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Counterpoint: this was before the US government decided to create a pool of liquidity for cryptocurrencies, likely at taxpayer expense. I'd say that's a use ca
by lenerdenator 2y ago
Counterpoint: this was before the US government decided to create a pool of liquidity for cryptocurrencies, likely at taxpayer expense.
I'd say that's a use case. It's not a good use case for society as a whole, but it's a use case if the goal is to make money with cryptocurrency you hold based on a blockchain.
- ok123456 2y agoThey're not going to spend tax-payer money on crypto—thank God. Instead, they will take seized crypto from criminal activity, which would otherwise be frozen on exchanges or hard drives in evidence lockers, and put it into a reserve pool.
- JumpCrisscross 2y ago> They're not going to spend tax-payer money on crypto Feds, not yet. But some red states are [1]. [1] https://x.com/samuelarmes/status/1864059964928442424 https://x.com/samuelarmes/status/1864059964928442424
- bryanlarsen 2y agoYes, they are spending tax-payer money. Previously, seized crypto would have been sold and could be used to reduce taxes.
- Acrobatic_Road 2y agoWould you extend this logic to all government assets, or just cryptocurrency? The government owns nearly a third of all land in the country.
- kasey_junk 2y agoYes? I think most people find it reasonable for the federal government to use taxpayer dollars on land in ways they don’t for crypto. Or fine art or Porsches or other seized property.
- sanderjd 2y agoYes. It's entirely a value judgement about which assets are useful for the government to hold and which aren't. Count me on the land useful and crypto not useful side. (Although I don't have a huge issue with them holding onto the seized crypto, and would have been / will be very mad if they start open market acquisition of it.)
- ok123456 2y agoThe same could be said about tax deductions for charity, which are much more corrosive—they allow billionaires to launder their reputations and money. The random Bitcoin recovered here and there and put into a pool is not even close to the harm caused to the taxpayer and, in the case of the Gates Foundation, the world.
- andrewflnr 2y agoThe article is mostly talking about non-currency uses of blockchain, like provenance tracking of real objects. US blockchain shenanigans have no bearing on its arguments.