White House: Biden Will Veto Bitcoin Legislation

[johnarb]

Wait, am I not understanding this correctly? How is that Chinese BTC farmer going to get the electricity he needs? Either he has to go set up shop in Kenya or the energy provider needs to run a cable to China... Neither are a real option.

Today there's a clear understanding that green energy suppliers aren't necessarily close to where they are needed. Advances in underwater, long distance electric cables are showing promises and creating great opportunities in countries that were until very recently considered dead zones, like deserts. But the demand for energy is now exponential compared to even 20 years ago, and BTC is openly competing with AI for it, and I don't see BTC winning that war. But I'm not sure how that will impact BTC as a speculative investment.

It's hypothetical. There are many stranded energy sources all over the world that have no market

Yes, the Chinese btc farmer has to setup a Bitcoin farm in Kenya. It could be Russians, it could also be Iranian

A recent example is the Volcano in El Salvador. It's mining bitcoins now. Before that, it was stranded unwanted energy that cannot be sold or utilized

 

[VicBee]

It's hypothetical. There are many stranded energy sources all over the world that have no market

Yes, the Chinese btc farmer has to setup a Bitcoin farm in Kenya. It could be Russians, it could also be Iranian

A recent example is the Volcano in El Salvador. It's mining bitcoins now. Before that, it was stranded unwanted energy that cannot be sold or utilized

Yes, it would make sense in El Salvador because the country is all in BTC. The volcano needs a factory to create the electricity and 85% of the country operates on renewable energies. The volcano and BTC have enormous synergy.

 

[TheDawn]

If Bitcoin is such crap, why is the White House so afraid? Why do they need to attack it from all angles? Perhaps Bitcoin is the biggest threat facing the elite class, which runs the government, that it has ever seen.

No the government is not afraid of it because it's a threat facing the elite class. The government doesn't want to adopt it because it wants to create its own version of digital currency that it can control. Bitcoin and all other cryptos are created by ordinary schmucks, schmucks that are smarter than you and me but schmucks nonetheless. No government in the world especially the USA would ever allow something that's not created by the government to one day become the official currency, the legal tender and in USA's case, the reserve currency of the world. Imagine a reserve currency that's used by everybody in the world doesn't even exist except as just bits and bytes in a computer and can just disappear with a push of a button? Are you kidding me?

The most it can do is let it exist as a tradable commodity for the elites to play with to get rich at the expense of us average Joe's provided that it's registered and can be traced by the US government and maybe to be used as a medium of exchange in some limited situation and environment and that's about it.

The bottom line is one word: Control

 

[Pekelo]

I thought the general consensus was it was "a store of value",

It is a constantly moving goalpost. First it was money, but nobody used it.

Then it was anonymous money for black market purposes but it turned out that purchases can be tied to wallets and people.

Then it was cheap money/value transfer device, but when the average tx fee goes over 100 bucks, it is hard to argue for it, specially when other cryptos do it for cents.

Then it is a store of value, except it keeps crashing 70-80% in every 2-3 years.

So in 15 years the purpose of bitcoin changed 4-5 times. (sometimes they overlapped, but that is beside the point) Mind you, for every purpose there is a BETTER crypto. Truly anonymous money? Monero. Fast and cheap value transfer? Pretty much any other crypto. Store of value? Tether! Investment? When BTC goes up, other cryptos outperform it.

In short, BTC is an obsolete crypto that doesn't want and can't improve.

P.S.: Ignore is the best feature of ET. I think the only crypto fan whom I haven't put on Ignore is, well, let's keep it secret. There is no point in arguing with cult members (be it religion, MLM, crypto, etc.) who can't or won't change their minds.

 

[Frederick Foresight]

Haha.... I must say, aside from your dietary genius, your wit comes in at a (somewhat) close second. Those are the only reasons I tolerate you. And you're a dog lover. Other than that...

Thanks, but I don't know about the genius part. I just try to avoid the fringes to stay out of trouble.

 

[wxytrader]

No the government is not afraid of it because it's a threat facing the elite class. The government doesn't want to adopt it because it wants to create its own version of digital currency that it can control. Bitcoin and all other cryptos are created by ordinary schmucks, schmucks that are smarter than you and me but schmucks nonetheless. No government in the world especially the USA would ever allow something that's not created by the government to one day become the official currency, the legal tender and in USA's case, the reserve currency of the world. Imagine a reserve currency that's used by everybody in the world doesn't even exist except as just bits and bytes in a computer and can just disappear with a push of a button? Are you kidding me?

The most it can do is let it exist as a tradable commodity for the elites to play with to get rich at the expense of us average Joe's provided that it's registered and can be traced by the US government and maybe to be used as a medium of exchange in some limited situation and environment and that's about it.

The bottom line is one word: Control

Everything you just said is exactly why Bitcoin came to be. The US is only one of the reserve world currencies and it doesn't have a choice about Bitcoin. Bitcoin is here so now they are playing catch-up...basically if you can't beat em, join em.

 

[Ethan.ishere]

Crypto is the future, the USD cannot keep it down forever.

 

[Lee-me]

Haha, it's so nice seeing all the governments afraid of Crypto growing so much it's undermining their authority on the standard currencies worldwide.

 

[engineering]

How would you store and transport $1M worth of stranded unwanted energy that is in Kenya to Dubai 5 years from now?

If you think seriously about this there are answers. Mostly, you do it chemically.

You take that energy and you use it to cause some energy consuming process to take place. Then you store the resulting products.

A simple option would be producing liquid nitrogen. Your consumable inputs are air and electricity.
https://www.nitrogenplants.com/blog/how-do-we-make-liquid-nitrogen/

If I owned a giant solar farm I would probably buy the equipment for this as it might make more economic sense than selling the energy into the grid at times when all other solar farms are also producing maximum output.

 

[semperfrosty]

It is a constantly moving goalpost. First it was money, but nobody used it.

Then it was anonymous money for black market purposes but it turned out that purchases can be tied to wallets and people.

Then it was cheap money/value transfer device, but when the average tx fee goes over 100 bucks, it is hard to argue for it, specially when other cryptos do it for cents.

Then it is a store of value, except it keeps crashing 70-80% in every 2-3 years.

So in 15 years the purpose of bitcoin changed 4-5 times. (sometimes they overlapped, but that is beside the point) Mind you, for every purpose there is a BETTER crypto. Truly anonymous money? Monero. Fast and cheap value transfer? Pretty much any other crypto. Store of value? Tether! Investment? When BTC goes up, other cryptos outperform it.

In short, BTC is an obsolete crypto that doesn't want and can't improve.

P.S.: Ignore is the best feature of ET. I think the only crypto fan whom I haven't put on Ignore is, well, let's keep it secret. There is no point in arguing with cult members (be it religion, MLM, crypto, etc.) who can't or won't change their minds.

LOL at putting anyone with a differing viewpoint on ignore...in a forum.

Good work mate.