Can the Federal Reserve Be as Transparent as Bitcoin Exchanges?
How much gold does the Federal Reserve, and the US, really have? Since the losses incurred at Mt Gox the cryptocurrency community has been especially vigilant at demanding regular audits from exchanges to prove their holdings. Exchanges have commonly passed with surplus assets. Good examples of this include Kraken who checked in at 100.5% and OkCoin who had a whopping 104.86% of their stated holdings. On occasions such as the drama between Alex Green and Jackson Palmer over how such audits should be carried out at Moolah, there was a significant backlash from the dogecoin community over....
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David Andolfatto, vice president of the Federal Reserve Bank of St. Louis, came out Monday with some words that should be encouraging to the Bitcoin world. He said that the open-source, transparent, decentralized management of the blockchain, the ledger that underpins all Bitcoin transactions, is a "stroke of genius." He believes the Federal Reserve could do a lot better job in being accountable to the public. Also read: Bitcoin Price and the Federal Reserve. He derided the notion that Bitcoin or other digital currencies are the future, however, and unequivocally stated that nearly all....
The Federal Reserve, the quasi-private governing body of the US monetary system, launched a Facebook page Thursday in its bid to become more transparent and open with the US citizenry. Federal Reserve Gets a Facebook. As intended, and like the social media spaces of its public counterparts, the page so far serves as an informational service. The central....
On Friday, May 9th, 2014, the Federal Advisory Council and Board of Governors of the Federal Reserve met for their quarterly meeting in Washington D. C. This meeting was historically held in secrecy until Bloomberg News "won" a Freedom of Information Act request under the Freedom of Information Law requiring the Fed to make the meetings minutes available to the public. The Federal Advisory Council (FAC) is "composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board's jurisdiction..." according to the Federal Reserve in....
In its highly anticipated report on Blockchain technology, the Federal Reserve described the potential of the distributed ledger technology (DLT) in the settlement of payments, assets and clearing, emphasizing the importance of immutability, transparency and proper security measures. Fed’s interest in Blockchain. The Federal Reserve is interested in the implementation and integration of Blockchain or distributed ledger-based systems for transaction settlement and clearance. The Fed noted that if US PCS systems, that process around 600 mln transactions worth $12.6 trillion annually, adopt....
Researchers from the New York Federal Reserve have issued a report on the digital currency Bitcoin. The study called “Is Bitcoin Really Frictionless?” uses some historical prices and arbitrage between three leading exchanges in the past. The analysis by the authors gives a detailed opinion on why there are different spot price ranges among each exchange....