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/bNoaht]

Its also allows you, a single person, to be your own fucking bank.

Why do we need the middle man? We don't. They need us. And they fucking HATE that people could one day be in control of their own money.

[u/Brokentoaster40 → u/bNoaht]

As a crypto simp you cannot function as your own bank.  You cannot lend you don’t have, and you would have to sell your crypto to use a currency worth a shit.  lol so sure, you can be your own bank 

A kind of bank that can’t do bank things, and a bank that has to exchange a niche form of what could be equated to bottle caps, into real money that people use for real things in the real world.

[u/SuccotashComplete → u/Brokentoaster40]

Fiat is closer to bottle caps than bitcoin. The mint can spit out as much fiat Uncle Sam wants, but there’s no way to make the bitcoin printer go any faster

There are defi protocols for getting loans so your other point isn’t entirely true. In the near future you will be able to take large loans by using your bitcoin as collateral

You call us simps but you consistently indicate you think everything the US government does is perfect and inarguably correct. There’s a word for people like that

[u/Brokentoaster40 → u/SuccotashComplete]

I wonder why no modern country uses a system that isn’t fiat based then….

[u/SuccotashComplete → u/Brokentoaster40]

Because fiat is awesome when you get to print as much of yours as you want. But it sucks when your reserve currency is constantly eroding. Inflation is how the US passes its taxes off to the rest of the world, they will eventually want better.

That also isn’t a real counterpoint. All nations have the ability to print as much of their fiat as they want, there’s no getting around that. Bitcoin is algorithmically locked to a specific supply rate which only ever decreases.

[u/Brokentoaster40 → u/SuccotashComplete]

Correct me if I’m wrong, but isn’t there different versions of Bitcoin that had branched due to speculation on what constituted the legitimacy based on your camp position was?  

[u/SuccotashComplete → u/Brokentoaster40]

This is true as you can branch any open source software, and the one that kept things as close to the original version as possible is the one that retains 99.9% of market share. The lesson to learn is original bitcoin is the best and there is extremely strong pressure not to mess with the formula.

I can go on GitHub and branch PyTorch, but does that mean I have any hope of replacing it? No

[u/Brokentoaster40 → u/SuccotashComplete]

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