Trump Names Cryptocurrencies for 'Digital Asset Stockpile' in Social Media Post (cnbc.com) 156
Despite a January announcement that America would explore the idea of a national digital asset stockpile, the exact cryptocurrecies weren't specified. Today on social media the president posted that it would include bitcoin, ether, XRP, Solana's SOL token and Cardano's ADA, reports CNBC — prompting a Sunday rally in cryptocurrencies trading.
XRP surged 33% after the announcement while the token tied to Solana jumped 22%. Cardano's coin soared more than 60%. Bitcoin rose 10% to $94,425.29, after dipping to a three-month low under $80,000 on Friday. Ether, which has suffered some of the biggest losses in crypto year-to-date, gained 12%... This is the first time Trump has specified his support for a crypto "reserve" versus a "stockpile." While the former assumes actively buying crypto in regular installments, a stockpile would simply not sell any of the crypto currently held by the U.S. government.
"The total cryptocurrency market has risen about 10%," reports Reuters, "or more than $300 billion, in the hours since Trump's announcement, according to CoinGecko, a cryptocurrency data and analysis company."
"A U.S. Crypto Reserve will elevate this critical industry..." the president posted, promising to "make sure the U.S. is the Crypto Capital of the World," reports The Hill: His announcement comes just after the White House announced it would be welcoming cryptocurrency industry professionals on March 7 in a first-of-its-kind summit... It's unclear what exactly Trump's crypto reserve would look like, and while he previously dismissed crypto as a scam, he's embraced the industry throughout his most recent campaign.
"The total cryptocurrency market has risen about 10%," reports Reuters, "or more than $300 billion, in the hours since Trump's announcement, according to CoinGecko, a cryptocurrency data and analysis company."
"A U.S. Crypto Reserve will elevate this critical industry..." the president posted, promising to "make sure the U.S. is the Crypto Capital of the World," reports The Hill: His announcement comes just after the White House announced it would be welcoming cryptocurrency industry professionals on March 7 in a first-of-its-kind summit... It's unclear what exactly Trump's crypto reserve would look like, and while he previously dismissed crypto as a scam, he's embraced the industry throughout his most recent campaign.
Best president ever (Score:5, Insightful)
Real good use of our tax dollars, thanks Donald.
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It's cute how you still think they're your tax dollars, rather than his tax dollars.
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Bah. You're just envious you're not getting rich from the scam.
If you could get people to answer honestly, I'm sure most folks would be happy with some ethically gray easy money. Thing is, in addition to having a somewhat flexible sense of morality, you also have to be part of the inside circle (and also have some extra money kicking around to "invest", lest the rent go unpaid if things go wrong). Without insider knowledge, by the time the news of the "pump" has broken, we're already in the "dump" stage and the people in on the scam have made their money. The people
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I think there was an episode of Malcolm in the Middle or some similar show where a teacher got scammed. The kid told him about the scam and said he should sell, but then the teacher said that he'd only be screwing somebody else.
That level of morality is shat upon by Musk. He'd call it empathetic suicide or something.
Hey, ChatGPT says it is Malcolm in the Middle. What a useful too, to find episodes of old shows. Totally worth destroying the world. I didn't watch the whole episode. I just caught like the
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Asking ChatGPT (assuming 4o) took maybe the energy of 15-30 seconds of video gaming. Such "destroying the world" :
Veronica Mars had a similar episode (Score:2)
The teacher was all set to use his profits to buy a sailboat and sail away into retirement. Then she revealed
that the real-estate was photo-shopped garbage. And the teacher couldnt get out without selling the bad
investment to someone else.
The swindler flew away on a helicopter.
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A US "crypto reserve" is really the final stage of the zero-sum game. Every person who comes later bails out those who came earlier, a "greater fool". The US government is the ultimate "greater fool" possible.
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Right that is the open secret under all these policy discussion. It isn't even a both sides, or either side thing, nobody has a plan to get a cash positive federal budget.
Nobody has a plan.
If the say they do they are lying to delusional! There are set of cranks out there who have a plan but those plans require doing something politically impossible like eliminating medicare or shutting down the SSA without paying out the current statutory liabilities. That or they are in the 'derp we can grow and invest ou
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I don't disagree that we hold too much debt, but debt in general is a good thing for the government, but I do worry that far too many american's think that it means not carrying any debt. Over a longer scal that means the government would issue less and less bonds at lower and lower rates.
Foreign governments and central banks hold large amounts of US Treasuries as reserves. The reduced supply could affect the dollar's status as the world's primary reserve currency. The financial system relies on Treasury bo
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Yeah I agree totally. I don't think it would even be a good idea to pay off the national debt.
I am more talking about the deficit. Which I think we should as nation be structuring towards a budget that is balanced at least over time. That is we should have surpluses some years so other years when we need to make major outlays for whatever reason we can without having to balloon the debt to do it. The treasury should have cash on hand for these things.
That probably means continuing to issue bonds even wh
Fort Knox (Score:2)
He's going to go to Fort Knox to ogle our gold, then revalue our holdings, creating money from thin air. Then he's going to use that to justify an enormous Trumpcoin/Bitcoin/Dogecoin buy to create a US cryptocurrency "reserve".
Even Auric would blush.
BIGLY.
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I think the important bit is that we aren't just piling up debt forever with no plan to ever do anything about it.
There are definitely good reasons to incur debt - financing any infrastructure improvements or projects that have an economic return on investment that grow the economy is a great example. Making the movement of goods and people more efficient has direct productivity enhancements that pay for themselves in increased economic output (and thus tax receipts).
What we cannot do, and should not do: c
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This is where I always land in the stock market. I don't play stock roulette anymore because the insider trading is just too flagrantly against anyone not on the inside. I'm always locked of selling because the market closed, usually too late anyway. Any individual risking their retirement money on stocks or crypto is going to lose big unless they're insider trading. Taking money from Bezos or Musk? Sure, I'd be glad to. Taking money from everyone else? No thanks. Maybe I'm not American enough to want to p
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Bah. You're just envious you're not getting rich from the scam.
Bah. You're just a fucking idiot. Some of us want our government to remain solvent.
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Yeah, or we're upset that Treasury resources are being used to make crypto bros rich for absolutely no gain to the US Taxpayer.
Gee which one seems more likely?
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Yes you still have to report them. The IRS still treats all cryptocurrencies, including meme coins, as property for federal tax purposes, not as currency or collectibles.This means that any sale or exchange of cryptocurrency, regardless of its classification by the SEC, remains a taxable event that must be reported to the IRS.
You as a bag holder do not get any upside for holding meme coins. The people pushing them get to take your money. It's a fair deal.
If Trump is backing this (Score:5, Insightful)
You know it will fail [time.com]. And that isn't the all inclusive list. There are other business failures he is directly responsible for. When he jumps in, it's time to jump out.
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Does Trump actually have any business successes that are not based on fraud? With his handling of the "negotiations" with Putin, were he essentially gave everything away without any advantages, I am beginning to think Trump does not know how to make deals. Like, at all.
Re:If Trump is backing this (Score:4, Insightful)
He had a successful TV show.
He's a Russian asset. What else is there to say?
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"He had a successful TV show."
No, he did not. Trump was an actor on someone else's successful TV show.
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Trump starred in and co-produced the show. I think that qualifies as his show to a reasonable extent.
The point being, a shitty but successful show is his only successful non-con business venture.
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Indeed. Well, is there _anything_ that Trump can do well? Except manipulating a specific class of voters, that is. I mean, he is not even a good liar, prolific as he is in that activity.
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He had a successful TV show.
Mark Burnett had a successful TV show.
Trump just showed up for eight hours per season and recorded his segments.
Re: If Trump is backing this (Score:5, Interesting)
No conspiracy here. Why was Russian state media at the Whitehouse? https://www.politico.com/news/... [politico.com]
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He didn't get caught sneaking in. He was let in after presenting his credentials like everyone else. You phrase it like he ducked behind a planter and scurried past the guards. They were checking press passes closely enough to keep AP and Reuters out, you really think they weren't checking credentials?
"TASS was not on the approved list of media for today’s pool," a White House official told CNN in a statement. "As soon as we realized other people knew he was from TASS and we got caught , he was e
Re: If Trump is backing this (Score:2)
How do you sneak into the Oval Office?
The white house just took over press pool admittance. They let anybody in? Lying to get access to the president, someone would be arrested right?
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Oh look, going back to the whataboutism well.
We're not talking about that. We're talking about a foreign national, working for state propaganda "media" attending a press event in one of the most secure rooms in the world "uninvited" and somehow no aides, communications staff who know all the White House correspondents, or the United States Secret Service ever asked any questions until someone publicly identified them as a TASS reporter.
So either everyone is fantastically incompetent at security, or you're
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Yes, because we all know that random people are just allowed to walk into the Oval Office with the sitting President, VP, and foreign dignitaries without being invited, and without being questioned or at least checked to see if they're on an approved list.
For your excuse to even remotely be true, it would mean that they broke into the White House and somehow slipped past all the US Secret Service and uniformed Marines that guard the place, and never had their credentials checked by anyone, at any time.
Does
Re: If Trump is backing this (Score:4, Informative)
No conspiracy theory. He went to Russia in 1987. When he came back, he paid for full page ads that attacked NATO, in several major US papers. He's an asset.
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Yep. It is becoming clearer and clearer. Putin probably has some nice videos with Trump engaging in unnatural sexual acts. What Trump currently does makes absolutely no sense unless Putin has some real power over him.
Re: If Trump is backing this (Score:4, Informative)
Anyone who lived through the cold war should know that it was SOP for the Eastern services to create kompromat on VIP visitors to their countries. Given Donny's sexual apatite coming by this should have been as easy a taking candy from a baby.
Then of course there's now two former KGB agents on the record who claim that our Donnie boy was recruited back in the eighties.
This article, which is highly skeptical of the claim, reports on these on the record statements by the former KGB men.
https://www.indiatoday.in/worl... [indiatoday.in]
Ironically the reason that they are skeptical is that they cannot believe that the FBI could have possibly ignored that a presidential candidate was this profoundly compromised. And here's what the Indian journos missed:
This was the guy in charge of the FBI office in NYC which was tasked with the counterintelligence investigation:
https://abcnews.go.com/US/fbi-... [go.com]
Convicted for for working with a Russian oligarch.
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The plot thickens. Well, lets hope this still gets exposed, so Trump can spend the rest of his days in a cell. On the other hand, maybe that is Putin's endgame for the destruction of the US: publicly expose Trump. Now that would create some real waves.
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Well, we live in the age of generative AI, and Donnie boy has a cult following. The MAGA crowd will always believe their golden calf over anyone else.
I think the damage that he will inflict on Medicaid and SS will have a more tangible effect.
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That's his "Plan B" for sure.
"Plan A" is to have Trump make so many self-inflicted wounds that Putin has plausible deniability of involvement.
It's win / win for him.
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Why let your crazy conspiracy stop there?
If he is a Russian asset, then there is also plausibility that China have several democrats as Chinese assets. Do we have European Union assets? Can African countries have foreign assets in America? Did the Saudis have Bush as their foreign asset?
I doubt Trump is directly compromised and works with a Russian handler. However, he's easily manipulated (which is why there was no 2nd debate with Harris), and Putin has been able to push him in ways favorable to Russia. So, Trump is a Russian asset in that sense.
Is there at least one Democrat that works directly with Russian handlers? Almost certain so. Are any of them President of the United States? The mathematical probably is zero right now and likely zero considering all past presidents.
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However, he's easily manipulated (which is why there was no 2nd debate with Harris),
How does being manipulated relate to that? Conventional wisdom is that the party ahead in the polls stands to lose the most (and gain the least) from a debate.
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Trump was trying to make us feel sympathy for Putin the other day. He was ranting about how poor old Putin was accused of election interference by helping Trump, but it turned out to be "untrue" (it was true, Mueller said there was solid evidence of it).
Clearly Trump sees a reflection of himself in Putin, and admires the man. That is extremely dangerous.
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Both parties the same? Funny, I must've missed when Biden ran his crypto scam.
Plus, since I've got a dog in that whole culture war fight, yes there's absolutely a difference when one party is using their legislative power to punch down at sexual minorities. I'm fucking tired of hearing "Oh, you're just gay, the Republicans are cool with that now." No, they aren't, they're still actively trying to overturn Obergefell v. Hodges. [nbcnews.com]
Now don't get me wrong, I'm mad at the Democrats too. We're in this mess yet a
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I just watched a video of that Schriver guy and... Damn if that's not a guy trying to strip gay rights in order to deny and hide his own sexuality.
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He only thinks he's a master dealmaker because he ran a big business that pushed a lot of little businesses around. He never had to negotiate a deal where he didn't have an overwhelming power advantage before becoming President.
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That makes a lot of sense. So essentially the only thing Trump is good at is being a bully. Well, he just demonstrated that publicly.
But then, he does not really seem to be good at being a bully either. Two people against one, the one not a native speaker, the two on their home territory, the wohle thing probably planned and the intended victim still did not cower.
Re: If Trump is backing this (Score:2)
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Totally agreed.
Thanks.
You're still wrong on AI though. There is no ghost in the machine.
Hmm. True. But humans are not machines. I think you might have intended to say something else?
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With his handling of the "negotiations" with Putin, were he essentially gave everything away without any advantages
flashing news: the us is losing yet another (proxy) war (the nth in a row, btw). trump just didn't want to be the loser, so he blames everything on biden and shuts it down. this operation has been run under every president since clinton, biden clearly set it into overdrive but trump himself provided javelins so ukranians could bomb other ukranians in donbas in 2017/18. if it had worked and russia had been crippled/toppled/fragmented/whatever he wouldn't be asking for a deal, but a medal. he won't get any ad
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More than that, he doesn't even remember the deals he made a single-digit number of years ago. Example: him recently trashing the trade deal with Canada and Mexico as being "stupid", saying "who would sign a thing like this?" [indiatimes.com]
Spoiler alert: it was HIM, in 2020 [wikipedia.org].
This guy is not fit to be President of his local Rotary club, much less head-of-state for a country.
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If he plans to use taxpayer money (or most likely, debt spending) to buy cryptocurrency, that technically can't fail. It's a dumb idea and a waste of money, but if the goal is to have the US government become a cryptocurrency bag holder, that's an easy achievement to unlock.
Cryptocurrency itself probably isn't going away anytime soon. Its value certainly could (and probably will) crater, but there's too many true believers (and criminals) for us to be lucky enough for it to ever go away completely. Worst
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It's always a game of 3D chess with these folks.
With Trump it's more like checkers. And he ignores the rules. And he keeps tipping over the board.
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Checkers is a bit too complicated for T.
Tick-Tac-Toe maybe, but still tipping over the board because he loses even when going first...
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The other possibility is the plan is to leave the dollar holders as the bag holders.
Run the deficit up enough.
Insist the dollar denominated debts will only be paid in dollars
Let the dollar continue to plummet in value and the federal credit worthiness continue to decline.
Announce that taxes on various crypto-coin denominated actives must be paid in the same coin.
Just start using the new crypto reserves to pay new federal contracts (because nobody wants dollars any more).
Effectively ditch a lot of statutory
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He's just trying to obliquely pump his own shitcoins. Like everything else in which el Bunko gets involved, look for the money trail into his pocket. He wants to be as wealthy as Elmo.
Good (Score:5, Funny)
I'm sure this will bring the cost of eggs down!
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I mean, it's one egg, Michael. How much could it cost? 10 bitcoins?
of course it will on Mon and maybe Thursday night (Score:2)
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I fucking hate PETA. Bunch of bleeding heart vegans, ultimately bent on causing the extinction of every domesticated animal species (it's true, look it up).
My brother raises chickens. They literally do not give a single care in the world over where they're gonna pop out an egg. Seriously, they lay them everywhere. You'd have to be a member of some brainwashed cult to come to the conclusion that there's any sort of ethical dilemma in eating something that the chickens don't even notice is gone.
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On my father-in-law's farm, on more than one occasion I've seen a cow hide her calf and then forget where they left it... although mama cow does get upset when that happens, unlike the chickens and their eggs.
That was apropos of nothing, in case anyone is wondering.
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Seriously, they lay them everywhere.
But that's horseshit.
Had chickens for years when I was a young adult.
They lay in their boxes- if they have them, and they are clean.
They care very much where they lay their eggs.
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That sounds like the kind of answer you'd have gotten from Google. One of my childhood friends grew up on a farm and when I'd hang out with him we'd regularly find eggs just randomly scattered over his folks' property. My brother has a proper coop and he keeps it clean, but the chickens free range over his rather large multi-acre land and yup, eggs frequently turn up where you'd least expect them.
If your story isn't a fabrication, it's likely you had some exceptionally well-trained hens.
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That sounds like the kind of answer you'd have gotten from Google.
lol- bullshit. That's real life.
What on fucking Earth makes you think chickens just lay eggs randomly.
In what fucking universe do you think that's a survivable procreation trait?
One of my childhood friends grew up on a farm and when I'd hang out with him we'd regularly find eggs just randomly scattered over his folks' property.
How the hell do you think people who keep chickens collect eggs? Do you think they send their kids out for an egg hunt?
No, you walk into the coop and grab them when the chickens are out eating.
Not only does what you claim make *zero* fucking sense, it also doesn't match *whatsoever* with my own (albeit limited) experience, and
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Everyone on the internet gets their eggs from someone's backyard farm.
Even well-loved backyard chickens aren't good enough for PETA. Technically, they'll claim that they're in favor of chickens being pets if they're "rescued", but don't you dare breed any more of them.
That's the problem with PETA. The concept of ethical treatment of animals sounds like a completely reasonable thing and most people assume they're just against things like big factory farms. Well, they are, but if PETA ever had their way, ending the practice of keeping backyard chickens is also one of their g
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Educate yourself. Nobody should be eating eggs. [peta.org]
I feel so sorry for those chickens. Therefore I consider it my duty to eat as many eggs as possible, saving all those potential babies from a life in a chicken battery or worse, getting killed for not being a hen. Peta really opened my eyes.
Definitely making a cabonara for dinner.
No surprise (Score:4, Insightful)
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The bribes are out in the open:
"SEC halts fraud prosecution of Chinese national who sent Trump millions"
https://popular.info/p/breakin... [popular.info]
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It sounds like you think it was a bribe in an illegal sense (and I definitely do).
I agree that there's unlikely to be proof and that even if there is, I doubt it'll be investigated.
But that doesn't mean it wasn't an illegal bribe, just that it's not provable.
Re: No surprise (Score:2)
schrodinger's bribe
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Even if they're not bribes they're at least violations of the emoluments clause, although the legal system is too slow to bring a case on that against a President within a single term as we saw last time. Even if he does stay in office for more than 4 years so that the case has time to proceed against him, the immunity granted to him by the Supreme Court would make such a case pointless, just as with any bribery case presumably.
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Even if they're not bribes they're at least violations of the emoluments clause
Probably not because POTUS could make the argument that he does not have direct control over the organizations that are running these crypto funds. In four years thye'll be a nestegg waiting which will be a complete surprise! Don't misunderstand me, the level of corruption in US politics is almost literally incredible, this, "campaign contributions" , junkets for supreme court justices, there's a huge list. It's just that this level of corruption is completely legal.
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Transactions on Solana are traceable. It is not a privacy chain.
President's kids insider trading (Score:5, Interesting)
https://x.com/BitcoinNewsCom/status/1896231949972431182
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How much owned? (Score:4, Insightful)
Do we want to take an guesses how much President Musk and Trump invested in these before making the announcement?
Re:How much owned? (Score:4, Insightful)
Trick question, nobody will ever know if they launder it correctly.
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Elon doesn't need the money and Trump never spends his own.
Is that why Elon fought so hard to get his $46 billion payday from Tesla. HE doesn't need it, but he still wants it. And Trump will surely use any money he can get his hands on, especially for a grift like this one.
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Elon doesn't need the money
How in the fuck do people get as stupid as you?
Help me fucking understand, please.
Do you think that dude acquired his net worth by not trying to accrue more money long after he had enough?
Fucking hell. Where do you lobotomy patients come from?
I was wrong (Score:2)
fjo3 was right :-(
https://slashdot.org/comments.... [slashdot.org]
Goose meet gander. (Score:2)
So happy Republicans have finally listened to their own complaints about Democrats and got the government to stop picking winners and losers. /s
The Crypto Stockpile Experiment (CSE) (Score:2)
This would actually be an interesting experiment. All crypto that the US seizes is being held for a very long time. Two things ought to happen:
(1) the value at seizure is recorded and tracked from thereon out. The data are publicly available.
(2) We all watch how long it would take to steal any of these assets. Think if it as a test portfolio. Except with real crypto (lol, "real" crypto).
Benefits: long-term data on crypto in a real-life scenario, without really harming anybody (see El Salvador!). And an ongo
Sound investment /s (Score:2)
Stockpiling vast national funds in things whose values can fluctuate wildly and be easily stolen -- oh, wait ...
Incomplete (Score:5, Funny)
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Too funny! (Score:2)
Bitcoin rose 10% to $94,425.29
LOL! Hadn't looked in a while, but burst out laughing when I read that! The fact it rose 10% to $94K, well below that magical $100K+ it used to be!
This whole thing wreaks of manipulation.
Pump and dump (Score:2)
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Even if the whole fucking thing burns down, at least they'll have owned the libs.
Free (Score:3)
Grifter in Chief (Score:2)
Here's a perfectly timed leveraged trade (Score:2)
Whoever did this knew what was coming.
https://x.com/BitcoinNewsCom/s... [x.com]
Didn't hold for a lot of the upward movement, but the entry timing was impeccable.
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Whoever did this knew what was coming.
https://x.com/BitcoinNewsCom/s... [x.com]
I find it hilarious how it's put as a surprise/question whether it happened:
As if it was some sort of mystery instead of a knowable fact.
just another way of giving money to the rich (Score:2)
Can we make only the redstates backstop this? (Score:2)
Not Legal Tender (Score:2)
Crypto is not legal tender and I for one will never accept it. They've tried. I always have some wise-ass that wants to pay me in crypto. I not only demand actual currency; but the minute they try to pay with crypto their contracts are terminated and outstanding payment is demanded *in cash*.
The people paying in crypto are only doing it to fuck the person they're paying. It's no better than theft. It might be worse than theft.
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I wouldn't be surprised if govt bond paybacks are offered in crypto only. Like hey lets just use funny money to pay off maturing bonds! win win. what could go wrong.
I'd like to think that massive lawsuits are being prepared at the moment, but that's being really optimistic considering that all 3 branches of govt are broken currently.
Da Boss Says All the Rackets, All the Time (Score:2)
Sunday rally in cryptocurrencies trading (Score:2)
As the inside traders make off like a bandit on the trading floor. I would like to be a fly on the wall and find out who prompted Trump to make this announcement. They obviously knew that would send the currency much higher and they could take their profits early.
On the other hand, its a really bad time for the Government to be throwing money at a cryptocurrency, right after the planned announcement, thus sending the price even higher right as the Government gets ready to invest. The scenario here is the
Re:So the felon is preparing to pump? (Score:4, Insightful)
That was the pump. Trump's buddies and whoever else was in on this scheme already bought in before the announcement. We're now in the "dump" stage, but the future bag holders don't know it yet.
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Hmm. Possible. Or maybe they are pumping a bit more. Well, anyways, the Mafia-type in the White House will steal all he can get his hands on.