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@wdlindsy@toad.social"Yesterday, Eric Trump and Donald Trump Jr. announced they were joining forces with a Bitcoin mining company to create a firm called American Bitcoin. Eric will be co-founder and chief strategy officer. ...
Let me remind you, in addition, that cryptocurrencies serve no useful purpose other than the purchase of other crypto assets, money laundering, extortion, and scams."
~ Robert Reich
#Trump #Musk #crypto #bitcoin #corruption #scam #oligarchy
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"As economist Paul Krugman has said, their market value rests on nothing but 'technobabble and libertarian derp.'
They also use huge amounts of energy — especially for Bitcoin mining.
Eric and Donald Jr.’s mining project is the third major crypto venture that the Trump family has started over the past year. ...
The richest people in America with huge power — the oligarchy, including Elon Musk and Trump — are enthusiastic about cryptocurrencies."
"Why are they so enthusiastic? Not only can they make fortunes, but crypto advances their long-term aim of shifting financial controls out of a democratically elected government and into their own hands. ...
Trump and his family stand to gain substantially. The rest of the economy — including, increasingly, large Wall Street banks — will be subject to large and unregulated risks. Beware."
#Trump #Musk #crypto #bitcoin #corruption #scam #oligarchy
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@wdlindsy
Untraceable transactions
@Bssr4 @wdlindsy that's what they want you to think
Bitcoin transactions are all public and no matter how you mix and obfusticate it, the money can always be traced
if you want actually untraceable money use Zcash or Monero, I'd say Monero is better bc Zcash has optional untraceablility, making it much weaker in that respect, but it still works
The Trump Crime Family is really all-in for "crapto" currency scam..
None of these damn things are currency. Nobody is using them to pay their rent or to buy groceries or pay their utility bills.
Bitcoin, and all these “coins” or nothing more than speculation tools to fleece people from their money.
Yes. There are people out there who’ve made substantial amounts of money speculating on crypto but there are millions more people who have lost billions of dollars investing in ridiculous things.
@kbsez @wdlindsy I'd say its as much of a currency as gold is.
No one buys food in gold and no one gets paid in gold, but banks send gold to each other to pay for stuff.
Sure you can day-trade gold and see where that gets you, but that's a terrible idea
A ton of these coins, like Dogecoin and other memecoins are totally speculation, but something much more established like Bitcoin, will there is some speculation and volatility, it also has some actually applications, mostly stemming from the fact that its the largest cryptocurrency. And not all of those applications are evil, like its similarities to gold or the fact that it can be stored on extremely small storage devices, not all of its uses are for illegal things
Even if it made sense, I would never buy into that one!
@SpaceLifeForm @wdlindsy its also a good alternative to gold in that both have low inflation
@wdlindsy Im gunna disagree with Mr Riech on this one
Bitcoin has ultra low monitary inflation bc not much is mined per year, meaning that in the long term it keeps its value despite volatility.
This makes it a alternative to gold
ofc there's a ton of awful stuff done with it but there are valid uses for it too