In Reply to: (link) Trump announces ''crypto reserve''? posted by SagoBob on March 03, 2025 at 11:15:00
without the usual tracking systems being able to track the transactions. It is not an altogether useless thing, as has been point out in the past, such as being able to financially support resistance organizations, or organizations that do common good in countries run by autocrats or kleptocrats who would otherwise block that flow.
But more often than that, it is used by the autocrats, kleptocrats, and tech bros to accumulate wealth ... but that comes with a down side. Without any nation backing the value of any given cryptocurrency, its value becomes extremely volatile. A massive tulip market, so to speak. In theory, the US putting its thumb on the scale *may* stabilize the market a little, though I am not sure which cryptocurrencies we would have to buy and how much of them in order to have an actual impact. In practice however, this is essentially our tax dollars going straight into some black market where the flow is untraceable, and my guess is, placing us right at the border of a major economic collapse that can be brought about by someone's whim.
My bottomline, we just entered into the tulip market and we'll be buying sh*tloads of it.
Folks who understand how money works should correct me right here before I fully commit to this particular take. Coz how money works is something I never quite grasped my whole life.