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21 sats \ 12 replies \ @kr OP 14 Mar 2024 \ parent \ on: MicroStrategy’s Speculative Attack bitcoin
if you were tasked with writing a bill that would pass, how would you do it?
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.
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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.
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?
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yup, needs to be sneakier than that to be effective
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