118 upvotes, 5 direct replies (showing 5)
"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 twohammocks at 24/11/2024 at 21:23 UTC
18 upvotes, 1 direct replies
if the gov't (ie taxpayers) aren't roped in to be left holding the bag once people realize what a ponzi scheme crypto is then drug dealers asset values would tank. Can't have that happen to ulbricht and his ilk now, can we?
Comment by AltoidStrong at 25/11/2024 at 15:16 UTC
5 upvotes, 0 direct replies
Exactly, it is to protect the richest people and businesses who are holding large sums of it.
On the end it will allow those few to control government monetary policy. If the top 5 bitcoin holders all sell (or threaten to) it would impact the US reserve. Thus they could use that to manipulate policy of any kind.
It is just another step to an oligarchy.
Comment by killroy1971 at 26/11/2024 at 03:09 UTC
2 upvotes, 1 direct replies
If this happens, crypto bro Anthony Scaramuchi will be calling Trump a "Renaissance Man." A term he used to describe Junk Bond King Michael Milken, who destroyed American companies left and right in the 1980s only to have it all detonate like a bomb in 1988-89.
Proving the problem with Milken's (and Trump's) brand of capitalism: eventually you run out of money to borrow and things to monetize.
If this does happen, who gets all of the gold the Treasure holds in places like Ft. Knox?
Comment by zeptillian at 26/11/2024 at 19:32 UTC
1 upvotes, 0 direct replies
Does this surprise you?
Enriching investors at the expense of the public has been the GOP playbook for decades. It's the general MO for most politicians.
Comment by [deleted] at 24/11/2024 at 18:46 UTC
-39 upvotes, 6 direct replies
Dumb article. Congress CAN'T limit bitcoin mining or trading. The world is going to keep adopting bitcoin with or without the US. You can only ban yourself from bitcoin.