Bitcoin Forum

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Not that I ever expected a 70+ year old man to know about crypto anyway, (Except Ron Paul!) but holy shit this guy's a headache.

Also, you guys already know everything I am about to write, but it's important the world knows Trump is full of shit. His tweets caused a slight dip in the price of BTC, at which time I encouraged all my friends to buy, now it is going back up :D

I'll cut right to the chase because I've already spent too much time talking about this.

Claim 1: "Cryptocurrencies, which are not money"
False.

According to economics 101 (A class which I'm 100% positive Trump did not take), the characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability.

Bitcoins are more durable than dollar bills (Assuming you have multiple digital backups). Bitcoins are portable (Online wallets/wallet files on USBs). Bitcoins are more divisible than the USD (The smallest unit of Bitcoin is 0.00000001 BTC). Bitcoins are uniform, all Bitcoins are the same. There can only ever be 21 million BTC in total, so there is a limited supply. Lastly, Bitcoin is acceptable all over the world. I will admit though, that Bitcoins are less acceptable than the USD. However, in all other aspects, Bitcoin demonstrates the characteristics of 'real money' more strongly than the USD. In conclusion, Bitcoin has all the characteristics of money as defined economically, so it is real money. However, if you're too senile to understand how computers work, then Bitcoins are thin air.

Claim 2: "..and whose value is volatile and based on thin air"
True that it is volatile. False that it is based on thin air/

While it's true that crypto is highly volatile, this is the case with any good offered in a free market economy. This is because there are no countries to be invaded for the sake of stability of the currency. For example, nobody ever invaded Iraq and killed millions of people in the name of Bitcoins. It is human nature to dump currency which doesn't work for you. However, far too many have been punished for dumping the USD. Bitcoins are volatile, as is gold, and silver, and virtually any other supply and demand based currency. So yes, they are volatile.

...however, the value of Bitcoin isn't based on "thin air", but rather, supply and demand. People need to buy Bitcoin so they can purchase digital goods. People sell Bitcoin in exchange for goods and services. Supply and demand, a simple concept, unless you're a billionaire by inheritance who had to file for bankruptcy several times in your career. What is, however, based on "thin air", is federal reserve currency. Economics actually agree that fed currency is backed by absolutely nothing. The arguments are usually about whether or not we need that kind of system
in place (we don't, the fed steals a lot more from the people than you think).

Claim 3: "unregulated crypto assets can facilitate criminal behavior"
Misleading.

Crypto doesn't facilitate criminal behavior. A majority of drugs are bought and sold through USD bills. For instance, US backed terrorists in Syria, Afghanistan, Saudi Arabia, etc, don't need crypto, when they can get stacks of USD. Criminals will always find a way to sell their assets, free trade such as the one offered in platform by Ross Ulbricht keep our streets SAFE.

Also, drug trade isn't "criminal" at all. A crime requires an injured party. Two willing parties who engage in voluntary trade for drugs are not in fact committing any crime, rather, they are being unjustly punished by the state. The facts are that most illicit drugs are bought with the USD, most weapons deals happen with the USD, child molesters pay their bail in USD, I could go on and on, but I think I've made my point. The only difference between regulated and unregulated crypto assets, is that with regulated assets, the government gets a cut.

The most criminal act was making permanent warfare in the Middle East a sustenance plan for maintaining a currency, and that was not done in the name of Bitcoin.

All that being said, Facebook's Libra is not to be trusted at all. Mark Zuckerberg already has gone full fascist and decided to outright ban people whose political views he disagrees with. This man is not to be trusted with your money at all. He already got busted auctioning your data to shady third parties. So, Trump has a point with Libra. He really doesn't know jack shit about crypto though.

I agree completely. The best way to end this ignorance is by spreading education. What Trump did is repeat the same ignorance some others like him have done in the past, mostly because they don't know better or don't care.

And your points regarding drugs and Libra are accurate as well.

He's a fan of a centralized pyromide usd.

It brings more attention to bitcoin. Witch is always a good thing.

you gotta read between the lines. the lines are saying "bitcoin, thin air, libra,..." but between the lines is saying "we are afraid if every company started printing their own money instead of using the money we print then soon enough US dollar is going to start becoming weaker and weaker and even cause the collapse of it".

otherwise every one knows that bitcoin is not out of thin air. every kid knows that the drug trades and all the illegal activities are done using the good old US dollar.

Lol..And that actually makes bitcoin more famous..THank you

Well, you are right. Although the statement has been attributed with the recent slump of Bitcoin's price (which many actually doubted), the thing is that even a bad publicity can be working well for something good as Bitcoin. More people will be searching about Bitcoin because even the POTUS mentioned it on his tweet. In the end, we have to thank Trump for promoting Bitcoin for free. The dip is always a good opportunity to buy more, enter the crypto space or maybe convert alts into Bitcoin. Welcome to the real world of Bitcoin.

People will search why Trump says like that so they will know the truth of the cryptocurrency. I am sure that what Trump says will make reaction positive and negative, and that will make people not just to accept what his saying. People now are not easy to accept whatever they read and see, and they will search more about what is going on with that. And I am sure that people will get more information related to the cryptocurrency and they will see the truth.

As a friend said more people know bitcoin now thanks to trump.what if he talk positive about bitcoin against to libra?or forget it, just stay away from us.

True, the reason why people are afraid of Bitcoin is because of the lack of knowledge about it. What he said doesn't really add up in negativity as most investors nowadays know that some cryptocurrency are being use in unknown trades mentioned above. It's still a good advertisement for Bitcoin nonetheless.

It is great that you are taking this tweet so seriously. It was clearly a well thought out and well timed broad side to the entire cryptocurrency world. Not exactly what this president is known for, so i suspect this is a policy with support within his wider administration.

Trump policy strongly inhibits the development of cryptocurrencies in the US. And gives a head start to other countries

*They can facilitate unlawful behavior
So the dollar doesn't ?
   I found some useful scams list on the website of USGovernment
   itself :
Equifax Data Breach
Telephone Scams
Banking Scams
Charity Scams
Ticket Scams
Lottery and Sweepstakes Scams
Pyramid Schemes
Investment Scams
Census Related Fraud
Ponzi Schemes
Government Grant Scams

Am pretty sure 99% of these scammers uses USD , not Bitcoins , why not ban currency itself ?
At least you can track online transactions what about the money ? The cash ? Going hand in hand , from one person to another.?

A great analysis of the tweet! Cryptocurrencies indeed don't facilitate illegal activities. It's often the good old friends of America like banks who cover money laundering and drug deals (not to sound like I'm making things up, here's (https://www.reuters.com/article/us-danske-bank-moneylaundering-explainer/explainer-danske-banks-200-billion-euro-money-laundering-scandal-idUSKCN1NO10D) a big scandal with money laundering on a sum that back then was more than the total marketcap of cryptos, and here's  (https://www.forbes.com/sites/giacomotognini/2019/07/15/italian-billionaire-couples-shipping-line-msc-involved-in-third-drug-bust-in-2019/#7fb5e47b4ea7) a recent JP Morgan drug dealing thing. Reacting on things like that with cryptos and ignoring things like that not only with fiat but with the banks themselves is very unfair.

It's indeed unfair to say that crypto is only used by criminals, because criminals use many payment instruments, including banks and cash, but it's also not honest to say that crypto is not used by criminals - darknet markets are a thing and crypto is quite popular there. Society just needs to understand that you can't stop progress because criminals might use it too, if we acted like that, we'd still live in stone age. Bitcoin can do much more good to this world by gifting financial freedom to people who need it most - those who live in oppressive countries, those who can't access banks, those who are worried about their privacy in age of surveillance - all of it outweighs the criminal use of Bitcoin.

What would you expect from a capitalist at heart? They would deny the facts laid bare before their eyes and continue insinuating that newly-rising assets are a pain in the ass and is hard to 'control' and of course, pushing their own toy in the middle of the playing field for people to use. Trump ignores the issue of the USD being used in money laundering and a lot more scams when it's presented as a question, but is quick to give his opinion in things he doesn't fully understand. Let him live in his own world full of delusion, and I'm hoping that he gets off of his seat in the next elections.

Fact checking Trump on pretty much anything he says is a waste of time. If he was a deck of cards you could bet on the Joker to turn up everytime and you'd be rich. The guy is a congenital liar and suffers from one of the worst cases of Dunning-Kruger the world has ever seen.

In fact the market responds to the trump statement. I am aware that market conditions are influenced by issues and political developments in the World. especially two superpowers like China and the USA, both of which have had a major influence on crypto.

 ;D ;D ;D just going through the other tweets. Trump may be looking at it from the other/ bad end of the process. He's done some publicity for Crypto and tails those weak to sell off which can be immediate. But I don't think he is knowledgeable in cryptocurrencies and blockchain. Though statements like this do have effect on the market but it definitely rebounded.  The major downside to this is that other countries that haven't adopted crypto will use it as a way to justify Their stance.

Exactly as we need more attention and internet from each of everyone,and now as the president of the most strongest and famous country speaks about it then for sure we have the eyes of many people now,things that will only brings two things either negative or positive approach.and at first bad effects  happen but no as days passes by?we are getting good and things are reverting again

Agreed. So, I wouldn't take his tweets seriously. He's just afraid of btc adoption.

I thought he is a business man, no business in the world that there is no risk in it, this just made people FOMO and there by killing the market value. I thought a business man don't have to be scared to adopt and understand business strategies.