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View Diary: Janet Yellen: Fed Has No Authority To Regulate Bitcoin (31 comments)

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  •  The Fed is not your friend. Neither are the (1+ / 0-)
    Recommended by:
    blueoasis

    banks and banksters. They have helped to see to it that we have shifted to a predominantly FIRRE economy, one that produces nothing whatsoever and speculates on damn near everything. Something beyond their ambit and control is not magikly bad because useless losers like Summers cannot tip off their cronies as to what tomorrow will bring.

    That, in its essence, is fascism--ownership of government by an individual, by a group, or by any other controlling private power. -- Franklin D. Roosevelt --

    by enhydra lutris on Thu Feb 27, 2014 at 06:38:13 PM PST

    •  Ummm.... (2+ / 0-)
      Recommended by:
      wu ming, Youffraita

      ...if you think Summers is bad (and he is), you ain't seen nothing with Bitcoin.  Why?  There's no central bank at all.  It's a gold standard without the gold.  And despite its Rand Paul policy bias, there's nothing that stops someone from setting up a Bitcoin non-bank bank in an appropriate jurisdiction and doing things that would make JPMC freak out.

      Oh, yes.  The Bitcoin base is small and any large player could make a speculative attack on it.  (This doesn't work against the dollar or any other major currency because the appropriate central bank ultimately controls the money supply.  That's why the deficit scolds are so full of shit.)

      •  And Rand Paul is totally opposed (1+ / 0-)
        Recommended by:
        Kvetchnrelease

        to any kind of regulation whatsoever...that's his Ayn Randism, is it not?

        But thousands of years of banking experience have proved that Bankers. Need. To. Be. Regulated. To. Save. Their. Banks. From. Their. Own. Damn. Selves.

        As for Bitcoin? No sane person should go there. It's a scam for the kind of person who thinks betting on the lottery is good odds.

        English usage is sometimes more than mere taste, judgment and education - sometimes it's sheer luck, like getting across the street. E. B. White

        by Youffraita on Fri Feb 28, 2014 at 12:42:08 AM PST

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        •  Rand Paul != Bitcoin. Stay away from (1+ / 0-)
          Recommended by:
          Youffraita

          underdeveloped countries and underdeveloped areas of the US, there's a lot of barter and unofficial non-bank currencies floating about in those areas, so you're guaranteed to be bankrupted within minutes.

          That, in its essence, is fascism--ownership of government by an individual, by a group, or by any other controlling private power. -- Franklin D. Roosevelt --

          by enhydra lutris on Fri Feb 28, 2014 at 10:31:29 AM PST

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      •  I stopped reading at Rand Paul, because I'm (0+ / 0-)

        talking about bitcoin and not Rand Paul. If you feel like discussing facts, let me know.

        That, in its essence, is fascism--ownership of government by an individual, by a group, or by any other controlling private power. -- Franklin D. Roosevelt --

        by enhydra lutris on Fri Feb 28, 2014 at 10:28:54 AM PST

        [ Parent ]

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