The “strategic reserve” exposes crypto as the scam it always was • Hacker News Board

Re: The “strategic reserve” exposes crypto as the scam it always was

#101

Post by [deleted] » Mon, Mar 03, 2025, 8:53 PM UTC

Eddy_Viscosity2 wrote: post #94

desumeku wrote: post #73

Earlier quoted context omitted.

It's not about "needing" another one. The "other one" is already here, whether you think you need it or not. Will America play the leading role in how the world reacts to its existence, or will someone else beat them to being first? The answer was already decided. Welcome to the future.

Beating them to being first at what? The first to sink taxpayer resources into buying the latest meme coin? The first to provide a taxpayer funded bailout for crypto-bros? This is precisely the sort of 'waste and corruption' that the new administration should be getting away from, not diving into.

[deleted]

Re: The “strategic reserve” exposes crypto as the scam it always was

#102

Post by xtracto » Mon, Mar 03, 2025, 8:58 PM UTC

horsawlarway wrote: post #83

desumeku wrote: post #77

Earlier quoted context omitted.

Expect to be using cryptocurrency a lot more than you're used to in the future. How does native integration with Windows and all major operating systems/phones sound?

Like a scam. It sounds like a scam. The issues with the currency are NOT just "can I actually pay you with it" (and that's STILL a big issue) it's all the surrounding work around conflict resolution. I paid a contractor with bitcoin, he didn't do the work, he won't refund me. Now fucking what? Court orders him to to give it back? How? They have no mechanism they can apply on the blockchain to actually enforce that or…

>Based on your post history, I bet you think orange fuck boi's 1000 dollar bills are a great idea too. You probably have money in TRUMP coin... You seem like someone convinced they're brilliant but who will leak money like a sieve, and constantly be angry because you don't understand why.

Come on now... we can agree and disagree and bring our arguments forward. But this is unnecessary, it doesn't promote insightful conversation. Your other arguments were very good. Don't pollute them with this.

Re: The “strategic reserve” exposes crypto as the scam it always was

#103

Post by 3np » Mon, Mar 03, 2025, 9:04 PM UTC

stogot wrote: post #65

Eddy_Viscosity2 wrote: post #14

Earlier quoted context omitted.

The purpose is to have a bag-holder with deep enough pockets to absorb any selling pressure by the whales who own substantial crypto holdings. That's it. That's the whole reason.

Isn’t that provided by satoshi, the dead and those who lost their hard drives?

Only for as long as those coins are (presumably by your comment incorrectly) considered part of the market.

Re: The “strategic reserve” exposes crypto as the scam it always was

#104

Post by quantadev » Mon, Mar 03, 2025, 9:06 PM UTC

desumeku wrote: post #100

quantadev wrote: post #91

Earlier quoted context omitted.

I can't think of any assets that exist only in cyberspace. But even if you assert that grid-independence is not important, you're still stuck making the false claim that there's any scarcity in cyberspace. New crypto-coins can be created at the press of a button, thus your whole entire faith and hope is that everyone will always use Bitcoin, which is provably false.

>New crypto-coins can be created at the press of a button Oh? Can you prove this? How are you capable of creating new Bitcoins without mining them? Surely this big secret you have should be worth sharing.

The very fact that you're trying to pretend you conflated the words "crypto-coins" with "Bitcoins", as if you did it by accident (which you did not), proves my point better than I ever could have; because the entire [false] premise of scarcity among the Hodlers depends on having no other coins ever become popular.

Re: The “strategic reserve” exposes crypto as the scam it always was

#105

Post by desumeku » Mon, Mar 03, 2025, 9:07 PM UTC

horsawlarway wrote: post #83

desumeku wrote: post #77

Earlier quoted context omitted.

Expect to be using cryptocurrency a lot more than you're used to in the future. How does native integration with Windows and all major operating systems/phones sound?

Like a scam. It sounds like a scam. The issues with the currency are NOT just "can I actually pay you with it" (and that's STILL a big issue) it's all the surrounding work around conflict resolution. I paid a contractor with bitcoin, he didn't do the work, he won't refund me. Now fucking what? Court orders him to to give it back? How? They have no mechanism they can apply on the blockchain to actually enforce that or…

> They have no mechanism they can apply on the blockchain to actually enforce that order...

How about legal authority, or prison? Even with cash, you aren't getting paid back because the court can walk into his home and grab the money. He pays you back because he doesn't want to go to jail or be found guilty.

Re: The “strategic reserve” exposes crypto as the scam it always was

#106

Post by desumeku » Mon, Mar 03, 2025, 9:10 PM UTC

quantadev wrote: post #104

desumeku wrote: post #100

Earlier quoted context omitted.

>New crypto-coins can be created at the press of a button Oh? Can you prove this? How are you capable of creating new Bitcoins without mining them? Surely this big secret you have should be worth sharing.

The very fact that you're trying to pretend you conflated the words "crypto-coins" with "Bitcoins", as if you did it by accident (which you did not), proves my point better than I ever could have; because the entire [false] premise of scarcity among the Hodlers depends on having no other coins ever become popular.

Do you think printing fiat money is somehow harder or less silly than printing cryptocurrencies? You don't have arguments against crypto, you just have arguments against money. "Anybody can come up with a different money that would be exactly equal in every way" applies both to the Dollar and to Bitcoin.

Re: The “strategic reserve” exposes crypto as the scam it always was

#107

Post by 3np » Mon, Mar 03, 2025, 9:11 PM UTC

quantadev wrote: post #93

darthrupert wrote: post #54

Earlier quoted context omitted.

I also own some and am very suspicious and a bit nervous that USA is getting in on it. Especially with the current administration.

The very fact that new crypto coins are about to be (or even ever could be) sanctioned by different governments/nations, is proof positive that the concept of scarcity is a myth. Even Diamond-Hands Hodlers all admit that without scarcity there is no value either.

Not at all following how presence or possibility of sanctions supposedly invalidate scarcity as such. How does it follow? I think you are confused.

Re: The “strategic reserve” exposes crypto as the scam it always was

#108

Post by quantadev » Mon, Mar 03, 2025, 9:11 PM UTC

alsoforgotmypwd wrote: post #52

jordanb wrote: post #47

Earlier quoted context omitted.

On the bright side we're no longer wasting money on shit people don't need like weather prediction.

Or nuclear stockpile maintenance, firefighters, or clean water. Who needs that shit anyhow when everyone has their own private firefighters, goons, and water filtration? /s

Oh, guys (both of you) I'm totally in favor of having a Federal government that spends money in a way that obtains an actual use for that money, to protect and defend the nation.

However, transferring my tax dollars to persons/investors wanting to unload his cryptos is pure theft of my money, and just a pure transfer of my money to whoever's smart enough to be dumping their coins.

Re: The “strategic reserve” exposes crypto as the scam it always was

#109

Post by quantadev » Mon, Mar 03, 2025, 9:13 PM UTC

tanseydavid wrote: post #19

quantadev wrote: post #8

If tax dollars are ever used to buy cryptos, that's simply a transfer of wealth to the crypto sellers, in exchange for nothing in return. This is just another "Tax and Waste" policy. It's just money taken from one group just to give to some other group. It's immoral and illegal, because the gov't is not an investment bank.

Would you agree that the Strategic Oil Reserve has exactly the same qualities?

No, I wouldn't exactly call Oil worthless. lol. Thanks for the entertainment tho, with that post.

Re: The “strategic reserve” exposes crypto as the scam it always was

#110

Post by tim333 » Mon, Mar 03, 2025, 9:32 PM UTC

peterldowns wrote: post #7

Can anyone who is pro-crypto (particularly: btc, eth) make the steelman argument for why a "strategic reserve" is necessary for these cryptocurrencies? Or even beneficial ? I've been involved in the industry in various ways for years and I fundamentally don't understand why the government owning a lot of btc/eth is advantageous. I understand the "reserve" part, but I don't understand the "strategic." I'm open to the…

I'm semi pro-crypto.

It's not that a "strategic reserve" is necessary for these cryptocurrencies. It's that holding those maybe be good for the US if their value goes up further and it can use them to buy stuff if need be. Same idea as the gold reserve really.