pull down to refresh
81 sats \ 7 replies \ @SimpleStacker 19h \ on: Mark Cuban mulls memecoin to pay US debt econ
I mean, it's not a new idea. States run lotteries to raise public money. Why not the feds? It's just a stealth regressive tax. I guess I wouldn't mind it in terms of effects, but I don't like the idea aesthetically
reply
Yeah, very regressive form of taxation. But given where we are, if they used lottery money to pay off public debts, I think I'd support that. Because that would constitute a shrinking of the footprint of the government.
(Not that this would ever happen, but it's a nice little thought experiment)
reply
Just give the bond holders some $TRUMP or Doge and call it a day.
reply
Ok, so hear me out. We can't give bond holders $TRUMP coz that would constitute a default.
But if they sell memecoins to pay off debt, wouldn't that constitute taking dollars out of circulation? Degens give the feds dollars, the feds use the dollars to retire debt. Degens get memecoins, but their value will quickly fall to zero and they will stop circulating.
So doesn't Cuban's plan result in money being taken out of circulation?
reply
We can give them $TRUMP once it's been made legal tender.
Yes, it would be deflationary, but it would only matter if there were trillions of dollars of demand for the meme coins. There are only so many fools and most of them have already been parted from their money.
reply
There are only so many fools
This seems like a hold my beer moment
reply
All I mean is that they are technically finite. The second part of that sentence was the more important part.
But, yes, I'm sure something spectacularly stupid will happen in the near future. I have been telling people for years that we aren't on The Darkest Timeline, we're on The Dumbest Timeline.
reply