Donald Trump’s Tweets on Crypto Currency – MoisturePackets
It’s not only wrong but is also stupid stupid
So we need to break this down bit by bit as unpacking this is a bit harder than at first glance. Mr. Trump states the following important sentances. “[cryptocurrencies] are not money and whose value is highly volatile and based on thin air.” Don’t worry it gets worse. “Unregulated Crypto Assets can facilitate unlawful behavior.” Gets even worse “We have only one real currency in the USA” and the following right after that made me laugh “and it is stronger than ever” and as I read on I still only laughed harder “both dependable and reliable” He is joking right? Wait there’s more. “It is by far the most dominant currency anywhere in the world, and it will always stay that way. It is called the United States Dollar!” Don’t worry the least tweet is not too bad but still. “Similarly Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank they must seek a new banking charter and become subject to all banks…” and that whole tweet was quoted for a reason. Let’s break this apart piece by piece to show why Donald is an idiot.
This quote is by far the most idiotic. Not because Bitcoin isn’t forged on air basically, Bitcoin is based on thin air. The problem here however is the fact that the US dollar is no longer based off of gold. The US Gold Standard died a long time ago. This means the US dollar in its current form is thin air. The US dollar is inflating by the minute, which might not be “highly volatile” but constant inflation is not that great either.
There are two ways I can set this up. Where people find worth in the US dollar or how cash is used unlawfully. The US dollar can be traded for drugs, illegal weapons, bombs, hired killers, and hired terrorist without the United States knowing. The other situation is people kill other people for their US dollar. Another point to make is Ransomware without bitcoin will only get worse as the ease it is to registrar a fake credit card (even with other people’s social security numbers, names, etc) is not that much harder than setting up Bitcoin in this day and age. Crypto is no better or worse than any other currency at this time.
Tell that to the millions impoverished in the United States. Tell that to the people who make less than $10/hr which used to be acceptable (or even high wage back not even 100 years ago). Not only is it not “stronger than ever” it is most definitely not “dependable and reliable”. The US dollars worth lessens quickly, which is why the debate to stop penny production is happening. It used to be a lot. So much in fact we had a half penny. Now we go further into debt to make the copper coin! The US dollar is just as, if not more unstable than crypto.
So I am still confused what he meant by “most dominant currency anywhere in the world” as there are many currencies out there. Some currencies are worth more than US$. 1 Euro is 1.13 USD and 1 GDP is 1.25 USD and 1 XBT (bitcoin) is worth 12395.00 USD. There is no found evidence that the USD is the most dominant.
Similarly Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank they must seek a new banking charter and become subject to all banks…’
Libra will have tons of standing and dependability. If bitcoin, something made by some random dude got successful and useful the Facebook’s Libra project will be big too as it is ran by a “trusted” company. Most do not know the things Facebook does so I am sure Libra will work just by the fact that
a) people are ignorant
and b) people trust Facebook
As the United States breaks down into tyranny, we must not forget that we the people should protect our rights. Our president is not always right. No matter who they are they will make many mistakes.