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the trump administration and crypto fraud

i want to talk a little bit about his strategic reserve announcement, the obvious insider trading that happened a result, and why this is worse than bog standard government and private business corruption.

first of all, the announcement itself neglected to include btc and eth, the two biggest and most popular block chains. that's kind of funny, even though he came back later and was like "well obviously btc and eth, that goes without saying" but i think it's more likely that they were so focused on the ◊◊◊◊ coin block chains they'll be using to siphon the money with.

trump's very russian thing of having a czar for everything's crypto czar david sacks goes on to dubiously say he doesn't hold any crypto has heavy ties to solana, the crypto used in various rug pull bitcoin schemes, including javier milei, melania, and trump's own rug pull trump coin and the ftx fraud that saw billions of retail investors money wiped out. i’ve outlined others in his admin with direct ties to crypto coins and tech above, and there will be more names by the end. and forget all the ties to musk for now

so, what do they do with it? insider trade off the info? obviously but that’s nothing new or notable. money is going to be spent, insiders buy up and profit, a government contract is fulfilled. there’s money skimmed yeah.

but what makes this worse is with crypto, nothing is happening. the money is added to the pot and the earlier in you are the more you reap. then eventually money is withdrawn. the bitcoin isn’t producing value, which at least with a $40k government stapler you are getting a stapler.

and the real question is under what circumstance would the government selling crypto makes strategic sense? how is it not just the government buys, crypto goes up, the early adopters sell and make a killing? are they proposing that they buy early, the government buys, the government sells, and they hold the bag because they’re nice and want to help with the debt.

this is a ponzi
 
Trump is a businessman, he expects return on assets. The US government has supercomputers that do nothing useful other than model nuclear weapons and decrypt secrets. Why not use all these computer assets to generate cryptocurrency? If every fed computer was left on over weekends to run crypto mining apps then the government might turn a profit!
 
Planigale said:
Trump is a businessman, he expects return on assets. The US government has supercomputers that do nothing useful other than model nuclear weapons and decrypt secrets. Why not use all these computer assets to generate cryptocurrency? If every fed computer was left on over weekends to run crypto mining apps then the government might turn a profit!
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Those computers run pretty much 24-7 doing the jobs they are assigned. Or at least they did before Musk may have shut them down. And while it's possible to use them as cryptocurrency miners, it's only marginally profitable due their power and cooling needs. Special purpose hardware is what makes mining profitable.
 
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JayUtah said:
Those computers run pretty much 24-7 doing the jobs they are assigned. Or at least they did before Musk may have shut them down. And while it's possible to use them as cryptocurrency miners, it's only marginally profitable due their power and cooling needs. Special purpose hardware is what makes mining profitable.
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Pretty sure Planigale was joshing. ;)
 
Norman Alexander said:
Pretty sure Planigale was joshing. ;)
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It's fine if he was, of course, but it has been seriously suggested and tested. I may have built and supplied a number of those supercomputers. And prior to delivery and acceptance, I may have authorized some informal testing and return-on-investment studies for their use in mining cryptocurrency.
 
JayUtah said:
It's fine if he was, of course, but it has been seriously suggested and tested. I may have built and supplied a number of those supercomputers. And prior to delivery and acceptance, I may have authorized some informal testing and return-on-investment studies for their use in mining cryptocurrency.
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Same for my new laptop. I plan to buy out Musk very shortly... Seriously, what's the BTC to USD conversion rate these days? Now that Trump and Musk are involved, a couple of cents? ;)
 

crypto summit this friday, this is the confirmed guest list according to this website. includes major bitcoin holder and ponzi enthusiast michael saylor, and several guys who just recently had their sec investigations dropped, including brian armstrong, vlad tenev, arjun sethi, and brad garlinghouse and nearly every organization on here so i got sick of looking. or we could talk about tether or solana

and there's people i've never heard of. wonder what happens if i google their name and "sec"

well friday will be revealing.
 
i mean, just so we're clear here, after a rash of scams and crimes, a bunch of crypto guys under investigation by the sec all donated a bunch of money to the trump campaign, have now had their investigations dropped, and are going to help lay out the future of the way the sec regulates crypto and how the taxpayer needs to invest hundreds of billions into it.
 
dirtywick said:
www.cnbc.com

Trump announces strategic crypto reserve including bitcoin, Solana, XRP and more

Cryptocurrencies rallied on Sunday after President Donald Trump announced the creation of a U.S. strategic crypto reserve.
www.cnbc.com www.cnbc.com

trump’s crypto reserve plan updated with a list of crypto coins the taxpayer will be pump and dumped with
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This is ridiculous. How can it be "strategic"? We have a strategic oil reserve, because oil is an important resource in the real world. bitcoins and other make-believe magic beans are not real. They have value only because crypto bros believe in them. There's nothing that underlies that value other than belief.
 
Puppycow said:
This is ridiculous. How can it be "strategic"? We have a strategic oil reserve, because oil is an important resource in the real world. bitcoins and other make-believe magic beans are not real. They have value only because crypto bros believe in them. There's nothing that underlies that value other than belief.
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Possibly he should invest in tulip bulbs? I understand you can actually eat them if you are very hungry.
 
JayUtah said:
It's fine if she was, of course, but it has been seriously suggested and tested. I may have built and supplied a number of those supercomputers. And prior to delivery and acceptance, I may have authorized some informal testing and return-on-investment studies for their use in mining cryptocurrency.
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FTFY
I didn't mean it as a realistic option, but it is certainly something I could imagine being promoted in Trumpverse, so yes it was meant as parody.
 
That's a massively stupid idea. It will make it trivially easy to speculate against the US, similar to what Soros did for the Pound, with taxpayers losing big time.
 
Is it? This is basically just having them keep the Crypto they seize in legal events, which isn't a huge amount. So far they aren't buying any of the stuff on their own.

So far....
 
i agree, the existing crypto is already in the ponzi, much less of a problem than the government buying more of it. and i agree it’s still a developing story, the crypto summit is today and he’s expected to sign more eos related to crypto
 
I know asset seizure (usually of cash) is an income generator for law enforcement in the US, could the federal government offer a bounty e.g. 10% on seized bitcoins? Presumably if the federal government have $billions in seized crypto (as one article said), individual states also have seized crypto, will this be incoprporated in some way into the strategic bit reserve?

I think we have all been worried that with the expansion of computing we would run out of ones and zeros, knowing that somewhere there will be a massive store of them is reassuring. However, has anyone explained to Trump that no matter how many zeros you add to the strategic reserve there will only be one zero when you look? (Or technically will there be zero zeros? Why is there never a number theorist around when you need one?)
 
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