More than 100 Democrats in the U.S. House of Representatives helped Republicans send what would be the country's first major cryptocurrency law to the desk of President Donald Trump.
1> Because saying ‘No.’ To anything Trump wants shows a spine. Beyond being probably a good idea.
2> The legislation itself seems bad. It gives fictional currency the look of being real. People who can’t afford it will lose money because the game is rigged.
Its even better than just that though. Letting Thiel, Luckey and crowd open up a crypto bank, and pretending like its real currency, means that all the bank deposit insurance pools / regulatory safe guards are inching open to the Billionaire shit-heads who intentionally crashed SVB specifically to get to this position. Standard tech practice of breaking things, obfuscating why things broke and then claiming to be the only ones smart enough to fix it, while stealing everything in reach and destroying otherwise stable industries. SVB? No, no, it wasn’t because Thiel encouraged all his tech bro buddies to pull money at once from SVB to trigger a liquidity crisis, noooo… it couldn’t’ve been income inequality and an aggressively destructive group of power mad tech bros acting without accountability… it was because the bank wasn’t using crypto! Trust us, we’re rich and contributing to your campaign!
So it’s not just the people who fuck around with crypto who are gonna find out. It’s anyone with savings, as the tech fascists are being given a path to steal all the money from any safety net that exists. Those crypto rug pulls are moving into position to drain things like the FDIC in the states, and things like CDIC/CUDIC in Canada… and similar funds in most jurisdictions that are following suit on this stupid approach.
It also establishes, or reinforces previous legislature, that the US Treasury cannot issue any such central bank digital currency. Most of the Democrats in opposition to this are just upset that very little power has been given in actually regulating crypto by this bill. I, however, do not allow perfect to be the enemy of good.
1> Because saying ‘No.’ To anything Trump wants shows a spine. Beyond being probably a good idea. 2> The legislation itself seems bad. It gives fictional currency the look of being real. People who can’t afford it will lose money because the game is rigged.
Its even better than just that though. Letting Thiel, Luckey and crowd open up a crypto bank, and pretending like its real currency, means that all the bank deposit insurance pools / regulatory safe guards are inching open to the Billionaire shit-heads who intentionally crashed SVB specifically to get to this position. Standard tech practice of breaking things, obfuscating why things broke and then claiming to be the only ones smart enough to fix it, while stealing everything in reach and destroying otherwise stable industries. SVB? No, no, it wasn’t because Thiel encouraged all his tech bro buddies to pull money at once from SVB to trigger a liquidity crisis, noooo… it couldn’t’ve been income inequality and an aggressively destructive group of power mad tech bros acting without accountability… it was because the bank wasn’t using crypto! Trust us, we’re rich and contributing to your campaign!
So it’s not just the people who fuck around with crypto who are gonna find out. It’s anyone with savings, as the tech fascists are being given a path to steal all the money from any safety net that exists. Those crypto rug pulls are moving into position to drain things like the FDIC in the states, and things like CDIC/CUDIC in Canada… and similar funds in most jurisdictions that are following suit on this stupid approach.
It also establishes, or reinforces previous legislature, that the US Treasury cannot issue any such central bank digital currency. Most of the Democrats in opposition to this are just upset that very little power has been given in actually regulating crypto by this bill. I, however, do not allow perfect to be the enemy of good.