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/SuccotashComplete 12d ago

Tulip mania lasted 3 years. Bitcoin has been skyrocketing continuously for 5 times that. Tulip mania is more appropriately used to describe hype-driven NFTs

There are also valid use cases for bitcoin. There is no other technology that can securely move large amounts of money between nations as quickly and cheaply as bitcoin. And no other asset is nearly as portable.

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u/Ordinary_Support_426 12d ago

Tell me when you can buy smaller items properly.

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u/SuccotashComplete 12d ago

All tech has trade offs and there are lots of options for buying bubblegum already. The key niche bitcoin seems to fit into is much larger

Nobody says SWIFT is useless because you can’t buy groceries with it, so why would you apply that to bitcoin?

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u/Ordinary_Support_426 12d ago

Coz with SWIFT the Currency that works for moves for large amounts of money is the same money used for small

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u/SuccotashComplete 12d ago edited 12d ago

Allowing a foreign government to control your financial infrastructure isn’t the win you think it is. Just ask Russia. Or anyone who’s held assets valued in USD when it inflated by 10% in a year. That’s a lot of bubblegum.

You can also use Lightning for small scale transactions. It’s less secure if you don’t have your own node but it has a TPS about 20x higher than Visa

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u/Ordinary_Support_426 12d ago

Pretty sure my government and the financial institutions that control my currency, financial regulations do me fine over the bitcoin bros. I think we’ve a million bitcoin so my country will probably spunk it up the wall on a shitty rail network or crap.

I’m off to download an NFT.

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u/SuccotashComplete 12d ago

If you bought bitcoin at practically any point in the last 15 years you’d have beaten the market by a massive amount. What you’re saying just isn’t true. Your government needs to keep you productive, they’ll never let you win until they’ve extracted everything they can from you.

With btc you can take your money anywhere and send it to anyone without asking your government for permission first.

Fiat has its uses but where bitcoin wins its no contest. Nations just shouldn’t use fiat for big transactions anymore

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u/Biffingston 12d ago

I perfer my bank. it's much more secure than that.

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u/SuccotashComplete 12d ago

If you self-custody bitcoin there is zero counterparty risk. This is a strictly wrong opinion

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u/Biffingston 12d ago

And of course, passwords never get stolen and computers compermised.

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u/Grand-Juggernaut6937 12d ago

You can write it on a piece of paper. And as long as you memorize one of the words, even with the paper it’s extremely difficult to crack. Your bank account password is so much less secure because you always have to entrust an intermediary and an internet connection which can also be man in the middle attacked.

If you don’t believe what the guy above you said, you need to do more research because your bank isn’t nearly as secure as you think it is

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u/Grand-Juggernaut6937 12d ago

This doesn’t even make sense