Bitcoins - digital currency
Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:
- Bitcoins can be sent easily through the Internet, without having to trust middlemen.
- Transactions are designed to be computationally prohibitive to reverse.
- Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.
Total size 5,811,700 BTC
or 4,585,431 USD
or 3,545,137 EUR
or 133,094,323 RUB
or 3,849 ounces of gold
Any value to this idea or will it never work?
I predict trump will say this about bitcoin in a very near future :
Likely a combination of the "vibe shift" in gen pop, leading to being pro-MAGA more socially acceptable and the fact that Dems have been more anti-crypto over the last couple years, namely Elizabeth Warren, and Trump is/was scheduled to speak at the upcoming BTC conference. Rumors of Kamala speaking there as well so Dems could be reversing course. Short term support of dirty politicians would be helpful. I agree long term likely doesn't matter much.
In more positive political news, BTC appears to
For the people who are choosing who to vote for based off of which politician speaks at a crypto conference or who says the most pro-crypto things:
1. What are you hoping these politicians do over the next 4 years for cyypto?
2. Wouldn't your answer to #1 way under weigh the importance, at least long-term, of the strength of the USD and the US economy and therefore shouldn't you support the party that typically supports policies like printing more money, giving out more money, increasing taxes and increase the size of government? Taken to an extreme, it seems like the ideal politician for someone who only cares about the long-term price of bitcoin should vote for warren (who you mentioned) or bernie sanders who are far more likely to slow economic growth and hurt the value of the dollar if you can keep their type in office.
people dont vote for someone because they support niche markets... or if they do, they shouldn't.
crypto holders have historically skewed red so those votes aren’t changing. one party has been openly hostile towards the industry so you might see some centrists/independents vote trump because it’s a very natural response to not vote for the party that wants to send your net worth to zero.
the only thing the politicians have to “do” is not tip the scales in legacy finance’s direction through heavy handed regulation that is anti-business and competition. the free market will do the rest as we’ve seen this year (two ETF’s for the two largest assets, a presidential candidate openly talking about adding bitcoin to federal reserve balance sheet).
bitcoin has already won but many in power are too dumb or stubborn to realize. the rational response would be to engage the industry productively while leading the nation-state adoption game of BTC reserves. if they had any foresight, they would see that BTC and ETH adoption is a net positive for USD as there is an insatiable demand for dollars and fostering an environment that allows for more digital dollars and treasury reserves is in their best interests.
Trump BTC sneakers are BANGING!
crypto holders have historically skewed red so those votes aren’t changing. one party has been openly hostile towards the industry so you might see some centrists/independents vote trump because it’s a very natural response to not vote for the party that wants to send your net worth to zero.
the only thing the politicians have to “do” is not tip the scales in legacy finance’s direction through heavy handed regulation that is anti-business and competition. the free market will do the rest as we’ve
https://marginalrevolution.com/marginalr...
Idea is moving more and more mainstream.
the fact that argentina is encouraging both BTC and USD while their currency melts down does not make the two complements.
one of the remaining legs left standing as a global superpower is having a global reserve currency.in my mind there's no world in which BTC is a complement to USD. if BTC is legitimized as a competitive store of value, USD and Treasuries almost definitionally decline and US is worse off.
pretty certain the reason Wyoming senators and Trump are advocating for BTC supremacy and purchasing the entire supply of BTC for treasury coffers is because BTC has a bunch of fanatic, only-this-issue voters + engorged CryptoPACs threatening to takedown opposing candidates with relentless ads paid for by the hard-won gains of 5000x-ing their initial crypto investment.
meanwhile nobody passionately opposes BTC or provides any counterweight to these zealots... those of non-BTC slant view it as a passing beanie baby fad, not realizing it threatens to jeopardize their default purchasing power advantage if the global medium shifts
i might be in favor of BTC becoming universal currency if it functioned anything like a currency and had decent protections built in for errant/fraudulent transactions, or didn't run into absurd transaction fees,.
as it stands, 95% of its utility appears to be some combination of a) skirting black market & money laundering rules with financial intermediaries, b) a speculative vehicle subliminally premised on greater fool theory
"Here is a competitor to the US dollar, we are going to promote it and legitimize it!"
Sounds pretty dumb when you say it out loud
wow 60k, we did gang!
Bitcoin resurrected from death once again.
Dip gang
Put some of this back into BTC today at 50k.
Saving some for mid-40's (may not come, we'll see I guess)
Ended up buying ETH with remaining stables on my acct, didn't get the greatest price (2600) but ETH seems like it's finally reversing its relative weakness this year vs. BTC and SOL.
"Here is a competitor to the US dollar, we are going to promote it and legitimize it!"
Sounds pretty dumb when you say it out loud
it’s already legitimized. it’s a pretty straightforward proposition - build a strategic reserve call option now while prices are (relatively) low and hold a dominant position, or delay, wait for other nimbler countries beat you to the punch, and then begin building your reserve in the future at much higher prices as sovereign game theory plays out.
am i reading right that "all the bitcoin supply" =~ $1.2T? if so 5% of that would be $60B, and for that to appreciate enough to "pay off a significant portion of the [$35T] national debt" would mean btc has displaced usd as global reserve currency and the u.s. is ****ed anyhow.
it’s already legitimized. it’s a pretty straightforward proposition - build a strategic reserve call option now while prices are (relatively) low and hold a dominant position, or delay, wait for other nimbler countries beat you to the punch, and then begin building your reserve in the future at much higher prices as sovereign game theory plays out.
I love how they say bitcoin could 'help pay off a significant portion of the national debt' like that is bitcoins problem to fix.
**** you bro(gov't), sell it or don't. I don't ****ing care to be honest.
I love how they say bitcoin could 'help pay off a significant portion of the national debt' like that is bitcoins problem to fix.
**** you bro(gov't), sell it or don't. I don't ****ing care to be honest.
Yah I’m not even advocating that they *DO* pay off the debt with Bitcoin profits in the future, but the mere act of adding a new reserve asset to the mix that will increase in value far greater than any other potential reserve asset and at a faster rate than your national debt is likely to grow seems like a no brainer to me, especially when you have a chance to build your position before every other major sovereign nation (which is inevitable in the long run).
But politicians are morons so we’ll probably wait until a host of smaller nations in LATAM decide they have nothing to lose and start accumulating thousands of BTC first before deciding it’s a national security issue to build their own strategic reserve.
total no brainer, just needs to continue 70% YoY growth for eternity and we'll all be ungodly rich
