This needs to be a second amendment issue now!
White house says scammers gonna scam
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
The only real question is whether he is doing this to enrich himself, or because Putin told him to do it.
Cash is the worst asset. They have piles but they don’t have cash
So. America got bought by a vulture capitalist and they are selling off assets.
“Running America like a business”
Donald the felon trump, doing his best to rape every single American he can.
Dumb dumb dumb dumb
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.
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…
Fuck bitcoin. Let’s bring back the beanie-baby as a monetary standard.
Musk starts eyeing the old boxes full of them in his basement…
If we’re going to use something physical, we should use meteoric rocks that can’t be replicated on Earth.
The USA Pokemon Card Reserve.
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. 😅
I didn’t know lemmy had so many brain broken crytpo losers
Blocking monero.town was a great decision.
You can be sure this is about enriching himself and his broligarchs.
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
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.
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.
To be honest you can run the bitcoin only with paper and dedication. The algorithm could have existed 2000 years ago
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.
Don’t worry, if you can’t afford a computer to manage your crypto, your employer can manage it for you (for a fee)
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.
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
Bitcoin 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 they’ll pass it through a mixer on the way to boss Putin.
That’s correct. Bitcoin is pseudonymous, not anonymous. If you can find the identity of a party to any bitcoin transaction, you then can know about every transaction they ever made with that ID.
Which makes me wonder why the government wants to use Bitcoin.
Because Trump is a fucking imbecile, but thinks there’s an opportunity for a scam.
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.
limited resource
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!
So couple things:
- Bitcoin (and other cryptocurrencies) are certainly not untraceable. Public ledger means that all the transactions are publicly visible - if you can associate a wallet to a person or organization then you know where the money went, and there are businesses that specifically do that kind of research. Every single transaction ever is part of the blockchain record. Cryptocurrency is a terrible way to make a clandestine purchase.
- All currencies are made up (I know, real imfourteenandthisisdeep energy, but still technicallythetruth).
*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.
- Cryptocurrencies are still largely unregulated, and the crypto market has attracted exactly the kind of people you would expect to be most interested in unregulated financial transactions - scammers, thieves, con men, ransomware gangs, money launderers, and anyone who wants buy or sell CSAM, narcotics, weapons, DDOS-as-a-Service, and North Korea’s government funding crew. The crypto market is absolutely chock-full of criminal activity, so it’s entirely reasonable to assume that anyone who wants to participate in that market wants to participate in the crime.
- As you said, trading physical gold for digital currency is a stupid idea. It’s also uneccessary, because the FBI is already sitting on a collection of cryptocurrencies that have been confiscated through criminal investigations, including large amounts of Bitcoin. It is technically illegal right now for the US government to do anything with that, but that could be changed with a law. There’s nowhere else for that cryptocurrency to go anyway.
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 Eleven
untraceable
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.
Some of us didn’t know what it was in the first place
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.
