Cryptocurrencies rallied on Sunday after President Donald Trump announced the creation of a U.S. strategic crypto reserve.
    • RandAlThor@lemmy.caOP
      25·
      4 个月前

      First he creates his own crypto out of thin air worth billions. Then he’s going to make US gov’t and tax payers buy his fantasy value currency with real money? You can’t a clearer day light robbery than this!

      • teft@lemmy.world
        12·
        4 个月前

        You’re forgetting the final part of the plan. Take those dollars and exchange them for gold or a different currency so that when the dollar implodes you still have all your loot.

    • tburkhol@lemmy.world
      26·
      4 个月前

      This one is meant to pay back all the cryptobros who supported his campaign. Still gotta get Congress to authorize funds for it, but the cryptobros have been pumping money into those campaigns, too.

    • PM_Your_Nudes_Please@lemmy.world
      11·
      4 个月前

      Or materials that take a while to manufacture, but which may be needed in large quantities relatively quickly. Even if it’s not a case of foreign actors, some things just take a while to start coming off of production lines in large quantities.

      Shelf-stable food is a good example. You can’t just grow more wheat overnight. Sure, you may be able to reallocate where resources are going to use them more efficiently or start converting more into shelf-stable versions, but your overall food production levels are going to take a long time to actually ramp up, as new crops and livestock take time to grow.

  • kn0wmad1c@programming.devEnglish
    333·
    4 个月前

    Bitcoin lost 20% of its value in a month. It’s great for speculation, but it seems like a shitty thing to use as a currency.

      • nexguy@lemmy.world
        22·
        4 个月前

        It’s likely you already are bought in if you have a typical 401k investment setup as several large firms have btc on their books. Small as it may be, it’s likely there.

      • Raiderkev@lemmy.world
        192·
        4 个月前

        I’ve said it before, and I’ll say it again. Russia probably has a shitload of BTC to get around sanctions, and are going to rug this stupid Bitcoin reserve.

      • Voroxpete@sh.itjust.works
        11·
        4 个月前

        Why? Because a whole bunch of it is locked up somewhere? That’s already the case for bitcoin. Only a tiny fraction of the total supply actually moves. The vast majority is either in abandoned or lost wallets, or being held.

      • atzanteol@sh.itjust.worksEnglish
        101·
        4 个月前

        That’s not what makes a currency stable. The Fed wouldn’t need to work so hard if that’s all it took.

    • turnip@sh.itjust.worksEnglish
      37·
      4 个月前

      Its counter cyclical like gold is. In a market crash where aggregate demand drops and interest rates fall it can be used as collateral to fund bailouts as it rises in value. At least I assume that’s why central banks historically buy gold for undergoing Keynesian economics.

      Bitcoin actually goes up far more than gold during QE as well in its short history, and the supply will soon rise dramatically slower than gold, as each 4 years the new supply halves.

  • KbSez@piefed.socialEnglish
    172·
    4 个月前

    Oh yeah… that’s a great idea especially since Bitcoin has cratered in the last few weeks and people have lost over $2 billion on trumps scam meme coins.

    Sure… what could go wrong?

    • pulsewidth@lemmy.world
      61·
      4 个月前

      You just watch.

      “Strategic crypto reserve” of several billion in taxpayer funds, and then in several months “oops where did it go? It’s all been moved to several different wallets now, gosh how did this happen” and the news cycle will just glaze over it as another Trump blunder while he and his cronies pocket it.

  • rc__buggy@sh.itjust.works
    15·
    4 个月前

    “Bitcoin is dangerous because it’s trying to create a level of credibility to unreliable and wholly unfounded value”

    -Trump

    Fundamentals haven’t changed, Donny. Why the flip-flop?

    edit: but I sold my BTC @ $20k so I guess I’m the dumb one.

  • tal@lemmy.todayEnglish
    6·
    4 个月前

    If you start trying to buy your meme coin with funds no longer going to federal worker wages, I’m pretty sure that you’re going to have a pretty irate Congress.

  • turnip@sh.itjust.worksEnglish
    84·
    4 个月前

    Stocks can be replaced by other stocks and eroded by taxes and regulation, new gold can be mined as new reserves are found and technology develops, but what can create new Bitcoin except one specific asic?

    As far as why people would want a currency like Bitcoin with a fixed supply, Project 2025 which Trump is clearly following, talks about mandating the Fed to grow the money supply at a fixed 3% a year; which is a Milton Friedman conservative idea.

    This supposedly stops the wild speculation into assets like housing and the cantillon effect, which then requires large bailouts, which causes moral hazard. As it also hurts the poor and the young, who are gatekept when trying to actually utilize the housing for procreation instead of capital preservation, causing fertility rates to fall as price to incomes continue to rise.

    Solana and the other shitcoins should probably not be part of this though. That’s where it is clearly a gift to his donors, who made his Trump grift coin.

  • Setnof@lemmy.world
    106·
    4 个月前

    😂 the title somehow failed to mention the 2nd most valuable crypto but named all the others. Wtf

    The ticker is ETH!