Everything you wanted to know about Bitcoin Strategic Reserve. - page 2.

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Quote from: LoyceV on December 16, 2024, 03:35:09 AM

Quote from: Agbamoni on December 15, 2024, 05:06:45 PM

there should be a maximum limit to the quantity of Bitcoin that can be reserved by any county in the interval of one cycle.

Lol. What you're asking for is like hard-coding KYC in the Bitcoin protocol. Let's not do that. If anyone wants to try to buy all Bitcoins: let them. That's the beauty of a free market.

It seems to me that if Agbamoni starts from the mindset of setting limits, he will not be very much in favor of letting the free market regulate itself.

Quote from: BlackHatCoiner on December 16, 2024, 08:45:05 AM

The enemy is not no-coiners. I don't care about a bunch of fools who don't understand basic economics. My concern goes to the money masters of America. Those people have historically used everything in their disposal to keep the world under a fiat standard, and now out of nowhere, the president promises the people bitcoin, a currency that completely undermines the purpose of fiat currency across the world. Something just doesn't add up.

For me it adds up. The one who talks about the strategic reserve believes in the free market, believes in a small state and low taxes. Banning CBDCs to me is as important as a strategic reserve, which is not often mentioned and which we have under preparation in Europe. Both are a logical consequence of how the US president-elect and those around him see the world.

Quote from: LoyceV on December 16, 2024, 08:55:02 AM

A Bitcoin Reserve doesn't mean they'll create a Bitcoin Standard, just like having Gold Reserves does't mean there's a Gold Standard.

That's right, the US does not need a standard bitcoin at all, nor will it do so.But by acquiring the largest bitcoin reserves in the world, it will strengthen its currency without it being directly backed by bitcoin.

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Quote from: LoyceV on December 16, 2024, 08:55:02 AM

Quote from: BlackHatCoiner on December 16, 2024, 08:45:05 AM

My concern goes to the money masters of America. Those people have historically used everything in their disposal to keep the world under a fiat standard, and now out of nowhere, the president promises the people bitcoin, a currency that completely undermines the purpose of fiat currency across the world. Something just doesn't add up.

A Bitcoin Reserve doesn't mean they'll create a Bitcoin Standard, just like having Gold Reserves does't mean there's a Gold Standard.

If this is going to be anything like the way people lost their gold to government, there may be a time when you can deposit your Bitcoin into a government wallet, in exchange for a digital receipt on your account. Then government can artificially increase the amount of Bitcoin in circulation, just like they did with fiat money after they abandoned the gold standard.

your definition is much more like depositing bitcoin into a subnetwork hub channel manager, and then play with unconfirmed units that are not in the same measure/format of real sats. and then the peg rate changes over time from 1sat=1000msat to then be 1sat=1000000msat. and then when enough naive noobs are playing with msats on the subnetwork. they make it too expensive, and a headache to close out the account to get confirmed real sats, thus forcing people to stay with playing with msat
.. oh wait that economy was already trying to be implemented by institutions that sponsored core devs who promote and adore the subnetwork roadmap

but the actual strategic reserves is not about giving citizens a pegged currency of bitcoin, but instead invest fiat in another currency to later sell for profit and return to fiat for later fiat spending by the government/institution

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Quote from: BlackHatCoiner on December 16, 2024, 08:45:05 AM

My concern goes to the money masters of America. Those people have historically used everything in their disposal to keep the world under a fiat standard, and now out of nowhere, the president promises the people bitcoin, a currency that completely undermines the purpose of fiat currency across the world. Something just doesn't add up.

A Bitcoin Reserve doesn't mean they'll create a Bitcoin Standard, just like having Gold Reserves does't mean there's a Gold Standard.

If this is going to be anything like the way people lost their gold to government, there may be a time when you can deposit your Bitcoin into a government wallet, in exchange for a digital receipt on your account. Then government can artificially increase the amount of Bitcoin in circulation, just like they did with fiat money after they abandoned the gold standard. And a decade from now, suddenly there are much more Bitcoins in circulation on accounts with banks, and the value of a "paper Bitcoin" gets devaluated. Gold is worth about 100 times more now than it was when the gold standard was abandoned. Or better yet: the dollars you received in exchange for your gold can now buy about 1% of your gold back. If it's not obvious yet: I finally started reading The Bitcoin Standard ebook.
Maybe "Not your keys, not your coins" works better to keep your own money than it did when people handed over their gold coins.

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Quote from: bangjoe on December 16, 2024, 03:11:18 AM

Navigating your mind about this does look like that, where not a little old money in America says Bitcoin Scam

The enemy is not no-coiners. I don't care about a bunch of fools who don't understand basic economics. My concern goes to the money masters of America. Those people have historically used everything in their disposal to keep the world under a fiat standard, and now out of nowhere, the president promises the people bitcoin, a currency that completely undermines the purpose of fiat currency across the world. Something just doesn't add up.

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Thanks @Fillippone, for giving clarity with proof of what strategic reserve really means and how it relates to BSR, it's an educative exposition for everyone to grasp. I'm perticularly excited about how the table has turned around in less than 15 years of Bitcoin existence, how almost everybody and countries generally thought that it was a scam and won't last but today that naretive is changing very fast.

Having Bitcoin as strategic reserves by cities, institutions and governments will go a long way to show those that are still skeptical that Bitcoin is indeed a store of value and they're welcome to enjoy the benefits of holding it for a long term. I believe that if Trump, implements favorable Bitcoin policies in his incoming administration, especially having it as a strategic reserve, it'll go a long way to encourage other countries to do the same because the US is a pacesetter. Also if the top cities that are proposing BSR will implement it, then it might become a norm for other cities to strive and do the same.

Since Bitcoin has finite supply, the effect of holding it as strategic reserves will be scarcity which will be an added factor for it's continuing price increase and ATH in the future.

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Quote from: Agbamoni on December 15, 2024, 05:06:45 PM

there should be a maximum limit to the quantity of Bitcoin that can be reserved by any county in the interval of one cycle.

Lol. What you're asking for is like hard-coding KYC in the Bitcoin protocol. Let's not do that. If anyone wants to try to buy all Bitcoins: let them. That's the beauty of a free market.

Quote from: bangjoe on December 16, 2024, 03:11:18 AM

~old money in America says Bitcoin Scam, Bitcoin will die and curse to be zero~

This reminds me:

(I'm not sure who the original source is, there's a source in the image but I found it here)

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Quote from: BlackHatCoiner on December 15, 2024, 01:35:21 PM

Quote from: bangjoe on December 15, 2024, 12:00:24 PM

Looks like you are more interested in the implementation directly

Not at all. I'm not interested in how it will happen in practice. They're probably going to be buying around 500 bitcoin every day for as long as his presidency lasts. (That's what El Salvador did, and it's one simple tactic to avoid causing a supply shock multiple times.) I'm interested just to know if it will or it won't happen. A 'yes' or 'no'. It's too good to be true to have the enemy in our side that soon. Feels like it was too easy to have them admit defeat.

Navigating your mind about this does look like that, where not a little old money in America says Bitcoin Scam, Bitcoin will die and curse to be zero, indeed not a few Sotck Market practitioners who tighten such things, so I'm not surprised to see your views on this matter.

Until now regarding the policy is still being debated and has not been agreed upon, seeing the act of rejection carried out by several Microsoft holders in submitting Bitcoin as one of his investment assets shows that things in your mind are still possible for the rejection on US goverment.

But I hope Trump will be able to carry out good political maneuvers to help him support this plan.

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Quote from: Agbamoni on December 15, 2024, 05:06:45 PM

Quote from: Obim34 on December 11, 2024, 04:52:54 PM

Quote from: fillippone on December 09, 2024, 05:49:56 PM

El Salvador: In September 2021, El Salvador became the first country to adopt Bitcoin as a legal tender. Since then, the Government has accumulated approximately 5,940 bitcoins, valued at around $582 million as of November 2024. They perform both open market purchases (they are buying one bitcoin per day since) and mining operations.

Comparing what El Salvador has managed to accumulate from a period of 3 years till today will turn out to be approximately 3% of what the US government are applicable to gather in a whole year then multiply in four years. This will turn out to be the biggest Bitcoin purchase to be recorded, but i tend to find question concerning how much of an impact it will do on the price of Bitcoin following how and on what process will the relatively 200,000 Bitcoin be bought without altering the four year cycle, for such a big buy to happen in a year period then for another 3 consecutive years, totalled to four years in total?

We cannot compare the financial strength of El Salvador to that of US. El Salvador is a country that does not have a stable economy and has low financial capability. Since they accepted Bitcoin as a legal tender nothing much has improved significantly in the value of their currency and purchasing power.

My fear is that the US should not make Bitcoin a legal tender if not the reserves plus the legal tender would make the US citizens the highest adopters of Bitcoin. I don't want any direct control of Bitcoin coming from one country. Instead,, there should be a maximum limit to the quantity of Bitcoin that can be reserved by any county in the interval of one cycle. Apart from the US there are other countries that has enough money invest in the Bitcoin reserve which i do not want it to be competitive thing.

With a pro Bitcoiner as president elect there's chances of making Bitcoin a legal tender in the states but then the USD is still valid and i feel his administration would explore the potential of Bitcoin to backup the USD. However i think it’s becoming a competition if im to judge with Trumps speech, cause he was like others are buying it but they (the U.S ) want to be the best and what i think is that once they start buying aggressively for reserve other top nations would follow suit no one would want to be left out and that alone would cause more hike in the price of Bitcoin, we might even see the price rise more further than expected. Well, even though they make Bitcoin a legal tender in the states, there's no doubt that it would have the highest number of people holding Bitcoin but then it doesn't mean they have controlled over Bitcoin, Satoshi was wise enough to make it decentralised so shall it continue to be.

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Quote from: Ambatman on December 15, 2024, 05:55:08 PM

Once the US implement there could be chain reactions to other countries like Russian in wanting to accumulate.
I guess we common folks have just now to start accumulating.

The FOMO that a US SBR will trigger is beyond our comprehension.
Many nations are now FOMOIng in the physical Gold race, so I bet little will change there for digital gold once the first triggers the start.
El Salvador and Buthan already did, but they are too small to start the imitation game.

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Quote from: GIF-JOBS on December 15, 2024, 11:15:36 AM

Trump is really the best, this comment by Trump is very important and very positive for crypto. If the United States accepts crypto and fully supports crypto, it will give much more positive results not only in the economic field but also as well as cryptocurrency and bitcoin.

Best? If words stated is a major criteria in been considered best, then most politicians would be worshipped.

Quote from: BlackHatCoiner on December 15, 2024, 10:43:56 AM

Trump confirmed that he's still interested in building the bitcoin strategic reserve. However, I'm still skeptical about it, until I see it in action. In general, though, everything looks extremely bullish. Very nice writeup, fillippone.

Many are still skeptical as can be seen in the poll in Polymarket increasing to 35% from around 28%.
This shows that many would really believe when it gets implemented.

Once the US implement there could be chain reactions to other countries like Russian in wanting to accumulate.
I guess we common folks have just now to start accumulating.

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Quote from: Obim34 on December 11, 2024, 04:52:54 PM

Quote from: fillippone on December 09, 2024, 05:49:56 PM

El Salvador: In September 2021, El Salvador became the first country to adopt Bitcoin as a legal tender. Since then, the Government has accumulated approximately 5,940 bitcoins, valued at around $582 million as of November 2024. They perform both open market purchases (they are buying one bitcoin per day since) and mining operations.

Comparing what El Salvador has managed to accumulate from a period of 3 years till today will turn out to be approximately 3% of what the US government are applicable to gather in a whole year then multiply in four years. This will turn out to be the biggest Bitcoin purchase to be recorded, but i tend to find question concerning how much of an impact it will do on the price of Bitcoin following how and on what process will the relatively 200,000 Bitcoin be bought without altering the four year cycle, for such a big buy to happen in a year period then for another 3 consecutive years, totalled to four years in total?

We cannot compare the financial strength of El Salvador to that of US. El Salvador is a country that does not have a stable economy and has low financial capability. Since they accepted Bitcoin as a legal tender nothing much has improved significantly in the value of their currency and purchasing power.

My fear is that the US should not make Bitcoin a legal tender if not the reserves plus the legal tender would make the US citizens the highest adopters of Bitcoin. I don't want any direct control of Bitcoin coming from one country. Instead,, there should be a maximum limit to the quantity of Bitcoin that can be reserved by any county in the interval of one cycle. Apart from the US there are other countries that has enough money invest in the Bitcoin reserve which i do not want it to be competitive thing.

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Quote from: BlackHatCoiner on December 15, 2024, 10:43:56 AM

Quote from: LoyceV on December 10, 2024, 03:45:34 AM

The one thing that doesn't make sense to me, is announcing this.

What is "this"? Their plan to set up a bitcoin strategic reserve? It needs to be made public so that it can build consensus, otherwise the act won't get enough votes.

Good point. I guess that's not how it works when governments are making decisions. A private person or even companies could quietly buy a lot of Bitcoins, government can't really do that.

BlackHatCoiner

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Farewell, Leo

Quote from: bangjoe on December 15, 2024, 12:00:24 PM

Looks like you are more interested in the implementation directly

Not at all. I'm not interested in how it will happen in practice. They're probably going to be buying around 500 bitcoin every day for as long as his presidency lasts. (That's what El Salvador did, and it's one simple tactic to avoid causing a supply shock multiple times.) I'm interested just to know if it will or it won't happen. A 'yes' or 'no'. It's too good to be true to have the enemy in our side that soon. Feels like it was too easy to have them admit defeat.

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Quote from: BlackHatCoiner on December 15, 2024, 10:43:56 AM

Trump confirmed that he's still interested in building the bitcoin strategic reserve. However, I'm still skeptical about it, until I see it in action. In general, though, everything looks extremely bullish. Very nice writeup, fillippone.

Looks like you are more interested in the implementation directly, but today is still a debate and speculation of the media (because Trump has not been appointed), although Trump said it was not necessarily agreed upon by many parties under his leadership because we knew that democracy in determining the interests of the country is definitely will be done, so it is very natural you will be skeptical about this.

This plan should have been implemented with Trump's intention to make the US as the leader of this industry, so he must begin earlier by making Bitcoin as one of the reserve assets that must enter the state portfolio.

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Quote from: fillippone on December 14, 2024, 07:55:18 PM

Quote

"We're gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,"]"We're gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,"

This is the interview mentioned in the article:

The last time Donald Trump was elected, he made various statements about working with BTC, but later, we did not see him do anything about Bitcoin. This time, however, the Bitcoin market is moving like the statements he made about Bitcoin before the election.

However, Donald Trump will do something good with Bitcoin this time, and we can see his direction. It is not important what China or neighbouring countries are doing; this time, the strategic aspects of Bitcoin that Trump has started inspire us, and we hope that something good will come from this. I'm still optimistic that since he will do something about it, we may see something good for Bitcoin from him. You have raised a nice point, Thank you fillippone.

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Quote from: fillippone on December 14, 2024, 07:55:18 PM

This is the most bullish statement so far:

Trump Confirms Bitcoin Reserve Plans—$15 Trillion Price Boom Predicted

Quote

"We're gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,"]"We're gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,"

This is the interview mentioned in the article:

China has been gold. US want to be ahad because they are being beaten in the race at physical gold.

Trump is really the best, this comment by Trump is very important and very positive for crypto. If the United States accepts crypto and fully supports crypto, it will give much more positive results not only in the economic field but also as well as cryptocurrency and bitcoin. such an Trump attitude will bring much more positive movement for crypto and bitcoin, as well as strengthen the country's economy. And due to such a positive attitude of Trump towards crypto, cryptocurrency will go much further. Trump is best for crypto growth.

BlackHatCoiner

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Farewell, Leo

Trump confirmed that he's still interested in building the bitcoin strategic reserve. However, I'm still skeptical about it, until I see it in action. In general, though, everything looks extremely bullish. Very nice writeup, fillippone.

Quote from: LoyceV on December 10, 2024, 03:45:34 AM

The one thing that doesn't make sense to me, is announcing this.

What is "this"? Their plan to set up a bitcoin strategic reserve? It needs to be made public so that it can build consensus, otherwise the act won't get enough votes.

MainIbem

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Quote from: fillippone on December 14, 2024, 07:55:18 PM

This is the most bullish statement so far:

Trump Confirms Bitcoin Reserve Plans—$15 Trillion Price Boom Predicted

"We're gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,"

This is the interview mentioned in the article:

China has been gold. US want to be ahad because they are being beaten in the race at physical gold.

What i love about his speech is where he stated that "others are embracing it, and we want to be ahead" that's a very powerful speech and you'll know that such person has zero tolerance to failure, wants to be second to none and is aiming for greater heights. Individually that's how aggressive everyone needs to be when it comes to being successful financially, Bitcoin is very futuristic therefore everyone who wants to be on the benefit side in future needs to put in their best effort in accumulating more and more of it against the future and it's high time the world in general embrace it for a better future, i see people still criticing Bitcoin at this point in time and it gets me shocked that even with how it's improved and shown great potential they still criticize it, some government are still yet to uplift bans placed on Bitcoin involvement and i feel bad for their citizens cause they're missing out in accumulating this digital gold against the future. However the U.S should proud that they got a president elect with such mindset, someone who's goal is to put them in front as the best among all.

fillippone

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This is the most bullish statement so far:

Trump Confirms Bitcoin Reserve Plans—$15 Trillion Price Boom Predicted

Quote

"We're gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,"]"We're gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,"

This is the interview mentioned in the article:

China has been gold. US want to be ahad because they are being beaten in the race at physical gold.

fillippone

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Quote from: Ambatman on December 13, 2024, 03:30:55 PM

The numbered 6 Opinion and thoughts is written as Opinions and Though.

Fixed:

Regarding the pool, I guess he hinted at the BSR more than necessary, and in a sense we are here also because he did that.

Topic: Everything you wanted to know about Bitcoin Strategic Reserve. - page 2. (Read 944 times)