@KeithDJohnson don't forget about the part where the new administration is going to remove all the investor protections put into place after the 1929 crash by allowing companies to issue unregulated crypto tokens instead of shares of stock that are regulated by the #SEC.
(this is absolutely going to happen btw... crypto industry was responsible for ~50% of all corporate money in the election)
#stockmarket #Election2024 #2024Election #Trump #DonaldTrump #JDVance #uspol #uspolitics #politics #Kamala2024 #KamalaHarris #GOP #MAGA #MAGAts #Vote #Republicans #RVAT #Democrats #HarrisWalz2024 #VoteBlue #HarrisForPresident #HarrisWalz #VoteHarris
@FritzAdalis @KeithDJohnson you're not wrong (though the cause and effect from glass-steagall to 2008 isn't as direct as many believe). in this case though the entrenched crypto interests would of course like to write their own laws and capture their regulators (i mean that's what they just paid for with the election spend), so easier to just make new crypto rules.
I'm re-upping this once more because I think this is the first election cycle where we've finally crossed over into the form of government that Citizens United wrought. Every single candidate who got TV ads from the crypto lobby won their election. https://t.co/LwZY7jDKue
50%? Do you have a source for that?
I would laugh at the entire crypto pyramid scheme *ahem* industry if not for the massive environmental cost.
@firebreathingduck @KeithDJohnson 48% of corporate money as of late august. not sure where it came in by the end.
https://www.axios.com/2024/08/22/crypto-election-spending-2024-pac-public-citizen
@firebreathingduck @KeithDJohnson
> I would laugh at the entire crypto pyramid scheme *ahem* industry if not for the massive environmental cost.
probably time to stop laughing. republican senators are already drafting legislation to build a "strategic bitcoin reserve" i.e. "transfer hundreds of billions of taxpayer dollars directly into the hands of crypto bros".
https://cryptobriefing.com/bitcoin-reserve-asset-following-trump/
and that's before you even start worrying about the fact that some of them (most of them, actually) want to default on the debt and crash the dollar so as to make bitcoin the world's new USD. this has been peter thiel's stated plan for most of a decade. the only one who's not totally on board w/it appears to be elon, who i'm not sure i want to trust with the global financial system.
I misunderstood the earlier statement to mean that crypto was half of all election spending for the 2024 election. The total of all election spending is estimated to be $15.9 billion: https://www.opensecrets.org/news/2024/10/total-2024-election-spending-projected-to-exceed-previous-record/
Your other points still stand. If they switch US currency to Bitcoin, the economy will implode.
@firebreathingduck @KeithDJohnson
> If they switch US currency to Bitcoin, the economy will implode.
fwiw the plan i've heard them talk about works the other way: default on the debt and/or hyperinflate the dollar -> implode the economy -> the world will have no choice but to switch to bitcoin
As far as I understand it, Bitcoin has a current transaction throughput limit of 7/second.
Visa processes 24,000 transactions per second.
How far would they get into their Bitcoin transition before someone said, "Wait, I ordered a pizza and they told me the payment is expected to clear in March, 2315!"
@jab01701mid @firebreathingduck @KeithDJohnson republicans control all three houses so you might not have a choice.
Keith D Johnson
⚯ Michel de Cryptadamus ⚯
Fritz Adalis
firebreathingduck
Kevin Leecaster
John Breen