Fed Up With The Fed? Have Some Bitcoin!

Government wants to improve the chariot in an age of jets and spaceships; they want to fix what should be left for dead.  In a Federal Reserve document published in January titled “Strategies for Improving the U.S. Payment System,” the Fed prepared to improve current payment platforms. The document says the United States is behind in financial technology, and that other countries are running real-time payment systems. A couple of their methods for improving the system included using modern protocols to facilitate transactions, and rebuild the payment infrastructure on existing technology.

The preface reads: “A U.S. payment system that is safe, efficient and broadly accessible is vital to the U.S. economy, and the Federal Reserve plays an important role in promoting these qualities as a leader, catalyst for change and provider of payment services to financial institutions and the U.S. Treasury.”

The document elaborated on five official outcomes for stakeholders to hone in on. They included speed, security, efficiency, international and collaboration. The Fed wants their systems to function quickly and keep pace with current technology. They have also acknowledged that fraud is increasingly problematic; so they want to address it, yet also maintain efficient functioning across systems and provide “innovative payment services that deliver improved value.” Lastly, they want easy international and “collective” payment processing across borders.

Competition with Bitcoin

The Fed is fighting a losing battle, though. It has its eyes set on improving the payment infrastructure when a superior platform already exists and is gathering momentum—and it is not another country’s system. It is everywhere. It is universal. It is called Bitcoin, and it is light years ahead of mainstream setups in terms of speed, efficiency, security, and all the other areas. It has already out-competed Fiat payment systems in every way, but this has not been comprehended by bureaucrats.

Furthermore, it looks suspiciously obvious that the Fed intends to compensate for failures of its system while competing with Bitcoin. It is humorous to think that the government would compete with anything. Usually, they strongarm a competitor or throw them into a jail, but since Bitcoin is decentralized and peer-2-peer, the Fed has no recourse but to attempt to preserve and improve its crumbling fiat sanctuary, and hope the people don’t wake up and realize they are being cheated by quantitative diarrhea. If this happened, Bitcoin would become the payment system and currency of choice in an instant.

The Fed Wants to Remain Relevant

The audacity of the Fed’s ambition to repair the payment infrastructure also implies that they control and own businesses. It suggests they control and own people, and that government knows best. This is not the case. People own themselves and can choose how to manage their businesses, money, customers and time. It is not up to government to regulate or control payment systems.

The reason the Fed wants to maintain this control is because it will keep the bureaucrats and politicians and banksters relevant. If a powerhouse cryptocurrency like Bitcoin overtook the economy, the corrupt men and women of the upper political echelons would be ousted and put on the streets. It would be the equivalent of an economic and political revolution. So it is a good thing to see the Fed attempt to fix its irreparable payment system and try to compete with Bitcoin. It is about time everyone gets to see these individuals held to market standards. 

How this develops in the future should be interesting. 

Do you see the Fed competing with Bitcoin? 

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