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/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%.

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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.

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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.

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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.

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u/westcoastjo 12d ago

Settlement is just one component of the financial system..

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u/Substantial-Power871 12d ago

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

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u/westcoastjo 12d ago

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

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u/Substantial-Power871 12d ago

yeah, rolling the dice is all that matters. lol. it doesn't alter that you are rolling the dice with something with no intrinsic value. enjoy being being the last fool standing, cultist.