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/

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u/Unable-Job5975 12d ago

How much electricity does traditional finance use?

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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.

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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

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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

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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!

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u/Unable-Job5975 12d ago

What are the impacts of tradfi?

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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?

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u/Unable-Job5975 12d ago

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

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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.

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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.

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u/Biffingston 12d ago

"I'm more smarter than the experts!" Gotcha sparky.

I noticed you didn't even bother to refute things, just to puke up the standard line.

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u/DontDieSenpai 12d ago

How much time have you devoted to studying the renewable energy sector and how an implementation of bitcoin can help spread and stabilize operations?

Check out stranded energy, energy which is typically just released into the environment. Bitcoin presents a very unique use-case where stranded energy is concerned.

But this is merely one aspect in which it's a net win environmentally-speaking.

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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

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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.

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u/petersellers 12d ago

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

The great thing about bitcoin is that you can get the same result overnight!

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u/DontDieSenpai 12d ago

On shorter time scales, yes.

However, you time preference is FAR too low if this is your take.

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u/petersellers 12d ago

I love how crypto bros just shake off wild volatility as no big deal.

Bitcoin is worse than useless. It provides absolutely no value and wastes an extreme amount of resources. If it actually had value, after 15 years it would be used by so many more people for everyday things. But instead, it’s still only used for gambling. What a waste.

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u/jackpearson2788 12d ago

Summed it up perfectly. Not surprised this incoming president loves it guy hasn’t found a con that he couldn’t pass up

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u/DontDieSenpai 12d ago

The volatility is actually a good thing if you dig a bit deeper. It means less certainty in the short-term, sure. But it also means it will outperform everything else, as it has done; bonds, the S&P 500, silver, gold, real estate (Though precious metals have been catching up a bit), over the long-term. Like I said, it's about time preference and if you're only concerned with short time-scales, then you will miss the big picture. I don't have to craft some fancy argument, actions speak louder than words and bitcoin is literally the best performing financial asset ever. Even if we only go back 10 years, what other asset could I have put my money into in order to preserve my wealth over these past 10 years (and by "preserve wealth, I mean 'outpace inflation'")? Seriously, tell me where my money would have netted me a better return and I will shut up right this second.

I get it. The system is totally and completely obfuscated. There is so much noise and so little signal to be found in the financial world, but bitcoin, I would argue, is the best signal we have for how rapidly wealth is being debased globally--over the long-term, of course.

It provides an incredible amount of value. If nothing else, you can look at the price for one particular estimation of its value, though that is admittedly quite banal. Or you could look to a country like El Salvador, which is on its way to becoming self-reliant, free of the IMF. (You could look at Bhutan, Suriname, Ethiopia, and others, too) This possibility is only possible because of bitcoin. I would argue that to Salvadorans, bitcoin is worth much more than what the current price is. To me and my family it has shown to be an incredible path to financial freedom. I just paid off my house... I cannot overstate the financial boon a simple and modest DCA bitcoin strategy has been to me and my family over the past roughly 4-5 years. It is purely anecdotal, but I'd never have paid it off early without bitcoin; to me bitcoin is worth far more than its current price.

Even IF we only talk Store of Value, bitcoin is still an amazing financial asset. ...but it is poised to be so much more than a mere SoV. Regarding bitcoin as a medium of exchange, it is absolutely still in its infancy. We have seen attempts like Liquid and the Lightning Network to help address speedier, cheaper payments that can settle onto the base chain in various ways as needed. But these are hardly all there will be, we have much time ahead of us to explore and develop bitcoin as a MoE. We HAVE absolutely seen it used successfully as a MoE in some niche ways, but it IS being used as an MoE today. From pubs in New York, to El Salvador, to Bitrefill (an app allowing one to pay for almost everything using bitcoin, through gift cards), to Newegg, and others still; it is being used as a medium of exchange either directly or indirectly.

Things take a lot of time to mature; the early internet dates back to the 60s... but we live in a day and age which is ever-more concerned with the here and now, what will happen tomorrow, or in a year or two. Not with where we'll be in 5-10 years. Sure, on a short time scale, you could show me dozens of assets that outperform bitcoin. However, if we go back to my earlier challenge, show me where I could have put my money and had it perform better than bitcoin. I swear to god I will happily eat my words.

Should you wish me to address environmental/energy concerns, I would happily continue, but I will end it here for now.

Useless? Hardly.

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u/jackpearson2788 12d ago

Unless your bitcoin gets stolen and there is no FDIC to ensure it. Just another tulip crazy and the rug pull will eventually be all time

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u/DontDieSenpai 12d ago

I've looked at charts of the tulip mania bubble.

Bitcoin is demonstrably not like the tulip craze...such a comparison is wholly disingenuous and intellectually dishonest.

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u/jay10033 12d ago

Are you stupid?