Oddbean new post about login | logout Okay so where do the coins come from? Confiscation, taxation and inflation? Having the government pump your bags won't come without a cost, just like having the government do anything! https://cryptobriefing.com/bitcoin-reserve-asset-following-trump/
One way to look at it: They are going to spend the money anyways. Via inflation, taxations, theft. Arguing they shouldn't spend is pointless. Never going to happen. Arguing they should at least spend some of it on a valuable global asset for the future of the security of the nation seems better than a shitload of $35,000 toilet seats.
I'm not arguing that they shouldn't spend, they can do what they like its their currency to use, and they're not going to stop inflation ever, I'm just asking how they plan to get the Bitcoin? One would be to go compete with the market and mine and secure the network, but why do that its hard, its complex, confiscation and taxation would be a lot easier Buying up with inflation is a possibility, but there's so many programs that will want their piece first I doubt that the 35k toilets still don't happen even with an SBR, I think if they do do it via inflation its just a tacked on expense to everyone using fiat
Perhaps. It's also peanuts to them. They could buy saylors stock in 2% of a normal monthly bond auction.
The government already holds a lot of Bitcoin already, from the Silk Road confiscation. Who knows, maybe they'll print more dollars and buy more. Better they do that than give it to some foreign country.
Sure they're always going to print more dollars, and if a SBR does go through, how much could the public stomach going to the reserve, vs all the other promises and programs? The general public might not be so sold on pumping bags and enriching bitcoin holders vs saving x and y
How about cutting government waste…. Department of government efficiency , shave 2 Trillion off, put it into Bitcoin.
Lol what is considered waste? I mean we can go to town here and chop off a lot of things that can be privatised if that's the mandate If its privatised does the government really need a SBR in the first place?
👏 I haven’t heard anyone talk about the unintended consequences of this policy. Every is like NGU yay! 🤔
Me too, I'm just asking questions here! Who will be hodling the keys? How do they protect those keys and the key holders? How are keys passed on from administration to admin? Will the funds be used for anything or is it just to have a stake bigger than another country as a flex?