The Bitcoin/Crypto Thread
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Now, after Trump promised to create a "strategic national bitcoin reserve" and predicted bitcoin could eclipse gold's $16 trillion market capitalization, U.S. senator Cynthia Lummis (R-WY) has introduced a bill to direct the U.S. Treasury to purchase 1 million bitcoins worth almost $70 billion
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"If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future, we'll keep 100%," Trump said during his Saturday speech at Bitcoin 2024. "This will serve, in effect, as the core of the strategic national bitcoin stockpile."
Wild rumors had swirled all week that Trump could announce he'd create a U.S. bitcoin strategic reserve during the bitcoin conference, with analysts comparing it to both the U.S.'s gold and oil reserves.
The U.S. currently holds around 212,000 seized bitcoin, worth some $15 billion, compared to its $600 billion worth of gold reserves.
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The Federal Reserve Bank of Minneapolis has published a paper this week arguing bitcoin and similar assets could be taxed or banned to help governments maintain deficits.
"A legal prohibition against bitcoin can restore unique implementation of permanent primary deficits, and so can a tax on bitcoin," the paper's authors wrote, adding bitcoin creates a "balanced budget trap" that highlights spending shortfalls.
The Fed has "joined the European Central Bank in its attack on bitcoin," said VanEck's head of digital asset research Matthew Sigel, writing in an X thread that the paper "fantasizes about 'legal prohibition' and extra taxes on bitcoin to ensure government debt remains the 'only risk-free security.'"
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Really wishing I had set Luke up with a mining rig right now…
So I am at a 250% return… Cash out or let it ride?
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Really wishing I had set Luke up with a mining rig right now…
So I am at a 250% return… Cash out or let it ride?
@LuFins-Dad said in The Bitcoin/Crypto Thread:
So I am at a 250% return… Cash out or let it ride?
Cash out the original invested amount, then let the "house money" ride.
Maybe invest the cashed out money in a mining rig.
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Not a bad idea, @Axtremus
I bought some crypto in 2021 and 2022 with the sole idea of just letting it sit and checking on it in 10-20 years. It's enough to be meaningful (I think $10k) but not enough to hurt my retirement if it's lost. I think it's at $25k right now. If I check in 15 years and it's gone... oh well. But maybe it'll be 10x higher.
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Bitcoin has passed $100K
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Yeah, you cant really "spend" bitcoin directly, without first converting it into a "real" currency.
Give someone USD$5000 and another person the equivalent of USD$5000 in bitcoin and tell each of them to live for a month, but they must convert the currency (USD or bitcoin) directly to goods and services, who would be able to have a better month?
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I prefer investments with some actual value to justify themselves, but I do regret that no investment platform I've ever had my money in, has allowed me to invest in BTC. I would have some. But I could have opened a Robin Hood account if I'd really wanted to, so my own laziness is to blame.
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I just use coinbase. Consolidated it there from other crypto platforms a few years ago. For me, it's a "check it again in 15 years" idea. So far it's up about 130% since 2020. I have a few other stocks, such as JOBY and ACHR that are all about electric vertical take off and landing (eVTOLs)...aka drone cabs, that I I'll check on in 20 years to see if we're doing that yet for transportation.
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And if I needed any further convincing:
Bitcoin: Initially, this is confusing for people, but unlike dollars, euros, pesos, and pounds, not only is there no physical Bitcoin, but there’s no digital Bitcoin either — nothing you can point at and say, “Look, there’s a Bitcoin.” Instead, the Bitcoin is just represented by the ledger saying that the Bitcoin exists. In January 2009, information was added to the Bitcoin ledger — this is what’s known as the Genesis Block — saying, in effect, “50 Bitcoins were added to the ledger.” From then on, Bitcoin existed because the ledger said so!
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Haha yup, what a concept. One could say the same thing about dollars, or gold. It's valuable because everyone says it's valuable. When the government prints more money, it's not like they found a stash of gold bars to base it on. They just made it up, printed it, and gave it to people. For me, bitcoin is like holding digital gold. Or monopoly money in a game that doesn't end.
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Haha yup, what a concept. One could say the same thing about dollars, or gold. It's valuable because everyone says it's valuable. When the government prints more money, it's not like they found a stash of gold bars to base it on. They just made it up, printed it, and gave it to people. For me, bitcoin is like holding digital gold. Or monopoly money in a game that doesn't end.
@89th said in The Bitcoin/Crypto Thread:
Haha yup, what a concept. One could say the same thing about dollars, or gold. It's valuable because everyone says it's valuable. When the government prints more money, it's not like they found a stash of gold bars to base it on. They just made it up, printed it, and gave it to people. For me, bitcoin is like holding digital gold. Or monopoly money in a game that doesn't end.
Not quite. There is a difference between fiat currency and precious metals. There is a reason the metal is worth something. It is worth something because of things you can do with it. Imagine the manufacturing world without gold, silver, platinum or even metals such as copper.
I'm with Mik, give me something I know what it is and so does everybody else...
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I don't disagree, and crypto isn't even 1% of what I am invested in, but still... what about diamonds? Relatively useless (I know, drilling... and jewelry...) but diamonds are basically pretty lumps of coal that everyone has agreed is worth tons of "money".
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But blockchains those are real! And are needed to do… stuff! Important stuff! Like… crypto security! Yeah! You need blockchains to protect your information on crypto markets, so you should definitely invest into crypto markets because you’ll need them to keep safe on the crypto markets!
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A lawyer was talking about the "Hawk Tuah" crypto thing.
"Someone lost a lot of money and said, 'I really don't understand how crypto works.' Well, guess what, you don't have to know how a blender works to not stick your dick in it."
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
