[2019-07-11] Trump apparently knows what Bitcoin is, and he doesn’t like it

[squatter]

Trump is tweeting about Bitcoin -- and Facebook's Libra -- and apparently isn't a fan of either one. About 1.5 hours ago, he published this series of tweets:

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....

....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...

...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

Link to tweet: https://twitter.com/realDonaldTrump/status/1149472282584072192
Link to story from The Verge: https://www.theverge.com/2019/7/11/20691188/president-donald-trump-bitcoin-cryptocurrency-facebook-libra

The whole Libra thing is beginning to feel like a Trojan horse. Congress immediately used it as a pretense for cryptocurrency regulation. Now Trump is signalling that he might support a clampdown as well.

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[Kakmakr]

Nah, I think Libra was just a wake up call for the US government that there are private companies with enough muscle and funding to take on their monopoly on currencies. They do not like this at all and Donald Trump is all about the protection of the US Dollar and the US economy, so this is seen as a possible threat to the US reserve currency. 

They also know if they allow the Libra, then other large companies will follow Facebook's example and this will cause a snow ball effect, that would negatively influence the value of the US Dollar. 

[mich]

Trump Pump? Bitcoin Price Buoyant After US President Says He’s 'Not a Fan'

https://cointelegraph.com/news/trump-pump-bitcoin-price-buoyant-after-us-president-says-hes-not-a-fan

Bitcoin (BTC) was starting to reverse upwards July 12 as a critical tweet from United States president, Donald Trump, became a hot talking point across cryptocurrency.

[elda34b]

Trump Pump? Bitcoin Price Buoyant After US President Says He’s 'Not a Fan'

Looks like Trump will be the next counter indicator after CNBC. Let's make Bitcoin great again so it could replace those fiats whose value is made 'out of thin air'.

[numismatist]

The whole Libra thing is beginning to feel like a Trojan horse. Congress immediately used it as a pretense for cryptocurrency regulation. Now Trump is signalling that he might support a clampdown as well.

When I do hear Jerome Powell it's obvious, you can smell the FED all over. However Facebook isn't all so far away from beeing a state run surveillance company, neither.

They are pretty bad at hiding in plain sight.

[DooMAD]

Honestly, I'd be more concerned if he said he was a fan.  Bitcoin is better off without support from people of questionable intellect who are prone to saying profoundly stupid things on a regular basis. 

[Lucius]

I wonder how much Warren Buffett is donating to Mr.Trump presidential campaign after he is tweet such nice tweets about bitcoin

Although many are in the past saying that election of Trump for USA president will be good for crypto because he is business man, now we see what he think not only about bitcoin, but about cryptocurrency in general. The idea itself that US dollar is at some point can stop to be the dominant world currency is obviously unimaginable for Trump, I think he was clear about it.

Now that someone put a bug in his ear, we need to see if this is only temporary Twitter fun or Trump will declare war to cryptocurrency.

Imagine this conversation

- Trump : "How to turn off that damn bitcoin?"
- Staff : "We need to shut down Internet."
- Trump : "Then turn it off, what are you waiting for?"
- Staff : "But Mr.President, you will not be able to use Twitter anymore."
- Trump : "Then just leave it, I change my mind."

[veleten]

whatever he says about it - he is doing bitcoin a service
lets see if Trump's tweet results in a sudden price rise , I won't be surprised
he knows about it for sure , I don't think the president could be unaware of the things like that
especially when Libra is going to challenge the CB system of printing dollars directly and it has to be dealt with in this way or another and I'm anxious to see what are they going to do about it

[Schirer]

As I see it, there are at least 2 general outcomes of Libra problem in US.
1) Will push regulation hard on crypto , in this case Libra would have made much more damage than i ever would have imagined.
2) Trump is just giving free marketing for BTC

I think Libra could have been made as electronic money without any connections to crypto , Anyways now it also is closer to electronic money that crypto.

[hatshepsut93]

Although many are in the past saying that election of Trump for USA president will be good for crypto because he is business man, now we see what he think not only about bitcoin, but about cryptocurrency in general. The idea itself that US dollar is at some point can stop to be the dominant world currency is obviously unimaginable for Trump, I think he was clear about it.

A lot of members of this forum seem to like Trump and conspiracy theories, I wonder if they will come up with a cool explanation why Trump tweeted that, maybe they'll say that it's a secret code for "I wholly support Bitcoin", or maybe someone stole his phone and tweeted it? 

Also, I think in reality Trump doesn't even understand in the slightest what crypto is, he probably asked some of his advisors and repeated their words. But this doesn't mean that he will change his mind.

[SuperTA]

Don't fall for this Trump's statement about Bitcoin. This is actually bullish! 

https://bitcointalk.org/index.php?topic=5164459.0

[gentlemand]

It doesn't really read like him somehow though I'm sure the sentiment was his.

Pretty damn funny overall. Just think how inconceivable this would've been just a few years back. We're definitely well on our way to... somewhere.

[DooMAD]

Might as well make the most of it.  Maybe someone should tell him CSW is satoshi so they can organise a drone strike or something.  

[figmentofmyass]

Don't fall for this Trump's statement about Bitcoin. This is actually bullish! 

https://bitcointalk.org/index.php?topic=5164459.0

15k retweets and dozens of mainstream news stories---i'd say bitcoin is going viral again! definitely bullish IMO, but i'm dreading the new crypto regulations they're probably drawing up as we speak!

[RodeoX]

He can draw up all the BS regulations he wants. I am not going to follow them. If the USA wants to steal my bitcoin via regulation then I'll just take my money overseas and give America nothing. Donny's failed leadership has caused me to rethink my place in the world and being an American is not a source of pride anymore. So I'll keep using bitcoin and traveling the world, but perhaps I will stop coming back to the U.S. and just stay in Africa.

[1Referee]

He can draw up all the BS regulations he wants. I am not going to follow them. If the USA wants to steal my bitcoin via regulation then I'll just take my money overseas and give America nothing. Donny's failed leadership has caused me to rethink my place in the world and being an American is not a source of pride anymore. So I'll keep using bitcoin and traveling the world, but perhaps I will stop coming back to the U.S. and just stay in Africa.

No worries man, they can't do shit as long as you skip using centralized services that work as a third arm for governments to force control over people who are stupid enough to use exchanges as wallet services. I'm pretty certain you're not doing that already so just keep doing what you have been doing for years now.

Trump's Tweet gave Bitcoin a shit ton of free exposure, we should thank him for that. He has almost 62 million followers and we got global media coverage too. No one at this point believes this crap anymore. It would have worked if the price would be heading towards $100 but it is not. Instead, it makes the dollar looks pathetic losing value against Bitcoin year after year.  

[timerland]

Trump is tweeting about Bitcoin -- and Facebook's Libra -- and apparently isn't a fan of either one. About 1.5 hours ago, he published this series of tweets:

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....

....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...

...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

Link to tweet: https://twitter.com/realDonaldTrump/status/1149472282584072192
Link to story from The Verge: https://www.theverge.com/2019/7/11/20691188/president-donald-trump-bitcoin-cryptocurrency-facebook-libra

The whole Libra thing is beginning to feel like a Trojan horse. Congress immediately used it as a pretense for cryptocurrency regulation. Now Trump is signalling that he might support a clampdown as well.

This was why I never felt like Libra was the glorious thing people made it out to be.

And now, people are grouping Libra in the exact same category with Bitcoin, despite obvious differences in how the money supply of each is managed and how their values are derived from, if you know anything about economics.

It's almost like an excuse. It's like saying "we got this new Libra thing that is threatening our central banks, and we've also got btc which we don't like - we're just going to shoot both of these problems with regulation of Libra as a premise".

But honestly, what's surprising here? Nobody was expecting the president to be pro-bitcoin to begin with, and all the points he raised are obvious fallacies that have been debunked time and time again. And you can essentially see the same picture by looking at the BTC markets, which almost didn't move.

[BitHodler]

Also, I think in reality Trump doesn't even understand in the slightest what crypto is, he probably asked some of his advisors and repeated their words. But this doesn't mean that he will change his mind.

My thought too. Anything he doesn't seem to be overly interested in is pushed to his advisors to handle or research it. If that's actually the case here, he just isn't impressed even though he saw it reach the headlines.

If he isn't going to dive into it himself I doubt he will ever say anything positive about Bitcoin. His traditional and government supporting advisors will do anything to make Bitcoin look bad. Intentionally or unintentionally. The result remains the same.

I do like the media attention that his tweet unleashed. The funny thing is that his tweets are capable of making stock prices bounce up or down, while Bitcoin didn't even flinch aside from its own volatile nature.

[rodel caling]

Yeah is very from the united states president thought he directly and straight tells he don't like bitcoin because Crypto is unregulated currency, that why until now the ETF isn't approve. So just hold on hoping Justin Sun explain well to the president how crypto can help to the world community for the ecomic growth until they convince the president of the powerful country in the world to accept crypto as currency.

[squatter]

He can draw up all the BS regulations he wants. I am not going to follow them. If the USA wants to steal my bitcoin via regulation then I'll just take my money overseas and give America nothing. Donny's failed leadership has caused me to rethink my place in the world and being an American is not a source of pride anymore. So I'll keep using bitcoin and traveling the world, but perhaps I will stop coming back to the U.S. and just stay in Africa.

Are you planning on renouncing your US citizenship? The thought has definitely crossed my mind for tax reasons, but since my family is here, I'm concerned about being blocked from visiting. Renouncing citizenship (and dodging tax liability) means giving up your legal right to enter the country. You have to hope they'll issue you visas at their discretion.

[carlfebz2]

Yeah is very from the united states president thought he directly and straight tells he don't like bitcoin because Crypto is unregulated currency, that why until now the ETF isn't approve. So just hold on hoping Justin Sun explain well to the president how crypto can help to the world community for the ecomic growth until they convince the president of the powerful country in the world to accept crypto as currency.

Wont really be that easy for someone to convince to change up the view of the most powerful man towards bitcoin. It might be changed but dont know on what are the things needed for him to be convinced.Its normal for US president to protect its own currency.

[gabbie2010]

President Donald Trump had clarifies the US stand on cryptos to sum up his statement he is protecting the dominance of US dollars on the global scene and economy and any threat that can jeopardize it must be checked, quashed and nullified obviously decentralized and unregulated effect of cryptos stands a major threat to the US dollar however who cares bitcoin has come to stay Libra is also coming up its up to individuals who might see it as relief to their usual centralized methods of transactions to adopt it.

[mich]

Co-founder & CEO of Circle reaction:
"Possibly the largest bull signal for BTC ever. Crypto now a Presidential / Global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency."
https://twitter.com/jerallaire/status/1149483620370796550

Co-founder & CEO of Coinbase reaction:
"Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago."
"First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y'all."
https://twitter.com/brian_armstrong/status/1149492705673695232

Interesting article from Forbes contributor:
https://www.forbes.com/sites/billybambrough/2019/07/13/donald-trump-just-made-bitcoin-a-2020-election-issue/#6c54e2ae2db2

[gentlemand]

Co-founder & CEO of Coinbase reaction:[/b]

I particularly enjoyed this response to that tweet.



In no way will it be a 2020 election issue. Nowhere near enough people care that much but it is interesting how many Trump supporters expressed disapproval at his opinion.

[RodeoX]

He can draw up all the BS regulations he wants. I am not going to follow them. If the USA wants to steal my bitcoin via regulation then I'll just take my money overseas and give America nothing. Donny's failed leadership has caused me to rethink my place in the world and being an American is not a source of pride anymore. So I'll keep using bitcoin and traveling the world, but perhaps I will stop coming back to the U.S. and just stay in Africa.

Are you planning on renouncing your US citizenship? The thought has definitely crossed my mind for tax reasons, but since my family is here, I'm concerned about being blocked from visiting. Renouncing citizenship (and dodging tax liability) means giving up your legal right to enter the country. You have to hope they'll issue you visas at their discretion.

If I have to, yes. I have lived all over the world. It really would not change my life to become a citizen of Uruguay or wherever.

[hv_]

Trump seems to be a big blocker. He wants to make Bitcoin with big blocks great again, for onchain use first.

[DooMAD]

Trump seems to be a big blocker. He wants to make Bitcoin with big blocks great again, for onchain use first.

And from which parts of his words do you infer that notion?  Besides, there's already a fork or two with big blocks and they don't seem all that great to me.

[davis196]

That's why I'm afraid that bitcoin will never go above 15K USD.The moment is goes above 15K,the US government or FED will try to destroy it by creating some insane regulation or by a direct crypto ban.
Libra won't be even a cryptocurrency.It will be a centralized token and the fiat fanatics are still hating on the facebook project.

[squatter]

Trump seems to be a big blocker. He wants to make Bitcoin with big blocks great again, for onchain use first.

By all indications, he doesn't like any cryptocurrency.

That's why I'm afraid that bitcoin will never go above 15K USD.The moment is goes above 15K,the US government or FED will try to destroy it by creating some insane regulation or by a direct crypto ban.

It almost touched $20K and they haven't done anything for almost two years. Whatever regulations they're cooking up won't be good for us, but I don't think prohibition is on the table. Everything is pointing to heavy regulation of cryptocurrency service providers -- exchanges, brokers, hosted wallets, payment processors, etc.

[hilariousetc]

Trump will just be parroting whatever his advisers say and I'm sure he's got the banks and FED RES Chairman selling him all the propaganda about how cryptos are dangerous and are a threat to the mighty USD (which I guess they are or certainly could be). Hopefully a lot of people will be able to see past the bs and fud or see the benefits of bitcoin and crypto and it will actually have an adverse effect and we get some free advertisement from it and a lot of people getting on board and investing. My only fear is if it goes too far and Trump tries to restrict or prohibit exchanges from operating and how people can use bitcoin.

Co-founder & CEO of Coinbase reaction:[/b]

I particularly enjoyed this response to that tweet.



In no way will it be a 2020 election issue. Nowhere near enough people care that much but it is interesting how many Trump supporters expressed disapproval at his opinion.

People might not care but something tells me the powers that be do hence why we're getting these tweets. Imagine having a free licence and monopoly to print money and then something else comes along that is outside of their control and could be a direct threat to them. Bitcoin and fiat can coexist peacefully but bitcoin takes a lot of power away from the powers that be and that's something that obviously scares them.

[nutildah]

I remember early on in Trump's reign, crypto hopes were high for his administration, as his (ex) adviser Steve Bannon was pretty crypto-savvy, having sat on Brock Pierce's IGE board of directors. Of course, Bannon hasn't been around for quite some time, and it appears as if Trump didn't even write the tweet(s) about bitcoin.

He can draw up all the BS regulations he wants. I am not going to follow them. If the USA wants to steal my bitcoin via regulation then I'll just take my money overseas and give America nothing. Donny's failed leadership has caused me to rethink my place in the world and being an American is not a source of pride anymore. So I'll keep using bitcoin and traveling the world, but perhaps I will stop coming back to the U.S. and just stay in Africa.

Are you planning on renouncing your US citizenship? The thought has definitely crossed my mind for tax reasons, but since my family is here, I'm concerned about being blocked from visiting. Renouncing citizenship (and dodging tax liability) means giving up your legal right to enter the country. You have to hope they'll issue you visas at their discretion.

If I have to, yes. I have lived all over the world. It really would not change my life to become a citizen of Uruguay or wherever.

During the last election, when it came down to Hillary vs. Trump, I decided I was moving out of the country, having been pretty thoroughly disgusted by politics for quite some time. I did, and haven't been back since. However, I would never renounce my citizenship as the U.S. passport is one of the best of them all. I will definitely be back to renew it before it expires.

Being stateless is a pretty risky gamble, and becoming a citizen of the country I currently live in requires too much paperwork and basically paying ever-increasing sums of money to push your application along, which may ultimately result in nothing.

[snipie]

His ego cannot be satisfied without having a coin related to him.
Someone needs to create TGCE (Trump's greatest coin ever) and give him half of the coin, then he may change his mind.
Other possibilities : Golf Coin, MAGA coin....

[freedomgo]

His ego cannot be satisfied without having a coin related to him.
Someone needs to create TGCE (Trump's greatest coin ever) and give him half of the coin, then he may change his mind.
Other possibilities : Golf Coin, MAGA coin....

I thought he had his own coin already.

https://coinmarketcap.com/currencies/trumpcoin/#charts

When I was new in crypto, I was thinking that trumpcoin is from Donald Trump because it was popular in yobit back in the past.

[snipie]

His ego cannot be satisfied without having a coin related to him.
Someone needs to create TGCE (Trump's greatest coin ever) and give him half of the coin, then he may change his mind.
Other possibilities : Golf Coin, MAGA coin....

I thought he had his own coin already.

https://coinmarketcap.com/currencies/trumpcoin/#charts

When I was new in crypto, I was thinking that trumpcoin is from Donald Trump because it was popular in yobit back in the past.

Whether i weren't aware of it or i forgot it. However, AFAIK Mcdonald Trumpoline still don't have a single penny which made it the worst and cheapest impersonation, ever!
Wait a minute...yobit is Russian...oh this will be so complicated, hopefully Mueller doesn't have a bitcointalk account, phew.. 

[1Referee]

I thought he had his own coin already.

https://coinmarketcap.com/currencies/trumpcoin/#charts

When I was new in crypto, I was thinking that trumpcoin is from Donald Trump because it was popular in yobit back in the past.

I'm pretty sure he doesn't know about it. I remember there was a coin called 'Coinye West' that due to legal problems with the actual artist Kanye West had to halt development after exchanges massively delisted the coin to avoid legal problems themselves. Imagine Trump doing the same here when he finds out about it and chase after Yobit and Livecoin, which according to CMC are the only exchanges having it listed.

TrumpCoin's all time high is around $0.84 while its current price is $0.026 on the aforementioned exchanges with no liquidity. I hope for Trump that his presidential career will be more fruitful than that.

[freedomgo]

TrumpCoin's all time high is around $0.84 while its current price is $0.026 on the aforementioned exchanges with no liquidity.

It had its success during the last bull run, and even before that, it has some pump and dump movement already in yobit and IIRC, I was almost tempted to trade this but I hold my ground and just ended up watching. There was no Binance that time, the only popular exchange were the Polo and Bittrex.

I hope for Trump that his presidential career will be more fruitful than that.

Hopefully because his success is the success of all the Americans also.

What I really hope is he will be pro bitcoin or pro crypto that he would consider making a fair regulation for the entire market.

[kecha1]

Of course he doesn't like it. Banks are afraid of the appearance of something like that, so they whisper to Trump that the existing system may collapse, which he certainly does not like

[freedomgo]

Of course he doesn't like it. Banks are afraid of the appearance of something like that, so they whisper to Trump that the existing system may collapse, which he certainly does not like

You have a very wild imagination, when I was new I thought bitcoin was a threat to the bank but when I saw the progress about bank adopting to crypto or bank using the blockchain system, I realize they appreciate it and whether bank or crypto, the government's job is to regulate the market.

[DooMAD]

Of course he doesn't like it. Banks are afraid of the appearance of something like that, so they whisper to Trump that the existing system may collapse, which he certainly does not like

You have a very wild imagination, when I was new I thought bitcoin was a threat to the bank but when I saw the progress about bank adopting to crypto or bank using the blockchain system, I realize they appreciate it and whether bank or crypto, the government's job is to regulate the market.

I don't think it's that wild.  In fact, I'd say there's no imagination involved at all.  Corporate lobbying is a huge issue in the US.  Those with the money pull the strings and the puppets in office dance to keep the campaign donations flowing.  The damage caused by being able to buy influence in this fashion should never be underestimated.    

Contrary to what the headlines might tell you, banks are not adopting crypto, they're co-opting it.  There's a difference.  Crypto is something that gives autonomy and self-determination to individuals.  It puts you directly in control of your own wealth.  Banks are not going to offer you that because it conflicts with their business model.  Whatever it is they're building, I can assure you it's not designed to empower you in the way that a real cryptocurrency does.

[hv_]

Of course he doesn't like it. Banks are afraid of the appearance of something like that, so they whisper to Trump that the existing system may collapse, which he certainly does not like

You have a very wild imagination, when I was new I thought bitcoin was a threat to the bank but when I saw the progress about bank adopting to crypto or bank using the blockchain system, I realize they appreciate it and whether bank or crypto, the government's job is to regulate the market.

I don't think it's that wild.  In fact, I'd say there's no imagination involved at all.  Corporate lobbying is a huge issue in the US.  Those with the money pull the strings and the puppets in office dance to keep the campaign donations flowing.  The damage caused by being able to buy influence in this fashion should never be underestimated.    

Contrary to what the headlines might tell you, banks are not adopting crypto, they're co-opting it.  There's a difference.  Crypto is something that gives autonomy and self-determination to individuals.  It puts you directly in control of your own wealth.  Banks are not going to offer you that because it conflicts with their business model.  Whatever it is they're building, I can assure you it's not designed to empower you in the way that a real cryptocurrency does.

Mostly correct. But I d rephrase a bit to: Big banks with power/ money to Can do such lobbying are against bitcoin/ Crypto Adoption.  But they also getting many strong arguments against it for free since there are strong facts to be debunked checkin the say "Top 3"

Btc: dropped the legal relevant signatures i.o. to go more Dark/ Anno Mode for  
Users (LN and coinjoin ... more aml / kyc check unfriendly moves are not helpful to get any decent industry on bord). All to make ml and illegal use easier!

ETH: illegal ICO (had to go to Switzerland...) and Platform for many illegal ICO...

XRP: biggest illegal Security token on the planet

...

So it is just too easy to get Goldman and Apple / eben FB to collude against Real open  Crypto

[btctaipei]

BTCitcoin hodlers need to know that the next financial crisis the symptoms will be different from those seen in 2008, dot-bomb bubble and even the great depression. 

to this end, they BTCHodlers shall realize the cause of this financial woes was indeed fundamentally different, by observing the following macro and micro-economic indicators:

1) Liquidity of personal asset: Bulk of the USA and EU sheeples are certified, pre-fleeced so that their savings and assets can not move during bank holidays.  A new one world currency is created when and if flagged currency (such as rmb, yen, dollar, etc) inflate out of control - as this will be a global currency reset.

2) The use of state-sponsored bond purchase and other open market operations is a world wide phenomena. (You trained Chinese by shows the world JPMC / GS buy back gumbent bond/assets, now commies are doing the same with ICBC/Huawei and others)

3) In Large metropolitan area, during economic crisis the convertibility of asset will be highly restrictive and computerized to make sure no one beat the system buy exchange asset directly with financial instruments that were blessed or certified by "mark of the beast".  This could be one world currency, dollar, and other beast coin that have chips and perfect tracking / surveillance capability (as well as capacity).  This may even require the track or chip of physical good and every day items using RFID and other technologies to avoid other medium exchanges from being used.

[btctaipei]

Trump Pump? Bitcoin Price Buoyant After US President Says He’s 'Not a Fan'

Looks like Trump will be the next counter indicator after CNBC. Let's make Bitcoin great again so it could replace those fiats whose value is made 'out of thin air'.

Maybe some russian is paying off trump's team so to tank BTC prices and allow it to be bought up during a trump induced price dip. 

[Dytoribric]

Trump is essentially doing everything right and he should protect the us dollar as the us economy is too bloated and now the dollar is also like a bubble . I think trump is doing everything right for his country and for the citizens of the United States.