Yes. That's why it is worth less. Kansas City would be the least valuable (Thomas Hoenig) and Philly the second least (Charles Plosser).  Only two inflation hawks left in the Fed system. Although I think Hoenig retired.

"I have no idea how bitcoin works. Do you open an account with a deposit of Federal Reserve Bits, as if it is a conventional foreign exchange transaction, or what?"

Response:

Yes. You actually need bits (and pieces) of a Federal Reserve Bank. However, not all Fed branch buildings are worth the same. For example, a piece of the NY Fed will bring in far more than a piece of the St Louis Fed. The mother load is a piece of Ben Bernanke's skid marked underwear that he crapped in when he was being questioned by Ron Paul in a Congressional hearing.

Hey. I'm new to this forum but not to bitcoins. I've been in the deep webz and .onion sites, but I have been unable to find Mariana's Web  I have used BTC to purchase items and now I am thinking about setting up a business that accepts BTC. It wouldn't be anything unique, just a basic retail store for everyday items and it wouldn't just be limited to BTC. I would probably also accept Paypal and CCs since the business would be "on-the-books". Do you think people would be interested? I figure, it would make it easier for people with bitcoins to purchase basic necessities and supplies directly instead of having to go through the process of converting to cash to buy the stuff that they want. Or do you think that kinda defeats the purpose of BTC?