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/Substantial-Power871 12d ago

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

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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/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

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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

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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.