking system wouldn't be shifting its method of international remittance to ISO 20022 which is blockchain technology.

Once they produce a banked back stable coin with a guarantee I bet we will see alot of Bitcoin pools open with it and then more to follow which will prevent these massive dips. Then it will only be up and up and up.

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Once they produce a banked back stable coin with a guarantee

They cannot even guarantee the value of the dollar. Its buying power is going down. The prices are going up. This is why more and more people look for Bitcoin (BTC) as a safe haven.

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There is a difference between the retail and wholesale. The international banking system needs a lot of help with settlements. The system sucks.

The Fed is updating the US payment system (among banks) with FedNow. But internationally there is nothing for real time settlement.

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Have you seen SWIFT changing to ISO 20022? I believe that is blockchain technology for international real time settlement

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It’s not that they don’t understand. They do. They are conditioning those that don’t know into false thinking because they cannot win being open about it. Economic weapons for quite wars. You cannot educate them, they know more than you, it’s a war.

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I would disagree. Many at the central banks are economists by training. They do not understand crypto at all since it doesnt fit into their models. Hence they have to keep it outside their realm of comprehension because, according to them, their models are all there is.

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When Bitcoin blew up, they figured it out and know the trouble it brings. They don’t want to give crypto an inch. It’s a novel competitive threat and they didn’t do all their dastardly deeds to have it whisked away by something that they could stop.

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The entire system is all messed up with all the inter-mingling of funds. It's hard to tell what is actually in reserve for any bank or company due to all the supposed assets on their balance sheets.

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I think there is more hope to see a common man embracing crypto than convincing a sophisticated banker like this FRB president. Crypto has no place in the mind of these "wise and clear thinking people."

!LOLZ

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That is true. And it isnt only the common one. I think it is the common one in a country that has an awful banking system and little access to stable funds.

HBD could be a big boost.

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Yeah, you're right. Inflation bites. There is a need for stable money.

And not only that, but I think you already mentioned the importance of access to credit. I know of a friend where banks run after him to lend him big capital for his business, but he refused to do so. And here is someone who has an idea but nobody dares to trust him for he does not have a credit standing. Somehow, that's reasonable to protect both the lender and the borrower. However, I am thinking if there is a way to assess the capability of the person to pay his debts based on his income. Just yesterday, I stumbled upon one question in @reverio about the possibility of having a lending platform on Hive. Though I like the idea, I just don't know how it will work on Hive.

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Basically saying that he works doing nonsense all day. I smell fear. This is just a chance to double down on fear-mongering. Many of them don't know anything passed FTX crash, and surface knowledge yet he says that he was an enthusiast 5 years ago.

I added your post to the daily posts today.

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