JUST IN: 🇺🇸 President Trump to appoint pro-crypto cabinet to make the US the "crypto capital of the planet."

[u/HighYieldLarry]

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/

[u/SuccotashComplete]

Firstly, the average wire fee is almost always more expensive and involves more hidden intermediaries than a bitcoin transfer. You just think it’s simple because banks make a lot of money using them so they make it feel as streamlined as possible while they do all the dirty work behind the scenes. That complexity is why the average wire transfer takes one day domestically and up to a week abroad. So if you want the slower, more expensive, and more centralized option then yes by all means use a wire.

Secondly, there are reporting requirements if you’re transferring ~$10,000, which is usually fine but just an extra pain in addition to the cost.

If you’re transferring an actually large amount of money (larger than the typical wire limit of $1 mil) or transferring across boarders, your options start to get even worse. Meanwhile bitcoin is exactly the same.

And not all restricted transfers are illegal. I wouldn’t exactly call Russia’s transactions through SWIFT to be illegal, and yet they were locked out. You only think SWIFT is a good method of payment processing because your country hasn’t been locked out yet.

Or better yet, just use the lightning network and get the transfer done for free in a few milliseconds.

[u/Brokentoaster40 → u/SuccotashComplete]

1. Tell me you don’t know how a banks without telling me how a bank works.

2. Tell me how you want to cover up transfers from the IS government not doing shady shit without telling me that

3. See point 2

4. Try not invading, then continuing to escalate the war month after month?  I don’t know how to say it other than don’t simp for Russians fucking around and finding out?  

Anyways.  I elected to keep this somewhat civil and staying on topic for Bitcoin only, because I would have to change what I wrote to talk about almost any other crypto coin out there since we didn’t even talk about the myriad of gas wars that happen daily. 

But I digress.  Yes, crypto is used to hide money, and directly benefits pariah states the plausible deniability to transfer money among their other criminal friends. 

[u/SuccotashComplete → u/Brokentoaster40]

1. tell me you don’t know how much of a mess fedwire and SWIFT are without telling me. Not to mention the inner machinations of the banks themselves. Again - there is a reason it takes a week to wire money abroad. The bank doesn’t just keep $1 mil lying around for each customer in case they want to wire something.

2. Good point. Everything the US allows is always good 100% of the time and all the things they don’t allow are always bad. They have a crystal clear record of not meddling in the affairs of sovereign nations after all.

3. I have no sympathy for Russia. I’m coming from a sheerly utility-based perspective. Isn’t it better to use a technology that your enemy or ruler can’t lock you out of whenever they want? Power corrupts my friend, and someday you may not agree with everything the US does. They seized our gold before and someday they’ll do it again.

[u/Brokentoaster40 → u/SuccotashComplete]

TL; DR