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Shawn

Imagine how colossally stupid this will look a decade from now. But also, GFY, lettuce hands.

https://www.brief.news/crypto/2025/01/09/doj-liquidates-silk-road-bitcoin

samuel 1y ago

It’s the right thing to do.

In fact all seized bitcoin should be sold.

The only bitcoin that the US should put in its strategic reserve is bitcoin that it explicitly buys from the treasury .

If you don’t understand why you don’t understand perverse incentives .

If the government can just seize bitcoin and place it in its reserve, the government will seize all of our bitcoin and place it in its reserves .

The house bill for strategic bitcoin reserve is pure evil because it incentivizes the government to seize bitcoin from civilians, no different than how the Canadian truckers had Their assets seized read it carefully and understand perverse incentives.

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Discussion

Shawn 1y ago

Don’t presume to know what I do or don’t understand. Too much of that attitude.

samuel 1y ago

I will try not to. Just replying to your statement…

“Imagine how colossally stupid this will look a decade from now. But also, GFY, lettuce hands.” - nostr:npub1clk6vc9xhjp8q5cws262wuf2eh4zuvwupft03hy4ttqqnm7e0jrq3upup9

Selling this bitcoin is not a mistake. It is the only reasonable thing that a fair and good government can do.

the Bitcoin strategic reserve the way it was written by Cynthia Lummis has a very perverse incentive for the government, and I’m smart enough to know that you cannot give the government perverse incentive.

The unintended consequences can be devastating.

I’ve had this debate numerous times with numerous people on #Nostur

Once they start to understand how this bill can allow the government to illegally seize your crypto from you people realize the bill has to be changed.

Any seized crypto, via ill gotten goods the department of Justice ATF or any other agency must be sold on the free market and never allowed to be entered into the strategic bitcoin reserve.

Shawn 1y ago

I appreciate what you're trying to say, but your argument ends with " a fair and good government". They aren't. None are. And they aren't selling with that motivation.

samuel 1y ago

💯 Well, that is a correct statement so the best we can do is try to pressure our lawmakers into preventing them from being too corrupt!