{"id":49532,"date":"2021-08-18T05:29:18","date_gmt":"2021-08-18T01:29:18","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=49532"},"modified":"2021-08-18T05:36:55","modified_gmt":"2021-08-18T01:36:55","slug":"feds-kashkari-cryptocurrencies-are-garbage-coins","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/feds-kashkari-cryptocurrencies-are-garbage-coins\/08\/18\/market-updates\/","title":{"rendered":"Fed\u2019s Kashkari: Cryptocurrencies are GARBAGE Coins!"},"content":{"rendered":"\n<p>The President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, has criticized cryptocurrencies led by Bitcoin, saying that what he saw in crypto assets so far is 95% fraud, hype, noise, and confusion.<\/p>\n\n\n\n<p>The Fed official said that he was more optimistic about crypto and Bitcoin five or six years ago, as cited by Coin Desk.<\/p>\n\n\n\n<p>\u201cThere is no barrier to you creating your own Bitcoin, or me creating my own. I\u2019ll call it Neelcoin,\u201d he said jokingly, criticizing the decentralized nature of the digital currencies.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cI have not seen any use case that is legitimate so far that Bitcoin solves.\u201d<\/p><p>\u201cThere are thousands of these garbage coins that have been created.\u201d<\/p><p>\u201cSome of them are complete fraud Ponzi schemes. They dupe people into investing money and then the founders rip them off.\u201d<\/p><\/blockquote>\n\n\n\n<p>  <\/p>\n\n\n\n<p>  <\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Neel Kashkari at PNWER Annual Summit\" width=\"618\" height=\"348\" src=\"https:\/\/www.youtube.com\/embed\/-w3MM_PIszI?start=3099&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>  <\/p>\n\n\n\n<p>  <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cI always ask people what problem are you trying to solve and no one can articulate what the actual problem is!\u201d<\/p><\/blockquote>\n\n\n\n<p><\/p>\n\n\n\n<p>Kashkari went on to say that currencies like Bitcoin do not solve any problems are mostly used in funding illicit activities like drugs and prostitution.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, has criticized cryptocurrencies led by Bitcoin, saying that what he saw in crypto assets so far is 95% fraud, hype, noise, and confusion. The Fed official said that he was more optimistic about crypto and Bitcoin five or six years ago, as cited by &hellip;<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[6867],"class_list":["post-49532","post","type-post","status-publish","format-standard","","category-market-updates","tag-federal-reserve"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/49532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=49532"}],"version-history":[{"count":6,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/49532\/revisions"}],"predecessor-version":[{"id":49540,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/49532\/revisions\/49540"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=49532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=49532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=49532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}