LOL!!! Not so fast…
Trump Crypto Rally Fizzles After Skepticism on Reserves Plan
Coins picked by Trump gave back some initial gains Monday Crypto experts are questioning the benefits of Trump stockpileWelp. I look forward s to hearing about how our strategic reserve was hacked away from us by a dozen coders in China who found an open wallet on an unsecured PC.
Or it’s made to look like hackers and somehow gets funneled to Donny.
lol this is going down on history books as one of the biggest scams of the 21st century.
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.
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.
Its only great for speculation if you can find more suckers to buy in. Apparently the public are going to be forced to be the suckers.
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.
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.
Wouldn’t this give it stability?
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.
That’s not what makes a currency stable. The Fed wouldn’t need to work so hard if that’s all it took.
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.
This is, I think, an important mechanism for someone to loot the US treasury.
Plenty of other people will be able to loot it also. It might not even be intentional on Trump’s part. But it’s a standard pattern: A massive transfer of capital into some dubious venture, followed by a mysterious implosion of the value of the dubious venture, leaving the people who were paid mountains of capital in exchange for the dubious venture-stuff smiling broadly at the mysterious outcome, saying “Them’s the breaks. Risky investment and all.”
Crypto has the added benefit of being a lot less traceable and somewhat less undo-able after the fact.
Between this and Stargate.
People are going to lose everything…
I wonder where capitalism will go after other people’s money runs out though.
feudalism?
More like fascism, Russian style. Though feudalism is also possible with a strong church
Aren’t strategic reserves meant for material resources that support industry and military that can be made inaccessible by foreign actors?
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.
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.
Cryptoclones/clowns deserve love too, doncha know??
Just add it to the rest of the grift…
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!
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.
No, don’t, this is likely to be immensely more wasteful.
Wow, a state backed scam and grift reserve. Surely this will turn out great.
And shortly after, hackers stole the US government’s unsecured crypto wallet
Also shortly after, unrelatedly Trump begins claiming his personal wealth is exactly the missing amount higher than it used to be.
The password was B1tcoin!
Considering Trump can’t stop bringing him up, you missed a prime opportunity to make a hunter2 joke.
He wouldn’t be able to think of Hunter while thinking about bitcoin. Have to focus when coming up with a password!
What ******* joke? Please explain.
https://knowyourmeme.com/memes/hunter2
One of Trump’s favorite talking points is Hunter Biden. He even found a way to start talking about Hunter during his debacle with Zelensky.
Also, you’re allowed to say “fucking” on the internet.
whoosh
Russian hackers. Based in Florida.
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?
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.
Not $2bn.
$12bn.
“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.
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Maybe he gets a kickback when Russian hackers steal it.
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.
I’d think you’d have a pretty irate populace by now, but I guess not.
This can’t possibly go wrong. Crypto is so stable and guaranteed to just keep going up in value. /s
Both at once is very impressive.
All NEW!!! strategic money laundering scam featuring CRYPTOCURRENCY!!!
