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Started By
Message
re: President Trump signs crypto executive order to create a national digital asset stockpile
Posted on 7/24/24 at 7:20 pm to David_DJS
Posted on 7/24/24 at 7:20 pm to David_DJS
quote:
You don't understand what you're commenting on. Bitcoin becoming an asset in the strategic reserve has nothing to do with digitizing US currency.
lol
I understand it all.
The last thing we want is to have bitcoin become an “asset” used to back our currency. My god what a disaster!
1
Posted on 7/24/24 at 9:38 pm to SlidellCajun
Has anyone claimed that they want Bitcoin to back our currency? I know I’m falling into your trap but I’ll point out AGAIN this is in regards to a “strategic reserve”. Do you think the SPR is used to back our currency? No it’s a strategic reserve.
This post was edited on 7/24/24 at 9:39 pm
Posted on 7/24/24 at 10:10 pm to TigerTatorTots
quote:
Has anyone claimed that they want Bitcoin to back our currency? I know I’m falling into your trap but I’ll point out AGAIN this is in regards to a “strategic reserve”. Do you think the SPR is used to back our currency? No it’s a strategic reserve.
I thank you for alerting me to this poster. He's either a troll or dim. Now I'll kindly return the favor. It's Slidell you're responding to.
Posted on 7/25/24 at 7:37 am to TigerTatorTots
quote:
Has anyone claimed that they want Bitcoin to back our currency
A few questions-
How is having a bitcoin strategic reserve policy a positive?
What would bitcoin be reserved for?
Be very clear for those of us that are soooo stupid.
Actually,
Let David Djs respond since he’s probably the smartest.
This post was edited on 7/25/24 at 7:50 am
Posted on 7/25/24 at 8:03 am to SlidellCajun
quote:
Be very clear for those of us that are soooo stupid.
I doubt you are stupid. Lazy and uninformed is much more likely.
While I do not think a Bitcoin Strategic Reserve is a real possibility, I'll give you a few points to consider.
1. Do you believe that the purchasing power of the dollar is being eroded by inflation? If so, you can see the value in the country holding substantial reserves of gold, oil, and the rarest hard asset in the world, Bitcoin.
2. Ignoring the above, what do you think happens to the price of Bitcoin if the USA announces they have added $1 trillion worth to the treasury? The value of that Bitcoin would likely double or triple overnight as the world plays catch-up. Instead of a government that only knows how to lose value, they would be creating value for the country.
3. Transparency. You and I have no idea how much gold our country has. It could be vast amounts, or it could be nothing. It hasn’t been audited in over 50 years. We don’t know because there is no transparency. If the USA had a Bitcoin wallet, the amount of BTC they owned would be on a public ledger for all to see.
There is no downside. At some point, a country or countries will print their own money to buy Bitcoin. USA having first mover advantage can't be understated.
This post was edited on 7/25/24 at 8:04 am
Posted on 7/25/24 at 8:26 am to I Love Bama
quote:
rarest hard asset in the world, Bitcoin.
quote:
Ignoring the above, what do you think happens to the price of Bitcoin if the USA announces they have added $1 trillion worth to the treasury? The value of that Bitcoin would likely double or triple overnight as the world plays catch-up. Instead of a government that only knows how to lose value, they would be creating value for the country.
And what happens if/when they want to convert some of that to cash? It would crash the market because they would be not just the largest holder, but the largest holder by far.
quote:
3. Transparency. You and I have no idea how much gold our country has. It could be vast amounts, or it could be nothing. It hasn’t been audited in over 50 years. We don’t know because there is no transparency. If the USA had a Bitcoin wallet, the amount of BTC they owned would be on a public ledger for all to see.
See point above, they couldn't start selling off because it would crash it because of that transparency.
Also I feel like some countries will just never do this because of the amount Satoshi has.
Posted on 7/25/24 at 8:34 am to I Love Bama
1. Inflation is by design and good for the economy. Money is meant to be spent not hoarded. Gold and oil have real world use cases that would stop the world from working if we didn't have them. Nobody would care except crypto Bros if Bitcoin was rug pulled tomorrow.
2. Why would another country rush to buy Bitcoin. Nobody trades with it, it's only use case is hope number go up in real dollars. If another country is manipulating the price then no other country hasa reason to invest. They don't need it at all to run their business. Governments don't invest money to make money like individuals. Honestly we would be stupid to invest in Bitcoin with our tax dollars. The entire thing is manipulated by completely unregulated stable coins like tether. Which truly print money out of thin air and control the majority of the price movement
3. Why would the United States disclose this or what would be the benefit?
As long as things like Tether are operating in the crypto space. Only countries in the tether cartel will invest it in like El Salvador. They have printed over 100B worth of USDT without a single audit,. On such a small volume market, it is truly hard to understand how much actual real dollars can be cashed out. Good news for crypto Bros is that 1BTC = 1BTC so it's price in USD that they talk about so much shouldn't matter
2. Why would another country rush to buy Bitcoin. Nobody trades with it, it's only use case is hope number go up in real dollars. If another country is manipulating the price then no other country hasa reason to invest. They don't need it at all to run their business. Governments don't invest money to make money like individuals. Honestly we would be stupid to invest in Bitcoin with our tax dollars. The entire thing is manipulated by completely unregulated stable coins like tether. Which truly print money out of thin air and control the majority of the price movement
3. Why would the United States disclose this or what would be the benefit?
As long as things like Tether are operating in the crypto space. Only countries in the tether cartel will invest it in like El Salvador. They have printed over 100B worth of USDT without a single audit,. On such a small volume market, it is truly hard to understand how much actual real dollars can be cashed out. Good news for crypto Bros is that 1BTC = 1BTC so it's price in USD that they talk about so much shouldn't matter
Posted on 7/25/24 at 8:37 am to UltimaParadox
And yes El Salvador has always been working with bitfinex/tether.
fortune source
quote:
The Bukele administration has long partnered with Bitfinex, an affiliated company of Tether—the world’s leading stablecoin, or a crypto asset pegged, in this case, to the U.S. dollar—that has faced scrutiny over its lack of transparency and offshore jurisdiction. In April, Bitfinex became the first company to receive a license in El Salvador’s new crypto regulatory regime, and the government tapped the firm to help launch a long-delayed Bitcoin-backed bond.
fortune source
Posted on 7/25/24 at 8:54 am to VolSquatch
quote:
And what happens if/when they want to convert some of that to cash?
Why would we ever need to convert to cash when we own the printer?
Posted on 7/25/24 at 9:03 am to UltimaParadox
quote:
1. Inflation is by design and good for the economy. Money is meant to be spent not hoarded. Gold and oil have real world use cases that would stop the world from working if we didn't have them. Nobody would care except crypto Bros if Bitcoin was rug pulled tomorrow.
Spoken like a true MMT/Keynesian.
All inflation is immoral. It is theft.
Austrian economics promotes truth, individual choice, hard money, and free markets.
If your great-grandfather worked hard to sacrifice and provide for future generations, nobody has the right to take that from him. His value to the world should not be stolen.
If you think 2% theft per year is acceptable, then you are no different than someone who thinks 50% per year is acceptable. Theft is theft.
Posted on 7/25/24 at 9:11 am to I Love Bama
quote:
I doubt you are stupid. Lazy and uninformed is much more likely. While I do not think a Bitcoin Strategic Reserve is a real possibility, I'll give you a few points to consider.
1. Do you believe that the purchasing power of the dollar is being eroded by inflation? If so, you can see the value in the country holding substantial reserves of gold, oil, and the rarest hard asset in the world, Bitcoin.
2. Ignoring the above, what do you think happens to the price of Bitcoin if the USA announces they have added $1 trillion worth to the treasury? The value of that Bitcoin would likely double or triple overnight as the world plays catch-up. Instead of a government that only knows how to lose value, they would be creating value for the country.
3. Transparency. You and I have no idea how much gold our country has. It could be vast amounts, or it could be nothing. It hasn’t been audited in over 50 years. We don’t know because there is no transparency. If the USA had a Bitcoin wallet, the amount of BTC they owned would be on a public ledger for all to see. There is no downside. At some point, a country or countries will print their own money to buy Bitcoin. USA having first mover advantage can't be understated.
There’s a lot wrong here but I haven’t time to post.
Let’s just say we disagree on how tax dollars ought to be spent.
Posted on 7/25/24 at 9:14 am to I Love Bama
As usual crypto Bros talk about inflation bad, number go up good.
Avoid any real issues with crypto.
Avoid any real issues with crypto.
Posted on 7/25/24 at 9:23 am to UltimaParadox
If you’re pro government theft just say so.
Posted on 7/25/24 at 9:31 am to I Love Bama
Thoughts on tether?
Massive drop in volume on exchanges?
Opinions on why the majority of ETF trades are not on chain and done at coin base without any transparency?
Ah well you know the answer to that one, the hamster wheel that is the Bitcoin network can only handle 7 transactions per second.
Curious if you do any transactions in Bitcoin? Do you exchange for stables like USDC on exchanges?
Massive drop in volume on exchanges?
Opinions on why the majority of ETF trades are not on chain and done at coin base without any transparency?
Ah well you know the answer to that one, the hamster wheel that is the Bitcoin network can only handle 7 transactions per second.
Curious if you do any transactions in Bitcoin? Do you exchange for stables like USDC on exchanges?
Posted on 7/25/24 at 9:31 am to I Love Bama
You get this .
and then LITERALLY the next comment
quote:
Why would we ever need to convert to cash when we own the printer?
and then LITERALLY the next comment
quote:
Spoken like a true MMT/Keynesian.
All inflation is immoral. It is theft.
Posted on 7/25/24 at 9:44 am to VolSquatch
Huh? I don't want there to be a money printer. That does not change the fact that there is one.
Posted on 7/25/24 at 9:50 am to I Love Bama
quote:
I don't want there to be a money printer. That does not change the fact that there is one.
You literally said its theft, but when it would personally benefit you, you're fine with it
Posted on 7/25/24 at 9:52 am to UltimaParadox
quote:
Thoughts on tether?
My gut feeling is that tether is a problem but i have no insider knowledge enough one way or the other to comment.
quote:
Massive drop in volume on exchanges?
Why would this not be the case? There are less and less coins being mined. Bitcoiners are holding them on cold storage as they are anticipating it's value to increase. Add in the ETFs like you mentioned being traded off chain and it should be no surprise that volume is decreasing while value is increasing.
quote:
Opinions on why the majority of ETF trades are not on chain and done at coin base without any transparency?
An ETFs primary purpose is to make money, right? Why would they be trading daily on-chain? That makes no sense.
quote:
Curious if you do any transactions in Bitcoin? Do you exchange for stables like USDC on exchanges?
None. I have been buying Bitcoin for roughly 10 years now and have not sold a single one. The only transactions I engage in are moving from one cold wallet to another.
Posted on 7/25/24 at 9:56 am to VolSquatch
quote:
quote:
I don't want there to be a money printer. That does not change the fact that there is one.
You literally said its theft, but when it would personally benefit you, you're fine with it
It is theft. I'm not sure you are making the point you think you are. The USA will continue to print money no matter how I feel about it.
I must say, it is surprising the amount of people in money chat that are pro government theft if it benefits society as a whole. Sounds a lot like socialism to me.
Posted on 7/25/24 at 10:10 am to I Love Bama
quote:
I must say, it is surprising the amount of people in money chat that are pro government theft if it benefits society as a whole
I'm not ok with it under any circumstances, you have circumstances where you are. Sounds like you're more socialist than I am bud
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