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346 sats \ 20 replies \ @kepford 14 Mar \ on: MicroStrategy’s Speculative Attack bitcoin
Congress and the clown in chief haven't really tried to stop bitcoin yet. Not really. Look at what they are trying to do to Tik Tok now. For those that believe in the Constitution's ability to stop stuff how's that working for ya?
I would not be surprised to see a bill come before Congress to address this growing threat to the dollar. I don't think it will pass. Here's why. With the approval of the ETFs this type of legislation would interfere with pension funds across the US that are already buying or are considering buying. These are union pensions. I don't see the types of politicians that would seek these voters wanting to go up against the unions.
Gonna be interesting to watch it all play out.
Back to taxes
The Biden administration is trying to tax miners at 30%
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I agree! One thing governments do is pick winners and losers. Clearly someone in the administration doesn’t like the bitcoin mining industry. If they did it would rain subsidies like solar tech does
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tik tok legislation is wide enough to attack bitcoin
maybe that's the real goal
if you were tasked with writing a bill that would pass, how would you do it?
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I'm too smart to step in front of a hurricane. I wouldn't try to pass a law that would make me look like a fool.
Also, if nominated I would not run. If elected I would not serve. :)
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ok, but let’s play this hypothetical game and imagine you have no choice.
your career depends on maintaining the dollar’s strength, and you view Bitcoin as an immediate threat to your job and your country.
how do you stop Bitcoin and live to fight another day?
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I need to think about this more. Maybe restrict home much bitcoin can be purchased on exchanges. Maybe go after Coinbase. Maybe go after Saylor's speaking about bitcoin while buying as some sort of made up financial wrong. I'm not an attorney. Would be curious what @siggy47 thinks.
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I don't know how they could try to stop it without it looking like a tacit admission that the dollar is fragile. Also, a weakening dollar eases US debt service, slows inflation worldwide, and boosts US exports. Is it possible (?) this is all welcome? I really haven't thought it through, but I still don't believe allowing spot ETFs was an accident that caught the US off guard.
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I think that would be to much. The risk with these leeches is that they make to many aware of what they are really doing. The key is to say unnoticed by the masses. If they push to hard they get push back. They don't want that. Their main goal is re-election.
I think making it harder and slower is far more likely. More regulations. Circuit breakers. Make it more like the rigged stock market.
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yeah i think this sounds much more reasonable.
limiting gains to 5% a day, enforcing strict regulations on who can buy, and maybe even requiring Bitcoin holders to pay some sort of recurring tax in the interests of “national security”… after all, Coinbase knows exactly who bought the Bitcoin they are holding.
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But this is still unlikely to pass. Blackrock is a monster and I imagine they have bought a significant portion of congress. I suspect anything like this that affected them would not be welcome. But, like I said, I could see a bill coming forward just for virtue signaling.
Was listening to Pierre Richard's recent appearance on TFCT and he pointed out E Warren's age. He was pointing out that she is the main person in Washington with an axe to grind. She's not getting younger and there doesn't seem to be anyone else picking up her torch. Its kinda her brand at this point.
I don't know if all of that is true but it was interesting. I do think the next few years are gonna be interesting on the leech front. What will they try next and how embarrassing will it be? I really think most have no clue about bitcoin and still don't think its real. By the time they get it, it will be to late to stop it. I think it already is. I also don't think they are desperate enough yet. Not even close. The bankers and most of wall street is so arrogant that they can't learn. We see small numbers dipping their toes in but wait until the next bear market. Will be wild to see the next round of bitcoin is dead stuff.
clog the internet tubes