Federal reserve banker calls bitcoin small potato!

[BADecker]

Bible:

Matthew 13:31,32
He told them another parable: “The kingdom of heaven is like a mustard seed, which a man took and planted in his field. Though it is the smallest of all seeds, yet when it grows, it is the largest of garden plants and becomes a tree, so that the birds come and perch in its branches.”

Matthew 17:20
He replied, “Because you have so little faith. Truly I tell you, if you have faith as small as a mustard seed, you can say to this mountain, ‘Move from here to there,’ and it will move. Nothing will be impossible for you.”

Luke 13:19
It is like a mustard seed, which a man took and planted in his garden. It grew and became a tree, and the birds perched in its branches.”

Luke 17:6
He replied, “If you have faith as small as a mustard seed, you can say to this mulberry tree, ‘Be uprooted and planted in the sea,’ and it will obey you.

[btcxyzzz]

• Bitcoin will force traditional institutions to adapt or die.

Thing is, they can't adapt. They will die, and they should die, at least good part of them...

[franky1]

bitcoin is a small potato.

and look at th success of the potato.

french fries
potato chips (crisps to us brits)
mashed potato
potato fritters
hash browns
waffles

the potato is more a part of everyones daily life then anything.

more people eat and buy potato's world wide then gold or the US dollar

[Sealed]

We are all potatoes here
One potato, two
But you, you are the sweetest.

[Slingshot]

What's a FED? o yea, the Queen of Bailout Queens, and QE to Infinity Clowns. Yea, right...

 Experts? At the FED? Maybe so, at Rewarding Failure after Failure and completely failing their "Official" Objectives for the entire 100 last years running.

Bailout Queens are not required to apply here. 
There wont be any Bailouts for Losers in Bitcoin.
So those at the FED would not care for this, at all.
Case Closed. O, and soon...Checkmate=FED Gone!


The FED is the Past and Present.

Step #1 END THE FED.




Bitcoin is a Big Part of The Future.

[franky1]

so far i have loved the two experts of FIAT's analogies of bitcoin

bitcoin is rat poison
i agree bitcoin is the poison that will kill the rat race of fiat

bitcoin is small potato
i agree average joe buys more potatos then gold. meaning potato's and bitcoin is more relvant and preferred by people than gold is

[ChuckBuck]

I'm a yam person, myself.




Can't wait until these "yams" grow up, so we can all have some sweet potatoe pie.   

[Ron~Popeil]

They have had 200+ years to make the dollar work. Bit coin has existed less than 5 years and is all ready superior in most ways and catching up in the others. I consider the dollar to be small potatoes. 

[neofelis]

Watched the video. This guy is an arrogant ass.

[Crindon]

I can see the position, because it is in the interests of shareholders and in protecting his and their interests. They are wrong however, and Bitcoin will reign over fiat. It is only a matter of time.

[Stousers]

Weird the fed hates bitcoin... Maybe because they can't continually print and devalue it like the dollar

[brian_23452]

Basically he says USD is better because with USD you're losing your purchasing power at a predictable rate. Lol.


What a fucking joke. What a fucking moron.

But that IS the primary benefit of USD.  Stability is the single most desirable attribute for a currency to have.

If BTC had a user base that was the same size as the USD's then the purchasing power would be a lot more stable.  Stability will come with time as adoption grows.  That doesn't happen overnight.  It will take time.  Those who want stable (but steadily rising) purchasing power will just have to be patient.

I agree with you.  But never the less it doesn't change the fact that as of RIGHT NOW, USD is much more stable, and that is a very desirable attribute for a currency to have (and of course, a very small, but completely stable, steady decline in value of the currency is extremely beneficial to them.  And in theory anyways, all of us).   Anyways, I wasn't trying to start an argument but simply point out that what he said about the value\usefulness of USD is 100 percent right.  He is not at all a "fucking moron".  Listen, we all here want this thing to succeed.  That doesn't however mean that anyone that says anything even remotely disparaging about BTC is a "fucking moron". 

[beetcoin]

it amazes me how people who are considered at the top of their profession.. can be so resistant to new changing ideas. it's like they grasp onto their old ideas for death. if we look throughout history, it's the new thinkers who create the next step in human evolution.. so why are these "conventional wisdom" guys so hellbent on sticking to their philosophy? it's like they don't know that everything in the world is changing constantly.

i don't really know it bitcoin will be revolutionary, but at this point i'd say you definitely can't count it out.

[serenitys]

They have had 200+ years to make the dollar work. Bit coin has existed less than 5 years and is all ready superior in most ways and catching up in the others. I consider the dollar to be small potatoes. 

Winner.

I think that argument/bullet point is the one I'm going to officially adopt as of now when talking to people about the benefits of bitcoin.

[serenitys]

it amazes me how people who are considered at the top of their profession.. can be so resistant to new changing ideas. it's like they grasp onto their old ideas for death. if we look throughout history, it's the new thinkers who create the next step in human evolution.. so why are these "conventional wisdom" guys so hellbent on sticking to their philosophy? it's like they don't know that everything in the world is changing constantly.

i don't really know it bitcoin will be revolutionary, but at this point i'd say you definitely can't count it out.

These people are all old school money from the old school brotherhood. Their entire lives are deeply entrenched in fiat...it's all they know. They've also set themselves so high in their untouchable ivory towers that they genuinely believe they own the world. So anything new and helpful for anyone else but themselves, they'll dismiss.

I think the way to get bitcoin as the official US currency is to head up a massive national bitcoin marketing campaign showing politicians how easy it is to take bribes and secure their wealth without the IRS knowing shit about it or taxing it...and even to hire hit men to off their competition! AND it will pretty much end bank robberies (the old fashioned kind anyway).

They'll turn off the printing presses in 24hrs and make it a mandatory currency  

[beetcoin]

it amazes me how people who are considered at the top of their profession.. can be so resistant to new changing ideas. it's like they grasp onto their old ideas for death. if we look throughout history, it's the new thinkers who create the next step in human evolution.. so why are these "conventional wisdom" guys so hellbent on sticking to their philosophy? it's like they don't know that everything in the world is changing constantly.

i don't really know it bitcoin will be revolutionary, but at this point i'd say you definitely can't count it out.

These people are all old school money from the old school brotherhood. Their entire lives are deeply entrenched in fiat...it's all they know. They've also set themselves so high in their untouchable ivory towers that they genuinely believe they own the world. So anything new and helpful for anyone else but themselves, they'll dismiss.

I think the way to get bitcoin as the official US currency is to head up a massive national bitcoin marketing campaign showing politicians how easy it is to take bribes and secure their wealth without the IRS knowing shit about it or taxing it...and even to hire hit men to off their competition! AND it will pretty much end bank robberies (the old fashioned kind anyway).

They'll turn off the printing presses in 24hrs and make it a mandatory currency  

honestly, i know our currency system is fucked up and bound to failure.. but i'm not even aiming for us to replace fiat with bitcoin. it's likely not going to happen, as fiat paper has an important psychological factor in it that bitcoin can't beat. i'd just like to see bitcoin improve on the remittance and hyperinflationary issues of the world.

if bitcoin took over currency as the main means of trade, it would mean that everybody would know how to use it.. even old people who are luddites.

[ChetnotAtkins]

just let them drown in their ignorance 

[inBitweTrust]

St. Louis Fed Economist David Andolfatto briefly explains some of the benefits and drawbacks to virtual currency.

https://www.youtube.com/watch?v=Kkm70CER8R0

https://www.youtube.com/watch?v=ZuYblxnGKb0

Ok, I watched the first video..... looks like those cowards are holding comments for review... so much for honest feedback.

Some issues with "Bitcoin and Beyond, David Andolfatto, St. Louis Fed"

https://www.youtube.com/watch?v=Kkm70CER8R0

The graph comparing fiat starts at 1990 when they begin to juke the way inflation is calculated. - the core CPI excluding Food and energy, PCE excluding food and energy, or the PPI excluding food and energy all leave out food in fuel. Food has averaged a 3-4% increase in inflation yearly, Regular Gasoline around 5% average inflation , Heating fuel 10-11% rise per year in inflation. I would think these are somewhat important commodities that humans need to live don't you?

They focus on the time periods where the dollar looks most favorable compared to both the gold and bitcoin charts.
Why won't they show that the dollar lost 98.9% against Bitcoin in the last 2 years and 99.9997% to bitcoin in the last 5?

[inBitweTrust]

St. Louis Fed Economist David Andolfatto briefly explains some of the benefits and drawbacks to virtual currency.

https://www.youtube.com/watch?v=Kkm70CER8R0

https://www.youtube.com/watch?v=ZuYblxnGKb0

https://www.youtube.com/watch?v=ZuYblxnGKb0
Second Video Inaccuracies :

1)  Slow Processing of 10 min - This is false, payments are received in half a second and confirmed in 7-60 min. As compared to ACH 3-5 days, and credit cards 60 day confirmations (If there can be a chargeback the original "confirmation" really wasn't confirmed now was it?)

2) Do you trust Satoshi N. isn't out there with a switch where he can double the amount bitcoins? This is impossible and shows a fundamental misunderstanding of open source software. This can only be true if you call the community "satoshi" metaphorically.

3) Its intrinsic value is 0 - Bitcoin is intrinsically useful because it holds great value for humankind.

4) He suggests that Bitcoin can be easily replicated discounting the first mover advantage as not being important. Not only is he wrong concerning the network effect he s also not considering the billions of dollars poured into hardware like Asics, Point of sale devices , hardware wallets , ect... This stuff can't be so easily changed. I.E.... we were supposed to be switched over to IPv6 by 2012 with many years of preparation(32 years preparation) for this switchover; as of last month we have are seeing around 3% accessing sites with IPv6 despite billions of dollars invested.

5) Blaming fed for bank stealing across the street ignores the fact that both are actively stealing.

[row5_seat47]

One potato two potato three potato, four, five potato six potato seven potato more.

Yes the St. Louis Fed has been aggressively covering Bitcoin on Youtube..

http://bitcoinmagazine.com/13165/federal-reserves-bitcoin-policy-begins-take-shape/

and remember as the old saying goes...never put shoe polish on a baked potato(e)