Let me give you a little example of how bad payment systems are that are run by the Fed.

I was owed a lot of money by someone this week, and on Wednesday they were supposed to wire me money. I sent them my financial institutions wiring instructions which frankly are very confusing due to how they, Schwab, are set up for wires.

The buyer sent the money and I waited for it all day. At the end of the day I got a call saying the wire bounced. It seemed the wiring instructions had confused the people at his bank, Chase.

So we went over the wiring instructions with me and his broker Thur morning and the buyer had to go back to his Chase branch cause the amount of $ required him to do it in person.

They sent it successfully this time but on my side they had to call their Ops people for a lot of KYC stuff.

My point is that it took over 30 hours, could only be done during a narrow set of hours, and the cost to everyone was huge in terms of time and labor.

Imagine I just sent him a QR code like this, but for a lot more $, he clicked it and the Bitcoin was transferred? Do you see the problem the Fed has now?

Having worked in payments most of my adult life, I understand how bad the Fed sucks and I understand the conflict of interest the banks had in making the Fed better due to their ownership interest in both Visa and MasterCard.

The consumer and merchants have been screwed while the bankers all got rich, and this is coming from me, a banker.

I really think we are in maybe the second inning on this. The ride will be bumpy.