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346 sats \ 20 replies \ @kepford 14 Mar 2024 \ 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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Will be interesting to see how that goes in court if it ever actually happens. I fully expect it go be fought and defeated. Seems ridiculous on the face.
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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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Exactly right. I don't know what the endgame is here, but BlackRock isn't buying all this bitcoin without the US government's implicit okay.
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tik tok legislation is wide enough to attack bitcoin
maybe that's the real goal
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I doubt that is the goal. They aren't that bright.
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the goal isn't protecting kids from tiktok, we know that much
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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 could see Coinbase being a good target, especially since they hold the BTC for most of the ETFs (and MSTR i believe).
would you force Coinbase to sell Bitcoin on behalf of clients by claiming some sort of national security threat?
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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.
clog the internet tubes
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That would bring the economy to a halt
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wouldn't be the first time. remember covid?
yup, needs to be sneakier than that to be effective