Post

It's a Ponzi scheme.

The "greatest fool" will no doubt play.

When it crashes, and it will, because it is based on nothing, a strategic reserve will increase the national debt. @cnbc.com @carlquintanilla.bsky.social

Credit for this should go to @theophyte on Twitter.

It's funny cause it's true

That’s the best explanation of the crypto plan that I’ve heard thus far! Real simple.

Quite taken by the idea of that mentioned BLtcoin Reserve, I must say.. mmmm

There's no shortage of fools in Congress.

Remember the 1989 Savings & Loan bailout? It cost taxpayers over $130 billion That will be chump change by the time Elon and Vivek are gone with you.

No better words! So on point

Just want to make sure I'm clear, you're talking about the 7th largest asset in the world right?

It’s a government-backed Ponzi scheme. Totally safe.

Musk is an accelerationist, grifter, Putin ally. He along with the other villainous, billionaire tech nerds want to see America brought to her knees 😞

Of course. Well, unless Trump can use regulations to have he and his benefactors grab even more market share and hamper the competition.

You realize that Bitcoin is a commodity and has absolutely nothing to do with the United States?

Lots of misperceptions there. 1. Bitcoin and other cryptos are totally different 2. Bitcoin is a protocol. It simply exists. It doesn’t have an “investment thesis”. Never did. 3. No one asked the government to buy bitcoin. The government came to Bitcoin to pander for votes.

Sounds about right. We’re all risk-taking capitalists until we lose money, at which time we magically turn socialists.

Tulips, anyone?

I sure wish the U.S. Treasury backed up my POG collectibles’ value coming out of the 90s!

Dollars are backed by the Marine Corps

you mean the US dollar

Hey, a bunch of big banks got bailed out during the Great Recession, why not at least give it a try while they have a tool in office?

I remember those days fondly, when one could mine them using just one’s desktop computer. Anyone remember them old CRT days?

If we gotta bail out bitcoin, what's next, tv stations?

@dsbatten.bsky.social if you still have energy left, your expertise is much wanted here sir. 🙏

🌷

This is among the most horrible of ideas. The US government should never guarantee investment results.

We have to bail this key industry out. We should start with requiring all congressional pensions to be paid out in doge….

And one of them is about to become President again.

How is this different from NFTs, the thing you were saying the exact same thing about a few years ago? Those monkeys are gone, man. They did not, in fact, increase in value, if you recall.

Because the people buying it are doing so to sell it. That's not how currency works. It's not used to pay for groceries or the rent. It's purely a status symbol or to hide illegal transactions.

If it were a sport I would point at the scoreboard, the fact of the matter is it hasn’t gone to zero. People have been saying this for years. They now have Bitcoin and ETH ETFs trading on the stock market. Institutions, the same institutions that are propping up your retirement fund are buying.

Go sell it

When quantum processors crack Bitcoin, that 'Strategic Reserve'? Worthless.

So far a large majority of large $ crypto transactions are for drug cartels and others that want anonymous transactions ( for whatever reason). To join that with the government sounds like a maga dream and insanity

Seeing Paul Krugman approvingly repost David Frum is confirmation that the Republican party has gotten worse than I could have ever imagined

😀‼️

Exactly right. Crypto remains a greater fools scheme and there’s no buyer of last resort like a compliant government.

It's a scam ‼️

Can anyone explain how Bitcoin and other crypto “currencies”, if actually used as currencies, will not be highly inflationary?

It makes a lot of sense for money laundering.

I can't get over the energy consumed by millions of bank employees commuting to their climate-climate controlled offices just so I can have the privilege of paying their salaries using inflated, debt-encumbered legal tender.

The purpose of a Strategic Bitcoin Reserve would be to buy cryptocurrencies so that those who already own them can profit from increasing prices. It's called "pump and dump" in investing circles. It would be an insane thing for our government to invest in, but Trump might do it.

It makes all the sense in the world to U-Haul Ft. Knox to the Brologarchy in exchange for

Yes. And that's the polite description.

I have loved watching the crypto-bro arc where they now think they're "innovators" for realizing they'd like a monetary policy to stabilize their magic bean currency. Congratulations morons, you've invented "money." But stupider.

Exactly

the greatest fool of last resort. now my favorite phrase

It's the world's biggest pyramid scheme. I've always said it, it can be knocked down and devalued by a single tweet from a fascist. Yet idiots still throw their money at it.

That's a point.

None. Good reserves are an archaic remnant of a bygone era.

I agree there isn't an urgency for a reserve. Bitcoin Policy Institute lays out a compelling national security case for it. They also argue SBR would strengthen the dollar. Energy consumption is a major concern to be thoughtfully mitigated. Mining helps stabilize the grid, too. It's nuanced.

Who did I vote for good sir?

The quantity of Bitcoin necessary to offset the national debt slightly even with massive Bitcoin appreciation would be enormous. Then any attempt to sell off the reserve would tank its own value.

Did all the gold backed dudes die? Switched to Rip-coin?

Bitcoin isn’t anything other than a pyramid scheme, the value of bitcoin only goes up is more fools buy into it

Crypto currency is the ponzu scheme scam of all scams.. no practical use for this garbage…

We don't even need the government for that purpose. The "fool of last resort" is and will remain the victims of ransomware who are always compelled to buy crypto to pay the ramsom. I'm worried that'll give the incoming admin an incentive not to pursue threat actors.

And offer’s validation for their foolish Monopoly money

Strategic mlm reserve

I’m not the only one

We are going to have to bail all these gamblers out aren’t we? Too big too fail.

Bitcoin farms are computers extracting information from other computers. The energy required to run a Bitcoin farm was immense, but that’s changing to sustainable energy. Every Republican who won used Bitcoin; their donors cannot be traced. Criminals prefer Bitcoin.

Wait, I’m assured on those commercials I see that not being beholden to any government is what makes bitcoin so nifty.

Fun fact. Bitcoin is available to everyone on earth. Bitcoin doesn't need USA

Crypto currency is the Amway of the 21st Century. It relies on people to buy in to enrich those at top.

Unfortunately not much , lol, but enough to continue eating for a little while... if ever the shit hits the fan

Once Pat Boone tells me to put the kids’ college funds in bitcoin, I will. Until then, mark me down as skeptical.

The main argument is that the Trump family, Elon Musk, David Sacks, and others can transfer hundreds of billions or trillions of $$$ of national wealth to themselves, in exchange for trump coin.

Why do you say that? There is no team, company, foundation, or group of people who have the power to change the code. Its a fully open source collaboration. Full node runners have the final say, and anyone can run a full node. Do some learning before making absurd claims

He never really got over bankrupting a casino.

Scam alert. 😵‍💫

Yes, there is an incredible shortage of people willing to invest in something that has appreciated 151 million percent. Just type out that you're a stooge for old moneyed interests, you fucking aristocratic dinosaur.

A pyramid scheme, with the US government at the botttom.

And when it all goes “tits up” the tax payers will have to bail them out. Just like 2008/09. And no one will go to jail.

It seems that this is the classic moment to short Bitcoin unless you are one of the foolish committed.

Step 1: Have the Us Government ensure the financial liquidity and stability of bitcoin Step 2: ?? Step 3: Lower egg prices

What we don’t need is billions of taxpayer dollars payable to anonymous persons.

This fad keeps coming back every 4 years for some reason then.

How long did the dot com bubble last? What rose out of the ashes of the dot com bubble? Bitcoin has been around for 15 years.

golf clap.

Thank you for reminding us that it's a Ponzi scheme.

Well they will have the biggest conman in the Whitehouse in a month.

Creating a Bitcoin reserve will allow the holders of Bitcoin to cash in, courtesy of the US federal debt (which really means yet another transfer of trillions of $ from tax paying Americans to the ultra-rich). Pretty standard GOP practice these days!

It really is one of the dumbest ideas I have ever heard.

Yes

Is bitcoin a pyramid scheme?

www.azleg.gov/legtext/57le... In AZ, one of our nuttier legislators has prefiled a bill to use public funds to subsidize bitcoin values.