On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Federal Reserve Bank President: Bitcoin Has No Legit Use Case — Crypto Is 95% Fraud, Hype, Noise, Confusion
Minneapolis Federal Reserve President Neel Kashkari says crypto is “95% fraud, hype, noise, and confusion.” He added, “I’ve not seen any use case other than funding illicit activities like drugs and prostitution.”
Federal Reserve Bank of Minneapolis’ President Says Crypto Is ‘95% Fraud, Hype, Noise and Confusion’
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, talked about bitcoin and cryptocurrency Tuesday at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Montana.
Responding to a question about cryptocurrency given what Miami is doing with bitcoin and its own recently launched Miami coin, Kashkari said:
I was more optimistic about crypto or bitcoin about five or six years ago. So far, what I’ve seen is 99% … Let me be charitable, 95% fraud, hype, noise and confusion.
He also does not see any legitimate use case for bitcoin. “I’ve not seen any use case other than funding illicit activities like drugs and prostitution. I have not seen any use case that is legitimate so far that bitcoin solves. But if you want to launch Montana coin, don’t let me stop you,” the Fed official said.
Some other government officials have voiced similar concerns. U.S. Treasury Secretary Janet Yellen said earlier this year that “Cryptocurrencies are a particular concern,” emphasizing that “many are used, at least in a transactions sense, mainly for illicit financing.”
The president of the Minneapolis Federal Reserve Bank continued: “If you go in your basement, and you want to start producing your own currency, the secret service is going to come knock on your door and put you in handcuffs.” He added: “There is no barrier to you creating your own bitcoin or me creating my own — I’ll call it neelcoin.”
Commenting on the sheer number of cryptocurrencies on the market, Kashkari opined:
There are thousands of these garbage coins that have been created. Some of them are complete fraud, Ponzi schemes, where they pump it up, they dupe people to invest money and then the founders rip them off.
In February, Kashkari similarly said that bitcoin and other cryptocurrencies were “like a giant garbage dumpster.”
What do you think about the comments by the president of the Federal Reserve Bank of Minneapolis? Let us know in the comments section below.
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