Trump’s call for a bitcoin strategic reserve is a very bad idea - page 4.

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Quote from: legiteum on September 10, 2024, 12:34:53 PM

Bitcoin can lose that sort of value in a view months.

And a 3% annual inflation rate, when it's easily predictable, is the very opposite of "unstable". It means you can easily make long-term predictions on the USD, and trade with it on a day-to-day basis.

In some countries holding dollars is a very profitable business. If you are hoarding dollars in a country like Nigeria, you would make a fortune if you have a large amount. One dollar was between #148.21–#154.8 in 2010 but it is currently #1600.

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Bitcoin is a high-risk / high-gain investment, like any hot stock. The USD is the same as it's been for a half century. It's not a way to make money through speculation, it's simply a low-risk investment that loses it's value slightly over time.

People in countries that experience high inflation can use the dollar as a hedge against inflation since it slightly loses value over time. But I will prefer Bitcoin as an investment and also a hedge against inflation. I see it as a risk worth taking any time, any day.

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If you are absolutely convinced that Bitcoin will never ever go down in value, then by all means place every penny of your life savings into it. I suspect a lot of people have because they are told by charlatans that Bitcoin can "never go down in price". But thus far human beings haven't invented an instrument that cannot go down in price in the history of mankind. Not gold, not soybeans, not stocks, not anything. But if you are convinced that Bitcoin is the first one, well, I guess I can't stop you

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Bitcoin price will go down at some time but it will still recover over time. It is not a good business decision to put all your money in a sector. Every smart business person should learn the art of investment diversification. But I trust Bitcoin as an investment so I can put more money into it.

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Quote from: larry_vw_1955 on September 08, 2024, 08:15:03 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."

Says the Person who created the biggest debt in history, what an irony. Invest in education, set regulations on healthcare instead of selling cheap insulin for a thousand dollars, produce many goods instead of Hollywood, print less money and things will go well.
It drives me crazy how these politicians are full of hypocrisy.

Quote from: pooya87 on September 08, 2024, 10:40:38 AM

The main reason why the world is dumping the dollar is not the massive debt and the fact that US economy is now a Ponzi scheme. The main reason is because the US regime abused its power by stealing other countries' money. They've done it to so many countries that it scared the whole world. Now everyone is asking "what if the regime did the same to us as well". So they started looking for an alternative reserve currency and started dumping the dollar.

That's strange because there are many countries that want to join the Western world.
By the way, there is a necessity of one major currency that will be accepted worldwide and I think the USD isn't going anywhere. There is a reason why America spends so much on NATO and army. I think, America won't give up on dollar's dominance.

legiteum

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Quote from: Hispo on September 11, 2024, 06:25:17 AM

When Trump first mentioned a Bitcoin strategic reserve for the country, I think he did not mentioned to actually get rid of the United States Dollar, but something similar what El Salvador does (without making Bitcoin legal tender). Mining and buying Bitcoin, storing it under federal jurisdiction in the long term.

How do you know any of that? Have you ever seen Trump speak? Did you watch the debate? There's simply no way he is capable of the abstract thought that you are implying he has here.

What Trump "understood" is that a few billionaire Bitcoin whales would write him million dollar checks if he said certain things on a podium, so that's what he did. These billionaires have no voting constituency, and most voters, if they knew these people, would want to vote against Trump if they knew what they wanted--but they are no different than chemical companies or oil companies or other lobbyists.

As such, even Trump's administration isn't going to do any of these things, since their focus will be on Trump himself, e.g. to make more money using his presidency. Crypto could be a part of that, but clearly the best way for Trump to make money will be to replace Bitcoin with his own coin he wholly owns, not use taxpayer money to prop up Bitcoin, which would be a political loser for him.

bananahunter67

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Come on we all know he doesn't care about Bitcoin he only does this to get more voters Grin

Outhue

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Quote from: larry_vw_1955 on September 08, 2024, 08:15:03 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 gets the government out of debt, just NO. They need to be able to print more money.

Gold got the job done, many countries are using Gold as their reserve, same as my country presently, so what damage will Bitcoin do if use in the same place as Gold? Lack of trust and knowledge about Bitcoin is what's disturbing many people in the world today, same as the person that wrote this article, they know nothing.

I still find it hard to believe that Trump can make this happen, just because he said he would doesn't mean he will, but at the same time this might be a carefully planned solution by his Bitcoin professional backers, I am very sure that he is not alone on this, they must have to think about it very well, this is possible but still, we can all be deceived.

Trump is more pro-crypto than Kamala, the only person who comes close is JFK, with or without anyone of them getting elected Bitcoin will still do its thing, let's not forget this, because in the end, Kamala might be the winner, this won't kill Bitcoin but will definitely make things a bit harder for all.

Hispo

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When Trump first mentioned a Bitcoin strategic reserve for the country, I think he did not mentioned to actually get rid of the United States Dollar, but something similar what El Salvador does (without making Bitcoin legal tender). Mining and buying Bitcoin, storing it under federal jurisdiction in the long term.
Needless to say that won't help the United States to get out of their national debt at all.

If the United States actually desires to start to work on the national debt, then they need to find a definite way to shrink their deficit until closing it, and slowly to start paying their debtors. Starting by cutting military budget and taxing the ultra rich, while at the same time they also evaluate what social programs are being abused by freeloaders within the country, without neglecting the needy.

It is baffling to me how the current administration of the United States seem to be very comfortable with screwing the future over for millions of babies.

MeGold666

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Quote from: BALIK on September 11, 2024, 04:09:44 AM

Quote from: 3kpk3 on September 11, 2024, 02:08:56 AM

Trump is just getting desperate and saying and doing whatever it takes to win the presidency which is why his whole crypto supporting stance switch in recent times is just as fake as him.

The dude will probably ditch any talk about BTC and crypto in general if he becomes president which is why people in this forum need to think twice before posting these sort of threads.

How do you know Trump is lying? Do you have evidence? Do you have a crystal ball that can tell you everything about the future, or are you just making baseless assumptions and trying to impose your thoughts on others? I'm not saying he changed his mind about crypto and actually supports it because I don't have proof of that either but it's too early to say he's just lying and will ignore any discussion about BTC or crypto if he becomes president. The election is not over yet and no one knows what will happen after that.

But now, we know that Trump has publicly expressed support for cryptocurrencies, while Harris has ignored and said no to anything related to cryptocurrencies. That shows she does not support the development of cryptocurrencies. As a bitcoin investor, I see no reason to vote for her when she has little to no interest in bitcoin.

You don't need a crystal ball to know that every politician lies, the same way as every priest is a money driven leech on society.

All you need is a common sense to see the truth behind all this people.

It's all about POWER.

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Quote from: potatotom on September 11, 2024, 04:16:46 AM

wow, you take anything serious that Trump says? Look at what this person is, he just goes where (he believes) the money is. I do agree that Trump is bad for BTC. There is no consistency, sincerity with this guy, he probably doesn't have a honest bone in his body (if he has bones at all)

He was making fun of Biden but his recent answers are getting as clowny as Biden. I swear this US is a big circus and most people have yet to realize it uet. Wish everyone would leave this US election crap out of Bitcoin, the media makes them think it is relevant, but it is not.

There is no 'good choice' for Bitcoin when it comes to these clowns. Sincerity? I agree, nothing with Trump but there is zero with any candidate on any side. In my lifetime, believe it or not the only sincerity I felt was from Bush lol

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Quote from: BALIK on September 11, 2024, 04:09:44 AM

How do you know Trump is lying? Do you have evidence? Do you have a crystal ball that can tell you everything about the future, or are you just making baseless assumptions and trying to impose your thoughts on others? I'm not saying he changed his mind about crypto and actually supports it because I don't have proof of that either but it's too early to say he's just lying and will ignore any discussion about BTC or crypto if he becomes president. The election is not over yet and no one knows what will happen after that.

wow, you take anything serious that Trump says? Look at what this person is, he just goes where (he believes) the money is. I do agree that Trump is bad for BTC. There is no consistency, sincerity with this guy, he probably doesn't have a honest bone in his body (if he has bones at all)

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Quote from: 3kpk3 on September 11, 2024, 02:08:56 AM

Trump is just getting desperate and saying and doing whatever it takes to win the presidency which is why his whole crypto supporting stance switch in recent times is just as fake as him.

The dude will probably ditch any talk about BTC and crypto in general if he becomes president which is why people in this forum need to think twice before posting these sort of threads.

How do you know Trump is lying? Do you have evidence? Do you have a crystal ball that can tell you everything about the future, or are you just making baseless assumptions and trying to impose your thoughts on others? I'm not saying he changed his mind about crypto and actually supports it because I don't have proof of that either but it's too early to say he's just lying and will ignore any discussion about BTC or crypto if he becomes president. The election is not over yet and no one knows what will happen after that.

But now, we know that Trump has publicly expressed support for cryptocurrencies, while Harris has ignored and said no to anything related to cryptocurrencies. That shows she does not support the development of cryptocurrencies. As a bitcoin investor, I see no reason to vote for her when she has little to no interest in bitcoin.

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Quote from: larry_vw_1955 on September 08, 2024, 08:15:03 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.

It's a bad idea for a country to replace their national currency with bitcoin because doing that put their economy into higher volatility, take example from the success recorded with the way EL Salvador adoption of bitcoin was approached, first as an alternative currency with legal backing, and there after their went on to invest in bitcoin by holding quit a good number of bitcoin.

With that, El Salvador have position themselves to take advantage of all the potential that come with bitcoin, so if any US president want to embrace bitcoin, having the mindset of alternative adoption of bitcoin and making some bitcoin friendly policies becomes his central of attraction, when making their campaign speech.

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Trump is just getting desperate and saying and doing whatever it takes to win the presidency which is why his whole crypto supporting stance switch in recent times is just as fake as him.

The dude will probably ditch any talk about BTC and crypto in general if he becomes president which is why people in this forum need to think twice before posting these sort of threads.

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Quote from: Charles-Tim on September 10, 2024, 09:34:35 AM

Quote from: Wind_FURY on September 10, 2024, 04:48:24 AM

OP, a "very bad" idea for who/what? Trump or Bitcoin? Cool

Read the link that OP posted. It is just a speculation about United States having bitcoin as strategic reserve not to be good for the country (United States). Thinking that other countries may abandon USD for bitcoin. But this is just a wrong speculation. The reason I posted in my first reply on this thread that gold has been a reserve asset for many countries since many decades ago.

They're merely putting words in someone else's mouth by making an "opinion" on other people's opinions, then gaslighting everyone into believing that that "opinion" was the other person's "actual opinion".

There are some people in BitcoinTalk who are like that, but when they notice that their Ad Hominem, gaslighting, mud-slinging strategies in debates are not working anymore, they will avoid talking to you.

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A Bitcoin reserve is neither good nor bad for the dollar. The government can hold Bitcoin and it can also get the deficit under control, these are not mutually exclusive. If the dollar’s status as a reserve currency is being threatened, that has more to do with U.S. policies and not because people are realizing that Bitcoin might be better in several ways.

We don’t really see China and Russia adopting Bitcoin, they still prefer fiat. It is not Bitcoin that is a threat. Irresponsible spending and foreign policy are what have diminished confidence in the US dollar.

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Quote from: larry_vw_1955 on September 08, 2024, 08:15:03 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.

Well, we all know it's impossible to pay off the national debt at this point. BTC only has a market cap of $1.13T. The idea of a US Bitcoin reserve is nice, but backing the USD with it is impossible. Despite naysayer's comments, there's no denying that Trump is more pro-crypto than Kamala Harris herself. Even RFK Jr. was a pro-crypto presidential candidate.

American politicians are starting to recognize crypto's potential. If Trump wins, expect BTC to go all the way to the moon (even if he fails to keep up with his promises). Unless the US defaults, the national debt will continue to rise until it becomes a huge problem to the American economy (and the globe). I'm pretty sure Bitcoin will do fine.

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You need to realise just because he says he wants to do this, doesnt mean he will actually go and do it. And even if he does, there can be an opposition and it might get shut down by some higher entity. He doesnt have as much power as everyone thinks he has.

It is possible there might be a bitcoin reserve, I think it will be in small numbers. It will be negligible amount which wont affect the US government spending and also it will be minuscule enough where it wont affect the supply of bitcoin much to effect the price. He is saying alot of things about crypto. Who knows which he will commit to and which he wont. We wont know until he is in office in January after he wins the election in November. We will see how the debate tonight goes with Kamala.

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Quote from: larry_vw_1955 on September 08, 2024, 08:15:03 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."

Of course, it is not the bitcoin that will make America greater, but the CBDC.

Quote from: larry_vw_1955 on September 08, 2024, 08:15:03 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.

The dollar will be replaced by a digital dollar, not by bitcoin.

CBDC allows governments to print even more money (electronic) so that there is no need to physically print this paper. Saving paper is a profit and approval from Greenpeace!

So, Grandpa Trump said everything honestly.

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Quote from: cr1776 on September 10, 2024, 11:31:37 AM

Quote from: legiteum on September 10, 2024, 10:12:31 AM

Quote from: BitGoba on September 10, 2024, 04:37:15 AM

Every fiat currency has ended in disaster and hyperinflation. [...]

The US dollar has been very stable for the last 40 years. The Euro has never seen hardly any significant inflation, let alone hyperinflation.

Bitcoin, on the other hand, loses 40% of its value in a few weeks during market swings.

You really need to come back down to earth when you discuss macroeconomics

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Very stable? Hardly - the dollar is the opposite of stable over time.

$1 in 1984 could purchase $3.03 in 2024. That isn't stable. You've lost 2/3s of your purchasing power.

Bitcoin can lose that sort of value in a view months.

And a 3% annual inflation rate, when it's easily predictable, is the very opposite of "unstable". It means you can easily make long-term predictions on the USD, and trade with it on a day-to-day basis.

Bitcoin is a high-risk / high-gain investment, like any hot stock. The USD is the same as it's been for a half century. It's not a way to make money through speculation, it's simply a low-risk investment that loses it's value slightly over time.

If you are absolutely convinced that Bitcoin will never ever go down in value, then by all means place every penny of your life savings into it. I suspect a lot of people have because they are told by charlatans that Bitcoin can "never go down in price". But thus far human beings haven't invented an instrument that cannot go down in price in the history of mankind. Not gold, not soybeans, not stocks, not anything. But if you are convinced that Bitcoin is the first one, well, I guess I can't stop you

.

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Quote from: Wind_FURY on September 10, 2024, 04:48:24 AM

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Trump’s call for a bitcoin strategic reserve is a very bad idea

OP, a "very bad" idea for who/what? Trump or Bitcoin? Cool

I believe that it's a VERY GOOD idea, for the accumulator of Bitcoin. Because Bitcoin, as a censorship-resistant cryptocurrency that could weaken political strongholds, SHOULD be held by many countries in different parts of the world as a resource/asset to go around each others' economic sanctions/censorship.

It is a very bad idea for people who want to be able to control everyone by controlling the money supply. It is a very bad idea for people who want to be able to censor transactions and cut people off from the financial system (e.g. like fascists trying to cut Trump off from PayPal and Stripe in 2020). It is a very bad idea for people who want power and want to be able to tax people so that they lose value of their savings and investments year after year. It is a good idea for practically everyone who isn't in those categories since it lets one protect oneself from those type of people.

With a bitcoin reserve you allow a country to (eventually when there is fiat/bitcoin equilibrium) use bitcoin to help back a currency which would then enforce fiscal discipline on the profligate spenders who want to buy votes with money. Will this happen? Probably not, but it does let people protect themselves using their freedom from people who are more than willing to sell themselves, their progeny and their countries into debt slavery in order to enrich themselves temporarily. Just look at how it worked out in the USSR, Mao's China etc.

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

This was a very interesting article explaining why bitcoin can't replace the dollar! Required reading.

That’s unlikely to happen, even if we think it might, because we’re in the crypto space. We couldn’t stop the government from regulating crypto, even though the purpose of crypto or Bitcoin is decentralization, so it's already game over in that sense.

As for investment, it seems unlikely too. Even if the USA holds Bitcoin, other nations will still have their own strategies. It’s hard to manipulate because each nation has its own interests and will find ways to gain an advantage. If Bitcoin is used, it would be difficult for them. Plus, governments aren’t the majority holders of Bitcoin, so its volatility won’t go away, which makes it a poor choice as an investment for a nation.

Topic: Trump’s call for a bitcoin strategic reserve is a very bad idea - page 4. (Read 1246 times)