[akarma]

> Dogecoin branded as Ponzi by the president of the Federal Reserve Bank of Minneaopolis.

Important to note that this is the president of the Federal Reserve Bank of Minneapolis (misspelled in the article), not the Chair of the Federal Reserve, who leads what we generally think of as the "fed."

[cik]

While true this is rather important in the finance world. Firstly, that one of the 12 regional reserves would call it thus, is something. Secondly, Kashkari (sidebar: best name ever for a banker) is considered the most soundly minded amongst those bankers, and incredibly well respected - even in these circles. If Kashkari is branding it thus, it means there's something to watch here.

[qaq]

No way on the best name ever for a banker:) during LIBOR fix scandal the emails between banking execs Mr Diamond and Rich Ricci surfaced :)

[cwkoss]

Aptronyms!

[chalst]

I think the point is that if you want to name the office in four words without being misleading, you should go with something like "Minneapolis Federal Reserve President", not just "Federal Reserve Bank President". I'm familiar with the FRB structure and I did not pick up on that "president" was used and not "chair".

[015a]

It seems to me that: the title they used is accurate, and if you want them to clarify it in order to diminish the reader's perception of the amount of power someone in that position has over policy, the issue is not with the article, but with your underestimation of how much influence and power Federal Reserve Presidents have.

[akarma]

It's fair to point out because people not in finance colloquially think of "bank president" as leader, not as "not leader, and not even actual president of the whole bank."

As for the influence of a Federal Reserve Bank of Minneapolis president, it's complicated. They're appointed by the board of directors of the Minneapolis Fed, and the directors are elected by the member banks — it's not a top-down process. To give perspective on size, the Minneapolis Fed has around $40 billion in assets, compared to the Fed's total of $8 trillion.

There's way more that also matters, but the Minneapolis Fed's president is nowhere near Jerome Powell in influence.

[an_opabinia]

I don’t need to be a federal reserve chairman to reason that Doge is a Ponzi scheme. The problem is that people want to participate in Ponzis, for the most part, it turns out.

[SideburnsOfDoom]

> The problem is that people want to participate in Ponzis, for the most part, it turns out

They do until they don't. e.g. (1). Regulation has a role in acting now to prevent harm down the road.

1)

https://en.wikipedia.org/wiki/Pyramid_schemes_in_Albania

https://thetchblog.com/2019/03/18/albanias-pyramid-scheme-ni...

[WalterSear]

People also want to drive drunk.

[hobs]

Actually no - at the end of the ponzi more people are inevitable left holding the bag and are worse off than when it started.

[gogopuppygogo]

Crypto currencies today are basically all decentralized Ponzi schemes inflated in value by the very centralized tether that is is printing something like $4Bn a week of new tether with no US dollar currency known to be backing it: https://youtu.be/-whuXHSL1Pg

[torben-friis]

>(sidebar: best name ever for a banker)

That title belongs to Emilio Botín, who used to lead Spain’s largest bank and hid several hundred millions in a secret account in a Swiss bank.

Botín is spanish for pirate booty :)

[cik]

> That title belongs to Emilio Botín, who used to lead Spain’s largest bank and hid several hundred millions in a secret account in a Swiss bank.

I loved when the Botin story came out. Hi name was poetry in motion!

[bena]

I noticed that too, but I don't think it really matters.

Even if Jerome Powell came out every day just to say "Fuck Doge, it's a scam", the response from crypto enthusiasts would be "That's exactly what you would say"

[willis936]

While the conclusion that "Doge pumping is a scam" is very likely correct, the sentiment that an adversary can't give an unbiased opinion is also correct. I'd value the opinion of an expert with no skin in the game more.

[deckeraa]

Alternatively, Kashkari's comments could be given more weight if he were willing to short Doge over a long-ish (~2 year) timeframe. Then he would stand to lose money if Doge held its value for longer than that timeframe (which would indicate that it has more value than he's stating that it has).

[lupire]

Who would go to all the trouble of becoming a recognized expert and not have any skin in the game?

[willis936]

You'll have to ask an economist.

[bena]

I'm not speaking to whether or not he's correct.

It's all about the fact that there's a not insignificant number of people who won't regard his comments at all due to his position. In fact will assume that he's being intentionally harmful due to his position.

Also, how do we measure "skin in the game" with crypto.

Is holding Doge skin in the game? What about crypto in general? What about currency? If the most fantastic promises of crypto come to pass, it'll replace fiat currency. So the success of crypto kind of comes at the expense of fiat. So by holding fiat, we could consider that skin in the game on some level.

[willis936]

>Is holding Doge skin in the game?

Yes.

>So by holding fiat, we could consider that skin in the game on some level.

Also yes. However, the leader of the fed is, for all intents and purposes, king fiat. There is no person with more interest in maintaining the current system than someone in charge of the fed.

[dragonwriter]

> There is no person with more interest in maintaining the current system than someone in charge of the fed.

Sure there is; Fed Chair is a job, not an investment, and its a job taken by people who are politically well connected and likely to get other jobs, should they want them, based on those connections.

There lots of people who have proportionately more to lose from problems in fiat than the fed chair.

[bena]

So when you were asking for an expert with no skin in the game, that was more wishful thinking than anything about what's going on in the story.

That's all good. I was unsure about where you thought the line was as it gives context to that statement.

[ffggvv]

it’s not about enthusiasts. it’s about adoption by financial services firms and corporations. which will be affected by what the fed says

[lallysingh]

Of /Dogecoin/? This is going to result in more memes, possibly some decent puns.

[ffggvv]

of crypto in general. doge is irrelevant other than the fact it contributes to making all crypto seem like a joke

[haskellandchill]

Yes, I would edit title if I could, thanks!

[37ef_ced3]

Why is that "important to note"?

[lupire]

To clarify what person is referred to.