: Donald Trump and Crypto Currency

Dale · Jan 29, 2025

Has Donald Trump ever been right about anything? In 2019, while President, Trump said that said that “Unregulated Crypto” facilitates the “drug trade” and other illegal activities. (thehill.com) Now Trump is planning executive orders to promote crypto currencies, including a Crypto Council and probably a Crypto Czar. Possibly worse, he plans a “strategic bitcoin reserve,” which means spending government funds to buy cryptocurrency. (investor.com)

Why the change of heart? Firms active in the crypto market have donated millions of dollars in crypto currency to the Trump campaign and to the Inaugural Committee. (politico.com)

The outgoing Chairman of the Securities and Exchange Commission, SEC, Gary Gensler, filed over eighty enforcement actions against crypto firms. These included Coinbase and Binance. Apparently these will be dropped. (finance.yahoo.com)

How dangerous is crypto currency? According to a cyber security firm, using 2020 figures: “Bitcoin accounts for approximately 98% of ransomware payments.” Cyber criminals demand payment in Bitcoin because they are hard to trace. (marsh.com)

Trump said that Bitcoin is “not money” as well as being “highly volatile and based on thin air,” in 2019. (CNN)

Who invented Bitcoin and what were they trying to accomplish? We don’t know who created it, or no one takes responsibility. It was created by people who are suspicious of the Federal Reserve System and who want to ignore banking laws. This comes from a 2021 New York Times article by Eswar Prasad, available at brookings.edu. The same article confirms that Bitcoin is the “preferred currency” for ransomware attacks.

There is another odd fact from the same article. The computers that make Bitcoin possible consume as much electricity as entire countries, such as Argentina or Norway.

Are crypto currencies real money? Real money acts as a medium of exchange and a store of value. Crypto currency is not used enough to qualify as a medium of exchange. Crypto curencies are far too volatile to be a store of value. At best they are an eccentric invesment.

Fantine · Jan 29, 2025

He was selling his branded crypto--and owned 80% of it individually.
The danger is that enemy nations, corrupt oligarchs, polluters and others could "buy" his favor and leverage him by threatening pull outs.
And investors are virtually untraceable.
In my opinion, his own ideas are bad enough--but promoting enemy nations and polluters would be even worse.

Laodicean60 · Jan 30, 2025

Dale said:
Why the change of heart?

For votes of course. Didn't Kamala do the same?

Dale said:
Has Donald Trump ever been right about anything?

Yes

Dale said:
Cyber criminals demand payment in Bitcoin because they are hard to trace. (marsh.com)

I think you need to educate yourself unless this is a Trump hit piece, before you post misinformation. You do know cash is traceless and that law enforcement has blockchain analytics, don't you?

Do you know anything about Biden's policies in the crypto space and the central banks jumped on the bandwagon by creating their cryptocurrency CBDC?

Fantine · Jan 30, 2025

It is true that cash is untraceable, but I do remember a controversial real estate transaction in Florida where a Russian sold Trump a property very cheaply that Trump turned around for a 200% profit a year later....and that was traceable.

So courting favor is not new--but soliciting favor with branded bitcoins, aware that some are buying "influence and favors," not bitcoins, is a whole new layer of corruption.

Dale · Jan 30, 2025

Laodicean60 said:
For votes of course. Didn't Kamala do the same?

Yes

I think you need to educate yourself unless this is a Trump hit piece, before you post misinformation. You do know cash is traceless and that law enforcement has blockchain analytics, don't you?

Do you know anything about Biden's policies in the crypto space and the central banks jumped on the bandwagon by creating their cryptocurrency CBDC?

Laodicean, hello, since I don’t think we have met on CF before.

Laodicean: “Do you know anything about Biden's policies in the crypto space and the central banks jumped on the bandwagon by creating their cryptocurrency CBDC?”

Quote

Has Any Country Launched a CBDC?

Yes, Jamaica, Nigeria, and The Bahamas have launched CBDCs.

End Quote

Source: What Is a Central Bank Digital Currency (CBDC)?

Laodicean: “You do know cash is traceless and that law enforcement has blockchain analytics, don't you?”

I am aware that law enforcement has sometimes been able to trace crypto transactions. This doesn’t change the fact that crypto seems to facilitating extortion and ransom attacks.

Laodicean: “I think you need to educate yourself unless this is a Trump hit piece, before you post misinformation.”

Before you accuse me of doing a “Trump hit piece,” I have also criticized President Biden and the Biden Administration.

https://www.christianforums.com/threads/ambassador-for-religious-freedom-or-why-democrats-can%E2%80%99t-get-elected.8316015/

Laodicean60 · Jan 30, 2025

Dale said:
Before you accuse me of doing a “Trump hit piece,” I have also criticized President Biden and the Biden Administration.

https://www.christianforums.com/threads/ambassador-for-religious-freedom-or-why-democrats-can%E2%80%99t-get-elected.8316015/

I don't think I remember this thread or read it. If my speech was too aggressive I apologize but in my defense, all the information I had was this:

"Has Donald Trump ever been right about anything? In 2019, while President, Trump said that said that “Unregulated Crypto” facilitates the “drug trade” and other illegal activities. (thehill.com) Now Trump is planning executive orders to promote crypto currencies, including a Crypto Council and probably a Crypto Czar. Possibly worse, he plans a “strategic bitcoin reserve,” which means spending government funds to buy cryptocurrency. (investor.com)"

Richard T · Jan 30, 2025

Dale said:
Has Donald Trump ever been right about anything? In 2019, while President, Trump said that said that “Unregulated Crypto” facilitates the “drug trade” and other illegal activities. (thehill.com) Now Trump is planning executive orders to promote crypto currencies, including a Crypto Council and probably a Crypto Czar. Possibly worse, he plans a “strategic bitcoin reserve,” which means spending government funds to buy cryptocurrency. (investor.com)

Why the change of heart? Firms active in the crypto market have donated millions of dollars in crypto currency to the Trump campaign and to the Inaugural Committee. (politico.com)

The outgoing Chairman of the Securities and Exchange Commission, SEC, Gary Gensler, filed over eighty enforcement actions against crypto firms. These included Coinbase and Binance. Apparently these will be dropped. (finance.yahoo.com)

How dangerous is crypto currency? According to a cyber security firm, using 2020 figures: “Bitcoin accounts for approximately 98% of ransomware payments.” Cyber criminals demand payment in Bitcoin because they are hard to trace. (marsh.com)

Trump said that Bitcoin is “not money” as well as being “highly volatile and based on thin air,” in 2019. (CNN)

Who invented Bitcoin and what were they trying to accomplish? We don’t know who created it, or no one takes responsibility. It was created by people who are suspicious of the Federal Reserve System and who want to ignore banking laws. This comes from a 2021 New York Times article by Eswar Prasad, available at brookings.edu. The same article confirms that Bitcoin is the “preferred currency” for ransomware attacks.

There is another odd fact from the same article. The computers that make Bitcoin possible consume as much electricity as entire countries, such as Argentina or Norway.

Are crypto currencies real money? Real money acts as a medium of exchange and a store of value. Crypto currency is not used enough to qualify as a medium of exchange. Crypto curencies are far too volatile to be a store of value. At best they are an eccentric invesment.

Thanks for your post on this issue. I would add that Seignorage is the benefit that a nation gets from issuing a currency. This benefit is derived from not having to pay interest on whatever currency is held by the public. That the USA would support taking away part of their own benefit for the sake of virtual currency speculators is beyond me. Every bitcoin minted (mined) reduces government's advantage while consuming lots of electricity. Even worse every bitcoin the USA would buy would be done with borrowed money. So that is quite absurd. They would do better to invest in stocks that have earnings and dividends. That Trump and Melania both have their own virtual coins now is a huge conflict of interest and presents security problems as was mentioned in this thread.

At some point the bitcoin market will saturate, or have more scandals and fraud, making it collapse and lose it's credibility. I suppose that a virtual currency could be forerunner to an anti-Christ world currency. More likely though the rise of virtual currency will go the way of the tulip bulb bubble.

The USA and other central banks around the world increased the money supply hugely during covid and the result was some really bad investments. Part of those excessive funds piled it into crypto. As this excess money is being taken out of circulation, the bubble will deflate. This occurred after Y2K causing the market to collapse in 2001. This occurred again when lending was easy for homes prior to 2007. Such excesses are cruel to most Americans.

Dale · Feb 2, 2025

Laodicean60 said:
I don't think I remember this thread or read it. If my speech was too aggressive I apologize but in my defense, all the information I had was this:

"Has Donald Trump ever been right about anything? In 2019, while President, Trump said that said that “Unregulated Crypto” facilitates the “drug trade” and other illegal activities. (thehill.com) Now Trump is planning executive orders to promote crypto currencies, including a Crypto Council and probably a Crypto Czar. Possibly worse, he plans a “strategic bitcoin reserve,” which means spending government funds to buy cryptocurrency. (investor.com)"

Message Boards are intended for an exchange of views. There are many points of view on CF.

Dale · Feb 3, 2025

Richard T said:
Thanks for your post on this issue. I would add that Seignorage is the benefit that a nation gets from issuing a currency. This benefit is derived from not having to pay interest on whatever currency is held by the public. That the USA would support taking away part of their own benefit for the sake of virtual currency speculators is beyond me. Every bitcoin minted (mined) reduces government's advantage while consuming lots of electricity. Even worse every bitcoin the USA would buy would be done with borrowed money. So that is quite absurd. They would do better to invest in stocks that have earnings and dividends. That Trump and Melania both have their own virtual coins now is a huge conflict of interest and presents security problems as was mentioned in this thread.

At some point the bitcoin market will saturate, or have more scandals and fraud, making it collapse and lose it's credibility. I suppose that a virtual currency could be forerunner to an anti-Christ world currency. More likely though the rise of virtual currency will go the way of the tulip bulb bubble.

The USA and other central banks around the world increased the money supply hugely during covid and the result was some really bad investments. Part of those excessive funds piled it into crypto. As this excess money is being taken out of circulation, the bubble will deflate. This occurred after Y2K causing the market to collapse in 2001. This occurred again when lending was easy for homes prior to 2007. Such excesses are cruel to most Americans.

It is my understanding that to do a Bitcoin transaction, the transaction cost is at least $20. At that rate, no one is ever going to go to the grocery store to buy a loaf of bread and pay in Bitcoin.

Several years ago, the President of El Salvador made Bitcoin legal tender in that country. What does legal tender mean? If someone owes you money and you refuse to accept legal tender, they could be off the hook. In the US, that means you cannot necessarily refuse to accept US currency for a debt.

Making Bitcoin legal tender in El Salvador seems to be a flop. Several years later, only a fraction of a percent of businesses have any way of accepting Bitcoin. A poll showed that El Salvadorians aren’t quite sure what Bitcoin is.

dbot · Monday at 9:34 AM

I’ve noticed the same thing in El Salvador, my friend lives there and said hardly anyone uses bitcoin for regular shopping. The shop owners he talked to still prefer cash because it’s easier and the tech part of crypto is confusing for most people. Even sending bitcoin feels slow and clunky sometimes compared to using just a basic debit card, and fees jump around a lot too. I get why people don’t see it as real money for daily stuff, even though the government is pushing it. But for projects that focus on fast trading and better liquidity, especially on Raydium, I keep seeing interest in tools built just to boost token volume and presence. Saw some pretty in-depth stuff about Raydium volume bot setups that actually help with this kind of on-chain activity if you’re curious, Solana Volume Bot | Generate Trading Volume on Raydium, PumpSwap, Pump.Fun & Meteora.

Careyap87 · Tuesday at 5:33 PM

Dale said:
Has Donald Trump ever been right about anything? In 2019, while President, Trump said that said that “Unregulated Crypto” facilitates the “drug trade” and other illegal activities. (thehill.com) Now Trump is planning executive orders to promote crypto currencies, including a Crypto Council and probably a Crypto Czar. Possibly worse, he plans a “strategic bitcoin reserve,” which means spending government funds to buy cryptocurrency. (investor.com)

Why the change of heart? Firms active in the crypto market have donated millions of dollars in crypto currency to the Trump campaign and to the Inaugural Committee. (politico.com)

The outgoing Chairman of the Securities and Exchange Commission, SEC, Gary Gensler, filed over eighty enforcement actions against crypto firms. These included Coinbase and Binance. Apparently these will be dropped. (finance.yahoo.com)

How dangerous is crypto currency? According to a cyber security firm, using 2020 figures: “Bitcoin accounts for approximately 98% of ransomware payments.” Cyber criminals demand payment in Bitcoin because they are hard to trace. (marsh.com)

Trump said that Bitcoin is “not money” as well as being “highly volatile and based on thin air,” in 2019. (CNN)

Who invented Bitcoin and what were they trying to accomplish? We don’t know who created it, or no one takes responsibility. It was created by people who are suspicious of the Federal Reserve System and who want to ignore banking laws. This comes from a 2021 New York Times article by Eswar Prasad, available at brookings.edu. The same article confirms that Bitcoin is the “preferred currency” for ransomware attacks.

There is another odd fact from the same article. The computers that make Bitcoin possible consume as much electricity as entire countries, such as Argentina or Norway.

Are crypto currencies real money? Real money acts as a medium of exchange and a store of value. Crypto currency is not used enough to qualify as a medium of exchange. Crypto curencies are far too volatile to be a store of value. At best they are an eccentric invesment.

Oh yes Mr President Trump was right the whole time.

Gregory Thompson · Tuesday at 6:02 PM

If all the big backers of a crypto currency conspire to "pull out" their investments over night. Everyone else will be left with nothing.

It's extremely volatile with no regulation. But if that's your cup of tea, then so be it.

: Donald Trump and Crypto Currency

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