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frphank
47be0b2a89faaa66bc57f5c679203486da45660295cb3db3c2f38f4be8d8816e
Autopoietic. Scratching things from chaos. Homesteading the noösphere. Opportunity farmer: Reading things that are not yet on the page. Haskell. Dollars only, thanks.
Replying to Avatar Cyph3rp9nk

By nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak

It's nice that politicians are pandering to bitcoiners, but promises are cheap. There is a major insurmountable obstacle to the US govt buying bitcoin: The US govt does NOT own or control the US Federal Reserve, which is a cartel of private banks. The US President can't just tell this cartel what to do with their reserves. The US dollar is the sacred cow of this cartel, and it's how they rob the entire planet. They're not about to give up this racket because some politician made a promise whose implications he doesn't understand. They're not going to buy a million bitcoins, because a commitment to purchase bitcoin will just encourage everyone to dump their dollars and buy bitcoin, and destroy the value of the dollar and their ability to rob the world with it. If you think they managed to build this century-old cartel while being stupid enough to fall for this or powerless enough to stop it, you're going to be disappointed to find out they're actually just evil.

But can't the US government buy bitcoin itself, without the Fed? With whose money exactly? The US government is fiscally irresponsible and its biggest expense is debt servicing. There are good reasons your irresponsible debt slave friends never get bitcoin and keep laughing at you when you bring it up. Irresponsible high time preference people and institutions don't understand the concept of long term savings. More importantly, the US government needs the Fed to buy its debt and keep its Treasury ponzi going. Buying bitcoin in spite of the Fed's opposition is a full-on declaration of war by the US government against the Fed and the fiat dollar, and that's just not something that Trump, or Kennedy, is up for. Trump has repeatedly praised the Fed. Kennedy wants to implement some ridiculous low interest rate subsidized home lending scheme only possible with the Fed creating cheap money. These men are not Andrew Jackson, nor are they even trying to be him.

The real enemy of bitcoin, and humanity, is the Fed. The US government is just its tool, and politicians are interchangeable actors that haven't mattered in decades. You're not going to destroy the Fed by promising to vote for one actor over another. Your only chance of destroying it is for bitcoin to grow larger than the dollar and Treasury bonds, and for dollar users to continue to get impoverished into oblivion while bitcoiners thrive with their superior technology. I humbly suggest you not waste time and sats on the politics circus, and work hard to stack sats instead.

> The US govt does NOT [...] control the US Federal Reserve.

"It is governed by the presidentially-appointed board of governors or Federal Reserve Board (FRB)." https://en.m.wikipedia.org/wiki/Federal_Reserve

Presidentially-appointed. Looks good to me.

Definitely positively next time. Just trust us one more time.

Replying to Avatar Lyn Alden

You tolerate other people ten times more if you know ahead of time that you have a shared principal with them. You'll disagree around the margins but realize you're basically on the same page.

Back in like the 1950s USA, people felt that sense with their neighbors, church, and even government. They might disagree on things, and there were some shitty downsides to that (anyone not in the majority) but they were like, flag-waiving Americans. So a question is how to recreate that, and more broadly than it once was.

And ironically, as shitty as the authoritarian economic and legal situation is in many ways, people in Egypt today feel that way today. There's a substantial sense of unity or shared ideals, aside from a small percent of extremist outliers. That's true for many developing places.

One of the major strengths of the "bitcoin community" is this set of shared identity. Bitcoiners will loudly argue with each other, but they know they have at least one foundational shared agreement. That's healthy.

There were times, at like conference side-parties, where I noticed I was standing in a friendly discussion circle with like an anarcho-capialist to the literal right of me, a progressive to the literal left of me, a human rights advocate from an authoritarian state in front of me, a billionaire capitalist with pragmatic politics also in front of me, and us standing in a circle happily talking and basically friends. It's because we have at least one shared major principle that brings us there. A unifying factor for which, as we enter discussions for which we might disagree, we know we can build common ground upon.

As certain countries get hollowed out, and as neighborhoods become more remote and distinct, I continue to believe that local in-person bitcoin communities are absolutely profound. Regular meetups help exchange local fiat with bitcoin P2P, help educate people on the latest tech, help bring people from different viewpoints together, etc. Absolutely essential.

shared principle

Replying to Avatar Lyn Alden

Bitcoin doesn't need governments to win. It doesn't need governments to stack it. It doesn't need to ask for help.

Instead, the bar is much lower. Bitcoiners, in their preferred jurisdiction, would benefit by not being hassled by their government. They'd like to be able to buy it without problems. They'd like to be able to pay for energy and equipment and mine it in peace. They'd like be able to write open source code without facing legal problems. They'd like to be able to operate reputable businesses related to it. If they can't, then some of them will move as necessary.

It's helpful for the ecosystem to have non-hostile jurisdictions in the world. And for those that can't move without great sacrifice (i.e. most people), it's helpful for them that whatever jurisdiction they are in, is non-hostile.

So it's good that bitcoin is getting into the Overton window. The industry has some power now. Bitcoin benefits from builders and educators and advocates. It benefits from those who do their best to prevent the worst legislative outcomes against self-custody, against privacy, against running a business, against mining, etc.

But Bitcoin doesn't need to pander to them to proactively support us, and bitcoiners should recognize the sliminess of politician incentives when they come to pander to us. While it's in their best interest to build national reserves if they actually figure this thing out, we don't need them to build reserves.

I think that's the helpful line. That's where the signal is. To the extent that we minimize how much we are tread on, and build multi-national accepting footholds to pivot around, we gradually build what we want to exist.

We ask to be treated fairly, we use our resources to help ensure that we are, and to the extent that we are not then we adjust as necessary.

The government can only get in the way where Bitcoin meets fiat. (Government issued fiat that is.)

But Bitcoin doesn't need fiat, right, OR DOES IT lol wtf #btcfail .