Quote from: MicroGuy on September 19, 2014, 03:00:14 AM

Quote from: Verse on September 19, 2014, 01:41:19 AM

The article you've quoted is idiotic

Here's the idiotic video version: https://www.youtube.com/watch?v=Ldv3GFxCMsE

That's the first time I've gotten a video response. It feels weird. I only watched a few seconds of it, you seemed to be a bit drunk. I did not mean my first post as a personal attack, just bashing some misinformation. If you'd like a discussion then I'd prefer text format.

The FED can't exert any control over Bitcoin whatsoever, unless congress passes a law expanding their power or Bitcoin becomes a staple of the balance sheets of major banks. The FED's toolkit is very limited and can only be used to macroeconomic ends. For instance the FED could tighten credit credit by selling off bonds, thereby restoring yields to lower risk assets and theoretically drive down the price of riskier assets like Bitcoin. But that would violate the FED's tenants of price stability and maximum sustainable employment by screwing with the entire economy in an attempt to exert control over a specific asset.

The notes from the FAC states that the FED expects other government agencies to deal with Bitcoin. The FED cannot directly exert influence on any of these other agencies, so they essentially washed their hands of the cryptocurrency discussion in D.C. back in May when this report was published.

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