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The Taxpayers Are Going All In on Crypto. It’s a giveaway to Trump’s supporters. (archive.ph)

submitted 3 days ago by btaf45@lemmy.world to c/usa@midwest.social

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For the taxpayer, the purpose of such an initiative is obscure. The crypto industry is a hyper-speculative casino. It is not essential to the American financial system, nor are cryptocurrencies essential to the American public. Workers cannot put bitcoin in their gas tanks; parents cannot feed XRP to their kids; businesses do not need cardano to build roads, light cities, produce vaccines, or provide loans to homeowners and entrepreneurs.

Yet for the White House, the purpose is obvious. Trump’s commerce secretary, his AI and crypto czar, and several of his most influential policy advisers are crypto investors, and the president launched his own meme coin. Establishing a reserve would boost prices, enriching these public officials and the crypto magnates donating tens of millions of dollars to Republican campaigns. It would not be a public investment, but a private giveaway—one of a mounting number in the Trump era.

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[–] SnotFlickerman@lemmy.blahaj.zone 6 points 3 days ago* (last edited 3 days ago) (2 children)

Much easier to protect, transfer and sell compared to physical gold.

What about when Canada cuts off the energy supply and you're dealing with rolling brownouts?

it's easier to protect, transfer, and sell in a stable society. When you're dealing with periods of instability, you're facing the kind of crises that may may it difficult to even access the coin at all. If for whatever reason you can't get online, because of the kind of disruptions Trump is causing, it ceases to be so effective.

Bitcoin relies deeply on functioning infrastructure which is exactly the kind of shit Trump is trying to tear down.

This an extremely privileged attitude. Try living in a country with only a few hours of power a day that is tightly regimented out to citizens, and see how useful crypto is.

Because for real, with the instability Trump is bringing, the US could end up in that boat a lot faster than you think, especially with its aging, failing power grid.

[–] Zexks@lemmy.world 3 points 3 days ago

If the infrastructure that supports bit coin goes down you’re in a lot more hurt than not having access to money. And more than likely a shiny yellow rock isn’t going to mean shit when winter rolls around and there’s no electricity.

[–] alvvayson@lemmy.dbzer0.com 0 points 2 days ago* (last edited 2 days ago)

Again, why comment on something when you don't understand it?

You definitely don't need a stable supply of energy to own and trade Bitcoin. You don't even need markets or exchanges. You don't need a stable internet connection, or an internet connection at all. You just need the ability to send a minuscule amount of data to the internet. And you could even do it by passing a piece of paper to someone who has the ability to connect to a proxy.

Fucking poor kids in Africa own bitcoin. Usually through a very cheap prepaid mobile phone plan that doesn't even have proper internet access. In fact, it is rapidly replacing USD cash as a store of value in the third world. Don't talk out of your ass if you've never been to a third world country.

Only mining is energy intensive, but it can be done anywhere.