Trump tweet / Libra issues / Shortsighted opinions

[Kakmakr]

As we already know, Trump tweeted that he does not like Bitcoin and this was triggered by the threat that Libra pose for the US Dollar. I personally think his opinion is shortsighted and he is going to throw the baby out with the bath water, when he puts a blanket ban or strict regulations on Bitcoin.

He says his campaign is focused on putting America first, but he wants to restrict a technology that brings new innovation and new job opportunities to his country. He is also ignoring the advantages of having a new source of international capital flowing into the USA from Bitcoin tourism and also people buying goods via the internet and paying with Bitcoin at local online merchants.

Bitcoin as an investment opportunity has also created a lot of wealth for a lot of people since 2009, because the price of Bitcoin generated massive profits for the clever investor. <Long-term investors>

Bitcoin has advantages and disadvantages and simply ignoring the advantages would be a huge mistake. Let's show the Trump administration what the advantages of this technology is, before they make that mistake.   

[squatter]

As we already know, Trump tweeted that he does not like Bitcoin and this was triggered by the threat that Libra pose for the US Dollar. I personally think his opinion is shortsighted and he is going to throw the baby out with the bath water, when he puts a blanket ban or strict regulations on Bitcoin.

There's no blanket ban on the table. All Trump did was post a tweet echoing the old clichéd criticisms about volatility and drug markets. Plenty of political officials have been saying stuff like that for ages. They're probably going to pass something to comply with the FATF travel rule, which sucks..... but it would have happened under Trump, Obama, or any other president. They're bringing us closer and closer to an Orwellian world where they track everyone's financial transactions.

[lucho1592]

The US government and Trump are personally making a big mistake. This attitude to crypto only hinders the economic progress of the country

[shield132]

As we already know, Trump tweeted that he does not like Bitcoin and this was triggered by the threat that Libra pose for the US Dollar. I personally think his opinion is shortsighted and he is going to throw the baby out with the bath water, when he puts a blanket ban or strict regulations on Bitcoin.

He says his campaign is focused on putting America first, but he wants to restrict a technology that brings new innovation and new job opportunities to his country. He is also ignoring the advantages of having a new source of international capital flowing into the USA from Bitcoin tourism and also people buying goods via the internet and paying with Bitcoin at local online merchants.

Bitcoin as an investment opportunity has also created a lot of wealth for a lot of people since 2009, because the price of Bitcoin generated massive profits for the clever investor. <Long-term investors>

Bitcoin has advantages and disadvantages and simply ignoring the advantages would be a huge mistake. Let's show the Trump administration what the advantages of this technology is, before they make that mistake.   

Sometimes Trup takes insane decisions, don't know what's the point. There is no doubt he knows advantages and disadvantages of bitcoin and crypto world very well but here maybe he is afraid that can't take control of whole process, you know bitcoin transactions are hard to track and etc. Seems he wants to close gate for new technologies and in this situation I mean bitcoin/blockchain. Can't understand what's the point, really, if we take the fact that they ban huawei, their economy hugely depends on china. Why are they so afraid of government security? Is it so easy to leak with huawei and bitcoin? They have to open gates to new technologies and keep strength.

[Herbert2020]

by the threat that Libra pose for the US Dollar.

but hasn't Trump been worst than anything else for USD? if anything he has been the bigger threat to it. with all his wars most countries are now looking for an alternative to US dollar.
in my opinion they are mostly feeling threat to their monopoly than anything else. the power of printing money and Libra is the centralized target that they can attack so they have taken the chance to do it without wasting any time.

[avikz]

I had already made few posts earlier that, Facebook is yet to face regulation hurdles and conflict of interest with the regulatory authorities for Libra. They had initially informed that Libra will be launching in 2020, but I don't see it coming within this timeline! So let's put Libra out of the discussion!

Cryptocurrencies in general comes with pros and cons to the economy so a thorough risk assessment is needed before adopting it into a mainstream economy. The way foreign money can flow into a country using bitcoin, similar way ot can also go out in large numbers!

So a thoughful approach is required. Blanket ban is never a solution and I am sure US policy makers are aware of it. A blanket ban will never be able to stop bitcoin, rather it will be an opportunity lost for the US government. Trump is tweeting about bitcoin means, there is discussions and deliberations going on with the team of policymakers which certainly gives prominence to bitcoin. I am happy about it because at least powerful economies have started thinking about bitcoin.

[TheCoinGrabber]

Don't need to twist our panties over his tweets. I share his distrust for Libra but we all know he's mistaken about bitcoin. Either he genuinely don't know much about cryptos or he just need to parrot the "mainstream" views by governments that bitcoin is dangerous.

I don't think he'd actually do anything about it. At most, he can try to push for more regulations but I think that's as far as he'll go.

[valentin68]

The total cash money in the world is approx 6 trilion USD (6*10^12 USD, 6 000 000 000 000 USD). 80% of this money are USD, 10% Euro,
etc
 There are countries in this world with almost no money (their people have almost no money). If we divide 6 trillion USD to 6 billion poeple on this planet we obtain 1000 USD for every man and women in this world. That is if every person in this world will have the same amount of money, they would have 1000 USD in their pockets.

We have products (books, clothes, food, medicines, etc), and we can not buy these products because we do not have the money. Bitcoin is a technology at the beginning, it is 10 years old, it has advantages (money sent in 30 minutes everywhere in the world, available to be spent in shops immediately they arrive) and disadvantages (money sent can not be returned if unsatisfied with the product, variable price).

When bitcoin was created the intention was to double the money that every person has in this world. This is not sufficient, but it is something that can make make everyone happier and healthier.  

[Mpamaegbu]

Truth be told, the Trump tweets contain hard truth only that he said it in a blunt manner. I guess that's the issue many people have with it. But the concerns he raised are to the best of my knowledge honest ones. We can lambaste him here because of our own personal interest in cryptocurrency and our itch to see it moon so we too can quickly make money. Let's tell ourselves the truth, is cryptocurrency regulated? Can any transfer be traced if the receiver wants to be discrete? Is it backed by any tangible value or store of value?

Again, just like China banned Bitcoin so as to protect its Yuan, so is Trump calling for the death of Libra so as to protect the dollar. He knows how easily people will abandon the dollar for Libra because of ease of use and cheap transaction fees.

[Kakmakr]

The total cash money in the world is approx 6 trilion USD (6*10^12 USD, 6 000 000 000 000 USD). 80% of this money are USD, 10% Euro,
etc
 There are countries in this world with almost no money (their people have almost no money). If we divide 6 trillion USD to 6 billion poeple on this planet we obtain 1000 USD for every man and women in this world. That is if every person in this world will have the same amount of money, they would have 1000 USD in their pockets.

We have products (books, clothes, food, medicines, etc), and we can not buy these products because we do not have the money. Bitcoin is a technology at the beginning, it is 10 years old, it has advantages (money sent in 30 minutes everywhere in the world, available to be spent in shops immediately they arrive) and disadvantages (money sent can not be returned if unsatisfied with the product, variable price).

When bitcoin was created the intention was to double the money that every person has in this world. This is not sufficient, but it is something that can make make everyone happier and healthier.  

Where does it state in the Bitcoin Whitepaper that the intention of Bitcoin was to double the money that every person has in this world? I strongly disagree with this, because the Whitepaper only state that it is meant to be a alternative P2P payment option.  

One of the unplanned consequences was that people's money would increase in value, as demand for coins increase and supply of coins decrease. <Not like the US Dollar and Fiat currencies that are actually losing it's value>

The other advantage that I did not even touch on is the fact that Bitcoin is generated by the people and not by the government, where Fiat currencies are created by government at tax payers expense. <It is very expensive to print money and to mint coins>  

[enhu]

He isn't banning yet but cautous enough we have dumped already

Someone has to convince him that there is a great technology behind BTC.  Trump seem to have an open mind when it comes to opportunity otherwise he wouldn't be making friends again with China  Its bad enough that exchanges and IEO are excluding US citizen, there has to be an article that will convince him to do the opposite and facebook can be a good candidate for this.

[Kemarit]

When bitcoin was created the intention was to double the money that every person has in this world. This is not sufficient, but it is something that can make make everyone happier and healthier.  

I'm so sorry but I think you need to read the whitepaper and understand what Satoshi wanted for Bitcoin.

Anyways, the OP has raised good and valid point here. However, it might just be a tip of the iceberg. US government from what I observed is still in the gray area as far as total ban of bitcoin. I guess Trump just blurted out that statement in thin air and I'm sure by now he knows that his statement is not to be taken seriously. I'm sure he doesn't want to be called the President who wanted to kill Bitcoin, on the contrary US has a lot of internal problems to prioritize like their economic stability and others more pertinent issues.

My point is that as much as what he tweeted was negative, I wouldn't say that it he will stop Bitcoin at all cost. Maybe his aim is to have a full crypto regulatory framework and if he says that he wanted to put America first then Bitcoin is not a threat to them, whatsoever.

[Artemis3]

The total cash money in the world is approx 6 trilion USD (6*10^12 USD, 6 000 000 000 000 USD). 80% of this money are USD, 10% Euro,
etc
 There are countries in this world with almost no money (their people have almost no money). If we divide 6 trillion USD to 6 billion poeple on this planet we obtain 1000 USD for every man and women in this world. That is if every person in this world will have the same amount of money, they would have 1000 USD in their pockets.

We have products (books, clothes, food, medicines, etc), and we can not buy these products because we do not have the money. Bitcoin is a technology at the beginning, it is 10 years old, it has advantages (money sent in 30 minutes everywhere in the world, available to be spent in shops immediately they arrive) and disadvantages (money sent can not be returned if unsatisfied with the product, variable price).

When bitcoin was created the intention was to double the money that every person has in this world. This is not sufficient, but it is something that can make make everyone happier and healthier.

Redistribution of wealth must be voluntary, not compulsory. That is the line that divides tyranny from freedom.

As "unjust" as it may look, when redistribution is done by force (such as a socialist state would do) it creates even greater division, hatred and conflict, which ends exacerbating rather than abating the problem.

Yes it is unfair that i was born in a country that now happens to have monthly wages equivalent to 5 USD. But this is not the fault of the people from countries were 3000 USD a month is normal. Now if these people from their own hearts decide to give a little bit to help develop the conditions of these places (one way would be to invest in a business there that brings jobs and helps the local economy), that is fine. But if the State goes in to confiscate; i don't know 2500 so that "everyone earns 500" not only you destroy that person's willingness to give (or create wealth in the first place), but those who are supposed to distribute the 500 to everyone end keeping more to themselves than the guys that were earning 3000. So you end with state officials with, 18000 USD and masses of people with 0~10, in a destroyed economy where working 8+ hours a day, 6+ days a week will get you around 10 USD at most.

You say bitcoin was made to make everyone happier, but i think you are giving it too much social weight. It will, as a side effect, make everyone (investing in it) happier, because its a money that cannot be devalued arbitrarily by a government or institution. It is out of anyone's hands, no select few can game with people's lives anymore. Americans mostly don't get this because their fiat is devalued a mere 2% yearly, but if they saw it lose 50% in one day, i think they would get it. Unfortunately, it would be too late. Governments who do that, will never give you a hint, it just happens overnight: Boom, you purchasing power is gone by half. I know, i have been living it almost all my life, worsening the last 7 years (we currently have the world's worst inflation).

With bitcoin, you at least get a chance. You buy it or mine it, with the hopes to protect yourself from such arbitrary impoverishing decisions by the elite.

Already many Japanese have invested in bitcoin because over there, they apply the same foolish theory of inducing a 2% inflation yearly. How would America, "land of the free™" look to the world if they ban bitcoin while in evil countries like Belarus is legal? This is the kind of question you should ask Trump, he makes Lukashenko look protector of freedom...

[Juggy777]

As we already know, Trump tweeted that he does not like Bitcoin and this was triggered by the threat that Libra pose for the US Dollar. I personally think his opinion is shortsighted and he is going to throw the baby out with the bath water, when he puts a blanket ban or strict regulations on Bitcoin.

He says his campaign is focused on putting America first, but he wants to restrict a technology that brings new innovation and new job opportunities to his country. He is also ignoring the advantages of having a new source of international capital flowing into the USA from Bitcoin tourism and also people buying goods via the internet and paying with Bitcoin at local online merchants.

Bitcoin as an investment opportunity has also created a lot of wealth for a lot of people since 2009, because the price of Bitcoin generated massive profits for the clever investor. <Long-term investors>

Bitcoin has advantages and disadvantages and simply ignoring the advantages would be a huge mistake. Let's show the Trump administration what the advantages of this technology is, before they make that mistake.   

Trump never issued any ban on bitcoins his primary aim was to kill Libra, and it seems to me that his plan is working so far. In fact Trump has been smartly promoting bitcoin without saying a word, I’m referring to his decision of appointing an Pro Crypto Sec Commissioner. Bitcoin is never going to be banned in USA it’s only a matter of time before his government can find a way to legalise it.

News: https://coingape.com/trump-appoints-sec-commissioner-coinbase-planning-bitcoin-etf/amp/

[squatter]

I had already made few posts earlier that, Facebook is yet to face regulation hurdles and conflict of interest with the regulatory authorities for Libra. They had initially informed that Libra will be launching in 2020, but I don't see it coming within this timeline! So let's put Libra out of the discussion!

Unfortunately, Libra has triggered government officials to push for new cryptocurrency regulations. Even if it never launches at all, it's being used as a pretense to pass draconian laws affecting Bitcoin users. It's opened Pandora's box, so to speak.

[hatshepsut93]

I'm slightly worried about this situation too, but let's not jump to conclusions and spread FUD - no one talked about any bans yet, and even if someone talked, it wouldn't immediately become a reality - look how much stuff Trump said in the past, and how much he actually did. I think most senators, economists, even some regulators understand that banning new technology because it can be used by criminals is a bad idea. For example, criminals nowadays use Tor and other privacy tools, but no one is going to seriously ban them, because it's both impossible and counterproductive, as they are used for good too.

[Artemis3]

As we already know, Trump tweeted that he does not like Bitcoin and this was triggered by the threat that Libra pose for the US Dollar. I personally think his opinion is shortsighted and he is going to throw the baby out with the bath water, when he puts a blanket ban or strict regulations on Bitcoin.

He says his campaign is focused on putting America first, but he wants to restrict a technology that brings new innovation and new job opportunities to his country. He is also ignoring the advantages of having a new source of international capital flowing into the USA from Bitcoin tourism and also people buying goods via the internet and paying with Bitcoin at local online merchants.

Bitcoin as an investment opportunity has also created a lot of wealth for a lot of people since 2009, because the price of Bitcoin generated massive profits for the clever investor. <Long-term investors>

Bitcoin has advantages and disadvantages and simply ignoring the advantages would be a huge mistake. Let's show the Trump administration what the advantages of this technology is, before they make that mistake.    

Trump never issued any ban on bitcoins his primary aim was to kill Libra, and it seems to me that his plan is working so far. In fact Trump has been smartly promoting bitcoin without saying a word, I’m referring to his decision of appointing an Pro Crypto Sec Commissioner. Bitcoin is never going to be banned in USA it’s only a matter of time before his government can find a way to legalise it.

Well as long as everyone understands the difference, then there is hope. The very reason Libra can disappear by getting outlawed should warn anyone thinking about investing in it. It is incredibly weak and unsafe, i don't get how people get allured by the creator or his companies, which aren't exactly examples of credibility or responsibility...

Something as delicate as money, people's hard earnings and savings, shouldn't be toyed with an altcoin that is so weak it can disappear overnight. The design of Libra is wrong and it was warned with plenty of time. Why the stubborn Zuckerberg went ahead with it like that despite the warnings from the community, that actually know what they are doing (and have a decade of experience, unlike him who has zero), should give you another giant warning.

Well funny thing about this whole issue is how some people are (finally) learning of the reasons why Bitcoin has value others can't get. Let this be a lesson also to the other centralized altcoins, they can be ordered shutdown, and that's it.

[Reid]

Trump tweets about bitcoin as based on thin air. Bitcoin goes up.

Trump tweets another about Libra having little standing and dependability. People goes crazy looking forward investing with it.

He just freakin ignited the popularity of this two. If I were him I would shut up next time.
Do not give clues to people of having another option on how to make transaction or even where to invest.

Oh thank you Mr. President. Until next time.

[Kakmakr]

As we already know, Trump tweeted that he does not like Bitcoin and this was triggered by the threat that Libra pose for the US Dollar. I personally think his opinion is shortsighted and he is going to throw the baby out with the bath water, when he puts a blanket ban or strict regulations on Bitcoin.

He says his campaign is focused on putting America first, but he wants to restrict a technology that brings new innovation and new job opportunities to his country. He is also ignoring the advantages of having a new source of international capital flowing into the USA from Bitcoin tourism and also people buying goods via the internet and paying with Bitcoin at local online merchants.

Bitcoin as an investment opportunity has also created a lot of wealth for a lot of people since 2009, because the price of Bitcoin generated massive profits for the clever investor. <Long-term investors>

Bitcoin has advantages and disadvantages and simply ignoring the advantages would be a huge mistake. Let's show the Trump administration what the advantages of this technology is, before they make that mistake.   

Trump never issued any ban on bitcoins his primary aim was to kill Libra, and it seems to me that his plan is working so far. In fact Trump has been smartly promoting bitcoin without saying a word, I’m referring to his decision of appointing an Pro Crypto Sec Commissioner. Bitcoin is never going to be banned in USA it’s only a matter of time before his government can find a way to legalise it.

News: https://coingape.com/trump-appoints-sec-commissioner-coinbase-planning-bitcoin-etf/amp/

It is already legalized, but not as a Currency. The US see Bitcoin as a Commodity and it is taxed as a Commodity. <Capital Gains> So, the next step for them is to regulate it properly so that it will become illegal to use it as a currency in a unregulated environment. So they will allow the US citizens to use Bitcoin <Crypto currencies> if it is done through centralized and regulated services. <This will grant them the control and oversight that they need>

People will still be able to use it illegally in a unregulated environment, but if you get caught, you would face stiff penalties and even some jail time. <Same thing applies to the use of Cannabis in some countries.. They limit the amount that you may have and the places you can use it and also how much of the active "bad" components would be allowed in medicine etc..> 

[squatter]

That's why his tweets are one sided. It only shows the negative side of it to make bitcoin look bad.

It's the only way he can hype up the US dollar. Notice how he ended the tweet series:

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!

Someone sounds worried! I wonder if the administration is concerned that Libra could grow larger than major sovereign countries. If that happens, shareholders could have a real effect on the foreign currency exchange market and sentiment around the US dollar. It could be the cherry on top of the declining petrodollar.