The Chairman of the Federal Bank in Chicago said regarding Bitcoin: “It’s hard to imagine a world where the main currency is based on an extremely complex code, understood by only a few, controlled by even fewer, without accountability, arbitration or recourse.” It’s funny because he perfectly described the Federal Reserve Banking System.
A reddit user brilliantly dismantled this comment:
Extremely complex code
‘Yes, because the underlying piss take of a system that the banking system runs on, a system sticky-taped together over decades is infinitely simpler and more straightforward. If your system is so simple, why does it take days to settle a bloody international transaction?’
Understood by few
‘Aha… Show of hands who understands how the blockchain works and how a cryptocurrency can be built on top of it.
Now show of hands who understands how inter-bank transactions work, especially international ones.’
controlled by fewer
‘You have no clue in the world what open source is do you?’
Without accountability, arbitraged or recourse
‘Yeah I mean it’s far more useful to have those things and then have them applied only to the general population and never to the elite.
How many individuals were held accountable for the last economic meltdown? You have the accountable system right? So tell me who was held accountable then…
Your system of BS accountability is less than useless when it serves to protect the most dangerous of criminals.’
Thoughts? Chime in below.