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‘Trustless’ Bitcoin Confronts Another Confidence Crisis
Money, like faith, is the product of the human imagination.
-- David McWilliams in The History of M
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Bessent said that the government does not plan to use taxpayer funds for open-market purchases. I don’t know why that would spook the markets as that was pretty much known?
Government support for bitcoin that is.
Throughout history, fiat money has always been stronger when it has a powerful military to back it up. Bitcoin only has an army of conmen, zealots, morons, and bad mathematicians.
Completely agree with this statement, money is an economic reflection of a nation’s power. The USD has been the global reserve currency because the US military can and will strike anywhere in the world at any time. If we began to withdraw from our ‘pointillist empire’ to quote the book “How to hide an empire”, then how much value does the USD continue to hold abroad? Who fills that power vacuum if we say, leave NATO? Crypto won’t fill that void unless the military power that replaces us uses it. And if that happens, hypothetically speaking, they won’t be using Bitcoin because there isn’t enough supply to sustain a global economy and whomever that nation is, they didn’t create it.
I hear what you are saying- and I hope that our country doesn’t pull out of NATO. The idea/belief in NATO has been decimated by Trump- but hopefully a future US president will do a better job of restoring the global belief in that concept – assuming NATO is still in existence.
However, there are a number of problems with NATO-
NATO doesn’t have any troops, and to invoke Article 5, it requires unanimous agreement of all 32 countries…..
The US has 50,000 troops in Germany- almost completely paid for by US. The contribution by Germany is something less than 20%.
Etc.
I’ve never understood the argument (complaint) reflected in your last sentence. In a nutshell, industrial America post WWII was fueled by massive subsidies of oil majors and military-industrial complex. Having bases around the world and piled up in Europe benefitted America as much as (more than?) Europe, though it certainly allowed Europe to become complacent. So arguing now that they’re not ‘spending enough’ for their own defense is just a convenient changing of the narrative. Just my two cents, not an attack on your comment, ST.
Gamblers going to be gamblers. Market cap of bitcoin is $1.4T. Market cap of Aapl is $4.06T.
Have fun!
That first chart is one nasty looking head and shoulders pattern. (There is an equally nasty looking bear flag pattern on that right shoulder too, so this crash may be far from over!) Gold and silver were also down today, especially silver which shed another 16%. Meanwhile, back in the more “traditional” economy, bonds and the dollar were both bid pretty hard on what I’m guessing was a “flight-to-safety.” De-dollarization? Perhaps, but maybe not while Bitcoin, gold, and silver are all . . . what is it Tom Petty used to sing . . . “Free Fallin’.”
I didn’t know Bitcoin’s blood looks like tomato sauce…lol…
A Bitcoin is nothing more than a claim of “ownership” to an entry in a distributed database. I don’t understand why people are will to part with hard earned cash for that… Yes, there are rules for creating a new entry in the database, but so what?
Reminds me of the money spent on “lots” in the Metaverse.
Silly as it seems now, I gotta say, the initial rollout trailer for Yuga Labs’ “Otherside” meta-world was awesome to the extent it was exactly what Bored Ape fans wanted in a trailer.
You know how, as a fan of something (anything), you invariably have in your mind a conception of what that something should be, but just as surely, you’re disappointed (e.g., you wait six months for the official trailer of a movie you’ve been waiting decades for someone to make and you finally get the trailer and it’s not what you had in your head)? Well, Yuga didn’t disappoint.
This was peak Metaverse: https://www.youtube.com/watch?v=qt1equGhkQE
Of course, it didn’t really pan out, but dammit, they knew what everyone was thinking. If nothing else, that crew were marketing geniuses.
Never dove in as deeply as you, but hours after Zuckerberg’s speech I did copyright some metaverse names related to my music projects.
Nor is it totally forgotten. My spell checker still knew the word and how to spell it properly.
” who never met a grift he didn’t want in on”….Perfect !