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Topic: Trump’s call for a bitcoin strategic reserve is a very bad idea - page 2. (Read 1246 times)

legendary
Activity: 3472
Merit: 10611
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
hero member
Activity: 1442
Merit: 775
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/
donator
Activity: 4760
Merit: 4323
Leading Crypto Sports Betting & Casino Platform
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.
legendary
Activity: 3122
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
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.
legendary
Activity: 2940
Merit: 1090

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-
legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
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. Smiley
legendary
Activity: 3472
Merit: 10611
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.
sr. member
Activity: 1106
Merit: 391

"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.
member
Activity: 28
Merit: 7
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.
sr. member
Activity: 1190
Merit: 468

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...
legendary
Activity: 3472
Merit: 10611
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.
sr. member
Activity: 1190
Merit: 468

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.
full member
Activity: 840
Merit: 105
Buzz App - Spin wheel, farm rewards

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.
sr. member
Activity: 1190
Merit: 468

 Cool

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.
legendary
Activity: 2898
Merit: 1823
BUT no matter how much criticism everyone makes against that system, the Cabal will never stop with their endless printing of money. There may be those periods of Quantitative Tightening, but if we zoom out, their balance sheet is always expanding.


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


 Cool

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.
legendary
Activity: 3472
Merit: 10611
it's not good for bitcoin if people can't even buy food. how are they going to be able to have any discretionary income to buy bitcoin then?  Shocked
To invest in bitcoin you have to have capital already. People who are going to not-be able to afford food due to inflation are currently in lower class living hand to mouth; and such people are not really investing in bitcoin or anything else for that matter. Something that won't change after the inflation either.

Those with capital who are making investments, usually the middle class and upper class, will start looking for solid assets as a hedge against inflation. They will start investing in bitcoin as one of the options when inflation rises.
sr. member
Activity: 1190
Merit: 468
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.

wages seem to be going up very quickly $25 per hour is just minimum wage pretty much. not even a liveable wage in some places.

Quote
Although I agree that it is all good for bitcoin... Wink
it's not good for bitcoin if people can't even buy food. how are they going to be able to have any discretionary income to buy bitcoin then?  Shocked

sr. member
Activity: 686
Merit: 332
If your parents used to think bitcoin was a scam and they suddenly changed their mind about bitcoin because they realized the benefits of bitcoin. They tell you they don't hate bitcoin anymore, do you think they are liars? I'm not making any claims about Trump, look at what I said.
As I said: the election isn't over yet and let's not rush to judge anything until it happens.

I understand your analogy and to be honest I was expecting something like this. The thing is, My parents are people I know personally, they're people I can trust and know when they're genuine or not. How will I tell if a politician is genuine? I don't him, I don't know if he's just saying what he's saying for the camera and the vote, the only way I have to judge and support him is based on his past actions. What he has done in his past political positions. That is why people rise from office to office in politics. You don't expect people to take your word for it when you have said something opposite previously. If it was Kamala who said something similar about Bitcoin in past and now she's famzing Bitcoin, you'll hold it against her, so why is the case different from Trump's?



I know there are thousands of issues that need to be addressed and crypto is not the only or important factor in this election. But you need to remember that everyone has different lives, circumstances and needs. Your problem may not be my problem or someone else's problem, and that is why everyone has different needs and choices. Maybe your problem is immigration, taxes... but that's not someone else's problem, and people respect your choices, why do you get upset when people don't have the same choices as you?

What do you mean by "why are you getting upset?" Do I sound upset? We're just having a discussion. Can't, we disagree on something and have a discussion or a debate about it in a civil manner? I believe we can because an election is a decision that affects all parties involved. Any candidate that wins rules the whole country and affects the whole country not just the people who voted for and supported that candidate, so I believe I have a right to point out to you that this candidate you're supporting is not the best person for the job and you also have a right to either ignore me or indulge me and say the candidate your supporting is the best person for the job. It doesn't have to be emotional.

If we want to look at it objectively, I doubt that a candidate can believe in things that we all believe in. There have to be parts we do not agree with, it's normal. If a person agrees with a candidate on every aspect then either the person just follows that politician because he loves him so he doesn't want to be critical or the politician is just saying what that person wants to hear.
I have a lot to say on this but it seems I've already said a lot so I don't want to say more but you should know that the whole country is what should be put in perspective, not just our personal agendas.
For instance, let's say I'm into Bitcoin and I make all my money from Bitcoin, so I will support a candidate simply because he is favourable to Bitcoin and has made me more money, but has a shitty security or health policy and people are affected by it, I should ignore all that and support him?

Why does the United States always have two parties and always have their own supporters?

I don't know if there are people who might take this the wrong way or find this offensive, but I'm going to say it anyway.
If Hitler was contesting for election in the US today, he would have supporters. All it takes is good PR and a little whitewashing and you'll be surprised at the people that would be solidly behind him.
legendary
Activity: 3472
Merit: 10611
BUT no matter how much criticism everyone makes against that system, the Cabal will never stop with their endless printing of money. There may be those periods of Quantitative Tightening, but if we zoom out, their balance sheet is always expanding.
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
legendary
Activity: 2898
Merit: 1823

They say shit like getting their debts under their control when the USA is just lending money to themselves anyway, I mean that's what they do right? Or am I seeing it wrong because their debts are in the trillions already and there's no way that a country could ever survive in terms economic turmoil because unpaid debts in that amount should be enough to destroy a country's economy. I don't the role that bitcoin's going to do in all of this, I think that no matter what happens in this election season, bitcoin's going to be doing just fine.


Plus they own the money printer for the currency that's used to pay the debt.

BUT no matter how much criticism everyone makes against that system, the Cabal will never stop with their endless printing of money. There may be those periods of Quantitative Tightening, but if we zoom out, their balance sheet is always expanding. That's good for Bitcoin.

Buy the DIP, and HODL. Cool
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