Asklemmy

44119 readers

817 users here now

A loosely moderated place to ask open-ended questions

Search asklemmy 🔍

If your post meets the following criteria, it's welcome here!

Open-ended question
Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
Not ad nauseam inducing: please make sure it is a question that would be new to most members
An actual topic of discussion

Looking for support?

Looking for a community?

Lemmyverse: community search
sub.rehab: maps old subreddits to fediverse options, marks official as such
[email protected]: a community for finding communities

~Icon~ ~by~ ~@Double_[email protected]~

founded 5 years ago

MODERATORS

[email protected]

Are there any honest benefits to a Federal Strategic Bitcoin Reserve? (midwest.social)

submitted 16 hours ago by [email protected] to c/[email protected]

47 comments fedilink hide all child comments

I can't think of any. The current oil reserve is supposed to be used in the case of another oil embargo. But its actual use is to lower gas prices when the administration in power needs a political win.

I actually think the purpose of a Bitcoin reserve is to temporarily increase the price so tech-bros (re: Elon) can sell at a massive profit. Then buy back at a much lower price. It's just a way to indirectly transfer federal dollars into administration pockets.

I can't find any reason for the government to buy crypto and hold it in reserve.

you are viewing a single comment's thread
view the rest of the comments

[–] I_Has_A_Hat 1 points 16 hours ago (10 children)

Should there be a collapse of the US economy, or global markets stop using the dollar standard, or sanctions placed on US banks by other countries, a store of alternative currency is good to have.

[–] [email protected] 5 points 16 hours ago (8 children)

Isn't that what gold is for? Does US still reserve gold? I seem to remember both James Bond and Die-Hard fighting to protect the gold reserve.

[–] I_Has_A_Hat 5 points 14 hours ago* (last edited 14 hours ago) (3 children)

If the US reserves gold, why do they also reserve silver? Why do they reserve grain, oil, steel, cheese, or foreign currencies?

Because it's dumb to put all your eggs in one basket and the more you diversify, the safer it is. Like it or not, Bitcoin is an asset; and barring a global disaster that knocks out all electronics, it's unlikely to go away. It makes sense to have some and sit on it.

Will there come a time when everything falls apart and the only way to trade with another power is with tons of wheels of cheese? Probably not, but if it does, the US is ready.

Will the same ever happen with Bitcoin? Probably not, but if it does, the US is ready.

[–] Blue_Morpho 2 points 13 hours ago* (last edited 13 hours ago) (2 children)

Magic the Gathering cards are an asset. Beanie babies are an asset.

Gold and silver have a 5,000 years of history of currency. All other items like oil and cheese are commodities critical to life.

If everything falls apart you can transfer a ledger of who owns the cheese without needing to physically move the cheese. Bitcoin doesn't work without a working global internet of computers. It is more fragile than any traditional alternative.

[–] [email protected] 1 points 5 hours ago

It's nice to fantasize about but realistically we're never getting back to a world without a working global internet of computers.

[–] I_Has_A_Hat 0 points 12 hours ago

Ok, then don't buy any 🤪

load more comments (4 replies)

load more comments (5 replies)