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Let me break it down for you Mike,
Trump will create a crypto reserve aka sucker fund, buying billions/trillions of worthless digital BS.
You get f*cked
I get f*ucked
The entire USA gets f*ucked
But BlackRock, Musk and a handful of others major donors to Trump get paid off beyond dreams.
speculation he wants at least 1,000,000 bitcoins up to 5% maybe more
There is going to be an almighty crash. Trump will create massive instability while increasing costs through tariffs, and pulling trillions out of the economy through federal government cuts. The private sector will run out of real money debt will explode until interest can't be paid and then it's going to go all to hell. These guys are know-nothing trouble makers and they don't even know it.
The "base" is the necessities of life you cannot live without, just like the dollar. It's purchasing power. Maybe Mike can address that in another vid…
No, that's its exchange value, the use value is purely as a tax credit. To be clear: you CAN tax in commodities with another use value. Societies have taxed in grain which has the use value of being basic calories and thus, to your point, a necessity of life. When grain is taxed in it gains additional use value on top of that, but it also doubles as a currency.
When you actually advance as a society to becoming very complex, your society becomes so productive that grain stops being like 80% of your entire economic output and starts being more like 20% of your economic output, and thus no longer has the net economic value necessary to act as the medium of exchange, you move over to facetious precious materials: silver and gold and gemstones and other minerals. These commodities have very facetious use values of being mere ornamentation and a status symbol that signifies that you have the power to force people to mine for them (usually as conquered slaves). No one NEEDS gold or silver or lapis lazuli or diamonds or any other facetious luxury, but when your society grows the size of its elites who have all of their basic needs met to a critical threshold, they can start denominating taxes in facetious luxuries rather than critical commodities like grain, because they have the power to mine enough of it, and enforce taxes in it. When you advance even more, you can then get to the stage where you no longer even need to tax in a commodity of real scarcity, but start to tax in a commodity of artificial scarcity that you are sufficiently powerful to enforce standards in such that the distribution of real leverage inherent in this unit of account is maintained by making counterfeiting too difficult to destabilize the promise behind the currency. Along every step, the total percentage of GDP needed to generate and maintain the medium of exchange gets lower and lower, which is ultimately why it is the better thing. In ancient times, we didn't do fiat merely because we didn't have the technology to make it work, but now we do. I am not inherently against taxing in a commodity on principle, I am against it because it happens to be a more inefficient way to generate and maintain money than just making it a bunch of paperwork. Under fiat, we only have to generate and maintain paperwork and minimal digital information to make money. If we became a gold standard, we would now need to set aside an inordinate amount of gold to act as the basis for every transaction. If we became a crypto standard, we would now need to expend an inordinate amount of computers and electricity just to generate crypto. Everything that is spent on actually generating money is stuff not spent on making the goods and services we are actually trying to exchange money for. so why spend more than you have to?
@@TheRepublicOfUngeria Because having a trustless system that does not tax you twice (also by inflation) is worth it, esp when govs become more and more powerful and when ppl at the top can no longer resist the temptation to use their power for personal gain.
@@GregFlymeister The problem with this is that you would be taxed even more just to pay for the creation of the money, and the crypto users are already using what little power they have for personal gain, so you are literally just replacing a marginally corrupt system that costs almost nothing to maintain, with a massively corrupt system that costs a lot to maintain.
@ Nothing wrong with personal gain when it's decentralized. And your stored labor-hours appreciate. The only corruption is found in the office of the BTC CEO and the President of the bitcoin network…
@@GregFlymeister There is when it is a scam. Small tyrants and scammers are still tyrants and scammers, and they tend to be much worse in the aggregate. Your stored labor hours appreciate much more in capital which is the entire point: you aren't supposed to save currency, you are supposed to spend what you don't need to spend on consumption on capital and thus generate the real goods and services that are consumed. You are essentially failing to see the bigger picture of how a macroeconomy actually works: money is there to cause decisions to be made about production. The longer it stays idle, the more it isn't doing that, and the more inefficient it becomes as money. Even assuming that we could magically make a deflationary currency work, why should I pay people pieces of my share of national purchasing power because they are indecisive with their money? What good does that do me?
Why did you vote for him? Really, can you explain it?
Congressional spending legislation is required before dollars can be created to buy Bitcoin.
My opinion, is that Bitcoin is inevitable. If we don't get to it first someone else will and that's a higher risk than being left behind or worse, late… Also 700k price targets are based on minimal institutional adoption. Regarding the base, the United states holding it is, is in itself what gives it more value now.
Crypto means your money can be turned off, it will give government control. Government going from dollars to crypto is a way to leave some nations holding useless debt.
Whatever Donald Scum is doing you can bet he's doing it to enrich himself.
❤👁
Profit over people!
We need to cut health care and HUD and buy more crypto
Given that crypto is so marvellous, can anybody tell me why the 'bros' would want to swap it for a 'worthless' fiat currency like the US dollar? Or is this really a government sponsored out so they can cash their chips.
XRP ripple 💪🏼
What backs bitcoin is the energy cost it takes to mine a btc
12:00 On "debasement" 😹"there's no base to the currency" to begin with. 12:21 "You can't debase something that has no base." 🤭13:25 "You can not debase something that has no base." 14:14 "There is no debasement in something where there is no base." 🙏 When you know MMT, economics is funny and tragic
we need more BASS
You're the best, Sensei 🙏TQ
4:45 It's impossible for the government to make a profit. That would mean the government can save its own IOUs, which is an absurdity.
Good though if Trump takes down Powell.
lol corrective period is over?
You can run a government like a business but you can’t run a business like a government….
The base for the US dollar is the goods and services. It can purchase in a year. If that purchasing power goes down by 10% the next year, it has been debased by 10%.
Mike still hasn’t read the Bitcoin white paper 🤣