Trump’s call for a bitcoin strategic reserve is a very bad idea - page 2.

ultrloa

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Quote from: markm on October 02, 2024, 06:52:00 PM

His trying to make bitcoin a major reserve could end up badly for sure.

Suppose he "by fiat" decided bitcoin is to be worth no less than, say even just $100000 dollars, and printed enough dollars to put buy walls everywhere at that price.

It is of course natural to hope that someone somewhere will retain a "snapshot" of a previous block so that...

Once everyone willing to "dump" onto his buy wall has done so, the rest of us can...

Fork! Hahahaha damn it is scary seeing a nation as large as the U.S. seemingly trying to follow in the footsteps of some crazed Germans and put some insane "charismatic dictator" into power, don't you think?

-MarkM-

We don't know how they can handle its volatility and if they make it as their reserve then provably that they might be shaken out especially that bearish trend exist and somehow we experience this situation now.

But I don't think he's will make those thing to happen since for me he just say those words just to hype the bitcoin community since if he catch all the interest of people on his promises made then possibly that he can get all the votes of bitcoin users.

In reality its hard to make everything to happen since for sure that there are many law makers will object to this plan since there are still many politician in US think about bitcoin is scam or high risk asset to invest.

Also don't like to make this plan to happen since its scary the possible manipulation attempt they possibly do, especially if they own a lot of bitcoins.

Oluwa-btc

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Quote from: larry_vw_1955 on September 08, 2024, 07:15:03 AM

Trump’s call for a bitcoin strategic reserve is a very bad idea https://www.ft.com/content/e0e5e286-1885-4d72-8b65-3333069815c1

This was a very interesting article explaining why bitcoin can't replace the dollar! Required reading. To anyone that thinks bitcoin get the government out of debt just NO. They need to be able to print more money.

With the fact that Bitcoin has a tremendous growth and impacts to the crypto community and society as a whole it can't be substituted in the place of dollars, yes looking at the fluctuations rate of the dollar you may be thinking in no time it's value would be out of space and Bitcoin adoption would cover up the lapses leading to massive change. But then having the thoughts that Bitcoin can replace dollars cannot be emphasized so the Trump's call for Bitcoin strategic reserve it's not a bad idea but a medium to let the government and individuals fully know the need to adopt and have it in use could possibly help out in the long run.

fruktik

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Quote from: pooya87 on October 03, 2024, 12:41:59 AM

Well, adoption is a naturally slow process and even though correct information about Bitcoin is mandatory but another problem that slows it down, which may be even more important than informing people, is the volatility. Until mass adoption, the price will remain volatile which will slow down the process of adoption because people always hesitate to adopt something that can go up 50% one day and drop 30% the other.

However, it is hard to argue with this. Of course, Bitcoin is far from ideal with its volatility, but still... There is no need to at least tell people that it is a scam or a hype project that is not worthy of attention. People should learn to study the information in more detail, and not just skim the origins, having spent only a few minutes reading the information, you still don't really understand anything.

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Quote from: fruktik on October 03, 2024, 12:20:56 AM

Quote from: pooya87 on September 17, 2024, 02:32:12 AM

Adoption phase is just beginning, you said it yourself people are still just hearing about bitcoin. And most of them are hearing negative things about it (such as it is going to dump, it is a Ponzi scheme, there is no use for it, etc.). When they learn the truth, they usually adopt bitcoin.

And how long will it take for people to change their attitude towards Bitcoin? It has been many years since its creation, and most people think it is just some kind of scam. No, information is needed in the world media about the positive aspects that cryptocurrency provides. Constant coverage in the news about the benefits of its use. This is the only way to change the opinion of most people on the planet.

Well, adoption is a naturally slow process and even though correct information about Bitcoin is mandatory but another problem that slows it down, which may be even more important than informing people, is the volatility. Until mass adoption, the price will remain volatile which will slow down the process of adoption because people always hesitate to adopt something that can go up 50% one day and drop 30% the other.

fruktik

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Quote from: pooya87 on September 17, 2024, 02:32:12 AM

Adoption phase is just beginning, you said it yourself people are still just hearing about bitcoin. And most of them are hearing negative things about it (such as it is going to dump, it is a Ponzi scheme, there is no use for it, etc.). When they learn the truth, they usually adopt bitcoin.

And how long will it take for people to change their attitude towards Bitcoin? It has been many years since its creation, and most people think it is just some kind of scam. No, information is needed in the world media about the positive aspects that cryptocurrency provides. Constant coverage in the news about the benefits of its use. This is the only way to change the opinion of most people on the planet.

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Quote from: larry_vw_1955 on September 08, 2024, 07:15:03 AM

This was a very interesting article explaining why bitcoin can't replace the dollar! Required reading. To anyone that thinks bitcoin get the government out of debt just NO. They need to be able to print more money.

No one can control Bitcoin because bitcoin can't replace what the dollar did. Besides that, there many factors like all financial in the world is used dollar for trading anything. For example when I want to trade goods to my friend in India, I have to exchange first my fiat Rupiah into the US Dollar then exchange it again USD to Rupee. so not directly my local currency to India currency. Because of that the dollar is powerful, it used to many financial around the world.

I don't know what happen next after Petro Dollar over 9 June 2024 ago. Because that agreement also made the dollar is more powerful since 1974 in the middle east especially on Saudi Arabia. USA seem like worry Saudi do not extend it and maybe USA think to change the strategy by made pressure in the middle east like today.

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Quote from: OgNasty on October 02, 2024, 09:15:37 PM

It is funny that Trump keeps mentioning Bitcoin as a way to pay off the national debt. He is really totally fine with the United States pumping Bitcoin to the moon and then dumping it all on some creditor somehow to pay off the national debt. Seems like a far fetched plan to me but if sends Bitcoin to $10,000,000 each and I manage to hang onto some, I’ll be happy.

They may be able to pump bitcoin to $10 mil but they will never be able to dump enough bitcoin on that pumped market to get out $35 trillion. The market simply is not that big and will not be big enough to be able to absorb $35 trillion dump.

The only way bitcoin would reach $10 million in the next 4 years (next US president's term) is if dollar dumps significantly. In which case you wouldn't be so happy if for example a gallon of gas costs you a couple of grands Wink

SquirrelJulietGarden

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Quote from: OgNasty on October 02, 2024, 09:15:37 PM

It is funny that Trump keeps mentioning Bitcoin as a way to pay off the national debt. He is really totally fine with the United States pumping Bitcoin to the moon and then dumping it all on some creditor somehow to pay off the national debt. Seems like a far fetched plan to me but if sends Bitcoin to $10,000,000 each and I manage to hang onto some, I’ll be happy.

They can not pump Bitcoin to the moon at high price that is enough to pay national debt in near future. I see this approach from a President nominee Trump is for long term, that in my opinion, is longer than his four-year Presidency.

If he becomes a 47th President, and actually do it, and the USA government hold their bitcoins from criminal seizures, and even go far by investing more money in Bitcoin, hold it for 12 or 16 more years, I believe that they can pay their national debt with bitcoin.

One big curious question raises from it, to do this, USA government will have to make Bitcoin legal tender in their nation, that will be very massive. So far only two nations with Bitcoin Legal Tender status, El Salvador and Central African Republic, which are small countries. Effects from a big country like the USA will be bigger.

https://coinmarketcap.com/legal-tender-countries/

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It is funny that Trump keeps mentioning Bitcoin as a way to pay off the national debt. He is really totally fine with the United States pumping Bitcoin to the moon and then dumping it all on some creditor somehow to pay off the national debt. Seems like a far fetched plan to me but if sends Bitcoin to $10,000,000 each and I manage to hang onto some, I’ll be happy.

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Quote from: pooya87 on September 17, 2024, 02:32:12 AM

Quote from: larry_vw_1955 on September 17, 2024, 12:15:55 AM

but who exactly is adopting bitcoin. i know it's not everyday people here in the usa. bitcoin doesn't offer anything to them. they might keep hearing about it but they don't have any use for it just like they don't have any use for TSLA stock. they hear about it but they don't care...

at some point we have to admit that the adoption phase is over and see what the deal is that is making price go up. if it is going up at all...

Adoption phase is just beginning, you said it yourself people are still just hearing about bitcoin. And most of them are hearing negative things about it (such as it is going to dump, it is a Ponzi scheme, there is no use for it, etc.). When they learn the truth, they usually adopt bitcoin.

In time, these people who are hearing negative things will change their mind once they have the first-hand experience in this market especially after they execute their first crypto transaction. They will understand the benefits of having this currency in terms of transparency, speed and fees involved.

So let them say what they want because they don't know what they are talking about. We don't need to defend or rally the importance of btc or any other digital currency. The adoption will come eventually once these people have tried to get their hands-on on this market. It is better if they haven't been forced to go into this market but because they have found out its benefits on their own.

markm

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His trying to make bitcoin a major reserve could end up badly for sure.

Suppose he "by fiat" decided bitcoin is to be worth no less than, say even just $100000 dollars, and printed enough dollars to put buy walls everywhere at that price.

It is of course natural to hope that someone somewhere will retain a "snapshot" of a previous block so that...

Once everyone willing to "dump" onto his buy wall has done so, the rest of us can...

Fork! Hahahaha damn it is scary seeing a nation as large as the U.S. seemingly trying to follow in the footsteps of some crazed Germans and put some insane "charismatic dictator" into power, don't you think?

-MarkM-

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Quote from: pooya87 on September 13, 2024, 09:31:17 AM

Sadly they will continue down this path until everything falls apart and hyperinflation becomes "normal" like what we see in different countries like Argentina with its 200%-300% inflation rate! By then it will be too late to find a solution.

Although I agree that it is all good for bitcoin... Wink

Yes. Hyperinflation is good for Bitcoin "hodlers". But not for those who're stuck with Fiat. Would you imagine the USD falling into hyperinflation? The rate of which the national debt is growing, should make it a reality soon. I don't think the US government having its own BTC reserves will solve anything. Americans should take matters into their own hands if they really want to improve their economic situation. Having your own reserves is better than waiting for the government to do it.

I believe Trump will keep up with most of his crypto promises if elected. Especially when he chose a VP candidate who is a well-known Bitcoin investor. Trump even launched his own NFTs and he's now getting ready to launch his very own blockchain network (called "World Liberty Financial"). He's going all in. Kamala, on the other hand, has been mostly silent about crypto. A PAC has been indirectly accepting donations on her behalf. I don't think she will do anything in favor of crypto if elected. But we'll see. Hopefully, America gets back on track before it's too late.

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Quote from: larry_vw_1955 on September 17, 2024, 12:15:55 AM

but who exactly is adopting bitcoin. i know it's not everyday people here in the usa. bitcoin doesn't offer anything to them. they might keep hearing about it but they don't have any use for it just like they don't have any use for TSLA stock. they hear about it but they don't care...

at some point we have to admit that the adoption phase is over and see what the deal is that is making price go up. if it is going up at all...

Adoption phase is just beginning, you said it yourself people are still just hearing about bitcoin. And most of them are hearing negative things about it (such as it is going to dump, it is a Ponzi scheme, there is no use for it, etc.). When they learn the truth, they usually adopt bitcoin.

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Quote from: larry_vw_1955 on September 08, 2024, 07:15:03 AM

"Bitcoin is not going to make America great. What will help this country continue to be great is getting our debt and deficits under our control."

I agree with what he said. Like it or not, it is still too early to believe that Bitcoin can improve the economy for a big country. If someone says that El Salvador can turn their situation around with Bitcoin, but that is a small country, we are talking about America which is much more complex with a larger population, Bitcoin will not have a significant impact on its economy. So let's think more rationally and just support Bitcoin to be a decentralized transaction system or an asset that can be traded more openly.

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Quote from: pooya87 on September 16, 2024, 10:32:59 PM

Quote from: larry_vw_1955 on September 16, 2024, 07:53:09 PM

i think one main reason bitcoin price rises is because of inflation since the government is printing more money making it more worthless. so that seems like a dog trying to chase its tail thinking that you can print more money to buy bitcoin and then use that bitcoin to pay back the money you printed.

That's just a contributing factor not the main reason. The main reason still remains the same as it has always been which is adoption. When more people adopt bitcoin, there is more money coming in. That increasing demand alongside the limited supply of bitcoin results in increasing price.

Inflation is also a factor in Bitcoin's value. Everything goes up and down depending on inflation. Bitcoin supply usually increases when its hype rises and when the supply increases, the number of Bitcoin buyers increases, so its value increases. Again, they don't notice that the currency they print to get bitcoins has a much worse price memory. Although I am not in favor of rising inflation because once inflation rises it becomes very difficult to bring it into recovery.

Trump's calls about this Bitcoin before the election are not seen after the election and he has done nothing about this Bitcoin. Trump's call for a strategic reserve of Bitcoin is a very bad idea. A few days ago, there was a discussion about Bitcoin 2024. Don't know what will happen in the future. However, it seems that the previous actions will not do anything in the future.

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Quote from: pooya87 on September 16, 2024, 10:32:59 PM

That's just a contributing factor not the main reason. The main reason still remains the same as it has always been which is adoption. When more people adopt bitcoin, there is more money coming in. That increasing demand alongside the limited supply of bitcoin results in increasing price.

but who exactly is adopting bitcoin. i know it's not everyday people here in the usa. bitcoin doesn't offer anything to them. they might keep hearing about it but they don't have any use for it just like they don't have any use for TSLA stock. they hear about it but they don't care...

at some point we have to admit that the adoption phase is over and see what the deal is that is making price go up. if it is going up at all...

pooya87

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Quote from: larry_vw_1955 on September 16, 2024, 07:53:09 PM

i think one main reason bitcoin price rises is because of inflation since the government is printing more money making it more worthless. so that seems like a dog trying to chase its tail thinking that you can print more money to buy bitcoin and then use that bitcoin to pay back the money you printed.

That's just a contributing factor not the main reason. The main reason still remains the same as it has always been which is adoption. When more people adopt bitcoin, there is more money coming in. That increasing demand alongside the limited supply of bitcoin results in increasing price.

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Quote from: dificanovi on September 16, 2024, 06:25:05 PM

I also think so, Bitcoin is not the right choice to pay off all national debts because the supply of bitcoin is limited, even some bitcoins have been lost due to their negligence in not storing their bitcoin wallet private keys safely. Currently bitcoin is not the right choice to pay off national debts, but with the increase in the price of bitcoins tending to rise from year to year, maybe one day bitcoin can be used to pay off national debts.

i think one main reason bitcoin price rises is because of inflation since the government is printing more money making it more worthless. so that seems like a dog trying to chase its tail thinking that you can print more money to buy bitcoin and then use that bitcoin to pay back the money you printed.

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Quote from: larry_vw_1955 on September 08, 2024, 07:15:03 AM

Trump’s call for a bitcoin strategic reserve is a very bad idea https://www.ft.com/content/e0e5e286-1885-4d72-8b65-3333069815c1

"Bitcoin is not going to make America great. What will help this country continue to be great is getting our debt and deficits under our control."

This was a very interesting article explaining why bitcoin can't replace the dollar! Required reading. To anyone that thinks bitcoin get the government out of debt just NO. They need to be able to print more money.

I also think so, Bitcoin is not the right choice to pay off all national debts because the supply of bitcoin is limited, even some bitcoins have been lost due to their negligence in not storing their bitcoin wallet private keys safely. Currently bitcoin is not the right choice to pay off national debts, but with the increase in the price of bitcoins tending to rise from year to year, maybe one day bitcoin can be used to pay off national debts.

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Quote from: Wind_FURY on September 14, 2024, 05:58:21 AM

I don't want to make an enemy of the legacy system, but if they truly want/need to continue their use of the money printer, then for the positive market value it brings to Bitcoin, let's encourage them to do it. Haha! The mere reason why a seven digit Bitcoin price valuation is currently becoming more and MORE possible after each cycle is because of them and their policies.

but then it makes bitcoin being worth $1,000,000 more of an expectation and less of any real accomplishment. the more they print money, if bitcoin doesn't keep going up then that means bitcoin is going down even if it stays at the same price. i think in 2010 dollars bitcoin is probably really only worth maybe $25,000 or maybe only $10,000. because of all the inflation.

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