Opinions on a crypto reserve aside, we seize tons of cryptocurrency every year in police actions and then auction it off. Just stop auctioning it off and you don't need to buy anything.
The slippery slope fallacy is a logical error where it is claimed that a relatively small first step will lead to a chain of events resulting in a significant and undesirable outcome, without sufficient evidence to support that claim. This type of argument often exaggerates potential consequences to instill fear or discourage a particular action.
Yeah but that wouldn't do what this is actually designed to do: enrich the people who financially backed the Republican ticket.
The fuck are we going to even do with reserve crypto? I'm not even on the crypto bit here, the point of strategic reserves is to have stock for emergencies. What fucking emergency can someone possibly imagine that would be resolved with a pile of ETH?
Sell it to prop up the dollar and/or pay down debt, same as gold reserves.
Whether crypto is a good idea for that purpose is a matter of opinion. I lean toward no. Strongly. Make the case either way and it can be a sensible discussion.
So, I was in a conversation with someone who made an interesting comment.
He said we have a gold reserve and that makes sense, but if we become interplanetary, then you don’t want to pay to ship gold to Mars. Crypto solves that issue. The reserve will last well into the future so preparing now makes sense.
Unique take to be sure, but sharing because it was interesting.
> The “strategic reserve” exposes crypto as the scam it always was (alexkolchinski.com) | 125 points by kolchinski 2 days ago | 124 comments |https://news.ycombinator.com/item?id=43236752
"Fact check: Jimmy Carter put his peanut farm into a blind trust during presidency"
Carter put his peanut farm into a blind trust during the presidency – he didn't sell it. An expert told USA TODAY blind trusts allow someone to retain ownership of an asset while transferring management to another person or institution.
The sale happened after Carter left office, with considerable personal debts:
The Carters sold the peanut farm in March 1981, shortly after Carter left office following a failed bid for a second term. Years of drought and changes in warehouse management had left the Carters with more than $1 million of debt at that point...
I'm not sure a blind trust makes particular sense for a specific business as an isolation measure. Contrast with, say, an investment portfolio where management of the portfolio is completely handed over to an independent entity. In that case there's no direct managerial control over the individual investments themselves (save shareholder votes), and the contents of the trust can vary over time.
Putting an individual business in a trust strikes me as putting a single item in a bag and then into another bag. You're not abstracting or collectivising, only putting more packaging around it. Maybe there's some managerial distance, but everyone on both sides of that gap knows exactly who ultimately benefits.
(I'm not calling Carter corrupt. He's likely the least corrupt president the US has seen in 50--75 years. I'm saying that this specific measure, well-intentioned as it may have been, was rather empty. It's also immeasurably better than present practices, of course.)
Hi dang, is a user with similar karma levels as the flagging user able to unflag a post? If so, can you mention that in the FAQ as well? You may think it's obvious but I think it would have a calming effect on the meta-thread if people know that another user with the same amount of cred could theoretically unflag the post.
There is information in the FAQ about how to flag a post and who gets to do it, but it's unclear, at least to me, if another user with a similar karma level is able to unflag it.
I agree that a user may find the title inflammatory because it's an opinionated accusation without an explicit court decision backing it up, but I want to emphasize that official HN moderators should not be able flag this specific post as Coinbase is a YC company and happens to be one of the largest crypto exchanges in the world, hence the conflict of interest in burying this story. I can't see any way how someone could contest the fact that this story presents a conflict of interest for YC.
Is the flagging of articles an absolute number? How does the article get 100+ upvotes but still flagged? Does it mean it early hit the flag threshold to get flagged and later got the votes, or that the flags continue to outweigh the upvotes?
I argue that is most crypto stories period. Good to know that politics is the line people die on though when the predient does it and then we just have to ignore it.
They are brazenly corrupt. If you are logical, you just expect it of them. Otherwise how did a line item for about 4 million dollars with the State Department turning into a 400 million dollar contract for Tesla. It's just brazen corruption, they are stealing your tax dollars as quickly as they can.
It’s a bit disheartening when you start to realize how very little anyone cares about those of us who don’t have a ton of money to burn.
After they tank the economy, a lot of is should probably just go chuck ourselves into the burn pits. It will save us from having to go into debt hust to board the meat grinder early.
It is much harder to steal gold than crypto. Crypto prices are volatile, and they depend on sophisticated computing infrastructure to work that may not exist after a catastrophe. Crypto depends on 51% consensus (which can be attacked by foreign nations), gold does not. Gold has intrinsic value.
The U.S. already has a gold reserve, and an oil reserve. There is no need for a crypto reserve.
Readit News
https://www.ojp.gov/ncjrs/virtual-library/abstracts/cia-conn...
The fuck are we going to even do with reserve crypto? I'm not even on the crypto bit here, the point of strategic reserves is to have stock for emergencies. What fucking emergency can someone possibly imagine that would be resolved with a pile of ETH?
Whether crypto is a good idea for that purpose is a matter of opinion. I lean toward no. Strongly. Make the case either way and it can be a sensible discussion.
He said we have a gold reserve and that makes sense, but if we become interplanetary, then you don’t want to pay to ship gold to Mars. Crypto solves that issue. The reserve will last well into the future so preparing now makes sense.
Unique take to be sure, but sharing because it was interesting.
>Trump plans to use your money to buy fake money
Not true if it's confiscated funds.
> The “strategic reserve” exposes crypto as the scam it always was (alexkolchinski.com) | 125 points by kolchinski 2 days ago | 124 comments | https://news.ycombinator.com/item?id=43236752
Edit: I'm absolutely positive this isn't exactly right. But the idea should register.
"Fact check: Jimmy Carter put his peanut farm into a blind trust during presidency"
Carter put his peanut farm into a blind trust during the presidency – he didn't sell it. An expert told USA TODAY blind trusts allow someone to retain ownership of an asset while transferring management to another person or institution.
<https://www.usatoday.com/story/news/factcheck/2023/02/24/fac...>
The sale happened after Carter left office, with considerable personal debts:
The Carters sold the peanut farm in March 1981, shortly after Carter left office following a failed bid for a second term. Years of drought and changes in warehouse management had left the Carters with more than $1 million of debt at that point...
I'm not sure a blind trust makes particular sense for a specific business as an isolation measure. Contrast with, say, an investment portfolio where management of the portfolio is completely handed over to an independent entity. In that case there's no direct managerial control over the individual investments themselves (save shareholder votes), and the contents of the trust can vary over time.
Putting an individual business in a trust strikes me as putting a single item in a bag and then into another bag. You're not abstracting or collectivising, only putting more packaging around it. Maybe there's some managerial distance, but everyone on both sides of that gap knows exactly who ultimately benefits.
(I'm not calling Carter corrupt. He's likely the least corrupt president the US has seen in 50--75 years. I'm saying that this specific measure, well-intentioned as it may have been, was rather empty. It's also immeasurably better than present practices, of course.)
In fact, if they didn't, then HN's front page would consist of little else.
There is information in the FAQ about how to flag a post and who gets to do it, but it's unclear, at least to me, if another user with a similar karma level is able to unflag it.
I agree that a user may find the title inflammatory because it's an opinionated accusation without an explicit court decision backing it up, but I want to emphasize that official HN moderators should not be able flag this specific post as Coinbase is a YC company and happens to be one of the largest crypto exchanges in the world, hence the conflict of interest in burying this story. I can't see any way how someone could contest the fact that this story presents a conflict of interest for YC.
(Not in the financial sense.)
After they tank the economy, a lot of is should probably just go chuck ourselves into the burn pits. It will save us from having to go into debt hust to board the meat grinder early.
Dead Comment
The U.S. already has a gold reserve, and an oil reserve. There is no need for a crypto reserve.