this post was submitted on 02 Mar 2025
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[–] PhilipTheBucket@ponder.cat 119 points 1 year ago (2 children)

This is, I think, an important mechanism for someone to loot the US treasury.

Plenty of other people will be able to loot it also. It might not even be intentional on Trump's part. But it's a standard pattern: A massive transfer of capital into some dubious venture, followed by a mysterious implosion of the value of the dubious venture, leaving the people who were paid mountains of capital in exchange for the dubious venture-stuff smiling broadly at the mysterious outcome, saying "Them's the breaks. Risky investment and all."

Crypto has the added benefit of being a lot less traceable and somewhat less undo-able after the fact.

[–] ShadowRam@fedia.io 23 points 1 year ago (2 children)

Between this and Stargate.

People are going to lose everything...

[–] HK65@sopuli.xyz 6 points 1 year ago (1 children)

I wonder where capitalism will go after other people's money runs out though.

[–] orrk@lemmy.world 3 points 1 year ago (2 children)
[–] HK65@sopuli.xyz 6 points 1 year ago

More like fascism, Russian style. Though feudalism is also possible with a strong church

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[–] watson387@sopuli.xyz 63 points 1 year ago (2 children)

Just add it to the rest of the grift...

[–] RandAlThor@lemmy.ca 30 points 1 year ago (1 children)

First he creates his own crypto out of thin air worth billions. Then he's going to make US gov't and tax payers buy his fantasy value currency with real money? You can't a clearer day light robbery than this!

[–] teft@lemmy.world 16 points 1 year ago

You're forgetting the final part of the plan. Take those dollars and exchange them for gold or a different currency so that when the dollar implodes you still have all your loot.

[–] xmunk@sh.itjust.works 7 points 1 year ago

No, don't, this is likely to be immensely more wasteful.

[–] ToiletFlushShowerScream@lemmy.world 56 points 1 year ago (2 children)

Aren’t strategic reserves meant for material resources that support industry and military that can be made inaccessible by foreign actors?

[–] tburkhol@lemmy.world 30 points 1 year ago (1 children)

This one is meant to pay back all the cryptobros who supported his campaign. Still gotta get Congress to authorize funds for it, but the cryptobros have been pumping money into those campaigns, too.

[–] griff@lemmings.world 2 points 1 year ago

Cryptoclones/clowns deserve love too, doncha know??

Or materials that take a while to manufacture, but which may be needed in large quantities relatively quickly. Even if it’s not a case of foreign actors, some things just take a while to start coming off of production lines in large quantities.

Shelf-stable food is a good example. You can’t just grow more wheat overnight. Sure, you may be able to reallocate where resources are going to use them more efficiently or start converting more into shelf-stable versions, but your overall food production levels are going to take a long time to actually ramp up, as new crops and livestock take time to grow.

[–] cronenthal@discuss.tchncs.de 43 points 1 year ago

Wow, a state backed scam and grift reserve. Surely this will turn out great.

[–] kn0wmad1c@programming.dev 33 points 1 year ago (6 children)

Bitcoin lost 20% of its value in a month. It's great for speculation, but it seems like a shitty thing to use as a currency.

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[–] iAvicenna@lemmy.world 24 points 1 year ago* (last edited 1 year ago)

lol this is going down on history books as one of the biggest scams of the 21st century.

[–] KbSez@piefed.social 18 points 1 year ago (2 children)

Oh yeah... that's a great idea especially since Bitcoin has cratered in the last few weeks and people have lost over $2 billion on trumps scam meme coins.

Sure... what could go wrong?

[–] Voroxpete@sh.itjust.works 12 points 1 year ago

Not $2bn.

$12bn.

[–] pulsewidth@lemmy.world 5 points 1 year ago

You just watch.

"Strategic crypto reserve" of several billion in taxpayer funds, and then in several months "oops where did it go? It's all been moved to several different wallets now, gosh how did this happen" and the news cycle will just glaze over it as another Trump blunder while he and his cronies pocket it.

[–] pickleprattle@midwest.social 17 points 1 year ago (1 children)

Welp. I look forward s to hearing about how our strategic reserve was hacked away from us by a dozen coders in China who found an open wallet on an unsecured PC.

[–] MunkyNutts@lemmy.world 5 points 1 year ago

Or it's made to look like hackers and somehow gets funneled to Donny.

[–] rc__buggy@sh.itjust.works 16 points 1 year ago* (last edited 1 year ago) (2 children)

"Bitcoin is dangerous because it's trying to create a level of credibility to unreliable and wholly unfounded value"

-Trump

Fundamentals haven't changed, Donny. Why the flip-flop?

edit: but I sold my BTC @ $20k so I guess I'm the dumb one.

[–] floofloof@lemmy.ca 5 points 1 year ago

Maybe he gets a kickback when Russian hackers steal it.

[–] SinningStromgald@lemmy.world 7 points 1 year ago (1 children)

This can't possibly go wrong. Crypto is so stable and guaranteed to just keep going up in value. /s

[–] explodicle@sh.itjust.works 1 points 1 year ago

Both at once is very impressive.

[–] KbSez@piefed.social 7 points 1 year ago

LOL!!! Not so fast...

Trump Crypto Rally Fizzles After Skepticism on Reserves Plan

Coins picked by Trump gave back some initial gains Monday Crypto experts are questioning the benefits of Trump stockpile

https://www.bloomberg.com/news/articles/2025-03-03/trump-crypto-rally-proves-fleeting-as-reserves-plan-questioned

[–] griff@lemmings.world 6 points 1 year ago

All NEW!!! strategic money laundering scam featuring CRYPTOCURRENCY!!!

[–] tal@lemmy.today 6 points 1 year ago (1 children)

If you start trying to buy your meme coin with funds no longer going to federal worker wages, I'm pretty sure that you're going to have a pretty irate Congress.

[–] Peppycito@sh.itjust.works 5 points 1 year ago

I'd think you'd have a pretty irate populace by now, but I guess not.

[–] turnip@sh.itjust.works 5 points 1 year ago* (last edited 1 year ago)

Stocks can be replaced by other stocks and eroded by taxes and regulation, new gold can be mined as new reserves are found and technology develops, but what can create new Bitcoin except one specific asic?

As far as why people would want a currency like Bitcoin with a fixed supply, Project 2025 which Trump is clearly following, talks about mandating the Fed to grow the money supply at a fixed 3% a year; which is a Milton Friedman conservative idea.

This supposedly stops the wild speculation into assets like housing and the cantillon effect, which then requires large bailouts, which causes moral hazard. As it also hurts the poor and the young, who are gatekept when trying to actually utilize the housing for procreation instead of capital preservation, causing fertility rates to fall as price to incomes continue to rise.

Solana and the other shitcoins should probably not be part of this though. That's where it is clearly a gift to his donors, who made his Trump grift coin.

[–] xmunk@sh.itjust.works 5 points 1 year ago (1 children)

There is no way a crypto investment will out pace debt growth.

[–] explodicle@sh.itjust.works 1 points 1 year ago

Have they not historically done that? Not a guarantee, but it's possible.

[–] Setnof@lemmy.world 4 points 1 year ago* (last edited 1 year ago) (1 children)

😂 the title somehow failed to mention the 2nd most valuable crypto but named all the others. Wtf

The ticker is ETH!

[–] rezifon@lemmy.world 4 points 1 year ago* (last edited 1 year ago)

You are looking at a price and thinking you're seeing value.

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