Trump’s Crypto Reserve Is Really Happening

Comments

• AllNewTypeFace@leminal.space ⁨5⁩ ⁨weeks⁩ ago

  The government as bagholder of last resort

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• RangerJosey@lemmy.ml ⁨5⁩ ⁨weeks⁩ ago

  Gonna be the most epic rugpull of all time.

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  • dumblederp@aussie.zone ⁨5⁩ ⁨weeks⁩ ago

    In 3… 2…1…

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• jarfil@beehaw.org ⁨5⁩ ⁨weeks⁩ ago

  Same misunderstandings as usual:

  crypto transactions can be done anonymously

  Except for a couple “anonymouse 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:

  1. USD is a US government IOU, same as every other fiat currency.
  2. Fiat money’s value depends on the trust in the credit it represents.
  3. Trump&co are destroying USA’s trust worldwide.
  4. External countries like China, have huge amounts of US credit… have given a lot to the US in exchange for a pinky swear.
  5. 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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  • LukeZaz@beehaw.org ⁨5⁩ ⁨weeks⁩ ago

    I don’t think Bitcoin qualifies as a “safe store of value” when it fluctuates like hell on a day-to-day basis and transferring it anywhere for any reason costs exorbitant amounts of money. Much as you or I don’t trust China, I think the powerhouse of an economy that it has will make it awfully enticing for investment purposes, and I don’t think the U.S. will have to “recognize defeat” for the Euro to replace the dollar, either.

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    • jarfil@beehaw.org ⁨5⁩ ⁨weeks⁩ ago

      There is no “safe” store of value, it always depends on demand; there is no single item with a constant demand. One would think that air, water, food, housing, etc. should be always in demand… but reality is showing how people are willing to sacrifice those for something else all the time.

      Bitcoin transfers cost pennies on the Lightning Network. An argument can be made, that SEPA transfers cost exactly 0… also an argument can be made, that SEPA didn’t go all the way down to 0, until cheap crypto transfers became a thing. But SEPA is an Euro thing.

      China, I think the powerhouse of an economy that it has will make it awfully enticing for investment orgs

      China has a 100% intervened market, there is exactly 0% security that any investment won’t go to 0 in an instant, by decree. There is a reason why Chinese people invested 30% of GDP in the housing market, allowing scammers to build ghost towns they never planned on completing… and then it all went crashing down.

      The US sees the Euro as a competitor of the Dollar; for the US to buy a strategic reserve of EUR, it would definitely mean recognizing defeat.

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  • artificialfish@programming.dev ⁨5⁩ ⁨weeks⁩ ago

    There may not be enough gold to go around, but there’s enough gold for me :)

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• millie@beehaw.org ⁨5⁩ ⁨weeks⁩ ago

  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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• HurlingDurling@lemm.ee ⁨5⁩ ⁨weeks⁩ ago

  Yay, fucking looser spending tax payer money on another of his looser scams

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  • ngdev@lemm.ee ⁨5⁩ ⁨weeks⁩ ago

    looser

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    • wedge@lemmy.one ⁨5⁩ ⁨weeks⁩ ago

      He’s looser from all of the anal he’s taking from Musk and Putin.

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• skozzii@lemmy.ca ⁨5⁩ ⁨weeks⁩ ago

  He is going to kill the USD, just wait and see.

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• nightwatch_admin@feddit.nl ⁨5⁩ ⁨weeks⁩ ago

  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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• cupcakezealot@lemmy.blahaj.zone ⁨5⁩ ⁨weeks⁩ ago

  can’t wait until north korea hacks into it and steals everything.

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• 68silver@beehaw.org ⁨5⁩ ⁨weeks⁩ ago

  [deleted]

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  • INHALE_VEGETABLES@aussie.zone ⁨5⁩ ⁨weeks⁩ ago

    You know that’s not really accurate, and amusingly so?

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  • segabased@lemmy.zip ⁨5⁩ ⁨weeks⁩ ago

    Oh cool we got tards on lemmy

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• JokeDeity@lemm.ee ⁨5⁩ ⁨weeks⁩ ago

  “Really happening” means less when it’s only his zombies and Russians that would ever use such a thing.

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