Posted on 05/01/2025 4:30:45 PM PDT by EnderWiggin1970
Eric Trump talks to World Liberty Financial’s Zach Witkoff and Tron creator Justin Sun about how the institutional banks will be left ‘in the dust’ if they fail to embrace crypto.
On May 1 during Token2049’s fireside chat session, Eric Trump opened up about how he and his family were “canceled” by the modern financial system, which led him to discover the world of cryptocurrency.
“Modern finance is absolutely broken. And so when the banks came after our family, I’ll never forget it, we became the most canceled people in the world all because we’re associated with politics in the United States,” said Trump on the Token2049 stage.
“And honestly, I really do believe that cryptocurrency, and certainly our venture into cryptocurrency, is going to make the big banks regret that,” he continued.
He criticized how financial institutions like banks are still moving at a relatively slower pace compared to crypto firms. Trump used the process of applying for a loan at a bank as an example, as it usually took 90 to 120 days for it to be processed. Meanwhile, blockchain technology makes it possible for people to move large sums of money while making it public and accessible for all to track.
“They’re pushing paper forms out there, things that could be done on blockchain instantaneously, things that could be done cheaper, faster, and more efficiently,” said Trump.
(Excerpt) Read more at coinmarketcap.com ...
For those who have Big Money at their disposal.
IOW, definitely not me.
Which will lead to you cannot buy or sell without the mark.
Definitely not me either.
Just the opposite. Private decentralized cryptocurrency like we have today (Bitcoin, ethereum, solana, etc.) is anti-censorship because no one can block you out or censor your transactions. What you have in mind is the precise opposite of cryptocurrency, a centralized system in which authorities have control over what transactions are allowed or disallowed. Banks, credit card systems and corporate systems like Apple Pay and the like are all examples of these systems. So don’t go in precisely the wrong direction if that is your concern. That was one of Eric Trump’s points in fact!
You can sign up for crypto accounts for free, and if you hunt around you can find faucets (which hand out small amounts of cryptocurrency for free) for many smaller cryptos that are trying to gain visibility. It takes no money whatsoever to switch over to cryptocurrency. (Granted there are many services that charge a fee for convenience or prey on people’s ignorance, but if you are paying much to a middleman you are doing crypto all wrong anyway.)
Even Gronk know that not real money
What backs up crypto? Gold? Insurance? Taxing power? Or blind faith ?
I sure didn’t know that, about free crypto in some instances. Well now, time to do a little fact finding!
Thx.
These are the guys who scammed people out of billions right before the election.
Eric Trump has done more to set Crypto back than the SEC ever did.
Not a chance, it’s more like water than currency.
Yes this is going to morph into the quantum financial system at some point and all of your financial transactions will go directly from you to the party you are sending payment to. It will be unhackable and totally private. No bank in the middle.
If you are knowledgeable in this area you probably know that various government are proposing hardware “shut down” switches to the components involved in computers so they can sabotage crypto if needed.
These proposals are not likely now—but imho if crypto became a serious threat to those in power they are likely to be implemented—in secret of course.
A great discussion of this and related issues (by folks who are in favor of crypto):
That is where we want to get to...
Crypto itself gives me a bad case of the jitters—I have zero confidence in any of the players in that realm.
They can propose the moon turn pink for all we care. Do you understand how cryptocurrencies like Bitcoin are governed? Governments can't do squat except ask nicely. And for something like this we will laugh in their face and ignore them.
What makes anything money is basically this: that if fulfills all the characteristics of money better than most or all alternatives, such that it is useful for the purpose and, at the same time, lacks any fatal flaws.
So why has Bitcoin succeeded without government backing (rather the opposite), or insurance etc.? Simply put it is a better form of money. It cannot be counterfeited. It is politically neutral and governed by consensus at the grassroots level. It is scarce (unlike government money that can be created on a whim). It is fungible. Your transactions cannot be censored or reversed. You can send it around the world safely, quickly, easily and cheaply. The last criteria that it needed to meet, widespread acceptance, is being achieved with each passing day.
Crypto is simply a tool for nimble traders. Bitcoin has fluctuated between dropping to half value and doubling all during the same year. I do not call that a reliable or stable currency. If 10% of my assets were in crypto, I would need sleeping pills.
I used to spend $25-65 to send wires internationally. I can send crypto for less than $1.
I couldn't send wires to dissidents in places like Cuba. With crypto I can send money anywhere.
With online stores that accept Bitcoin I don't need to mess with fiat exchange fees as I go from one country to another. And crypto exchanges cost me around 0.1%, far less than I get messing with fiat exchanges most of the time.
With Bitcoin I can have confidence that it will remain scarce and be around in 10 years. I have no such confidence in the dollar over the same timeframe, much less any other fiat. They are not scarce and the motivation for political leaders is to constantly debase them. With decentralized crypto the motivation is the opposite - those of us who 'control' it (which is basically the market) are motivated to uphold its scarcity and value.
With crypto I don't need banks, or need to worry about their outages or downtime or bankers hours. So as you can see, it's not just "a tool for nimble traders." My goodness, trading heavily in crypto (or anything else) is a fools game. Don't do it.
So I have to shake my head at your notion that you'd sleep poorly with 10% in crypto. I am about 95% in crypto by comparison. I always tell people not to get into crypto out of greed. Get into it out of fear. Because the old, mismanaged, inefficient, inherently corrupt, unscarce, counterfeited fiat world is going away. That's what should keep you up at night.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.