andolfatto in A Sentence

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    It was one of those things our public affairs team identified as something we wanted to know more about,” Andolfatto recalled.

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    But if the bitcoin system has advantages, Andolfatto isn't ready to make the case that they should be embraced by the Fed.

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    Andolfatto ended by citing the volatile exchange rate between bitcoin and US dollars, a subject that has been the subject of increasing attention in recent weeks.

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    With digital money out of the running as the big innovation behind bitcoin, Andolfatto has turned his interest to another often-cited aspect of the technology- its public ledger system, the blockchain.

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    In contrast to the Federal Reserve Wire Network(Fedwire), the US central bank's real-time settlement system, Andolfatto believes bitcoin, or a similar blockchain-based system could pose real benefits for centralised financial institutions like the Fed.

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    While Andolfatto admits that he has followed the development of the bitcoin ecosystem, it wasn't an intellectual curiosity that first lead him to speak out as part of his institution's“Dialogue With the Fed” series.

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    Perhaps most surprising was Andolfatto's assertion that the Bitcoin network is similar to the Federal Reserve, but he elaborated at length on the subject and why he believes all money is just a ledger.

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    In a conversation with CoinDesk, Andolfatto went so far as to suggest that the bitcoin network isn't that much different from the Federal Reserve, and that while ideologically opposed, both are highly similar in their structure and goals.

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