The “strategic reserve” exposes crypto as the scam it always was
alexkolchinski.com
The “strategic reserve” exposes crypto as the scam it always was
1–10 of 149 posts
Re: The “strategic reserve” exposes crypto as the scam it always was
#2Incredible conflict of interest here.
Re: The “strategic reserve” exposes crypto as the scam it always was
#3While 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.
Re: The “strategic reserve” exposes crypto as the scam it always was
#4We are coming to the end of the era where you could avoid major exposure to crypto speculation by simply not "investing" in it. When the government and major banks and top S&P500 companies are putting their money in crypto, just imagine the damage the next bubble pop will inevitably cause.
Re: The “strategic reserve” exposes crypto as the scam it always was
#5The fact that scammers, fraudsters, Ponzi schemers and extortion racketeers have run trillions of dollars of swindles using US dollars is not evidence that the US dollar is a scam, a fraud, a Ponzi scheme or an extortion racket.
Re: The “strategic reserve” exposes crypto as the scam it always was
#6While 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.
Was curious if a maple reserve existed. looks like Canada is leading the charge on that one: https://ppaq.ca/en/sale-purchase-maple-syrup/worlds-only-res...
Re: The “strategic reserve” exposes crypto as the scam it always was
#7Can 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 idea that this could be both a good idea and a way to line insiders' pockets with US taxpayer money, but it really just looks like the latter to me.
(I've been able to come up with a few theories but they all involve the complete destruction of value of the US dollar, and I don't understand how that would be net good for America.)
Re: The “strategic reserve” exposes crypto as the scam it always was
#8If 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.
Re: The “strategic reserve” exposes crypto as the scam it always was
#9The fact that scammers, fraudsters, Ponzi schemers and extortion racketeers have run trillions of dollars of swindles using US dollars is not evidence that the US dollar is a scam, a fraud, a Ponzi scheme or an extortion racket.
Not at all similar.
Re: The “strategic reserve” exposes crypto as the scam it always was
#10Can 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 can almost guarantee you most everyone who owns BTC will be 100% in favor of anything that will drive up it's price, because they falsely equate it's price as it's value. It has zero value despite it's price, just like beanie babies and Tulips always did.