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Fed chairman fears banks ‘losing ability to track payments’ after cyber attack is his ‘main concern’. If only there were a way to keep track of payments on some sort of a ledger…

Tldr: When probed if he expected the current economic downturn to mirror anything like the 2008 financial crisis, Powell said that the chances are “very low.” Instead, Powell
mentioned “cyber risk” being the main concern, citing examples of large firms losing the ability to track payments its disbursing.
“We spend so much time and energy and money guarding against these things. There are cyber-attacks every day on all major institutions now,” he told “60 Minutes.” “That’s a big part of the threat picture in today’s world.”

CNN : Federal Reserve chair tells ’60 Minutes’ that US economy is at an ‘inflection point’.
http://rss.cnn.com/~r/rss/cnn_topstories/~3/5Wf8uv0QD-U/index.html



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9 Comments

  1. Inflation has already hit the economy. What is he talking about! Have you seen the price of Commodities over the last six months? That is not including the shortage as China had another outbreak of the swine flu in there pork and cattle in February of this year.

  2. It is not neccesary for a 3rd party to be able to track payments. Its just some wet dream the lazy powers that be have because they think it will make their life easier. Maybe it will. But its not a healthy thing.

  3. Remember, XRP has been called the “banker’s coin” from the beginning. It goes against everything-crypto, in that it’s centralized, trackable, and taxable. All of which governments of the world prefer.

  4. If a bank gets hacked and can’t track payments, what prevents hackers creating money and sending?

    There must be some safeguards in place or else dishonest banks might create money out of thin air and forget to track transactions…

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