With a federal debt of over $35 trillion, the US is looking at solutions to reduce this figure, and Bitcoin might be the answer. A recent proposal by US Senator Cynthia Lummis mentions the purchase of one million bitcoins, which accounts for 5% of the total supply. However, this initiative is still being discussed.https://www.notebookcheck.net/Bitcoin-could-become-a-strategic-reserve-in-the-US.876732.0.html
Wasn't it called a conspiracy theory some years ago?
So... Who is behind the Bitcoin? Who controls it? Are the FED guys involved into that?
Crypto is even worse than fiat currency. At least when you go to the bank the value on the bank note is the value deposited into your account. With crypto, you could be holding pennies worth of currency you bought for over $10k each. I'm glad China banned all kinds of cryptos!
Bitcoin is the dumbest way to go about it.
Even if we ignore the scam that is bitcoin, the reason why US can keep such a large debt is precisely because the US is the currency of the world. US buying into bitcoin would help destabilize the dollar
Quote from: Conspiracy Theorist 2015 on August 17, 2024, 16:24:17Wasn't it called a conspiracy theory some years ago?
So... Who is behind the Bitcoin? Who controls it? Are the FED guys involved into that?
Nobody. Everybody. Now that you put it this way, we might find out some interesting things about it in a few decades... or not.
@A: Maybe it could destabilize the dollar. Maybe it could strengthen both the dollar and the crypto world overall.
Quote from: Codrut Nistor on August 19, 2024, 03:45:53Nobody. Everybody. Now that you put it this way, we might find out some interesting things about it in a few decades... or not.
@A: Maybe it could destabilize the dollar. Maybe it could strengthen both the dollar and the crypto world overall.
There is 0 chance of it stabilizing the dollar or the crypto world. As I explained, the dollar is the world currency, giving credence to it would weaken the dollar. And bitcoin can never stabilize because nobody plans to use it as a currency, they only care to make money. Mostly by bringing its price up, then selling leaving fools holding onto it "pump and dump" without SEC oversight. Overall, the energy consumption of bitcoin for transactions makes it impossible to use as a serious currency. Thus it will never stabilize
The only chance to stabilize any coin is for the state using it to cut down on the financial insanity and play by the same rules as the private sector. I know it's kinda utopic, but this is something that could bring stability. Look at Norway. Sure, it's an exception, but still... P.S. Regarding the energy consumption of crypto transactions, I think it will go down in the long run. It has to.
Quote from: Codrut Nistor on August 20, 2024, 23:25:58The only chance to stabilize any coin is for the state using it to cut down on the financial insanity and play by the same rules as the private sector
There's no such thing as stabilization in capitalism, there's only slower or faster inflation.
There is no way you can "stabilize" currency with a commodity that is valued only against said currency. The only stabilizing commodity is gold, because it's valued against itself aka against its own scarcity.
I think Bitcoin is a scam.
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