I'm assuming that next, the US will invest in a "Strategic Tesla stock reserve."
I'm relieved TRUMP and MELANIA meme coins have not yet been included.
The “strategic reserve” exposes crypto as the scam it always was
111–120 of 149 posts
Re: The “strategic reserve” exposes crypto as the scam it always was
#112Can 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…
It is all upsides actually:
- If the gov knows how to seize and keep it from criminals, then whales capable of controlling the market are reduced
- If the gov ever tries to sell, it will likely be predictable, so more manipulation benefits for those who know how to do it
- Hidden transfer of wealth from any corrupt animal directly into dump's hands without traditional paper trails
- Dump can use it to manipulate his own illegal meme coins
- Eventually it will be "hacked" and gone, definitely not by dumps closest friends who had the keys the whole time
oh by the word upside, that is for one group of people anyway
Re: The “strategic reserve” exposes crypto as the scam it always was
#113Can 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…
The sole purpose of the strategic reserves of tokens is to make them "too big to fail". Tokenbros correctly guess that their luck with impotent SEC may not last long, it may be 4 years more, or 8 years, or maybe tomorrow some Gabbard will try to demolish their sand pyramid. If said tokens are somehow already integrated into the govt. itself, then outlawing them is now a hundred time harder.
Re: The “strategic reserve” exposes crypto as the scam it always was
#114Notably, Bitcoiners are very upset about all the worthless shitcoins added to the BTC there. While the Ethereum is arguably decentralized, maybe, kind-of, the other ones: XRP, Solana, and Cardano, are basically centralized nonsense, that at best can be considered a payment system and not a decentralized commodity.
Bitcoiners are barking up the wrong tree - their blockchain is effectively unusable without L2 chains. There is pretty much no way to transact Bitcoin quickly or cheaply without acquiescing to a third-party service that could very well be centralized.
Time will show us that all of them are shitcoins in the end. But don't take my word for it, just wait and see.
Re: The “strategic reserve” exposes crypto as the scam it always was
#115While I completely agree crypto is full of shysters and most likely crypto has zero intrinsic value, as well the current administration tries to enrich itself through crypto, I disagree that recent change in prices after announcement proves it is a scam. Because if the government would have announced a strategic reserve in maple syrup, the syrup futures would have increased in price drastically as well.
> crypto has zero intrinsic value So do fiat currencies.
The USA military/industrial complex does not agree.
Re: The “strategic reserve” exposes crypto as the scam it always was
#116Earlier quoted context omitted.
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.
Money is something you can hodl in your hands (whenever needed in physical form) and walk around with, and spend without ever involving the power grid.
When you Hodl Bitcoin all you've done is make an "In-Game Purchase" (Like Warcraft Gold) in a game that most humans don't want to play, and have already rejected. Also BTC has already failed as a currency, because the people who value it only want to hoard it, due to the fact that they consider it an actual asset, so they won't spend it; and the rest of us don't want to join your cult/game.
A game that can be cloned infinite times, at the click of a mouse, too.
Re: The “strategic reserve” exposes crypto as the scam it always was
#117Earlier quoted context omitted.
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.
There is scarcity in BTC, but no scarcity on Cryptos. Every BTC investor/hodler is betting the farm that BTC will be the dominant crypto forever. BTC is very similar to a cult or Ponzi scheme where you only achieve your goal if you can convince others to join.
Why do you think nearly every BTC Maxi will claim all other coins are "Sh|t coins"? ...including coins/blockchains that are running identical code to BTC?
Re: The “strategic reserve” exposes crypto as the scam it always was
#118Earlier quoted context omitted.
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.
Money is something you can hodl in your hands (whenever needed in physical form) and walk around with, and spend without ever involving the power grid. When you Hodl Bitcoin all you've done is make an "In-Game Purchase" (Like Warcraft Gold) in a game that most humans don't want to play, and have already rejected. Also BTC has already failed as a currency, because the people who value it only want to hoard it, due to…
Keep talking about how the 9th largest asset on earth by market cap has "already failed". It's very convincing.
Additionally, your definition of money is simply ludicrous. Your credit cards aren't money, then? What about that app on your phone called 'PayPal'? Is it just a collective delusion?
Re: The “strategic reserve” exposes crypto as the scam it always was
#119Earlier quoted context omitted.
Not at all following how presence or possibility of sanctions supposedly invalidate scarcity as such. How does it follow? I think you are confused.
There is scarcity in BTC, but no scarcity on Cryptos. Every BTC investor/hodler is betting the farm that BTC will be the dominant crypto forever. BTC is very similar to a cult or Ponzi scheme where you only achieve your goal if you can convince others to join. Why do you think nearly every BTC Maxi will claim all other coins are "Sh|t coins"? ...including coins/blockchains that are running identical code to BTC?
There is scarcity in USD, but no scarcity on Fiat. Every USD bond investor/hodler is betting the farm that the USA will be the dominant nation forever. USD is very similar to a cult or Ponzi scheme where you only achieve your goal if you can convince others to join.
Why do you think nearly every USA Maxi will claim all other countries are "Sh|t countries"? ...including nations/currencies that are using identical macroeconomics as USD?
Re: The “strategic reserve” exposes crypto as the scam it always was
#120Earlier quoted context omitted.
Money is something you can hodl in your hands (whenever needed in physical form) and walk around with, and spend without ever involving the power grid. When you Hodl Bitcoin all you've done is make an "In-Game Purchase" (Like Warcraft Gold) in a game that most humans don't want to play, and have already rejected. Also BTC has already failed as a currency, because the people who value it only want to hoard it, due to…
Keep talking about how the 9th largest asset on earth by market cap has "already failed". It's very convincing. Additionally, your definition of money is simply ludicrous. Your credit cards aren't money, then? What about that app on your phone called 'PayPal'? Is it just a collective delusion?
All you tried there was two strawman arguments, or else you didn't carefully read my words.
1) I said BTC failed as a currency. And yes all the people currently holding cryptos are indeed claiming it's an asset, but they all have one thing in common: They gave their REAL money to someone else in exchange for nothing. You purchased a jar of air with the word "Digital Gold" printed on the side of it basically...with the reasoning of "If everybody treats this special air as Gold, then it might as well be Gold"
2) Neither Credit Cards nor PayPal are money. They are technologies for HANDLING money. A technology for handling a thing is not the thing itself. Not a hard logical axiom to grasp is it?