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> Dogecoin branded as Ponzi by the president of the Federal Reserve Bank of Minneaopolis. Important to note that this is the president of the Federal Reserve B
by akarma 5y ago
> Dogecoin branded as Ponzi by the president of the Federal Reserve Bank of Minneaopolis.
Important to note that this is the president of the Federal Reserve Bank of Minneapolis (misspelled in the article), not the Chair of the Federal Reserve, who leads what we generally think of as the "fed."
- bena 5y agoI noticed that too, but I don't think it really matters. Even if Jerome Powell came out every day just to say "Fuck Doge, it's a scam", the response from crypto enthusiasts would be "That's exactly what you would say"
- ffggvv 5y agoit’s not about enthusiasts. it’s about adoption by financial services firms and corporations. which will be affected by what the fed says
- lallysingh 5y agoOf /Dogecoin/? This is going to result in more memes, possibly some decent puns.
- ffggvv 5y agoof crypto in general. doge is irrelevant other than the fact it contributes to making all crypto seem like a joke
- willis936 5y agoWhile the conclusion that "Doge pumping is a scam" is very likely correct, the sentiment that an adversary can't give an unbiased opinion is also correct. I'd value the opinion of an expert with no skin in the game more.
- lupire 5y agoWho would go to all the trouble of becoming a recognized expert and not have any skin in the game?
- willis936 5y agoYou'll have to ask an economist.
- bena 5y agoI'm not speaking to whether or not he's correct. It's all about the fact that there's a not insignificant number of people who won't regard his comments at all due to his position. In fact will assume that he's being intentionally harmful due to his position. Also, how do we measure "skin in the game" with crypto. Is holding Doge skin in the game? What about crypto in general? What about currency? If the most fantastic promises of crypto come to pass, it'll replace fiat currency. So the success of crypto kind of comes at the expense of fiat. So by holding fiat, we could consider that skin in the game on some level.
- willis936 5y ago>Is holding Doge skin in the game? Yes. >So by holding fiat, we could consider that skin in the game on some level. Also yes. However, the leader of the fed is, for all intents and purposes, king fiat. There is no person with more interest in maintaining the current system than someone in charge of the fed.
- bena 5y agoSo when you were asking for an expert with no skin in the game, that was more wishful thinking than anything about what's going on in the story. That's all good. I was unsure about where you thought the line was as it gives context to that statement.
- dragonwriter 5y ago> There is no person with more interest in maintaining the current system than someone in charge of the fed. Sure there is; Fed Chair is a job, not an investment, and its a job taken by people who are politically well connected and likely to get other jobs, should they want them, based on those connections. There lots of people who have proportionately more to lose from problems in fiat than the fed chair.
- cik 5y agoWhile true this is rather important in the finance world. Firstly, that one of the 12 regional reserves would call it thus, is something. Secondly, Kashkari (sidebar: best name ever for a banker) is considered the most soundly minded amongst those bankers, and incredibly well respected - even in these circles. If Kashkari is branding it thus, it means there's something to watch here.
- an_opabinia 5y agoI don’t need to be a federal reserve chairman to reason that Doge is a Ponzi scheme. The problem is that people want to participate in Ponzis, for the most part, it turns out.
- hobs 5y agoActually no - at the end of the ponzi more people are inevitable left holding the bag and are worse off than when it started.
- gogopuppygogo 5y agoCrypto currencies today are basically all decentralized Ponzi schemes inflated in value by the very centralized tether that is is printing something like $4Bn a week of new tether with no US dollar currency known to be backing it: https://youtu.be/-whuXHSL1Pg https://youtu.be/-whuXHSL1Pg
- SideburnsOfDoom 5y ago> The problem is that people want to participate in Ponzis, for the most part, it turns out They do until they don't. e.g. (1). Regulation has a role in acting now to prevent harm down the road. 1) https://en.wikipedia.org/wiki/Pyramid_schemes_in_Albania https://en.wikipedia.org/wiki/Pyramid_schemes_in_Albania https://thetchblog.com/2019/03/18/albanias-pyramid-scheme-nightmare/ https://thetchblog.com/2019/03/18/albanias-pyramid-scheme-ni...
- WalterSear 5y agoPeople also want to drive drunk.
- 37ef_ced3 5y agoWhy is that "important to note"?
- lupire 5y agoTo clarify what person is referred to.
- haskellandchill 5y agoYes, I would edit title if I could, thanks!