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re: TRUMP CRYPTO CZAR DAVID SACKS announces - "We're looking at a Bitcoin reserve."
Posted on 2/5/25 at 7:02 am to HailToTheChiz
Posted on 2/5/25 at 7:02 am to HailToTheChiz
Bitcoin is a store of value.
It is not a currency.
I know a crypto friend that is in his late 50's that is real good with math, but only average with tech. He has been holding bitcoin since 2017, but doesnt know what to do with it other than hold it. His account value is somewhere near 450,000 and I tell him he needs to protect his holdings but he doesnt know how. So maybe he should at least spend 10% to protect his holdings but he doesnt know how to do that either. He doesnt trust Coinbase anymore and he doesnt trust himself putting his holdings on a ledger? What does a layman do?
It is not a currency.
I know a crypto friend that is in his late 50's that is real good with math, but only average with tech. He has been holding bitcoin since 2017, but doesnt know what to do with it other than hold it. His account value is somewhere near 450,000 and I tell him he needs to protect his holdings but he doesnt know how. So maybe he should at least spend 10% to protect his holdings but he doesnt know how to do that either. He doesnt trust Coinbase anymore and he doesnt trust himself putting his holdings on a ledger? What does a layman do?
3
Posted on 2/5/25 at 7:14 am to jangalang
Sounds like me. I have never been able to understand it all or comprehend the value. But I enjoy reading about the rides of others
Posted on 2/5/25 at 7:29 am to jangalang
quote:
What does a layman do?
What every other boomer is doing - buy into one of the spot ETFs and let someone else custody your tokens. He'll take a long-term capital gain haircut cashing out his stash and converting it to the ETF, though.
Or man up and learn how to use a simple cold wallet. It's not rocket science.
Posted on 2/5/25 at 7:35 am to Jjdoc
It is a hilarous that crypto bros think this administration which is tightening the fiscal belt is going to spend billions on buying BTC.
When in the EO they literally stated the obvious which is he ran on the platform in which he would not "sell" any BTC the government held.
Source which is the EO
He spells it out for you. If he takes the crypto securities seized by law enforcement the USA will have the biggest BTC reserve of any government in the world.
When in the EO they literally stated the obvious which is he ran on the platform in which he would not "sell" any BTC the government held.
quote:
The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.
Source which is the EO
He spells it out for you. If he takes the crypto securities seized by law enforcement the USA will have the biggest BTC reserve of any government in the world.
Posted on 2/5/25 at 8:07 am to HailToTheChiz
I pointed out that it was a currency because the op called it a “financial asset” to apply some broader usage to it because calling it a “currency” these days is restrictive and fraught with pitfalls. People have been told now that it’s more than a currency.
Nonetheless, It’s used as currency in the dark economy because they aren’t concerned with the volatility but everyday usage for legitimate business would be greatly hampered by the legitimacy. By dark economy, I’m taking human trafficking, drug smugglers, arms dealers.
Otherwise, I think people mostly trade it based on fomo with some vague hope that it’ll get traction as a currency.
This post was edited on 2/5/25 at 8:13 am
Posted on 2/5/25 at 8:28 am to BottomlandBrew
Man up with 450,000 thousand is some shrewd advice
Posted on 2/5/25 at 9:42 am to UltimaParadox
This post was edited on 3/1/25 at 7:55 pm
Posted on 2/5/25 at 9:54 am to UltimaParadox
quote:
It is a hilarous that crypto bros think this administration which is tightening the fiscal belt is going to spend billions on buying BTC.
Yep
All the see is headline but don’t bother to delve into what is actually happening
As a tax payer- I would be pissed if I knew that my tax dollars were going toward purchase of bitcoin or other crypto currency . It’s already infuriating that they spend on the other nonsense like DEI studies in foreign countries or building wind farms in Africa.
Posted on 2/5/25 at 10:07 am to SlidellCajun
The government isn't spending any taxpayer dollars on buying bitcoin. I don't know why yall keep bringing that up. If anything, the BSR is just the already held coins within the DOJ, nothing more
Posted on 2/5/25 at 10:28 am to TigerTatorTots
quote:
The government isn't spending any taxpayer dollars on buying bitcoin. I don't know why yall keep bringing that up.
I never said they were
I said it would be mis use of taxpayer funds if they did
This post was edited on 2/5/25 at 10:29 am
Posted on 2/5/25 at 2:01 pm to jangalang
quote:
What does a layman do?
Book a consult with unchained.com.
Posted on 2/6/25 at 7:49 am to Jjdoc
First, audit the current Reserves in the US Treasury ….. before you begin creating new Reserve classes.
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