Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
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Re: Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
#2It could create FedCoin. But, instead it will allow the investment banks to make it for them and then sign off on whatever they makeup because they can not only make it legal but make it easy to use.
Then the government would just let those coins that pass through this with open arms. Regulation now is the biggest part of an ICO and if you are an investment bank and want a big piece of the distributed ledger pie you probably are already figuring out how to do this.
I was at a meeting with laywers who wanted to understand what an ICO is. KYC and AML laws are now the big problems on implementing an ICO. 2017 was the start of the ICO boom and 2018 will be the start of the enforcement. Expect a bunch of coins to disappear.
Re: Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
#3Pretty sure the USD is enough.
Re: Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
#4> But what if central banks themselves entered the game? What would happen if the Federal Reserve, or the European Central Bank or the Bank of Japan used blockchain technology to create their own virtual currencies? Besides, that is, having some cryptocurrency fans’ heads explode?
Maybe some of the wacko nut-jobs out there in cryptocurrency fandom. But most would welcome this with open arms. It would mean that you could create smart contracts denominated in fiat, or trustless exchanges, or trustless covered shorts on the price of bitcoin, etc. What's the downside?
Re: Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
#5Pretty sure the USD is enough.
It would be the USD; that's the point.
Re: Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
#6It could create FedCoin. But, instead it will allow the investment banks to make it for them and then sign off on whatever they makeup because they can not only make it legal but make it easy to use. Then the government would just let those coins that pass through this with open arms. Regulation now is the biggest part of an ICO and if you are an investment bank and want a big piece of the distributed ledger pie you…
> 2018 will be the start of the enforcement
For what it's worth, I've been hearing "X will be the year of regulatory enforcement" since 2014. So far all we've seen is a very level-headed and even-handed approach targeting just the outright scams. "year of regulatory enforcement" in the crypto currency space is becoming a bit like the "year of linux on the desktop" meme.
Re: Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
#7"we don't see any immediate systemic risk issues" - Warsh, 11 July 2007
https://www.gpo.gov/fdsys/pkg/CHRG-110hhrg38388/html/CHRG-11...
Re: Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
#8Pretty sure the USD is enough.
You can't transfer USD electronically without using banks or third-party services that are trying to skim basis points off the entire economy. In theory a well-implemented FedCoin could be more neutral and efficient.
Re: Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
#9It could create FedCoin. But, instead it will allow the investment banks to make it for them and then sign off on whatever they makeup because they can not only make it legal but make it easy to use. Then the government would just let those coins that pass through this with open arms. Regulation now is the biggest part of an ICO and if you are an investment bank and want a big piece of the distributed ledger pie you…
> 2018 will be the start of the enforcement For what it's worth, I've been hearing "X will be the year of regulatory enforcement" since 2014. So far all we've seen is a very level-headed and even-handed approach targeting just the outright scams. "year of regulatory enforcement" in the crypto currency space is becoming a bit like the "year of linux on the desktop" meme.
Except IRS has guidance on ICOs and it has become a real big problem that bullshit ICOs are out there. If large investment banks are interested in the space then regulation will eventually come forth.
Remember that Coinbase was asked to reveal people who made trades over $10,000.
I was at a conference with someone who gave a speech saying that ~80% of all ICOs are fraudulent. I think that is a bit low in my opinion.
Re: Former top official says Fed should ‘Maybe’ create ‘FedCoin’ to rival Bitcoin
#10"we don't see any immediate systemic risk issues" - Warsh, 11 July 2007 https://www.gpo.gov/fdsys/pkg/CHRG-110hhrg38388/html/CHRG-11...
Please be specific; the link between the financial crisis and a hypothetical FedCoin is not at all obvious.