Politics & Crypto | Trump: " I’ll write on a little piece of paper ‘$35T crypto we have no debt"

  • Thread starter Thread starter nycfan
  • Start date Start date
  • Replies: 45
  • Views: 649

nycfan

Curator/Moderator
ZZL Supporter
Messages
8,995
Trump and RFK Jr spoke at a Bitcoin conference and depending on who you listen to, Trump either thrilled them or bombed as a know-nothing pandering con-man.

I don’t know whether there are enough #btc or other crypto geeks around to make an impact on this election, but it has been a key part of RFK’s campaign and something Trump has added to his campaign.
 
Mark Cuban has other ideas about Silicon Valley supporters of Trump, and it is about bitcoin:

 
Okay
How about Crypto is a good place for criminals I honestly thought that was what BTC meant
I would say this statement is 100% true but not totally accurate but your first was neither so... better?

BTC is just short for Bitcoin. Kinda like ETH is used for Ethereum. Monero and Dash are the coins used by more sophisticated criminals because they are open source privacy based coins due to the algorithm used and the non-transparent ledgers which is unlike BTC or ETH which are open for all to see the transactions.

ok I'll stop being an ass... actually I wasn't intentionally trying to be an ass but it kinda came out as such. Apologies
 
I would say this statement is 100% true but not totally accurate but your first was neither so... better?

BTC is just short for Bitcoin. Kinda like ETH is used for Ethereum. Monero and Dash are the coins used by more sophisticated criminals because they are open source privacy based coins due to the algorithm used and the non-transparent ledgers which is unlike BTC or ETH which are open for all to see the transactions.

ok I'll stop being an ass... actually I wasn't intentionally trying to be an ass but it kinda came out as such. Apologies
Hey I come here to get educated and you educated me!! Thank you
 
Bitcoin has some legitimate uses. But as someone who holds some (in an ETF) I will also suggest that some wealthy types started using it as a tax avoidance scheme (sort of an off-the-books Roth IRA) and got really upset when the IRS now requires bitcoin assets to be reported.
This sort of harkens back to what Peter Thiel did when he started Paypal. It had not gone public yet but was thought to be worth a lot. Since it had not gone publict, PYPL shares had no official share price. Thiel who was not getting a salary at the time, gave himself countless thousands of PYPL shares priced at .01 or something for a $6,000 Roth contribution. At one point those shares were worth a few billion and he will never pay any tax on those; for a r Roth IRA your contributions are taxed before they go into the Roth I think some weatlthy types saw Bitcoin as something like this except they could contribute unlimitd amounts and could do so even if you were making millions per year in salary.
 
Indeed, BTC (including the several forks of BTC), ETH and other major coins and even meme coins have their uses. I have several coins in my portfolio including 7 BTC from when it was a couple hundred dollars and about 500 in ETH when it was around 50ish for 1. I also have some Litecoin and a few of the other meme coins. I typically will buy the shitcoins and trade for ETH or BTC. I don't dabble as much anymore though. I've had the same holdings for several years and don't plan on making any more trades until the Ripple debacle working it's way through the SEC has a resolution.
 
Bitcoin has some legitimate uses. But as someone who holds some (in an ETF) I will also suggest that some wealthy types started using it as a tax avoidance scheme (sort of an off-the-books Roth IRA) and got really upset when the IRS now requires bitcoin assets to be reported.
This sort of harkens back to what Peter Thiel did when he started Paypal. It had not gone public yet but was thought to be worth a lot. Since it had not gone publict, PYPL shares had no official share price. Thiel who was not getting a salary at the time, gave himself countless thousands of PYPL shares priced at .01 or something for a $6,000 Roth contribution. At one point those shares were worth a few billion and he will never pay any tax on those; for a r Roth IRA your contributions are taxed before they go into the Roth I think some weatlthy types saw Bitcoin as something like this except they could contribute unlimitd amounts and could do so even if you were making millions per year in salary.
So does PayPal make all their $ on ads? If I buy with pay pal there is not a fee right? Does my bank pay them a fee when my real money eventually goes to PayPal?
(Note as you can tell I don't use Pay Pal-GF does. Once we bought a Grill at Home Depot -she used Pay Pal and there was a fee.. we went back to Home Depot and they refunded the fee -I think through Pay Pal It was weird )
 
Some of you might be familiar with my posts about crypto on the ZZL (not ZZLP). Suffice it to say, as someone who taught corporate finance for many years, I think bitcoin is the biggest financial scam in history. By now it's bigger than subprime.

The intrinsic value of a bitcoin is exactly and precisely zero. If I buy a bond, it can fluctuate in value on the market, but no matter what happens, I have an enforceable contract that entitles me to the face value of the bond and unpaid interest. If I buy a stock, I have a pro rata share of the company's earnings; whenever the company gets bought, I get a pro rata share of the purchase price. If the company makes a lot of cash, it will declare a dividend and I have a right to a pro rata share of that.

If I buy a bitcoin, I have an encrypted number placed in a large table somewhere. That is all. Its only "value" comes from the decision of another person to pay you money for something that is worth zero. It's the "bigger idiot" theory of value that is the hallmark of a bubble or fraudulent scheme.

The only thing produced in the bitcoin economy is corruption. There are, to my knowledge, no products produced in bitcoin. Some vendors might accept bitcoin, but they aren't paying their workers in bitcoin and they sure aren't paying taxes in bitcoin. So they accept bitcoin, then convert the bitcoin into cash, and use the cash. You might ask, "why bother with it at all if you can just pay with dollars in the first place" and the answer is "no reason," which is why so few companies actually take bitcoin. But if you order a hit on someone, you might pay the hit man in BTC. The hit man won't convert the BTC to currency, because the hit man will also use the BTC to buy supplies, getaway cars or whatever else goes into the hit. So as an economic matter, BTC's social value is strongly negative.

On the ZZL thread, Bethel and I teamed up (as we sometimes do, as two people with different views but both of whom know something on finance) and got the BTC enthusiasts to admit that the "value" of BTC is basically as a collectible. It's like a baseball card or a collector's item. Baseball cards, of course, do not consume huge amounts of energy to produce.

Bitcoin produces more carbon than Greece. Think about that. The work done by Bitcoin mining is arbitrary. In fact, that's the whole point. It's make work that can't be solved except by randomly choosing a number, dividing it by another number, and hoping that it will have a lot of zeros at the end when represented in binary. It is the intentional waste of processor power -- which means electricity -- to do something completely useless, for the sole reason that it requires a lot of processor power to do.

I don't think there is anything good to say about BTC. If I were in charge for a day, I would ban it and it's not even a close call. The stuff is worthless, but it has a massive PR operation to convince people who don't know finance that it's somehow valuable. I've read the papers that try to justify the value and they are just hilariously riddled with errors. Hence all the Bitcoin bros running around thinking they are smart because they were one of the first ones to get conned. They are smart in the same way that the initial investors in a ponzi scheme are smart.

So the "success" of bitcoin (i.e. that it still has value) has created a situation in which stupid people control lots of assets, and throw those assets around hoping to induce politicians not only to indulge their stupidity but to expand it. This is how we get JD Vances.
 
I don't much about Finance But my mama didn't raise no fool.
 
Bitcoin is not an official currency of the US. What Trump proposes is unconstitutional. However, the current SCrOTUS will support whatever he wants. It is a waste of taxpayer # as well.

Trump is attempting to play young vote and the Tech. Bros.
 
At least with a bored ape nft I have a crappy digital picture I can pass on to my grandkids. (I of course do not have one). Justin Bieber spent $1.3 million for something worth dick now.

I thought the Bitcoin collapse a few years ago had broken the fever but then again I thought January 6 has broken a fever as well.

People are such suckers.
 
At least with a bored ape nft I have a crappy digital picture I can pass on to my grandkids. (I of course do not have one). Justin Bieber spent $1.3 million for something worth dick now.

I thought the Bitcoin collapse a few years ago had broken the fever but then again I thought January 6 has broken a fever as well.

People are such suckers.
You would have thought people would wise up...but when so many people are into following Dave Portnoy types this is what you get. The Barstoolification of society continues to make us stupider and stupider.

I can't remember if this was talked about on ZZLP weeks ago but I read this really interesting take on Slate about dumbass internet subculture that ties in with these type of crypto bros.

"Over the last ten years or so, a broad community of fratty, horndog, boorishly provocative 20- and sometimes (embarrassingly) 30-somethings--mostly but by no means entirely male--has emerged to form a newly prominent online subculture. This network is adjacent to the “sports internet” of 40something dads and the “hustle internet” of Miami crypto bullshit and the “reactionary internet” of trad influencers, but is its own distinct community with its own distinct cultural referents--college sports, gambling, light domestic beers, Zyn nicotine pouches--and influential personalities and media outlets, among them Dave Portnoy, Pat McAfee, Antonio Brown, and Call Her Daddy, in addition to dozens of minor podcasters and hey-fellow-kids content creators who nearly all work for sports-betting concerns."


Full article:
 
Back
Top