Policy Proposal for Trump's Bitcoin Stockpile Leaks \ stacker news ~bitcoin

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Policy Proposal for Trump's Bitcoin Stockpile Leaks gizmodo.com/policy-proposal-for-trumps-bitcoin-stockpile-leaks-2000551372

763 sats \ 13 comments \ @elvismercury 17 Jan bitcoin

Interesting to see the Bitcoin Policy Institute doing its political thing and producing a report for Scott Bessent. The link above is to the overview; here's the actual title of the paper:

A “GLOBAL ECONOMIC REORDERING” US-CHINA COMPETITION AND BITCOIN AS TOOL OF US STATECRAFT

Report Prepared for Scott Bessent, Secretary-designate of the Treasury

Here's the PDF.

You might not believe in the Devil, but the Devil believes in you.

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14 sats \ 4 replies \ @0xIlmari 17 Jan

Is a good idea done for a stupid reason still a good idea?

Anyway,

“Bitcoin can enhance the global reach of the dollar network, particularly in emerging markets, where the long arm of China’s digital authoritarianism seeks to gain traction,”

What does this word salad even mean?

191 sats \ 1 reply \ @freetx 17 Jan

“Bitcoin can enhance the global reach of the dollar network, particularly in emerging markets, where the long arm of China’s digital authoritarianism seeks to gain traction,”

This validates my suspicion that both Bitcoin and Tether are going to be embraced. In fact, (from a purely US-centric PoV), I would think embracing Tether is critical to US interest. I think the wise among them realize that they must tolerate and support Bitcoin in order to reap the benefits of Tether.

Again, this is US-centric PoV, but pushing Tether means that they immediately put massive negative pressure on all other currencies. This allows them to amortize printing more dollars over 6B people instead of 300-500M currently. Multiple currencies will simply cease to be if their population can have USD on their phone instantly, this leads to true USD hegemony

Bretton Woods 3.0

21 sats \ 0 replies \ @elvismercury OP 17 Jan

That's close to my assessment of the situation, too.

41 sats \ 1 reply \ @tomlaies 17 Jan

It means that it's more important for him that the poor countries not use the Yuan than that they use the Dollar. If they use Bitcoin, at least they don't use Chinese currency.

0 sats \ 0 replies \ @Solomonsatoshi 17 Jan

Chinese development Bank provides far more funding for developing nations than the World Bank.

China also dominates commodities markets and the supply of manufactured goods.

All nations are now dependent upon China for their economic well being.

In terms of trade China contributes far more the most nations economies that the US.

https://www.ft.com/content/300f9c3c-0a62-3e57-abe4-2ad1bdea2981

China has won the trade war by beating the Wests crony capitalism at its own game.

An rapidly increasing amount of global trade is settled in Yuan but this is not recorded via the Wests institutions like the World Bank and IMF.

0 sats \ 0 replies \ @LowK3y19 17 Jan

Devil says buy more bitcoin

0 sats \ 6 replies \ @Solomonsatoshi 17 Jan

China has won the trade war and is attacking US military hegemony via its proxies Ruusia and Iran. Stockpiling Bitcoin will do little to reverse the chronic decline of western civilisation.

167 sats \ 5 replies \ @tomlaies 17 Jan

China has won the trade war

When did that happen lol. Manufacturing is fleeing en masse to Vietnam, Bangladesh and India. US GDP outperformed China in the last 5 years and has still higher per capita. China lost most of its Bitcoin mining. They're in a recession and financial crisis right now. Their property sector collapsed. China is currently throwing a last ditch effort into EVs like a lifeline.

118 sats \ 0 replies \ @Solomonsatoshi 17 Jan

Low quality manufacturing is shifting to lower wage economies.

Wages in China are rising faster than anywhere in the world...and have been for the last 3 decades.

Study this time lapse graph illustration if you want to understand the incredible and continuing rise and now global dominance of China productive economy.

https://unctad.org/topic/trade-analysis/chart-10-may-2021

The whole argument is that China is rising and USA can save itself with a speculative play on Bitcoin- its a joke that avoids the real problem- the systemic and chronic decline in US/Western productivity and competitiveness versus China.

The West cannot compete with China EV nor can it compete on all the hundreds of thousands of other manufactured goods that China now produces more efficiently than the West can. Tariffs might buy Elons Tesla time but the fundamentals are all in Chinas favour...unless the US resorts to brute force.

21 sats \ 3 replies \ @stack_harder 17 Jan

solomon is a China maxi, any facts or figures will just be met with how amazing the ccp is and how it's 100% not a dystopia

0 sats \ 2 replies \ @Solomonsatoshi 17 Jan

I have never said how amazing the CCP is nor that its not a dystopia. Please do not speak for me with complete and utter bullshit you make up to insult my actual stated views.

I simply acknowledge real economic data and results...as does the report asserting a Bitcoin reserve should be established.

China is rising and US is in decline.

You have not provided any facts of figures- just scared denial of reality, dishonest account of my beliefs and a crude attempt at shooting the messenger...because you are scared of the message...and don't know how to deal with it any better than these morons suggesting a Bitcoin Reserve.

Chinas dominance of global trade is clearly shown in the graph I linked before that you did not look at and have not responded to- because you are in denial of the facts.

https://unctad.org/topic/trade-analysis/chart-10-may-2021

0 sats \ 1 reply \ @stack_harder 17 Jan

i've seen you make the same points every time anyone mentions China - China's rise was happening the past 20-something years and is done, demographics are shit, wages are still shit, even those they've risen, currency is garbage and it's being run by a dictator. just because they've decided to sell EVs at a loss means nothing.

and I am not scared of the message, I couldn't care less to be honest. The Western world is in a decline, largely due to fiat money and globalisation. it's not news to me, that's why i stack and moved from the UK, long, long ago

10 sats \ 0 replies \ @Solomonsatoshi 17 Jan

You don't seem to be aware that Iran and Russia can only wage war on the West and its associates because of Chinas support.

The contest between the US and China is very real and the trends are in Chinas favour. Chinas trade advantage is absolutely massive.

Its EVs have real advantage because Chinese manufacturers can produce EVs (especially the Batteries) far cheaper than Western factories can.

Trump can put on tariffs and in the process admit that Western EV manufacturers cannot compete but that will not solve anything as US consumers will pay more for EVs and overall the US will lose economic advantage even more.

Just because I state the truth (and that truth is echoed by the report this post is about) you seek to discredit me with multiple dishonest trollesque strategies because you don't like hearing that truth.