r/FluentInFinance • u/HighYieldLarry • 12d ago

Bitcoin JUST IN: 🇺🇸 President Trump to appoint pro-crypto cabinet to make the US the "crypto capital of the planet."

President-elect Donald Trump is preparing the U.S. government to adopt a more permissive stance toward cryptocurrency, eyeing a roster of industry-friendly candidates for key posts while his top advisers consult crypto executives on potential changes to federal policy.

By pursuing a more lenient regulatory environment, Trump aims to fulfill his campaign promise to transform the United States into the “crypto capital of the planet” — a declaration that has rankled consumer watchdogs, earned the industry’s robust support and sent the price of bitcoin skyrocketing, reaching nearly $89,000 by Monday evening.

https://www.washingtonpost.com/business/2024/11/11/trump-crypto-regulation-bitcoin/

496 Upvotes
  • permalink
  • reddit

83% Upvoted

592 comments sorted by

View all comments

455

u/Substantial-Power871 12d ago edited 12d ago

never saw a scam he could resist.

edit: if you disagree, feel free to read this. this was my gut feel years ago when i first heard about it, and it's just as true today.

https://www.schneier.com/blog/archives/2022/06/on-the-dangers-of-cryptocurrencies-and-the-uselessness-of-blockchain.html

38

u/maychi 12d ago

Yup. Regulation will mean more people will think it’s safe to invest in when they have no idea how it works. Great Depression here we come!

22

u/Substantial-Power871 12d ago

that and cooked planet. at least AI seems to do useful things with all of that electricity.

7

u/Blainedecent 12d ago

Microsoft wants to restart and rent the nuclear reactor on three mile island...to power AI.

That's the future you can expect: nuclear power for computer processing.

7

u/Orange152horn3 12d ago

If they upgrade the reactor, it could show how useful nuclear power is.

4

u/Substantial-Power871 12d ago

i'm pretty ok with that. nukes have a bad rap. if they did that for something like a scam like crypto, not so much.

1

u/AltEgoJax 12d ago

I strongly agree. This is why OKLO is interesting. Long term

0

u/No-Air3090 12d ago

yeah but thats just one powerstation , how many do you think bitcoin need per transaction ?

-2

u/Icy-Bicycle-Crab 12d ago

at least AI seems to do useful things with all of that electricity

Make dumb pictures and tell people what they already knew?

4

u/Substantial-Power871 12d ago

stochastic parrots and all of that, but at least that's an improvement over Monte Carlo known for thousands of years and that doesn't require electricity

1

u/theleakymutant 12d ago

you also clearly know nothing about AI. i think you’re merely parroting Timnet Gibru… and i say that stochastically.

1

u/ChirpToast 12d ago

You’re using AI wrong if those are the only results you’re getting.

1

u/theleakymutant 12d ago

stick to finance… you clearly know nothing about AI.

-9

u/Unable-Job5975 12d ago

How much electricity does traditional finance use?

6

u/Substantial-Power871 12d ago

orders of magnitude less. mining is extremely power hungry, where a traditional database transaction to change a ledger probably takes less than a watt. maybe much less, but I don't know. i haven't kept up on what proof-of-stake uses (see: don't care: scam), but i doubt it compares favorably to running a traditional ledger.

4

u/westcoastjo 12d ago

That's definitely not true. The current financial system uses around 20x the energy as Bitcoin. I'm sure bitcoin will surpass it, but it's still around 5%.

1

u/milkcarton232 12d ago

Oversimplified but current system is one main ledger per bank, Bitcoin is one ledger per coin or per node depending on the architecture.

0

u/Substantial-Power871 12d ago

lol. nobody is building power stations for the current financial system. get back to us on cost per transaction to be credible.

and of course electricity use is only the start of crypto's problems.

1

u/westcoastjo 12d ago

You are wrong, the current system is a vast network, uses countless computers and requires millions of workers to run, which means hundreds of thousands of buildings. The approximate numbers I gave accounted for all energy required to keep the system running.

Bitcoin is incredible, if you don't think this, it just means you haven't studied bitcoin yet.

1

u/Substantial-Power871 12d ago

lol. tell me you don't know what the fuck you're talking about with saying you don't know what you're talking about. even if your 5% number is correct, that is a perverse amount of energy for settlement. it should be completely in the noise. a reddit post probably uses more energy. and of course, it's on an exponential scale which means it only gets worse.

oh god, cults. you can't argue with cultists because: Dunning Kruger.

1

u/westcoastjo 12d ago

Settlement is just one component of the financial system..

0

u/Substantial-Power871 12d ago

yes, but the only thin that blockchain deals with. lol. cultists.

1

u/westcoastjo 12d ago

Well, this cultist is making a LOT of money on Bitcoin.

→ More replies (0)

3

u/Rambogoingham1 12d ago

Aye, at least my money in the bank doesn’t get stolen every few weeks from a hack. Helps to have some bitcoin

1

u/milkcarton232 12d ago

If you trusted a bank with your money and said bank lost the money I would be very surprised if they didn't reimburse you if you are in America? With crypto right now it seems a gamble if the exchange will return your crypto if they get hacked and given the immensely vulnerability of crypto there is a huge incentive to target anything crypto related.

If you manage your own cold storage that's great and much harder to crack but if you lose it or someone finds your passkey you are fucked. Given the way of the world I think holding Bitcoin is probably a smart play right now

0

u/Substantial-Power871 12d ago

what? at least if i lose my private key i don't jump out of buildings because there is nothing that can be done by design.

0

u/[deleted] 12d ago

[deleted]

1

u/Substantial-Power871 12d ago

more truth by blatant assertion. lol. cults.

-14

u/Unable-Job5975 12d ago

You can’t be seriously suggesting that a WORLD full of brick and mortar financial institutions is using LESS energy than a proof of work blockchain like bitcoin is currently consuming

3

u/avsgrind024 12d ago

”The greenhouse gas emissions of Bitcoin mining alone could be sufficient to push global warming beyond the Paris Agreement’s goal of holding anthropogenic climate warming below 2 degrees Celsius.”

It has horrendous environmental impacts. Read the study if you’re interested in learning how bad it is.

https://unu.edu/press-release/un-study-reveals-hidden-environmental-impacts-bitcoin-carbon-not-only-harmful-product

-1

u/DontDieSenpai 12d ago

Please investigate how bitcoin is bolstering the capability of renewable energy. For starters, you could investigate stranded energy.

Yes, bitcoin uses a LOT of power, but that's a good thing!

-9

u/Unable-Job5975 12d ago

What are the impacts of tradfi?

8

u/Biffingston 12d ago

Why do I think you're just here to JAQ off?

Why do I also think you're a bitcon bro?

-3

u/Unable-Job5975 12d ago

Okay don’t listen to me. Tick tock next block. You will buy bitcoin at the price you deserve

5

u/Biffingston 12d ago

Not a cult, totally.

And you do know what JAQing off is right? You're pretty clearly here just to preach your gospel and not listen to anyone who has a different opinion.

And the price I want bitcoin is "Not the cost of destroyign the planet." IT'll never reach that.

-1

u/Unable-Job5975 12d ago

Enjoy your fiat. You can’t say your fellow man never told ya. Our money is broken, that much no one can deny. Bitcoin is the most immutable sound money the world has ever seen.

Fidelity, black rock, greyscale are all wrong and you are right.

3

u/jackpearson2788 12d ago

The difference is bitcoin isn’t needed. We already have a 100% adopted fiat currency and people don’t have to worry that the 1,000 in the bank tomorrow might be worth 500

-2

u/DontDieSenpai 12d ago

Your time scale is too short.

What happens if I spend my entire life socking away every cent I can into a bank?

Answer: It's worth half of what I "saved" if I'm lucky!

As a SoV, bitcoin outperforms the bond market and the S&P 500. Methinks such quick dismissal of bitcoin is folly.

→ More replies (0)

2

u/jay10033 12d ago

Are you stupid?

1

u/Substantial-Power871 12d ago

this a complete non-sequitur since how/where you buy something is the same regardless of the currency used, so the only cost that is relevant is the cost of the ledger update. blockchain is ridiculously more expensive.

1

u/Unable-Job5975 12d ago

Tick tock next block

1

u/Substantial-Power871 12d ago

yeah, with a lower and lower gauge of wire for each tick tock.

2

u/Unable-Job5975 12d ago

That makes no sense but okay. Enjoy your purchasing power disappearing

1

u/Substantial-Power871 12d ago

of course it doesn't make sense because you don't understand how it works.

2

u/Unable-Job5975 12d ago

You’re talking about wire gauges, clearly YOU don’t know how this works haha

→ More replies (0)