Fedcoin: A centrally-issued alternative to peer-to-peer currencies

[Severian]

A member of the Federal Reserve Board of Governors left his notebook at a local gentlemen’s club. We present this incomplete memo, found in said notebook, without comment as it speaks for itself.

http://peculium.net/2013/03/26/fedcoin-a-centrally-issued-alternative-to-peer-to-peer-currencies/

[myrkul]

A member of the Federal Reserve Board of Governors left his notebook at a local gentlemen’s club. We present this incomplete memo, found in said notebook, without comment as it speaks for itself.

http://peculium.net/2013/03/26/fedcoin-a-centrally-issued-alternative-to-peer-to-peer-currencies/

Please tell me this is a joke?

Fedcoin is backed by the credit and good faith of the Federal Reserve and the government of the United States of America…

So... It's worthless, then?

[Severian]

Fedcoin is backed by the credit and good faith of the Federal Reserve and the government of the United States of America…

That tipped me off to the satire.

[saddambitcoin]

I went to the Federal Reserve Bank in my City and they gave me a free bag of Shredded Federal Reserve Notes.  I asked the woman what she thought the future of cash might be, and she asked me if I heard of Bitcoin.  I then showed her my Blockchain and she was turned on.  

True story.

[Dabs]

How big is your blockchain? It's 7 gigs right now, but it's growing.

[Lethn]

Hacked in five seconds, it's going to be hilarious to watch them think they can operate a computer

[herzmeister]

"They’re easy to make. JPMorgan, Bank Of America, etc. run a modified version of Super Mario Brothers in which Mario’s character is computer controlled. [...] Every time a Mario gets a coin, $100 million dollars in Treasury bills are created and $100 million goes into the account of Mario1, Mario2, or whatever bank’s Mario got a coin."

But what if Mario isn't good enough and can't get enough coins for what gov wants to spend?  

[Dreamweaver]

Well hey if this is real, then at least we can say Bitcoin is a threat to the fed xD

[cho]

That Fedcoin original story is hilarious, thanks a lot

[cbeast]

I then showed her my Blockchain and she was turned on.  

Mac Daddy. And here I was thinking about a tat instead.

[capensis]

So USA FedCoin is now a reality and will be implemented in the not too distant future and it will be set up across the board in banks/financial institutions etc .Bit of a worry if you live in USA ?  It is gold backed. Do not know the origin of the blockchain.

So will this be the beginning of the death of money/ fiat currency ? Time will tell.