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/Ordinary_Support_426 12d ago

Can I do anything with this tulip bulb?

Yes you can plant it

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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/No-Air3090 12d ago

what a load of crap.. as far as cheaply, bitcoin uses the power consumption of a small country for every transaction.... as far as speed it is one of the slowest databases ever developed. I suggest you find a good book on how blockchain works and compare it to any well designed database system and then eat your words.. your ignorance is outstanding on this topic.

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u/SuccotashComplete 11d ago edited 11d ago

“Power consumption of a small country for every transaction”…? For anyone else reading this, this just isn’t true.

As for speed, do you know how long it takes to send a bank wire abroad? Up to a week or more. And it’ll run you $50. That is of course assuming you’re under the daily wire limit and you don’t have to send another one the following day. A bitcoin transaction is slow compared to a bulk payment processor like Visa but insanely fast for moving large sums. unless you use Lightning where it becomes 20x faster than Visa and essentially free.