LIVE: President Trump Delivers Remarks at Bitcoin Conference in Nashville
(rumble.com)
₿ DECENTRALIZE THE FROG 🐸
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What kind of physical storage? A safety deposit box?
Where is the ledger? Who has access to it? Can it be corrupted?
Who owns the ledger?
How do you spend bitcoin at a farmer's market or a kids school fundraising popcorn sales?
How does one know how much bitcoin they truly have? Is Math required? Or is counting sufficient?
Does the value of bitcoin change? Why? Who sets its value?
Is it true currency or currency already corrupted by fraud and misrepresentation?
Link to the 2024 RNC 20 point platform: https://www.presidency.ucsb.edu/documents/2024-republican-party-platform
(Truth stands up to scrutiny.)
What is required to be a bitcoin miner?
Lots of options: Encrypted thumbdrives, specially designed hardware wallets, an old cell phone, and for backups you can etch your private key into steel.
Anyone can download the full node software and retain a copy. It's completely public and permissionless. No one owns or controls it. There are tens of thousands of copies around the world, all constantly checking each other to make sure it's not corrupted.
No one!
Just talk to the merchant, have them set up a wallet and then scan their QR code.
The wallet software automatically keeps track of your balance. If you have multiple wallets or coins other than BTC it gets more complicated but there are multicoin wallets that support that too.
No one "sets" the value. it's determined by supply and demand. BTC max supply is 21 million, released according to a predetermined inflation schedule over the next ~140 years, USD supply is essentially infinite, therefore BTC is deflationary over time relative to USD.
Since it can't be directly controlled, TPTB have tried all kinds of tricks to manipulate the market. The biggest issue is Tether (USDT), which is basically a private entity that prints its own tokens and claims 1 USDT = 1 USD, but they have no backing whatsoever, and they will use this to buy up BTC when economically convenient for the big institutions. For whatever reason, people just accept it, but it is the elephant in the room when it comes to BTC's "store of value" proposition.
Thank you for your patience with my questions. I have a few more if you are willing.
How does bitcoin affect the money supply now and in the future? Will economic reporting, banking, and insurance industries have to change to support and include bitcoin? Will it be costly? Will it contribute to further inflation due to these implementations costs flowing into the costs of goods and services passed on to already strapped consumers? Will utilities costs increase to families because of the AI and bitcoin energy consumption?
Will bitcoin be mandated? Will it be like the Electric Vehicles of the financial industry?
Think of Bitcoin less as a currency and more as a way to store and transfer larger amounts of money outside the bank's and Government's control. Especially for small and big business.
A gold/silver backed blockchain currency for day to day transactions (notes/coins) would be amazing.
Businesses wouldn't need to be forced to accept any of it. It can be a choice for them. If a customer offers Bitcoin to buy a car and the dealer says, no they don't accept Bitcoin. Fine, the customer can go to another dealer and the dealer can just sell to someone else. Or vice versa. The consumers will drive the demand as they always have. When credit cards came on the scene many businesses jumped on board right away, others took awhile and some still don't accept them. Same with personal checks. Consumers also have the choice to transact with cash, debit, credit. Freedom of choice needs to remain.
Amen.
No problem! Thanks for asking good questions.
I can't see the future obviously, so it's anyone's guess what will happen, but if you think about those other industries you mentioned, how would they work if they weren't based on a currency that can just arbitrarily print more units whenever needed?
What if the government did not have monopolistic control over the money supply? What if they had to provide a real service and earn their money like the rest of us?
Most people earn their money by trading their time and energy at a day job. Your time is finite and scarce, but the currency you earn is infinite. What if you ignored the USD valuation of bitcoin and focused on earning directly in a currency that you know will appreciate relative to USD? What if you had access to cheap energy to run mining rigs at home, and they earned enough to totally offset your energy bill and then some? Could you quit your job and dedicate more time to doing what you love? Spend more time with your family? Improve your quality of life? Start a business?
u/#classywow
Thought provoking.
Exactly. As silly as it sounds. We should be able to buy/sell with anything we want. In a truly free country, if I want to accept cupcakes as payment for the widgets I make and sell to my customers then I should be able to! If my employees want me to pay them with cupcakes then I should be able to. The government doesn't need to approve "cupcakes" a legal tender. It's not a central bank or the government's business to set a value for the cupcakes I transact with. Nor is it their business to process, or track for the IRS to get a piece of either.
I believe Trump just wants to preserve our right to participate in Bitcoin and even a gold/silver backed currency along with existing methods and let the consumers drive the demand. As the US dollar crashes (as we see happening), these other alternatives need to already be in place so people can shift to whatever works for their situation at a time that works best for them. We have to prevent the sudden panic the Central Bankers need so they can push the CBDC on us. When the dollar as we know it is gone, Bitcoin doesn't have to be everyone's personal or business choice. We will have options. And we need to preserve that freedom of choice.