And probably another constitutional crisis if he tries to spend federal money to buy Bitcoin without congressional approval, even if that's not in his order.
Perhaps he's trying to return to a combined crypto+gold standard?
Kill confidence, buy 25% dips, hint at future announcements, sell at 35% gains. The inner circle with the timeline are just consolidating that wealth at the expense of a lot of the most vulnerable - the blind hopeless follower gambling beyond logic.
The more concerning victims are the very many people whose retirements are heavily if not entirely invested in the stock market through 401ks, etc.
Can't wave that group away with moral hazard arguments and if the Republicans get their way across the board they'll be getting a double whammy in terms of their retirement investments being in tatters and Social Security being mostly destroyed as well.
This is centralizing governance of forfeited assets from across the many agencies that are currently holding wallets with no direction, into a single place: the Treasury. This seems far favorable to letting various (430+) agencies manage these valuable assets on their own where they can easily be lost, stolen, etc.
No one will ever persuade me to or vast swathes of other bitcoin node runners, to run a version of bitcoin with a higher cap. It devalues our bitcoin. It devalues bitcoin full-stop.
Sure, a new fork can be, and in fact are, created with a higher cap, but why would people choose it over a harder system with a lower issuance?
Even if it somehow took hold, the old harder version of bitcoin would beat the newer softer version just like it's beating the soft fiat money we currently use.
I’m sure the feds could force funding attached to crypto accounts to be verified by a trusted version of the bitcoin network or they are not legal to trade. They don’t have to physically stop the mining or validation, just the on/off ramps and banks who use it as collateral.
I'm certainly not a Tor expert, but I don't think bitcoin nodes running over Tor require an exit node. Even if they did they don't need to be located in the US.
> I’m sure the feds could force funding attached to crypto accounts to be verified by a trusted version of the bitcoin network or they are not legal to trade. They don’t have to physically stop the mining or validation, just the on/off ramps and banks who use it as collateral.
We could debate the details on a per-nation basis, but ultimately it's pointless. Even if it is possible for a nation to completely suppress bitcoin use within its borders, there will always be some country somewhere that embraces bitcoin and value looking to be stored will always migrate to the best store of value (bitcoin), just as air moves to the lowest-pressure volume, bitcoin miners move to areas with wasted, unwanted energy and electrons travel to less negatively-charged parts of a circuit.
Don't forget XRP, solana and whatever else David Sachs is involved with.
I'm pretty sure Trump's too dumb to understand the arguments why such a system would be good, if anything it'd be all the crypto-bro billionaires who made their boy Vance VP. Or perhaps it's just all a pump and dump for them...
I wonder how large this stockpile is compared to the total number of coins in circulation.
'The Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional Government BTC provided that such strategies are budget neutral and do not impose incremental costs on United States taxpayers.'
I wonder what budget neutral means. Does it mean that they have to find spending cuts in other areas in order to acquire additional BTC?
The Strategic Crypto Swindle
https://news.ycombinator.com/item?id=43270398
Trump's 'Crypto Reserve' Is Such Brazen Corruption
https://news.ycombinator.com/item?id=43261899
The “strategic reserve” exposes crypto as the scam it always was