# Lifestyles & Discussion > Bitcoin / Cryptocurrencies >  Fed Banker Tries Criticizing Bitcoin, Ends Up Perfectly Describing The Fed

## TomKat

> In an article for Fox News, senior economist Francois Velde of the Federal Reserve Bank of Chicago describes Bitcoin. Although some of the enthusiasm for Bitcoin is driven by a distrust of state-issued currency, it is hard to imagine a world where the main currency is based on an extremely complex code understood by only a few and controlled by even fewer, without accountability, arbitration or recourse, Velde wrote.
> 
> In his attempt to criticize Bitcoin, Federal Reserve banker Velde actually summed up fairly well everything thats wrong with his own employer, and in doing so outlines the threat Bitcoin poses to it.
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> To address Veldes first criticism, Bitcoins underlying code, like all programs, does require some knowledge of programming to understand and manipulate. But the charge that its understood by only a few and controlled by even fewer is patently absurd. First, the code underlying Bitcoin is completely open-source. What that means is that every developer has access to the code, and can manipulate it to create new currencies, or entirely new solutions, at will.
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> In fact, the developers are currently modifying the Bitcoin protocol to create new platforms which do everything from fight censorship through a new TOR-like encrypted internet to rebuilding Twitter to evade the NSA.
> 
> As for the claim that Bitcoin is controlled by even fewer people, I suppose its difficult to get fewer people in control of Bitcoin than zero. No one controls Bitcoin, because its a protocol. Its operations are decentralized over thousands of computers, with no one computer or group of computers having any control whatsoever.
> ...


http://bitcoinmagazine.com/9549/fed-...escribing-fed/

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## PaulConventionWV

They just don't get it...

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