White House Says Gold Reserves May Be Used to Purchase Bitcoin
cross-posted from: https://lemmy.bestiver.se/post/289657
https://finance.yahoo.com/news/white-house-says-gold-reserves-213421472.htmlOpen linkView original on lemmy.world617
Comments187https://finance.yahoo.com/news/white-house-says-gold-reserves-213421472.htmlOpen linkView original on lemmy.world
What a great fucking idea. Let's take a physical limited resource mineral and trade it for an untraceable and unregulated made up currency.
Holy shit I'm gonna have a stroke.
If you want to reward your high profile friends so they can cash out with tangible assets before the whole currency or economy crashes, this is how you would do things.
Step 1: Put everything in crypto
Step 2: Economy crashes, society no longer has power or running water.
Step 3: Try to sell crypto but for some reason computer won't turn on.
Step 4: the rich that bought the gold uses it to privatize all water and power to get it working again, now becomes even more rich.
Don't worry, if you can't afford a computer to manage your crypto, your employer can manage it for you (for a fee)
So couple things:
*Edit - A silly caveat to this is that if the US government starts regularly transacting in Bitcoin, it would be very easy to audit... using blockchain means there's a built-in transaction record... anybody with a little bit of experience in reading the ledger could just track everything.
Other than that you're absolutely right.
It seems likely to me that a play to distribute gold from the reserve is about having an excuse to open it and take gold out, and disappear some of it in the process. It's a cover for a plan to rob the US.
Ocean’sGulf of America's ElevenBitcoin absolutely is traceable. Addresses might not be clear names, but all transactions are public. Which makes me wonder why the government wants to use Bitcoin.
Because the crypto currency industry spent an absolutely ungodly amount of money helping Trump get elected.
The government buying and holding Bitcoin pumps up the price of Bitcoin. This is just the other side of the quid pro quo. They got him elected, now he has to make them richer.
Because they'll pass it through a mixer on the way to boss Putin.
Literally every transaction is stored in a public ledger that anyone can read. That's not exactly untraceable. Eventually someone will convert the Bitcoin to regular currency, which then links the transaction chain to the real world. Transactions can be clustered based on accounts at exchanges, and often patterns emerge once you do this. This is how some ransomware groups are uncovered.
Everyone here is forgetting xmr.
Shhhh... Let them.
I know very little about crypto other than the theory behind it. What does XMR do differently?
It’s private as in it doesn’t trace, who sent how much to whom. It’s also really stable, but I’m not too sure how they do that.
Some of us didn't know what it was in the first place
If your problem with Bitcoin is that it's a made up currency then I have vers bad news about gold for you.
And all other currencies.
That plan is ludicrous for a lot of reasons but you chose to mention the only two that are not it
Gold can be created in supernovae and then found in asteroids.
There will only be 21 million bitcoins ever.
Who is going to fund the network security when the block reward is only 0.01 BTC?
The purchasing power of a block reward used to be a lot lower than that!
The looting of US treasure begins.
I thought the greedy little pig boy was on Reddit.
This reality is so fucking stupid. Let's sell something of value to buy something that is only valuable if someone really wants it bad enough.
To be fair, gold is the same. It's just more well established since it's been around much longer.
Not defending this shit, just pointing out that gold is also only worth what people are willing to pay for it. That's kind of how all markets work.
Gold works without energy. It doesnt oxidise or decay as other materials
Seriously when people say gold is worthless, what a joke. There is very little of it, as you mentioned it doesn't oxidize, it's the metal used in microchips. It ain't sea shells or tulip bulbs or Bitcoin, that's for sure.
I would agree for the case that we're truly in end times where nobody has anything and people fight over scraps of food, that gold might be worthless.
It's still your best bet for all other scenarios that don't involve you hiding in a cave and eating bugs.
And even THEN, gold is a shiny, pretty metal that doesn't oxidize like other shiny metals. So the tyrants of the apocalyptic wastelands will STILL want it for jewelry.
I think that's the moment you don't want to have Gold on you.
You think the end times are going to be characterized by no one having anything?
I think the end times is the short period before the end.
If it is sudden, gold does matter even less.
Did I say it was worthless? It's worth whatever people are willing to pay for it for its industrial purposes. That's it.
If I was starving gold would still be worthless to me, regardless of how it oxidizes.
With a bar of gold you can crush someone's skull in and steal their food. Try do that with Bitcoin.
You can use Bitcoin miners for that
Or feast on the delicious goo that comes out
horrific Viserys noises
If all society broke down and all currencies became worthless gold would still have value as it has intrinsic value due to its chemical properties. Bitcoin would be worth nothing
There are easier and cheaper means of exchange. Indigenous people all over the world had access to gold but used it for decoration and not trade.
Gold is pretty damn “cheap” to use as a currency it’s a softer metal with a lower melting point which allows it to be easily minted and then since its properties are somewhat unique it makes it harder to counterfeit without more complex technology. It is also rare enough that small bits of it can be used for currency so you don’t have to use something like the giant stone discs of yap. Some places used food for currency like rice or cocoa beans but those had too little value per unit of currency which made them annoying.
I really suggest you read Graeber’s “Debt” to get a more complete picture of how economies can work. It’s not all giant stone discs.
Plus there’s tons of ways gold can be adulterated. Devaluing gold currency is incredibly easy, as is shaving or sweating the coins to get your own gold.
Relevant Homer Simpson:
https://youtu.be/dgct3Jn8pFA
Which is why they airlift bundles of cash when there’s a famine and not, you know, food.
Gold coins are very filling
If you had gold and you are starving, then you deserve to die.
The difference is gold has carried high monetary value among human societies for nearly 3000 years while Bitcoin is a non tangible digital asset that's existed for less than two decades and remains incredibly volatile.
This comes across as another Trump scam. He's going to bankrupt the American government by siphoning public money to himself and other private entities and the American people are going to be stuck hodling the bag.
That, and gold actually has properties that make it useful, like not oxidizing and being a good conductor. It still has value even if it was otherwise worthless as a currency
If bitcoin was otherwise worthless as a currency, then it would still be useful for secure time stamps.
I guarantee his family and "friends" already own a lot of BTC.
Gold has value by itself, just look up it's applications in the semiconductor industry
Outside of money, PoW blockchains are useful for secure time stamps.
Why single out PoW? PoS also documents hashes immutably over time.
Because then people would have to admit that bitcoin isn't crypto, and PoS consumes something like 99.9% less power than PoW.
Because we're talking about value by itself, outside of money. So HashCash for emails is useful even if there's no money involved, but locking up a dozen Stanley Nickels doesn't cost anything.
Hey everybody, check out THIS metal, its all yellowy and pretty!
And it never rusts
And is malleable enough to allow for coinage.
So... I'm guessing the plebs get the cryptocurrencies. Which are backed by stablecoins... which are backed by tech grifters saying "I can cover it bro, trust me".
Meanwhile the elites will take all that worthless gold and dispose of it for us.
Bitcoin is backed by the price of coal.
For all intents and purposes, bitcoin is effectively minted coal.
That's probably a better way to put it yeah.
And as fucked as it is, it is a fact that this does hold value and is backed by it.
It's just a pretty shit thing to be backed by ethically.
But nonetheless, there is value in bitcoin, it's just best we don't encourage further investment in such a thing.
So it’s backed by climate change?
Yep. It's unethical but nonetheless makes the coin actually have tangible holdings, because it's actually impacting the real world.
yes but remember it artifically inflates so the amount of coal its worth is always going higher. You need way more coal to make one down than you did ten years ago.
Mr. Art of the deal-do is robbing you blind. No matter how this ends, he and felon will have stashed piles of you cash
Cash is the worst asset. They have piles but they don't have cash
The only real question is whether he is doing this to enrich himself, or because Putin told him to do it.
So. America got bought by a vulture capitalist and they are selling off assets.
"Running America like a business"
Well there it is. For anyone who believed that they were simply going to create a reserve to store already existing cryptocurrencies - that were confiscated by the federal agencies - and not spend federal dollars to bolster or hype up cryptocurrencies that are connected to the people in the administration, y'all are idiots.
I mean even that original plan would be fairly stupid. Law enforcement agencies seem to operate just fine with the current reserve of forfeited cryptocoins - I didn't read anywhere of the FBI/CIA/etc crying out for a central bank style 'strategic reserve' managed by the FRB to add more layers of bureaucracy.
The only place I can find in news cycles saying it's a great idea is a think tank entitled the Bitcoin Policy Institute who put out a report in late 2024 entitled "The case for Bitcoin as a reserve asset". Plus all the usual crypto bros begging for it to pump their positions. Gosh, I wonder if these parties may be biased.
Dumbest. Fucking. Idea. Ever
Well no its actually a perfect method of looting the treasury and handing all the country's future wealth to the billionaires now, making them trillionaires, and all in a way thats essentially impossible to track...
Fuck bitcoin. Let's bring back the beanie-baby as a monetary standard.
I see your beanie babies and raise you Pogs
I've got some old Magic: The Gathering cards.
They're pretty hot right now ngl. I'll take them (to play with) if you want. 😅
The USA Pokemon Card Reserve.
If we're going to use something physical, we should use meteoric rocks that can't be replicated on Earth.
Musk starts eyeing the old boxes full of them in his basement...
Copying my comment from this same story, other thread on another instance/community:
...
These actual mouth breathing morons have no idea what they are even attempting to describe.
...
https://www.federalreserve.gov/faqs/does-the-federal-reserve-own-or-hold-gold.htm
https://wikipedia.org/wiki/Gold_certificate_(United_States)
...
The Federal Reserve doesn't actually own, nor physically possess, any physical gold, that they could just sell off or speculate with.
When FDR outlawed gold private ownership in 1934, all physical gold was handed over to the US Treasury, and the Federal Reserve (and other banks) were given gold certificates, valued at $42.22... per ounce... a set value that hasn't changed, and is used for the Fed's modest valuation of its previously held gold reserves... which are utterly insignificant and dwarfed by the other assets it holds.
(This isn't super current, but it gives you an idea. Light blue is gold certificates. Its a one pixel thin line at the bottom. The overall balance is even more huge than this now after Covid, and Gold Certs, even if they were revalued from $42.2222 to the current market rate, would basically be small, it would go from about 10 billion to 750 billion, when the Fed's current total assets are about 7 trillion)
About 5% of the US Treasury's gold is held at the New York Fed, but the Fed doesn't own it, it's just there because there is a vault there. The rest of the US's gold is physically held at Treasury operated locations.
...
What the Fed does own are Gold Certificates, back from 1934, which are still valued at the old $42.2222 price, in terms of the Fed calculating its own balance sheet.
To... have the US gov... order the Fed to sell off its gold certificates... that's not a thing the US gov can actually legally do, not without asserting total direct control over the Fed, and thus basically instantly making its existence pointless...
Again, to repeat, the US government cannot legally command the Fed to sell off its gold certificates, the Fed cannot legally sell its gold certificates, nor could said certificates be legally exchanged for actual physical gold from the US Treasury.
This would be approximately analagous to the US government ordering a corporation to sell off its own capital assets and then just sending the money from that sale to a government account.
It is expropriation.
For this to be any kind of legal, they'd have to repeal or greatly amend ... at least the laws that established the Federal Reserve, and the Gold Reserve Act, likely many more... or basically do a whole bunch of rat fuckery to get their own people in positions on various Fed Reserve boards, and possibly prevent other people on Fed Reserve boards from actually voting on motions.
This would amount to basically performing a coup on the US's central banking system, and putting total control of the monetary system within the Treasury.
...
This would upend the century old bedrock of the US's financial system.
Now, I am no full, uncritical advocate of the Federal Reserve system in its current form... but this is what it is, a complete usurpation of the US's existing monetary system, which would then be put in charge of the astoundingly incompetent current administration.
This is how you get hyperinflation.
This is quite literally fucking with the money at its most fundamental level.
This is how you speed run destroying the USD as the world reserve currency.
...
tldr;
This isn't only stupid in the sense of 'sell gold to buy bitcoin' is a dubious investment strategy, it is particularly stupid in that if the actual pursued strategy is 'force the Fed to sell its gold certificates'...
(to who? its not legal for any private entity to 'purchase' them at the market rate for gold, nor is it legal for said hypothetical purchaser, not even the Fed, to actually redeem them for physical gold, nor is it even legal for the Fed to sell them even of its own accord!)
... then that method blows up the entire concept of a legally defined, semi-independent Federal Reserve, and that then blows up the entire basis of the US monetary system.
Ah, so they are coming for the federal reserve as a whole. Makes sense actually, Trump wants that money.
... Its possibly actually more concerning than the idea that the giant orange man baby has access to the nukes and that Elon fired all the people in charge of... you know, maintaining and guarding the nukes.
You can cause almost as much damage across the country and entire world by giving an idiot the keys to the USD money printer, and its a lot easier for an idiot to do that damage via monetary debasement than it is for them go DEFCON 'time to kill everyone everywhere spectacularly' with the nukes.
MAGA doesn’t hear you. MAGA don’t care.
You don't have to tell me, I know.
Thats why I'm ... vent-splaining? on lemmy.
I haven't talked to my MAGA father in almost 3 years now. He fell all the way down the QAnon rabbit hole, and ... is just delusional, just insane.
I spent literal years, years going through every single nonsense belief he had, showing him its actual origin, explaining in detail, tracing the entire evolution of the story from proximal exposure to root source.... that its always either entirely baseless speculation, often based on no actual evidence, or a wildly spun out of context story that leaves out 90% of the important details and context, just focusing on a highly misleading cherry picked narrative.
It doesn't matter. He picks up insane nonsense and instantly believes it 10x faster than I can debunk it, he lies and says he's not reading some non credible news source for a month and then comes at me with a story he only could have gotten from that news source, when you actually corner him in an argument he laughs and instsntly switches back to some other insane nonsense I already debunked months ago but he forgot about that.
Talking to a MAGA person is worse than talking to a wall, its talking to a zombie who is only decaying in the brain, a cult member thats in denial they're in a cult.
Ah buddy... Ah shit. You're smart and I value your infodump/vents. This one was pure hell. I need a lie down.
Thanks. =)
Enjoy your ... entirely restful lie down... Brave Little Hitachi Wand.
lol
Now ladies and gentlemen I will astound you with demonstration of my mighty mystical methods. Right before your very eyes I will make this gold disappear. Not just to your eyes, not just to thin air, but such that it will only be a logical concept of worth. One, two, three...............
Curiously, thanks to Trump Gold has been breaking record after record on the upside since January - you see, Gold is the ultimate "oh, shit" form of wealth storage because it's its own "currency" (so if traditional currencies lose value gold just goes up in those currencies) so people flock to it in situations of high Economic uncertainty, and Economic uncertainty is the only achievement of Trump's Administration.
It's probably another pump and dump.
I am guessing that Musk will create a Muskcoin, and offer to 'sell' it for a preferable rate to the US government. Coincidentally, the Muskcoin uses the X Everything platform for all transactions.
With each day that passes, I am becoming more convinced that shifting 99% of my money into Euros is the right call.
How much money do you have? At the current state of affairs the best possible investment is to buy pallets of ammo and crates full of AR lowers.
Many times more than $500, but far below $100,000. In any case, I am thinking that if WW3 starts up, I can buy war bonds from the places that oppose Dogey America. Probably fiscally safer and more effective than buying ammo as an individual, since states can do better bulk purchases and negotiations with that money. Hopefully my neck of the woods would disobey Trump orders to outlaw the purchase of foreign war bonds.
I am not even talking about a war scenario. The college near me has guest finance speakers and once in 2006 they described how a few investors were renting warehouse space and buying bullets as a hedge and ar lowers as a speculatory investment with little downside. I am assuming they must have made a killing I'm profits.
You need a sizeable amount of investment money to do it at a scale where storage costs don't eat into your profits though.
I know an old hardware store, the kind that is about half the size of a Home Depot. That building and the lot around it has been empty for nearly a decade by now. Aside from likely being dilapidated from not having humans, it should be a pretty good building for stowing gear. Hopefully, my Euros when converted into dollars will be able to buy cheap real estate for a good cause.
touches nose Why risk your money on gold or silver when you can invest in brass? Pretty good odds on another spicy summer in America.
Yeah, until fElon "enters the chat" on the EU situation just like he has in the U.S.
I've never been this high
A purchase shortly followed by one of the biggest bitcoin and market crashes in modern times.
So Trump wanted to get the gold from fort Knox so he could hand it over to Chinese hackers?
North Korea is more famous for that
https://en.wikipedia.org/wiki/Bo_Hines
Call me a traditionalist, but it seems to me that if you're going to be advising the President on digital assets, it'd be nice to have an economics background.
None of the rest of Trump's cabinet have any qualifications, so why should this guy?
Just to add, he is a lawyer. He did politics to law pipeline. And yeah there's typically no economic requirement to that like there would be with other political science paths.
BWAHAHAHAHAHA Genius. Step 1: Buy Shitcoin with actual gold (the most stable wealth storage)
Step 2: Bitcoin price rises
Step 3: Sell all your bitcoin, rugpull the entire thing
Result: You have now robbed Fort Knox. Legally.
Make America Great Depression Again
nah, they're just bringing back the roaring 20s!
It’s about at this point where I stop being snarky and stare in fascination
I had a hard time putting my reaction into words... thank you.
I didn't know lemmy had so many brain broken crytpo losers
Blocking monero.town was a great decision.
I don't know why so many commenters think this is just a joke or funny. They're talking about stealing the wealth of America to give to their rich friends directly through Bitcoin scams. That's what this will be. Giant government-funded pump and dump for their rich fascist friends.
It's worse because as described in the largest comment in the thread the Federal Reserve is not the US government's wallet. And there is no mechanism for them to "just sell gold".
It's yet another thing that sounds vaguely feasible only if you know absolutely nothing about any of the systems in place.
The wealth of America isn't in a bunch of yellow rocks piled up in a vault in Kentucky. We're dismantling the NIH. We're dismantling the NOAA. We're dismantling Medicaid and Medicare. We're dismantling the entire higher education system.
If this was a four year long bank robbery, I wouldn't give a fuck. It's the destruction of our scientific and health care communities that has me gaping in horror.
It's wealth owned by the American people right? I didn't say it was the only wealth.
Step 1 - Break numerous laws to sell gold.
Step 2 - Sell gold to fellow cronies for cheap.
Step 3 - Use gold money to buy bitcoin to drive the price up.
Step 4 - Sell bitcoin when price is high.
Step 6 - Bitcoin crashes.
Step 7 - Profit for Trumpy and his cronies
Ah shoot I made the same comment without realizing that was already done. I'm glad there's more people immediately understanding the robbery in progress here.
LOL.
Donald the felon trump, doing his best to rape every single American he can.
The biggest pump and dump scam of all time?
So personally, I think the government should have some, but I don't specifically think selling gold for it is the right idea.
Everyone seems to be on about how this is just about cashing out his buddies, but what I'm worried about is these dumbfucks won't know how to properly secure it or won't properly secure it and itll get easily stolen, or they'll outright steal it themselves.
Like they just used signal to talk about bombing Yemen and included a journalist on it...
So while I think it's not a bad idea to have some, it's fucking terrifying that Trump is doing this and can influence it.
I don't think the government should have ANY, regardless of how the government purchased the fake assets. It's a fucking terrible idea for exactly the reason you described. The government should not be involved in such a high risk, unsecured, volatile, ridiculously easily stolen venture.
Agreed. Its also a direct competitor with every countries sovereign currency... So why would help it?
When there's a disruptive force, you have a few options
try to kill it so it can't disrupt
do nothing and be disrupted
dip you toes in, so if disruption happens you aren't blindsided and can hopefully wade through it
take a chance and swim in it so you can be on the leading edge of that disruption.
They've kinda tried option 1 but failed.
Option 2 could lead to long term consequences
Option 3 leaves them prepared but not overly exposed
Option 4 would be pretty risky
So really, option 3 is probably the best bet given option 1 hasn't been working.
It's bitcoin, the only thing it's disrupting is the pyramid scheme space. It's too volatile, too expensive(transaction fees), and too slow to be a useful currency. There is no reason for the government to buy in to a speculation bubble.
I'm not going to try and convince you on the merits of crypto, but it can be secured so it isn't "ridiculously easily stolen"
I just don't think Trump would do it.
Edit: Just to give an example - you could make it so you can't use the money without 100% of congress (house and senate) and the president authorizing it. It would be so secure, you'd probably never be able to use it ever again.
How do you think they're going to transfer the money on a more mature coin? Oops, we lost the keys.
Oh look Putin and Thiel randomly managed to find the keys to America's Bitcoins.
Hey Putin,
We'll give you some more gold to get it back, say $0.75 on the dollar so you get a finders fee?
Putin - Sounds great!
two weeks later
Shit we lost them again, Thiel seems to have them this time, maybe he'll give them back to us for $0.75 on the dollar as well!
Why should they have any?
Why does any government invest time or money into new and evolving things. To stay up to date, be ready for change, and see how that new change can be of benefit.
Bitcoin isn't new. It's almost 30 years old at this point. You don't need to purchase any substantial amount of BTC to understand how it works. One can simply read the research papers and understand crypto (or pay people smart enough to do so). Also laughably the US government already has billions of dollars in BTC because it holds the funds it seized from criminals.
We don't need to buy ANY.
What the actual fuck. If you trade gold for bitcoin, you no longer have the gold. Budget neutral my ass.
But imagine you sell the gold but you keep it. Bam budget neutral.
So they want to trade something that is almost always worth a lot for something that is sometimes worth a theoretical shitload or less than a loaf of bread, depending on the day?
Brilliant, very good. Nothing stupid will come of this I'm sure. /s
Kinda makes trump the most relevant libertarian
Trump has already made it clear that he's a Russian asset. The only question that remains is if he doing their bidding knowingly.
How would he go about transferring wealth to Putin & pals? He can't do business with them, because sanctions.
Russia already owns 12% of the world's crypto.
Trump can inflate their value by pulling shit like this.
Russia: profit.
There is speculation that a secondary goal here would be to weaken the US dollar as a defacto exchange currency standard worldwide if Bitcoin were to gain prominence.
That would be highly beneficial to certain "very good friends" of Trump like Putin whom would much prefer an unregulated currency that the US cannot impose controls over when presidents change.
It's not really speculation that they want to weaken the dollar and dethrone it as the world's reserve currency; it's in Project 2025. Stated goal is to transition the US back to a manufacturing-heavy economy, instead of service, tech, finance, etc. Probably won't work well, but that's what they're trying to do.
Would it surprise you if the Russian state turned out to be Satoshi and holding on to all those early mined blocks?
It would very much surprise me if Satoshi turned out to be Russian (is that what you're asking?). His whitepaper proposal is written in very fluent English, as are his other communications on SourceForge etc, also Russians are not known for their technological entrepreneurial aspirations - at least not for the last ~40 years.
To be honest I would not be surprised if whoever Satoshi is has died, rather than craftily holding onto the early minted blocks. Only time will tell if they ever get transacted.
I wouldn't think it's one person. More like a state-funded project. I'm not really a conspiracy theorist, but it feels like russiayhas been playing some good 4D chess lately. Feels like the pieces are falling into place for a revelation like that.
Gotta give Russia the liquidity to exit its BTC positions if the war and sanctions will soon be over.
I hate that they even say this shit... Like I get this is just a blitz of information in the attempt to overwhelm us, but goddamn is it manufacturing anxiety. Wasn't it investing 101 that uncertainty is bad?
Me too. It's overwhhelming on the face of it, but now with the added bonus that they are provenly quite capable and willing to put such brainfarts into action.
Sometimes I think: "don't fall for it, the outrage is the point!" but then I think: "that just makes it easier for them to get away with it!"
I figured the owner class/military industrial complex pulling the levers would be most pissed about all of this and attempt something, but the market isn't super crazy and the only resistance is leftwing grassroots, which isn't neo-lib.
Just when you think the clown car is full, that there is no way they will get another clown in there, clown world manages to cram another in.
Again.
This smells like 1929.
Only a few years to go!
The One Piece is real
The correct thing to do is ban all the digital coins.
All they used for is tax avoidance. While raising electric bills
Decent digital currency wouldnt use much electricity and would stop hyperinflation occuring in countries experiencing extreme issues. Being that taxes are standardly on income and sales, where is it you are saying they are dodging taxes? (Bitcoin isn't a good digital currency, but neither should a decent one be run by the country)
Which one is decent?
They all are based on ideas that it takes a lot of resources to produce it
Ethereum is probably the most well-known of the ‘proof-of-stake’ cryptocurrencies, which don’t require massive resources in order to generate/validate transactions. It made the switch back in 2022 I think?
Ether doesn't use power (or like, very much) and it's what a lot of other chains are based off of.
Why do I need it for? Drugs and porn purchases?
I know this is old news, but how good would it be if they pissed a whole bunch of gold away on BitCoin and everyone dumped, tanking the price, and losing the US trillions of dollars.
I mean good from a theoretical way, it would be absolutely devastating for the state of the world.
they're going to buy bitcoin from russia, probably.
The North Koreans have quite a bit too.
Maybe Lil Kim is fencing it off like a crackhead with a bag full of loose PS4 games in Cash Converters.
So then, hypothetically, if they do this and we get hit with an EMP or a huge solar flare we will literally have nothing? I know it's a little "tin foil hat" on my part, but I like to live by the rule of not putting all your eggs in one basket. I know this is an excuse for them to do a whole bunch of shady shit and destroy shit from the inside, but a random Internet stranger shouldn't have a better grasp of national security than the president. Like, if this doesn't set off red flags for you, you are either incredibly stupid or you think this will pay you out in some way. (Spoiler: it won't)
Even my 70 year old mom knows this is a stupid idea and she doesn't even know how to reset a router.
doesnt have to be an emp or solar flare. one malicious actor getting access to the wallets is all it takes and far more likely in my view
Guess i went too big for something that could fail incredibly easily.
To be honest you can run the bitcoin only with paper and dedication. The algorithm could have existed 2000 years ago
If they actually know what they're doing, then they can secure against EMP very easily.
But they won't know what they're doing.
Huh, right wing dipshits have been buying gold from hucksters for decades now. I'm assuming this sell off would devalue gold somewhat. It'll be weird seeing consequences of this if it happens.
The US don't have a lot of gold though
Let's just send the gold to North Korea and skip the middleman. /s
Recently pardoned Dread Pirate Roberts will be appointed the head of the Department of Internet Currency Keeping.
He's the best at bitcoin.
Undoubtedly he'd resign or get scapegoated though, and truck will need to find and appoint a new DICK head.
You can be sure this is about enriching himself and his broligarchs.
They don't. It's being floated. Trump said he's going to create a reserve. Not an official act yet.
They already have some digital currency that was acquired mostly by civil forfeiture.
Apparently, it does, as an act of E.O. that whole line concerns me - that they'll use the budget to buy bitcoin while laying off workers and cutting social security.
The Orange Turd is such a genius.
Sounds like a good way to lose money.
Simon Gruber wishes he had this much gold.
Assume this is out to deflect from the War room signal story.
Dumb dumb dumb dumb
Some real emperor's new clothes shit right here. At this point we should just put a slot machine on the flag
White house says scammers gonna scam
This needs to be a second amendment issue now!
Relevant Onion News
Or chicklets if they don't have change. But you watch out, if you come back home with chicklets your mom and dad are gonna be pissed. So best to chew them before getting home.
NASA might go rogue and take them for themselves. Not over their specialty helmet visors! Imagine if NASA did an oceans 11…..
America has gold reserves?
Yeah, um, most countries have already traded theirs for other, more profitable investments.
Which countries are you talking about? Pretty much every country with a notable economy has gold reserves of some size.