President of the Federal Reserve Bank of Minneapolis Say Crypto "Nonsense"
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:
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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.
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.
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
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.
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.
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."
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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.
Fear or misunderstanding. There is a lot of that with those who are or listen to economists.
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Lol...They benefit from both.
Summary:
In this video, the speaker discusses the opinions shared by Neil Kashkari, President of the Federal Reserve Bank of Minneapolis, regarding cryptocurrencies. He criticizes Kashkari's dismissal of the cryptocurrency industry while highlighting the complexities of the current banking system. The speaker argues that the traditional banking system, especially the Federal Reserve and its creation of reserves, is just as nonsensical as the criticisms Kashkari made about cryptocurrencies. He delves into the intricacies of how transactions occur without physical currency involved, illustrating how banks utilize various instruments as money without actual cash transactions. The speaker emphasizes the flaws in the current banking system and explains how cryptocurrency, despite its own shortcomings, represents a potential evolution towards a reserve-less monetary system.
Detailed Article:
The video opens with the speaker addressing Neil Kashkari's stance on cryptocurrencies, criticizing the Fed President's labeling of the industry as nonsensical. The speaker finds irony in Kashkari's comments, pointing out the flaws in the current banking system, particularly the creation of reserves by the Federal Reserve. He argues that the reserves created by the Fed are akin to cryptocurrency in terms of their lack of direct impact on the broader economy.
The speaker delves into the specifics of how the Federal Reserve operates, explaining that the reserves it creates do not enter the broader economy and can only be redeemed for physical banknotes. This contrasts with cryptocurrencies, which have the potential to be utilized by individuals and businesses. By highlighting these differences, the speaker challenges Kashkari's dismissal of the utility of cryptocurrencies.
Furthermore, the speaker explores how transactions in the banking system often occur without physical currency, using instruments like treasuries, T-bills, and interest rate swaps as a medium of exchange. He emphasizes that despite the absence of actual currency, these instruments serve as money within the financial system. This highlights the disconnect between traditional notions of money and the evolving complexities of modern banking practices.
The speaker also touches upon the fraudulent activities that have occurred within the financial industry, pointing out that Wall Street has a history of using various assets for fraudulent purposes. He distinguishes between genuine cryptocurrencies and fraudulent activities like those involving FTX, emphasizing that not all activities in the cryptocurrency space are fraudulent.
In conclusion, the speaker argues that the traditional banking system, with its reliance on reserves and complex financial instruments, is no less perplexing than the criticisms leveled against cryptocurrencies. He posits that cryptocurrency represents a potential shift towards a reserve-less monetary system, ultimately challenging the established norms of the banking industry.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.