Outside of the other issues, this is completely bullshit from a climate change standpoint - let's see them defend that. Mining crypto of any valid kind requires immense power usage. (Shitcoins don't.) If the Fed has to mine billions of Fedcoins, it will require several Hoover Dams and release a lot of waste heat. Also, you can't just instantly mine the crypto, which means the Fed can't just print a trillion in a week to suit political budget needs. Proably the Fed will need to buy serious computing power to implement this crap.
They likely plan to release worthless coins where they can simply create as many as they wish. In other words, nothing backs them just like or worthless paper currency 😁
Good point. Whatever plan they implement, it has to allow for creating money at will in large amounts, so they can pay for things in face value money but very inflatable in its true value.
Outside of the other issues, this is completely bullshit from a climate change standpoint - let's see them defend that. Mining crypto of any valid kind requires immense power usage. (Shitcoins don't.) If the Fed has to mine billions of Fedcoins, it will require several Hoover Dams and release a lot of waste heat. Also, you can't just instantly mine the crypto, which means the Fed can't just print a trillion in a week to suit political budget needs. Proably the Fed will need to buy serious computing power to implement this crap.
They likely plan to release worthless coins where they can simply create as many as they wish. In other words, nothing backs them just like or worthless paper currency 😁
Good point. Whatever plan they implement, it has to allow for creating money at will in large amounts, so they can pay for things in face value money but very inflatable in its true value.