30 Oct No, cryptocurrency is not something the Fed should be getting its ‘hands around’
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PayPal is perhaps the best way ever designed to move money from one person to another. Yet it started in failure.
In his book, “Zero to One: Notes on Startups, or How to Build the Future,” founder Peter Thiel explains that PayPal was originally intended to allow owners of PalmPilots to beam money to each other. That idea did not work, but it evolved into using similar technology on eBay auctions.
The point is that PayPal was a private company competing in the market economy. That meant it was subject to market discipline. It had to develop an effective product or it would go out of business. The same thing cannot be said of the federal government.
In its latest bad idea, movement is building for the Federal Reserve to establish its own cryptocurrency exchange to compete with others in the marketplace and even replace physical cash.
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“It is inevitable,” Federal Reserve Bank of Philadelphia President Patrick Harker reportedly said at a…
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