Bitcoin

[MountainTracker]

Sent from my iPhone using Tapatalk

 

[Historybuff]

Your normie friends dont care but the Whitehouse is bull posting on X . There are bitcoin maxis in the Whitehouse. Might want to get some, I think it's catching on

 

[Wrench]

So… the EO only orders the treasury to build the reserve with Bitcoin that has been seized. No purchasing by the federal government. That’s not going to do anything for the markets at this time.

I thought the draw to Bitcoin was the immunity from the government. If the reaerve is built from seized bitcoins.....how's it different than the federal reserve or banks?

 

[fmyth]

I thought the draw to Bitcoin was the immunity from the government. If the reaerve is built from seized bitcoins.....how's it different than the federal reserve or banks?

The initial BTC in the reserve was obtained through seizure. The US will be acquiring BTC in the future through yet to be identified process. The fixed supply is the difference. No matter how many BTC's the US possesses they cannot change the supply and f*ck the rest of us.

 

[Wrench]

So how does one seize your Bitcoin. I thought it was protected.....your password or cold wallet is your personal ft. Knox.

The government's inability to make more I get, but I don't know how much I believe that. The actual definition of Bitcoin is essentially a fairytale. You can't touch it, see it or smell it....but you have to believe that it's real.

 

[MountainTracker]

So how does one seize your Bitcoin. I thought it was protected.....your password or cold wallet is your personal ft. Knox.

The government's inability to make more I get, but I don't know how much I believe that. The actual definition of Bitcoin is essentially a fairytale. You can't touch it, see it or smell it....but you have to believe that it's real.

The gov serves a search warrant on your home, computers, email, phones and the keys were places somewhere in those items, btc now seized.


Sent from my iPhone using Tapatalk

 

[Wrench]

So if you're going to be a felon, don't be sloppy with your keys.

I'm still a bit skeptical on the fact that it's up to me to believe that something intangible is valuable.

I can believe in gold, oil, silver.....frankincense and myrrh, but Bitcoin is a bit of a stretch for this guy.

 

[Historybuff]

Better figure it out

 

[2531usmc]

So how does one seize your Bitcoin. I thought it was protected.....your password or cold wallet is your personal ft. Knox.

The government's inability to make more I get, but I don't know how much I believe that. The actual definition of Bitcoin is essentially a fairytale. You can't touch it, see it or smell it....but you have to believe that it's real.

I want to really, really, want to believe that I can buy and hold bitcoin and use it as a store of value to protect my assets from the ravages of a fiat currency. And, that the bitcoin store of value is better than buying stock in Exxon or the S&P.

I would also guess the govt did not need a password to a cold wallet to seize the bitcoin. The seizure was probably an administrative action based on a court order

But at the end of the day, I think you captured the essence of bitcoin.

 

[fmyth]

So how does one seize your Bitcoin. I thought it was protected.....your password or cold wallet is your personal ft. Knox.

The government's inability to make more I get, but I don't know how much I believe that. The actual definition of Bitcoin is essentially a fairytale. You can't touch it, see it or smell it....but you have to believe that it's real.

Just like when your employer electronically deposits your paycheck into your bank account. You can log on and see numbers but you never saw the actual dollar bills being delivered from your employers checking account to yours. When I log on to chase and sign in to my account I cannot see my dollars. I can only see some numbers. I can go down there and convert some of that balance into cash but not too much. I recently tried to withdraw 65k from my Chase account to buy a sand rail and was told that they need 5 business days notice to get that much cash. What the hell! i thought they actually had my money in their vault. Turns out its only on a ledger in the cloud which unlike Bitcoin I cannot verify because the ledger is private. For all I know Chase is one big Ponzi scheme.

 

[2531usmc]

Just like when your employer electronically deposits your paycheck into your bank account. You can log on and see numbers but you never saw the actual dollar bills being delivered from your employers checking account to yours. When I log on to chase and sign in to my account I cannot see my dollars. I can only see some numbers. I can go down there and convert some of that balance into but not too much. I recently tried to withdraw 65k from my Chase account to buy a sand rail and was told that they need 5 business days notice to get that much cash. What the hell! i thought they actually had my money in their vault. Turns out its only on a ledger in the cloud which unlike Bitcoin I cannot verify because the ledger is private. For all I know Chase is one big Ponzi scheme.

They are all big ponzi schemes and the federal government is the biggest Ponzi scheme of all

 

[Mighty Mouse]

I would also guess the govt did not need a password to a cold wallet to seize the bitcoin. The seizure was probably an administrative action based on a court order

Bitcoin cannot be transferred between blockchain addresses (“accounts”) without the private key (“password”) associated with the address. If you keep your private key private (i.e., secured in a cold wallet), nobody can get your bitcoin. Whatever bitcoin seizures the government has performed have been done by finding (or coercing the surrender of) a cold wallet password or by forcing a third party custodian to surrender the bitcoin they’re holding on a client’s behalf. The government cannot seize bitcoin stored natively on the blockchain without the private key.

 

[WoodDuck]

I thought the draw to Bitcoin was the immunity from the government. If the reaerve is built from seized bitcoins.....how's it different than the federal reserve or banks?

Bitcoin is independent from banks/government in that it is a permissionless network. You can send bitcoin where you want and when you want without approval from a third party.

If you break the law the government can seize your assets, which would only include bitcoin if they find your private keys or another means to gain access to your wallets.

 

[AndrewS85]

Too volatile for me.

 

[Wrench]

It would be unconstitutional for our Treasury, or any State for that matter, to create and issue it as far as I can tell based on the verbiage used in Article I Section XIII Clause V:

The Congress shall have Power To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

and in Article I Section X Clause I:

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

 

[Mighty Mouse]

It would be unconstitutional for our Treasury, or any State for that matter, to create and issue it as far as I can tell based on the verbiage used in Article I Section XIII Clause V:

The Congress shall have Power To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

and in Article I Section X Clause I:

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

No single entity can directly “create and issue” bitcoin. New bitcoin is generated via the mining process built into the Bitcoin protocol that thousands of people across the world are running. The government could in theory create and issue a monetary unit backed by bitcoin (similar to how the dollar was formerly backed by gold), but that’s not the intent of the Strategic Bitcoin Reserve executive order.

The constitutionality of creating a bitcoin reserve is a valid question, but most of what the federal government does is unconstitutional and/or extra-constitutional. I don’t see objections to the SBR on constitutional grounds gaining any traction.

 

[fmyth]

Spain's second largest bank BBVA gets approval to launch Bitcoin trading and custody services. Worldwide institutional adoption has begun.

 

[fmyth]

It would be unconstitutional for our Treasury, or any State for that matter, to create and issue it as far as I can tell based on the verbiage used in Article I Section XIII Clause V:

The Congress shall have Power To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

and in Article I Section X Clause I:

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

Our own SEC has determined that Bitcoin is a digital commodity not a currency or a security.

 

[fmyth]

In its Interpretive Letter #1170 issued on July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued a legal interpretation affirming that federally chartered banks and thrifts (collectively “national banks”) may now provide crypto custodial services for crypto assets.

Cryptocurrency Custody Regulations from OCC

Explore the impact of the OCC's announcement that that federally charted banks and thrifts may now provide custodial services for cryptocurrency.

www2.deloitte.com