Boston Fed releases report, source code of digital currency prototype study
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Re: Boston Fed releases report, source code of digital currency prototype study
#2It’s ironic that they named it project Hamilton. He is probably rolling in his grave now thinking that Jefferson would be finally proven right with CBDC and the insane ever increasing Public debt.
"banking institutions are more dangerous to our liberties than standing armies," Thomas Jefferson
Re: Boston Fed releases report, source code of digital currency prototype study
#3It’s ironic that they named it project Hamilton. He is probably rolling in his grave now thinking that Jefferson would be finally proven right with CBDC and the insane ever increasing Public debt. "banking institutions are more dangerous to our liberties than standing armies," Thomas Jefferson
History hasn't been kind to either of Jefferson's opinions in that sentence. The US did abolish the central bank for a while and nothing good happened as a result. Also, military coups are a problem in many countries, but not the US.
Re: Boston Fed releases report, source code of digital currency prototype study
#4It’s ironic that they named it project Hamilton. He is probably rolling in his grave now thinking that Jefferson would be finally proven right with CBDC and the insane ever increasing Public debt. "banking institutions are more dangerous to our liberties than standing armies," Thomas Jefferson
History hasn't been kind to either of Jefferson's opinions in that sentence. The US did abolish the central bank for a while and nothing good happened as a result. Also, military coups are a problem in many countries, but not the US.
> History hasn't been kind to either of Jefferson's opinions in that sentence...military coups are a problem in many countries, but not the US.
In fairness, if Jefferson had his way, there wouldn't be much of a military around to plot a coup in the first place.
He'd also be considered a staunch non-interventionist were he alive today - "peace, commerce, and honest friendship with all nations and entangling alliances with none." Not much use for a standing army when that’s how you see your role in global affairs.
Re: Boston Fed releases report, source code of digital currency prototype study
#5It’s ironic that they named it project Hamilton. He is probably rolling in his grave now thinking that Jefferson would be finally proven right with CBDC and the insane ever increasing Public debt. "banking institutions are more dangerous to our liberties than standing armies," Thomas Jefferson
It's apt, not ironic. https://www.newyorkfed.org/aboutthefed/history_article.html
Re: Boston Fed releases report, source code of digital currency prototype study
#6Earlier quoted context omitted.
History hasn't been kind to either of Jefferson's opinions in that sentence. The US did abolish the central bank for a while and nothing good happened as a result. Also, military coups are a problem in many countries, but not the US.
> History hasn't been kind to either of Jefferson's opinions in that sentence...military coups are a problem in many countries, but not the US. In fairness, if Jefferson had his way, there wouldn't be much of a military around to plot a coup in the first place. He'd also be considered a staunch non-interventionist were he alive today - "peace, commerce, and honest friendship with all nations and entangling alliances…
I think that argument had more power before a bunch of Canadians set the White House on fire.
Re: Boston Fed releases report, source code of digital currency prototype study
#7The mention of blockchain in the summary worries me. We have real world data that shows us this only leads to wasted electricity and fabricated silicon shortages/outrageously expensive computer hardware.
The idea of a public ledger and distributed witness signatures is sound though, and that should be the basis of a government approved system of inter-reserve asset tracking.
Re: Boston Fed releases report, source code of digital currency prototype study
#8The mention of blockchain in the summary worries me. We have real world data that shows us this only leads to wasted electricity and fabricated silicon shortages/outrageously expensive computer hardware. The idea of a public ledger and distributed witness signatures is sound though, and that should be the basis of a government approved system of inter-reserve asset tracking.
I think you may be confusing "blockchain" with "bitcoin".
A blockchain is just blocks of data linked together using hash functions to guarantee the authenticity of previous blocks. There's no mining, and only a tiny amount of electricity used.
Re: Boston Fed releases report, source code of digital currency prototype study
#9Should name it PowellCoin— This is what happens when the Fed governors won’t let him print USD any more.
I jest, it actually is kind of interesting and could allow an even closer look at the day to day operations of banks if the ledger was in fact published.
Re: Boston Fed releases report, source code of digital currency prototype study
#10No post body was provided.