[2022-10-04] US Sen. Cynthia Lummis 'I Love That Bitcoin Can't Be Stopped'

[BambiDx]

https://news.bitcoin.com/us-senator-says-i-love-that-bitcoin-cant-be-stopped-citing-concerns-about-national-debt-and-inflation/
"I Love That Bitcoin Can't Be Stopped" Citing Concerns About National Debt and Inflation

She further explained that in some countries where the government is unstable, it can come to take people’s homes and property. The senator stressed:
"Bitcoin is something the government cannot take."

"For people in foreign countries that are living in places that are very insecure, that is definitely a backstop and something that they can comfortably go to bed at night and know it’s going to be there in the morning," the senator opined.

[cr1776]

She is exactly right and it isn't just other countries.  With inflation in the US and the huge deficit spending and confiscatory tax rates that are being proposed, not to mention people like Bernie Sanders and AOC people in the US should be aware and wary too.  Socialism destroys freedom and wealth in proportion to the degree it is imposed and bitcoin gives a way out to protect oneself.

[Renampun]

Two US senators, Kirsten Gillibrnd and Cynthia Lummis advised employees in America to include Bitcoin in their retirement plans. This was conveyed by both of them in an interview with CNBC.

these two US senators are called Bitcoin Queen LOL, this nickname was obtained because of their love of bitcoin and cryptocurrencies.

Bitcoin can't be stopped, Bitcoin can't be shut down. Bitcoin is an asset that only circulates 21 million, and it can't be added and can't be subtracted, when Bitcoin is getting harder to get then the price will soar, so bitcoin is very suitable for long-term investment, especially for those who have retirement plans.

[cr1776]

Two US senators, Kirsten Gillibrnd and Cynthia Lummis advised employees in America to include Bitcoin in their retirement plans. This was conveyed by both of them in an interview with CNBC.

these two US senators are called Bitcoin Queen LOL, this nickname was obtained because of their love of bitcoin and cryptocurrencies.

Bitcoin can't be stopped, Bitcoin can't be shut down. Bitcoin is an asset that only circulates 21 million, and it can't be added and can't be subtracted, when Bitcoin is getting harder to get then the price will soar, so bitcoin is very suitable for long-term investment, especially for those who have retirement plans.

Agreed.  People need to think that the time to get bitcoin is now (or earlier) because by the time you realize you need it (e.g. Cyprus, Venezuela, Hong Kong etc) it could be too late, or at least more expensive.  Buy it when you don't need it to be prepared for when you actually do.

[Kakmakr]

Yet, many countries implemented regulations to curb Crypto currency growth... including the USA, when they defined Bitcoin as a commodity. We need more open-minded Senators like this, but we know statements like this are hardly honored when they come into power. (Just look what happened in the Trump elections, when many Pro-Bitcoin politicians faded into the shadows when Trump got into power) 

They might not be able to stop Bitcoin, but they can slow it down with strict regulations or they can ban it..... to make it impossible to use it legally within their countries. 

[SFR10]

"For people in foreign countries that are living in places that are very insecure, that is definitely a backstop and something that they can comfortably go to bed at night and know it’s going to be there in the morning," the senator opined.

I did enjoy reading almost everything that she said, except for the part where she implied it's safe or rather nothing bad could happen to it and that gives the wrong impression to both newcomers & tech-illiterate users that no matter how you store it, it's going to be impenetrable ^{[all of us know that's not true]}!

[cr1776]

"For people in foreign countries that are living in places that are very insecure, that is definitely a backstop and something that they can comfortably go to bed at night and know it’s going to be there in the morning," the senator opined.

I did enjoy reading almost everything that she said, except for the part where she implied it's safe or rather nothing bad could happen to it and that gives the wrong impression to both newcomers & tech-illiterate users that no matter how you store it, it's going to be impenetrable ^{[all of us know that's not true]}!

I think she was assuming that people store it properly which the last 13 years has shown isn't as easy as some people think.

[bbc.reporter]

@cr1776. However, I reckon it is easy enough. Much of the people in the cryptospace have it stored personally in the custody of their own and have stored their seed words and private keys safely. The hacks and thefts that were being reported were mostly from exploits and bugs that were taken advantage by hackers in the code of Defi protocols and centralized exchanges.

If we are talking about personal wallets containing more than 1 bitcoin, how much of them were hacked? It might not be more than 5% of them.