Flutterby™! : Bitcoin reserve

Next unread comment / Catchup all unread comments User Account Info | Logout | XML/Pilot/etc versions | Long version (with comments) | Weblog archives | Site Map | | Browse Topics

Bitcoin reserve

2024-12-17 16:43:21.221663+01 by Dan Lyke 0 comments

How to talk about the Bitcoin reserve dumb idea

In July Senator Cynthia Lummis proposed the so-called BITCOIN Act which would establish a "Strategic Bitcoin Reserve." Shortly after, Trump promised Bitcoin enthusiasts that he would create a "strategic national stockpile." Naturally, Bitcoin holders are rapturously elated: The USG buying Bitcoin represents massive exit liquidity at guaranteed high prices for the rest of the decade.

In particular, this talks about what happens when the math naturally leads to asymmetry in mining capacity. Which, I mean, we're kinda at the stage where a few consortiums control the mining, and anyone who's not bought into the scam deeply understands that there have already been some concerns about this, but...

Anyway, holy shit we do not need to be propping up the scam, other ways of talking about this, other than that it's a big ol' Ponzi scheme, might help?

[ related topics: Politics moron Mathematics Handicaps & Disabilities ]

comments in ascending chronological order (reverse):

Add your own comment:

(If anyone ever actually uses Webmention/indie-action to post here, please email me)




Format with:

(You should probably use "Text" mode: URLs will be mostly recognized and linked, _underscore quoted_ text is looked up in a glossary, _underscore quoted_ (http://xyz.pdq) becomes a link, without the link in the parenthesis it becomes a <cite> tag. All <cite>ed text will point to the Flutterby knowledge base. Two enters (ie: a blank line) gets you a new paragraph, special treatment for paragraphs that are manually indented or start with "#" (as in "#include" or "#!/usr/bin/perl"), "/* " or ">" (as in a quoted message) or look like lists, or within a paragraph you can use a number of HTML tags:

p, img, br, hr, a, sub, sup, tt, i, b, h1, h2, h3, h4, h5, h6, cite, em, strong, code, samp, kbd, pre, blockquote, address, ol, dl, ul, dt, dd, li, dir, menu, table, tr, td, th

Comment policy

We will not edit your comments. However, we may delete your comments, or cause them to be hidden behind another link, if we feel they detract from the conversation. Commercial plugs are fine, if they are relevant to the conversation, and if you don't try to pretend to be a consumer. Annoying endorsements will be deleted if you're lucky, if you're not a whole bunch of people smarter and more articulate than you will ridicule you, and we will leave such ridicule in place.

Flutterby™ is a trademark claimed by

Dan Lyke
for the web publications at www.flutterby.com and www.flutterby.net.