Donald Trump - if elected - will establish a Bitcoin Reserve

X ^ | July 28 | Disclose TV

[RandFan]

@disclosetv

JUST IN - Trump, if President, pledges to form a Bitcoin Reserve, using 210,000 Bitcoin seized by the Department of Justice, as the core of a new “Strategic National Bitcoin Stockpile.”

[VideoDoctor]

Strategically this may be a significant BACKUP MOVE to keep the DEEP STATE from crashing the dollar and breaking the U.S. economy.

[Socon-Econ]

That’s it EXACTLY. The beauty of bitcoin is no national government can stop it and no national government/central bank can manipulate it by issuing more. Nobody can control it. Its decentralized.
************
A few problems:

1.Governments can indeed stop bitcoin by criminalizing or taxing its use.

2. And who ultimately controls the supply of bitcoin so that it will expand in proportion to the need for currency for transactions?

[Thorium90]

BRICS+ countries intend on creating a currency backed by a conbination of gold and a basket of national currencies, and maybe oil.

This “unit” will rival the US dollar.

I wonder if this is Trump’s response to that where the American dollar is backed by BTC and gold (do we still have any?).

If this is his plan I think it is a smart one.

[FLT-bird]

1.Governments can indeed stop bitcoin by criminalizing or taxing its use.

This has been tried multiple times by China. It has failed miserably every time. If even the CCP can't ban it (and make it stick) in China you know its simply beyond the power of any national government.

2. And who ultimately controls the supply of bitcoin so that it will expand in proportion to the need for currency for transactions?

Nobody ultimately controls it. There can only ever be 21 million bitcoins. That's it. That can never be changed. There will never be more. Contrary to an earlier claim in this thread, no, it cannot be "hacked". The Blockchain is an open ledger. Everybody can see it. This is also why the claim by some out of ignorance or downright lying that Bitcoin is preferred by criminals is simply wrong. Bitcoin is transparent, unlike cash. If you wanted to be untraceable, Bitcoin would be the last thing you would use.

[RoosterRedux]

Why don't you explain how the bitcoin miners control the processing of transactions and how much power they exert over the system?

Are bitcoin miners legally liable for their misbehavior? What if the miners convert all their bitcoin holdings into other assets and then go "on strike" (i.e., stop processing bitcoin transactions or demand higher transaction fees)...what happens to the bitcoin system?

[RoosterRedux]

But who controls and maintains the peer-to-peer system? Transactions are processed by miners, are they not. Who controls the miners?

I'm not saying there isn't value to the bitcoin system, but it appears to lack a system of checks and balances that, in the end, would be enforced by a legal system. In other words, it appears bitcoin owners don't have legal recourse in the event the system is hacked or intentionally broken.

And in my experience, I have yet to come across a system that is perfectly unbreakable, particularly when there's money to be made from breaking it.

[Jumper]

No one will bother to read the “founding documents” in this case, or the USG. The few who do will at least know what they read because it is simply stated in it’s complexity.

Thank’s for the link.

I started mining Etherum in December 2017. Spent about 65K on mining equipment (Computer equipment and electric), and made 99K at the time each amount was transferred into coinbase. I have put another 107k into my profolio - I took two BTC for each kid, and made 12k in purchases, and pulled another 137k from the profolio to recoup my initial 65K investments. Today, I have 4 BTC for the wife and I, 200 Solono and maybe 5K in a few other coins.

Bitcoin and Solona are the only crypto I consider safe investments. Etherum will probably remain solid. The rest of the thousands of coins are for the most part gambling schemes, which after the first few months or year(1) will never do anything beyound the Bump.

[Right_Wing_Madman]

Who controls the miners?

Nobody. The production and accounting of Bitcoin is decentralized. That's the whole point.

[Socon-Econ]

1.Governments can indeed stop bitcoin by criminalizing or taxing its use.
......
This has been tried multiple times by China. It has failed miserably every time. If even the CCP can’t ban it (and make it stick) in China you know its simply beyond the power of any national government.
**********
Sure, a small number of bitcoin transactions in China probably escape detection. But large scale commerce needs to be conducted openly. What do you think would happen to a business in China that openly operates by using bitcoin in defiance of Chinese law? And what if the EU banned bitcoin use?

[RoosterRedux]

Transactions are processed by miners aren't they...hence the transaction fee paid to miners? And the system is maintained by miners, isn't it?

Here's how I understand it (I admit that I might be wrong BTW). Where am I misunderstanding the process?

When a user initiates a Bitcoin transaction, it is broadcast to the Bitcoin network. The transaction includes information such as the sender's and recipient's addresses, the amount of Bitcoin being sent, and a transaction fee.

Once broadcast, the transaction enters the mempool, a pool of unconfirmed transactions. All nodes in the network have a copy of the mempool and can see the unconfirmed transactions.

Miners collect transactions from the mempool to include them in the next block they are attempting to mine. They prioritize transactions based on the transaction fees offered. Higher fees are more attractive to miners since they maximize their earnings.

Miners create a candidate block that includes selected transactions from the mempool.

Each block has a maximum size limit (currently 1 MB), so miners must choose which transactions to include based on their size and the fees offered.

[RoosterRedux]

Isn't mining becoming increasingly centralized due to economies of scale...with large mining pools and companies dominating the hashing power. Doesn't this centralization reduce the decentralized concept you speak of and increase the risk of a 51% attack.

Let me repeat, I am not saying bitcoin doesn't work. I'm just trying to find weaknesses in the system.

[Right_Wing_Madman]

Transactions are processed by miners aren't they...hence the transaction fee paid to miners? And the system is maintained by miners, isn't it?

You got it. The Bitcoin transaction fee is about $4 right now.

[subterfuge]

The way I see it the dollar is being “weaponized” against the American people.

[RoosterRedux]

My confusion is that the bitcoin systems seems to depend on an "ethos" that would prevent a group of miners (even a company) from damaging or undermining the system because their revenues would decline.

But that dependence on an ethos overlooks the fact that some humans don't give a damn about an "ethos" or the system and would be willing to destroy the system for profit.

[airborne]

I bought bitcoin back in it’s early days. I fluctuated around $1,000.00.

Bought low and cashed out at peaks. Made some decent profit.

Then government stuck their nose in the tent and decided to tax it. That’s when I got out.

Looking at where bitcoin is now ($67,778.00) , I wish I had held on to a couple of them.

[AndyTheBear]

Doubt BitCoin will ever be stable enough in market price to function as a currency. But hey, if the feds have seized some already, it seems harmless to call it a reserve.

[caddie]

This is the correct answer.

[CodeToad]

Politicians say things. They don’t always mean them.

[GranTorino]

Strategic oil reserve first.

[GranTorino]

That’s right.
If the power goes out, money may be the last of our worries.