@Bragato18
more from that month
Janet on Bitcoin "Remarks on Digital Assets" delivered at American University on April 7, 2022 by Treasury Secretary Janet Yellen https://www.youtube.com/embed/VPQiPFqFwOU Now I am really concerned, assuming it is not fake.
2 comments
Dont digital assets signal the end of central banking as we know it? They aren't going to cheerlead their own decline.
Although my stance may be considered somewhat controversial, I think there needs to be some regulatory action regarding crypto, and there also needs to be protections for consumers in its regard. Decentralized is fine as a hope and dream, but in no way do I think it is practical for most people in most situations, especially in a mass adoption situation. How many times have we seen bad players even in highly regulated securities? There are crooks and bad people everywhere, especially where money is involved. Do we really think we are going to be safe monetarily in a world where we don't even know who is pulling the strings? I mean, who is Satoshi Nakamoto? No one knows? So, what? We just assume that all of the people behind all crypto are looking out for the little guy and have his best interests in mind? That seems scarier to me than a lot of other things. We are talking about an asset class that has virtually no rules, virtually no oversight, that is extremely volatile, easily enough hacked as we have seen several times. Coins can simply disappear, and I agree with Yellen in that because of the volatility it just doesn't present a good alternative for any sort of reliable transaction. Think about it. I loaf of bread is being sold for let's say 200 satoshi (just making up a number here). The bread cost the supplier 100 satoshi. By the time the transaction goes through the bread costs the buyer 300 satoshi and by the time the seller cashes in his money he gets 100 satoshi. Or maybe the scenario is reversed. At least with fiat the buyer and seller know what they are getting and what they are paying. On top of that, there could be enormous fees as well. I just think when it comes to crypto everyone who is very much onboard with it is suffering from a couple of things. Naivete, or they do not understand economics very well. My interest is never to diss crypto, but just to remind people that there are very good reasons why protecting ones money is so important. And trustworthy people do not operate in the shadows either.