https://www.ft.com/content/73fa6fd9-6f34-4e59-8f0f-04de3be7387a
created by Maxwellsdemon17 on 24/11/2024 at 18:32 UTC
449 upvotes, 15 top-level comments (showing 15)
Comment by AutoModerator at 24/11/2024 at 18:32 UTC
1 upvotes, 0 direct replies
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Comment by Maxwellsdemon17 at 24/11/2024 at 18:34 UTC
115 upvotes, 5 direct replies
"A bitcoin reserve would serve exactly one strategy. A Treasury with a million bitcoin would be trapped by its own portfolio. Congress could never exercise monetary sovereignty by limiting bitcoin mining or trading, because the price of the Treasury’s own assets would immediately collapse. The strategic bitcoin reserve is not a resilience strategy for the US. It’s a resilience strategy for the hodlers."
Comment by Trooper057 at 24/11/2024 at 23:28 UTC
15 upvotes, 0 direct replies
As long as faith in Bitcoin, markets, and the value of money prove to be more lucrative than working an essential job and caring for yourself and your family in a functioning society, we have to pretend the investor class is smart and knows what they're doing with control of all of our governments, economies, businesses, and societies. Since the amount of money I'm able to earn and the wealthy entities with whom I must compete are so wildly disproportionate, I have already adjusted my thinking to realize that all money is essentially valueless. The lack of money we are able to impose on everyone as incentive to work, to sustain functioning towns and states, and to condone and protect bad behavior from the powerful is where the value of money really is. All the money is in the hands of people who have had more of it than any other human in history. They spend it on their sexual appetites, status symbols, their personal whims and pleasures, and to secure their position in the public eye. You probably would too. It goes to election ads, executive bonuses, to blow people up, to make faster airplanes, and it is to be withheld from the average person, lest they improve themselves and become unruly. The average citizen is expected to work a low-paying, thankless, often pointless job to scrape by under the thumb of these brilliant financial geniuses. There's no value left in money, but you still need more than you can get, and the people that have it all have more than they can spend so they're throwing it around on stupid stuff, and everyone's job is to be happy with that. See a therapist if you need to. It costs $50-100 an hour to tell them whatever's bothering you.
Comment by twohammocks at 24/11/2024 at 21:14 UTC
23 upvotes, 3 direct replies
Wow the fentanyl dealers must be laughing.
I guess people and crops don't drink water anymore. Or need electricity to charge their EVs, heat pumps.
The US bitmining energy suck: 'Our preliminary estimates suggest that annual electricity use from cryptocurrency mining probably represents from 0.6% to 2.3% of U.S. electricity consumption. 1' https://arstechnica.com/science/2024/02/over-2-percent-of-the-uss-electricity-generation-now-goes-to-bitcoin/[1]
Water usage: 'The water footprint of Bitcoin in 2021 significantly increased by 166% compared with 2020, from 591.2 to 1,573.7 GL. The water footprint per transaction processed on the Bitcoin blockchain for those years amounted to 5,231 and 16,279 L, respectively.' https://www.cell.com/cell-reports-sustainability/pdf/S2949-7906(23)00004-6.pdf[2]
2: https://www.cell.com/cell-reports-sustainability/pdf/S2949-7906(23)00004-6.pdf
Trump wants to be Gangster in Chief
Does he plan on letting Silk Road types keep their bitcoin in exchange for donations? Top Contributors, federal election data for Donald Trump, 2024 cycle • OpenSecrets
gangster in chief. You voted for him.
Comment by Grorx at 24/11/2024 at 22:05 UTC
13 upvotes, 2 direct replies
Why are they holding? Aren't they spending Bitcoin because it's so easy to use as an everyday currency? It's going to replace the dollar. That's what I've been hearing for several years.
Comment by Own-Opinion-2494 at 24/11/2024 at 19:02 UTC
7 upvotes, 0 direct replies
Bitcoins don’t actually exist
Comment by Fecal-Facts at 24/11/2024 at 21:23 UTC
9 upvotes, 1 direct replies
It's going to be the most massive pump in dump the world has ever seen.
Comment by starbythedarkmoon at 25/11/2024 at 10:33 UTC
2 upvotes, 0 direct replies
Enjoy being poor forever.
Comment by batmans_stuntcock at 25/11/2024 at 18:36 UTC
2 upvotes, 0 direct replies
The additional spike in price after Trump’s election offers a circular argument. Bitcoin is even more valuable because Trump will embrace it. Trump must embrace it because it is becoming more valuable.
A [bitcoin] reserve would present both a consummation and an irony for bitcoin’s hardcore supporters — the hodlers. The state would recognise what hodlers call freedom money, but also prop that up with a state programme. The preamble to Lummis’s bill argues that in return, a million bitcoin would diversify America’s assets...Unlike a traditional banking reserve, however, they would be held by the Treasury and couldn’t start to be sold until 2045. An asset you cannot sell does not give you resilience. It gives you storage costs.
A bitcoin reserve would serve exactly one strategy. A Treasury with a million bitcoin would be trapped by its own portfolio. Congress could never exercise monetary sovereignty by limiting bitcoin mining or trading, because the price of the Treasury’s own assets would immediately collapse. The strategic bitcoin reserve is not a resilience strategy for the US. It’s a resilience strategy for the hodlers.
There are lots of examples of a class or group of people who invest a lot in influencing the political system so the state basically bakes in their investment or monopoly. There is the famous railroad giveaway, the oil barons etc, but also car sales in the US are kept artificially high because the car dealership industry has a big lobby that spends a lot of money to secure them a near monopoly.
We are seeing that in real time with this, a mostly useless security that can't be used as money as well as actual money but has a lot of people who invested a lot of money in it use their money to influence the political system to buy into and "de-risk" an incredibly volatile security and stop any future government regulation or threat to their assets basically.
Comment by snart-fiffer at 24/11/2024 at 19:52 UTC
2 upvotes, 2 direct replies
If I’ve learned anything in life it’s to find the biggest hungriest pile of money and get behind it so you can catch its scraps. If you think they might do this and want to make money investing I think buying a bitcoin etf is a smart play.
I have no interest in bitcoin other than it’s another tool to secure my retirement and financial protection for my family.
Comment by poop__ninja at 26/11/2024 at 18:21 UTC
1 upvotes, 0 direct replies
Is the same not true of all the gold they hold too then?
Comment by [deleted] at 29/11/2024 at 01:14 UTC
1 upvotes, 0 direct replies
They’re just trying to get the government to drive scarcity to push up the value.
Comment by [deleted] at 25/11/2024 at 05:55 UTC
2 upvotes, 1 direct replies
Bunch of broke loser redditors thinking they know what’s financially best for a country hopelessly trillions of dollars in debt. So much so that a massive amount of the feds tax revenue yearly goes to paying interest on it.
Comment by TheFumingatzor at 24/11/2024 at 19:56 UTC
1 upvotes, 3 direct replies
Fuck is a hodler? Somebody from the Hood?
Comment by tianavitoli at 24/11/2024 at 19:10 UTC
-3 upvotes, 1 direct replies
we comin for your toys