Additional, this bill utilizes the Federal Reserve System: I prefer to eliminate the Fed. ____ Full bill: https://www.lummis.senate.gov/wp-content/uploads/BITCOIN-Act-FINAL.pdf ____ Sec. 5 (A) purchase 200,000 BTC per year for 5 yrs. ____ Sec. 12 c. Gold swap Fed and Treasury — the Fed within 180 days enactment: Fed trades in to Treasury old gold certificates at previous value ($40) and a) Fed gets new certificates reflecting fair market value of the gold held (0 ounces? — 8,000 tons?) and b) the difference in value between the old and new certificated gets handed over to the Treasury for deposit in the general fund (the abyss of federal spending).____ 8,000 tons = 256,000,000 ounces $2,500 = $640 billion.
The term ‘‘airdrop’’ means a gratuitous distribution of digital assets to holders of
Bitcoin in a broad, equitable, and non-discretionary manner.
equitable being the key here.
They are also planning to change the consensus mechanism, apparently:
FORK.—The term ‘‘fork’’ means a change to the consensus mechanism of a distributed ledger that creates a separate ledger, resulting in a new digital asset that shares a common transaction history with Bitcoin up to the point of the change.
Senator Cynthia Lummis must have some deep state attorneys on her legislative staff. ____ I wonder if Whitney Webb blogger has already, or will in the future call them out on this.
Additional, this bill utilizes the Federal Reserve System: I prefer to eliminate the Fed. ____ Full bill: https://www.lummis.senate.gov/wp-content/uploads/BITCOIN-Act-FINAL.pdf ____ Sec. 5 (A) purchase 200,000 BTC per year for 5 yrs. ____ Sec. 12 c. Gold swap Fed and Treasury — the Fed within 180 days enactment: Fed trades in to Treasury old gold certificates at previous value ($40) and a) Fed gets new certificates reflecting fair market value of the gold held (0 ounces? — 8,000 tons?) and b) the difference in value between the old and new certificated gets handed over to the Treasury for deposit in the general fund (the abyss of federal spending).____ 8,000 tons = 256,000,000 ounces $2,500 = $640 billion.
There is a much more scarier section in the act.
equitable being the key here.
They are also planning to change the consensus mechanism, apparently:
Senator Cynthia Lummis must have some deep state attorneys on her legislative staff. ____ I wonder if Whitney Webb blogger has already, or will in the future call them out on this.
Looks that way. But the BTC community is swooning over this.