• BitCoin Magazine
In an article for Fox News, senior economist Francois Velde of the Federal Reserve Bank of Chicago describes Bitcoin. “Although some of the enthusiasm for Bitcoin is driven by a distrust of state-issued currency, it is hard to imagine a world where the main currency is based on an extremely complex code understood by only a few and controlled by even fewer, without accountability, arbitration or recourse,” Velde wrote.
In his attempt to criticize Bitcoin, Federal Reserve banker Velde actually summed up fairly well everything that’s wrong with his own employer, and in doing so outlines the threat Bitcoin poses to it.
To address Velde’s first criticism, Bitcoin’s underlying code, like all programs, does require some knowledge of programming to understand and manipulate. But the charge that it’s understood by only a few and controlled by even fewer is patently absurd. First, the code underlying Bitcoin is completely open-source. What that means is that every developer has access to
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