Fed Chairman Says that Crypto is a Big No-No
Coindesk reports (https://www.coindesk.com/fed-chair-cryptocurrencies-are-great-for-money-laundering/) that the FED Chairman sees cryptocurrencies as something "without any - any - intrinsic value", a "great thing to launder money" and a "bubble".
Cryptocurrencies have no intrinsic value
Well, if I were the FED chairman, I am not sure that anything would seem to me like having intrinsic value. I truly believe that crypto is not for rich countries, but a tool to meet the needs of the poorer populations living in horrible conditions with very unstable currencies, despotic governments and literally no capabilities to store value in the face of very bad internal conditions.
So, there is no surprise for me to hear that he doesn't see at all.
However, there are already platforms that harness blockchain technology and take steps to bring forward blockchain-powered solutions. For instance, Steemit, Augur, Ethereum overall and many others.
Again, the man must be living in a very mansion with lots of money in his bank accounts. He has a very different set of concerns and interests in his life.
However, there's only one man who holds this position and there's another 7,500,000,000 persons who are not as rich as him.
It would be really great if we could parachute him in the middle of Cambodia jungles and ask him after a couple of months whether he would prefer to carry lots of cash on him after he's sold the harvest or a well-protected multi-sig on his smartphone.
Let's parachute the FED Chairman into the jungles.
Laundering Money
Well, maybe people on this planet are generally having problems with transferring value across the borders.
Again, for people like him, it might not occur that people like me, ICO copywriters and millions of other service providers all around the globe, might have problems with transferring value via Paypal or official channels.
If you have an LLC in Russia and have a contract with a foreign company, the amount of documents, explanations and other red tape is unimaginable. I regularly hear web devs saying that they prefer not to work with foreign counterparts since they don't want to go through that ordeal OK.
This is completely not OK!
Bubble
Well, we are in the bubble. I think that we just need to see those regulations being brought to the industry. After that, the liquidity will come in and the volatility will subside. By the way, by that time, BTC will be around 500K.
So, to sum up:
- The man is not facing the same circumstances that the people on this planet face.
- He does not recognize that if something has been created by humans, it is a priori needed by humans. Nobody would have created BTC, if it had not been needed.
- I freaking need BTC and my freaking life depends on it!
Hands off Bitcoin, Mister Chairman.