I hate to burst everyone's bubble ...
The Federal Reserve was created in 1913 to manage the U.S. money supply, and at this time, the U.S. was on a gold standard. Fractional reserve banking will make it possible for the Federal Reserve to manage the bitcoin money supply (with possibly limited success), but not in the way the author suggested.
I predict that the Federal Reserve will be managing the bitcoin money supply within 10 years.
The Federal Reserve was created in 1913 to manage the U.S. money supply, and at this time, the U.S. was on a gold standard. Fractional reserve banking will make it possible for the Federal Reserve to manage the bitcoin money supply (with possibly limited success), but not in the way the author suggested.
I predict that the Federal Reserve will be managing the bitcoin money supply within 10 years.
That would be the biggest fail of bitcoin so I will personally make sure that this will never happen.
I think you're all misreading what "managing" means.
The fed doesn't have to buy all the bitcoins, or process transactions to "manage" the supply. The fed will just need to decide what tools they have available. They could issue bitcoin bonds the same way they issue dollar bonds, cuz what's the fricken difference?
Just one random thought, but to say the fed is managing the bitcoin supply in 10 years shouldn't be written off as quickly as all the replies here have done.
I believe it's a longer discussion.
