LOL.
I don’t know why so many commenters think this is just a joke or funny. They’re talking about stealing the wealth of America to give to their rich friends directly through Bitcoin scams. That’s what this will be. Giant government-funded pump and dump for their rich fascist friends.
I didn’t know lemmy had so many brain broken crytpo losers
Dumbest. Fucking. Idea. Ever
Well no its actually a perfect method of looting the treasury and handing all the country’s future wealth to the billionaires now, making them trillionaires, and all in a way that impossible to track…
A purchase shortly followed by one of the biggest bitcoin and market crashes in modern times.
So. America got bought by a vulture capitalist and they are selling off assets.
Now ladies and gentlemen I will astound you with demonstration of my mighty mystical methods. Right before your very eyes I will make this gold disappear. Not just to your eyes, not just to thin air, but such that it will only be a logical concept of worth. One, two, three…
I’ve never been this high
So personally, I think the government should have some, but I don’t specifically think selling gold for it is the right idea.
Everyone seems to be on about how this is just about cashing out his buddies, but what I’m worried about is these dumbfucks won’t know how to properly secure it or won’t properly secure it and itll get easily stolen, or they’ll outright steal it themselves.
Like they just used signal to talk about bombing Yemen and included a journalist on it…
So while I think it’s not a bad idea to have some, it’s fucking terrifying that Trump is doing this and can influence it.
Why should they have any?
I don’t think the government should have ANY, regardless of how the government purchased the fake assets. It’s a fucking terrible idea for exactly the reason you described. The government should not be involved in such a high risk, unsecured, volatile, ridiculously easily stolen venture.
Agreed. Its also a direct competitor with every countries sovereign currency… So why would help it?
- Pump
- Dump
When there’s a disruptive force, you have a few options
-
try to kill it so it can’t disrupt
-
do nothing and be disrupted
-
dip you toes in, so if disruption happens you aren’t blindsided and can hopefully wade through it
-
take a chance and swim in it so you can be on the leading edge of that disruption.
They’ve kinda tried option 1 but failed.
Option 2 could lead to long term consequences
Option 3 leaves them prepared but not overly exposed
Option 4 would be pretty risky
So really, option 3 is probably the best bet given option 1 hasn’t been working.
It’s bitcoin, the only thing it’s disrupting is the pyramid scheme space. It’s too volatile, too expensive, and too slow to be a useful currency. There is no reason for the government to buy in to a speculation bubble.
-
I’m not going to try and convince you on the merits of crypto, but it can be secured so it isn’t “ridiculously easily stolen”
I just don’t think Trump would do it.
Edit: Just to give an example - you could make it so you can’t use the money without 100% of congress (house and senate) and the president authorizing it. It would be so secure, you’d probably never be able to use it ever again.
How do you think they’re going to transfer the money on a more mature coin? Oops, we lost the keys.
Oh look Putin and Thiel randomly managed to find the keys to America’s Bitcoins.
Hey Putin,
We’ll give you some more gold to get it back, say $0.75 on the dollar so you get a finders fee?
Putin - Sounds great!
two weeks later
Shit we lost them again, Thiel seems to have them this time, maybe he’ll give them back to us for $0.75 on the dollar as well!
The One Piece is real
What Happened: Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, suggested in an interview that the U.S. could capitalize on the gains from its gold holdings to purchase more Bitcoin.
https://en.wikipedia.org/wiki/Bo_Hines
Robert “Bo” Hines (born August 29, 1995) is an American former college football player from North Carolina. He played college football for the NC State Wolfpack and Yale Bulldogs. In 2022, he was the Republican nominee in North Carolina’s 13th congressional district.
Call me a traditionalist, but it seems to me that if you’re going to be advising the President on digital assets, it’d be nice to have an economics background.
Just to add, he is a lawyer. He did politics to law pipeline. And yeah there’s typically no economic requirement to that like there would be with other political science paths.
Call me a traditionalist, but it seems to me that if you’re going to be advising the President on digital assets, it’d be nice to have an economics background.
None of the rest of Trump’s cabinet have any qualifications, so why should this guy?
Fuck bitcoin. Let’s bring back the beanie-baby as a monetary standard.
The USA Pokemon Card Reserve.
If we’re going to use something physical, we should use meteoric rocks that can’t be replicated on Earth.
I see your beanie babies and raise you Pogs
I’ve got some old Magic: The Gathering cards.
Musk starts eyeing the old boxes full of them in his basement…
This reality is so fucking stupid. Let’s sell something of value to buy something that is only valuable if someone really wants it bad enough.
To be fair, gold is the same. It’s just more well established since it’s been around much longer.
Not defending this shit, just pointing out that gold is also only worth what people are willing to pay for it. That’s kind of how all markets work.
Gold has value by itself, just look up it’s applications in the semiconductor industry
Outside of money, PoW blockchains are useful for secure time stamps.
Why single out PoW? PoS also documents hashes immutably over time.
The difference is gold has carried high monetary value among human societies for nearly 3000 years while Bitcoin is a non tangible digital asset that’s existed for less than two decades and remains incredibly volatile.
This comes across as another Trump scam. He’s going to bankrupt the American government by siphoning public money to himself and other private entities and the American people are going to be stuck hodling the bag.
This comes across as another Trump scam.
I guarantee his family and “friends” already own a lot of BTC.
That, and gold actually has properties that make it useful, like not oxidizing and being a good conductor. It still has value even if it was otherwise worthless as a currency
If bitcoin was otherwise worthless as a currency, then it would still be useful for secure time stamps.
Gold works without energy. It doesnt oxidise or decay as other materials
Seriously when people say gold is worthless, what a joke. There is very little of it, as you mentioned it doesn’t oxidize, it’s the metal used in microchips. It ain’t sea shells or tulip bulbs or Bitcoin, that’s for sure.
I would agree for the case that we’re truly in end times where nobody has anything and people fight over scraps of food, that gold might be worthless.
It’s still your best bet for all other scenarios that don’t involve you hiding in a cave and eating bugs.
You think the end times are going to be characterized by no one having anything?
And even THEN, gold is a shiny, pretty metal that doesn’t oxidize like other shiny metals. So the tyrants of the apocalyptic wastelands will STILL want it for jewelry.
I think that’s the moment you don’t want to have Gold on you.
If I was starving gold would still be worthless to me, regardless of how it oxidizes.
If all society broke down and all currencies became worthless gold would still have value as it has intrinsic value due to its chemical properties. Bitcoin would be worth nothing
There are easier and cheaper means of exchange. Indigenous people all over the world had access to gold but used it for decoration and not trade.
With a bar of gold you can crush someone’s skull in and steal their food. Try do that with Bitcoin.
You can use Bitcoin miners for that
horrific Viserys noises
Or feast on the delicious goo that comes out
If you had gold and you are starving, then you deserve to die.
Gold coins are very filling
Relevant Homer Simpson:
Which is why they airlift bundles of cash when there’s a famine and not, you know, food.
Hey everybody, check out THIS metal, its all yellowy and pretty!
And it never rusts
And is malleable enough to allow for coinage.
The biggest pump and dump scam of all time?
The Orange Turd is such a genius.
