Trump’s Crypto Reserve Is Really Happening
Trump’s Crypto Reserve Is Really Happening
Great. Just great.
43 comments
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can't wait until north korea hacks into it and steals everything.
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Same misunderstandings as usual:
crypto transactions can be done anonymously
Except for a couple "anonymous coins", no they can't.
KYC+Blockchain = full traceability.asset with little proven real-world application that regular old U.S. dollars can’t already account for
Close. Consider the following scenario:
- USD is a US government IOU, same as every other fiat currency.
- Fiat money's value depends on the trust in the credit it represents.
- Trump&co are destroying USA's trust worldwide.
- External countries like China, have huge amounts of US credit... have given a lot to the US in exchange for a pinky swear.
- The US keeps emitting USD credit by manipulating interest rates, hoping to attract investors and greed/trust.
But what if the US were to default on its obligations instead, break trade agreements, break defense agreements... what would be a safe store of value then?
- Gold, will say some... but there is not enough gold to go around to represent all the credit currently tied in money, that was the reason to abandon the gold standard in the first place.
- Others will pick the Yuan, after all it's the second largest economy GDP PPP... but really? Does anyone trust China? I doubt so.
- Euro seems much more trustworthy, but it will take long after Trump has utterly trashed the US economy, for the US to recognize defeat.
That leaves little more than fantasy money, with the stablest of them being: Bitcoin.
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So he's going to do the same thing he did to his fanboys to the government? Oh good. Can we impeach this guy yet?
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as if forcing everyones retirement into the practically unregulated stock market wasnt already the worst gamble in american history... lets make our reserve even less stable.
awesome. super genius moves here. congress isnt asleep at the wheel, theyre comatose. they might as well not exist.
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Congress has made it explicitly clear that they serve to rubber stamp anything and everything Trump signs as an EO. They work for and serve the executive office only
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If it's any comfort, he's merely planning to take all of the crypto the government has confiscated and merely put it all into one account and do nothing with it.
It's like taking all the small change from the various couches of your house and putting it all into one water jug and forgetting that it's in the corner.
So basically useless, like the half (that isn't destructive) of stuff he does.
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I mean, have you seen how old most of them are?
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The government as bagholder of last resort
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So what's this mean?
He'll take US Tax Dollars and put them in Crypto?
Sounds like a great way to bankrupt your entire country back into the stone age.
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No. In fact it explicitly doesn’t allow that.
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They're using a bullshit slight-of-hand to claim they're not spending government money on it.
They're planning on using coins seized from criminals. But normally those coins would be sold, and the proceeds from that sale would go to the US Treasury. Instead, they're going to seize them and just hold onto them.
It's the same thing. Whether you spend government money to purchase coins and hold them, or you simply hold seize coins, both of these options result in the same increase in the US national debt.
And ultimately it is simply a method of propping up the crypto bubble. They want the US government to be the ultimate "diamond hands" hoarder of crypto. Every time some dark web drug site gets shut down, any coins they hold will be thrown into a government vault, never to be seen again. This effectively removes them from circulation, decreasing the supply, and forcing crypto prices higher. This is taking billions from the Treasury to prop up the crypto market.
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Gonna be the most epic rugpull of all time.
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In 3... 2...1...
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That crypto reserve is a load of old cobblers if I ever saw one. The government is not buying or planning or whatever… they just don’t do anything with the stack they already have, thanks to Biden I guess? And I guess they won’t be chasing many new frauds and rug pullers anymore, with all the crypto broligarch shit they are pulling.
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You know that's not really accurate, and amusingly so?
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43 comments