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David Sacks has been pretty shameless about this whole thing. He's disingenuously framing previous sales of seized crypto has having "lost" billions of dollars
by rideontime 2y ago
David Sacks has been pretty shameless about this whole thing. He's disingenuously framing previous sales of seized crypto has having "lost" billions of dollars due to the value of those projects later increasing - as if it would have any value to the government if it weren't sold at all. Even if this "strategic reserve" is only ever funded with seized crypto, people like him still benefit from those seized tokens being kept off the market.
- throw0101b 2y ago> […] framing previous sales of seized crypto has having "lost" billions of dollars due to the value of those projects later increasing - as if it would have any value to the government if it weren't sold at all. And this is not only true for cryptocurrencies but for money in general: having a bunch of coins or bills or a number associated with your bank account is not the point of money. The point of money is to buy goods and services that make life possible and enjoyable. Certainly one needs some amount of money just sitting around as an emergency (or retirement) fund so you can sleep without worry about unpleasant possible future events (job loss, car breakdown, etc), but you're (generally) supposed to get money to spend it. Having a bunch of cryptocurrency assets sitting around is generally just as useless.
- wmf 2y agoThat analysis doesn't apply because crypto isn't money.
- throw0101b 2y ago> That analysis doesn't apply because crypto isn't money. I've been told multiple times on HN that cryptocurrencies/BTC are a medium of exchange, and a store of value, and thus money.