Most of have expected this. Many folks daren't even think about this. Trump hints that there is a way to abolishing the income taxes!
(twitter.com)
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I strongly believe that is part of the plan. A combination of tariffs, oil lease revenue and large government spending reductions will allow the government to incrementally get rid of the income tax. The top 5% may still have to pay it, but everyone else will not. Add government minting of Bitcoin and you will see a surplus. I expect the Trump administration to build several small nuclear plants to just mine Bitcoin.
Oil lease revenue is the key…Kevin O’Leary was speaking about this and said from some reserve that we haven’t even tapped into in Alaska would easily pay off the national debt as long as the govt wrote the contract that way and didn’t get greedy
All good points with exception to the false narrative of pay off the national debt. It's a very important illusion that has been created to keep the citizens confused to what that really is. The national debt can't be paid off because it is simply the payment owed by the american people via government relinquishment of congressional power to regulate our own money, to a conglomerate organization (federal reserve) interest payment.
Interest paid on the amount of loaned fiat money, US dollars in circulation. To the citizens. National debt also refers to other economic sources but that is the main source of the "debt". This is payed off only by a new currency, change to structure of power back to origins and dissolve the federal reserve as the lender of fiat currency, aka IOUs on behalf of government to the people.
My apologies and thank you for clarifying that up fren
My pleasure and its such an important point that I hope everyone can just spread the truth there. When average Americans realize that. It Will be,, what.. .....WHAT! I've been told the national debt all these years, blah blah blah. Well can imagine first time reactors.
No need to apologize, thanks for reading and being open to ideas.
Am I the only person unable to make sense of this
A safe blockchain requires enough power so that no other entity can reproduce what you've done. It solves the Byzantine General's problem so you no longer have to have trust in anyone that the transaction is real.
But it only works if the difficulty level is high enough that a determined competitor can't split the chain at a lower block, reproduce everything you've done with changes, and outrace you to build an even longer chain. In Proof of Work blockchain systems, the chain showing the most work is always true.
By dedicating enough energy, the Bitcoin blockchain becomes immutable, because no other country/group will have the energy to wipe the history of what has already been written.
It comes down to who you trust more. A banker, or the math that underpins the blockchain? It may take less energy to trust a banker, but I'll trust math any day of the week.
No matter what you think of currency and the economy, Bitcoin is needed because there simply is no other mechanism available to man that carries this level of certainty. If we give up on it, and don't build a few nuclear reactors to keep up the difficulty level, we're back to trusting in our overlords again.
I keep asking the question that marks me of not understanding block chain. What happens when there is no power?
It evidently takes quite a bit of electrical power to run the computers if you want to mine Bitcoin on an industrial scale. Basically you are verifying a transaction between two entities for the Bitcoin people and you get paid in Bitcoin.
One characteristic of money is that real money is a byproduct of energy expended as in physical mining of metals. Bitcoin has almost all the same characteristics as gold and silver. I believe more in metals than electrons but if it's made a medium of exchange and limited in its numbers. Any value increas can expand its availability through fractionalization rather than making more of it controlling inflation. It can be naturally contracted the same way. In fact I'm of the opinion MAGA will be a fraud without the death of the fed.
“But Bitcoin’s not even real!”
“Did you know that the entire valuation of gold and silver is subjective? How real is subjective opinion?”
I think it can be done quickly, in a single term once the private federal reserve is collapsed and all their fiat sidelined and unusable for exchange. Break them to ruins. They've robbed us for 250 years.
I think you will be surprised at how fast stuff happens. 4 years is really a short time in government terms and Trump wants everything done extremely quickly. I noticed quite some time ago it looked like a lot of things were intentionally set up to be fixed very quickly.