If Donald J. Trump wins, Bitcoin will be better than fine.

[mindrust]

My honest view is that even if the majority if the hashrate happens to be in the US it won’t harm bitcoin’s decentralization.

It will hurt decentralization. The only way it won't is if the percentage of hashrate in US doesn't go above 5% (roughly the same as US population/world population).

But that is not the biggest problem. The biggest problem is that if "majority" of hashrate were inside US, it would significantly damage one of the main Bitcoin Principles called censorship resistance since as I said the US laws enforces censorship on miners.

If bitcoin is going to get censored and destroyed like that, maybe, it never deserved to exist in the first place.

If that’s a real threat, we are already facing it.

The data I read says more than 30% of the total hash rate is in the US which is the biggest piece already. I think there is room for another 10% at least.

Let’s say the worst has happened the US gov started to censor lots of transactions, the miners will go to some other country and abandon their businesses in the US. If all govs fight btc like that, see my first sentence.

[Luzin]

I don't feel confident in future decisions, because I believe Trump can also change for certain interests. Now that Trump is looking for supporters, he will work in various ways to get a lot of votes. Especially by bringing the crypto issue that has been promised more amicably. But remember that political promises are sometimes not kept. In fact, many leaders have annulled the sentence that had been said during the election campaign.

[Rabata]

What is your opinion?

As far as I know it will not be more than 20%. Again the percentage that is seen may also decrease after a year. Statistics can give an idea but we have to believe it though always it will not be true. The views of the two leaders are different at the moment, when they take over the responsibility of the country, there will be no confusion between them. Though the two leaders have wide differences in their thinking, I don't believe anyone would do anything with a different view of crypto. Bitcoin will run it's own pace. There may be temporary or long-term Bitcoin bearishness due to negative results, but no one can control Bitcoin. So I think whoever comes from any political party shouldn't expect something different from Bitcoin.

[Outhue]

You people are the ones making this a big deal, you are one of the reasons why Bitcoin react to all these nonsense, it doesn't have to be like this but you people are making a big deal out of it.

Before Kamala and Trump ever think of going to the presidential sit Bitcoin have survived the Biden administration, and also Trump was the president in 2019 Bitcoin still did what it wanted, now let's go back to 2009, that was Barack Obama and George Bush's days, Bitcoin survived, all these unnecessary fear and panic is not important.

If kamala wins Bitcoin will make a new ATH if it has to, the same as Trump, the only plus here is that Trump wants the best for Crypto holders and those big BTC miners in Texas will breathe freely at last, with no stupid tax on them.

[dificanovi]

I know the statistics say it is true but I generally dislike statistics and do not trust them much.  Do you really think around or over 20 percent of the Americans have bought Cryptocurrencies?

I believe the percentage is unrealistically high, or maybe I am the one with an unrealistic expectation or perspective.  While I think a significant number of people would be affected by an Anti Bitcoin Government, I do not think the number would be significant enough to trigger a noticeable change in the unemployment rate or the Economy.  Particularly considering that even if over 20 percent of the Americans purchased Cryptocurrencies, that does not guarantee they are still holding on to them.  Maybe they purchased years ago and now only under 5 percent of them are still interested in them.

What is your opinion?

I think more than 20% of Americans have bought bitcoin, I believe this because the economy in America is very good. Entrepreneurs or billionaires in America must have had cryptocurrencies such as Bitcoin, besides Gold they also believe Bitcoin as a very promising investment in the long term. However, if business people related to cryptocurrencies are taxed, it will affect people in America to move from the country or they will sell all their assets related to cryptocurrencies.

[ivankoh]

Because of this I guess it is not really good for bitcoin, having 20% ​​can create an easy trap by their direct pressure, as long as the government Usa announces the disadvantage, bitcoin will definitely still react the way they want. Is that really good for bitcoin? Meaning without getting your hopes up, it's become a reality and the power of bitcoin. I'm a little skeptical that it will happen if Trump is re-elected.

[Antotena]

I don't feel confident in future decisions, because I believe Trump can also change for certain interests. Now that Trump is looking for supporters, he will work in various ways to get a lot of votes. Especially by bringing the crypto issue that has been promised more amicably. But remember that political promises are sometimes not kept. In fact, many leaders have annulled the sentence that had been said during the election campaign.

I can't really remember if Biden administration made any promises about Bitcoin and crypto. They clearly used black community and George police brutality to gain favour of people together with some rigging to take out Trump. What Trump is doing and campaigning right now is just based on what he see the current government is avoiding and that's what he is trying to give back to people which is more political than something he would do when in office.

I want you to know that it's very simple for any politician to make promise when they are not in office and when they resume office and why thag happen is because the presidency is not a one man person, presidency is a table of kings were men sit at the table to make decisions that favour them and there business. There are some group of people that are more powerful than Kamala, Biden and Trump right now in US but prefer to use these guys than for them to seek for the support to run the office.

[Hamza2424]

BTCBTCBTC

As a senior my advice is you should not make such posts, it will directly impact your post quality and there a high chance that the moderator is going to delete your post, you should acknowledge that according to the rules low-quality topics and posts are not allowed in the Bitcoin section. Such posts are marked as spamming and you should avoid that, Best of luck with your Bitcoin journey.

You people are the ones making this a big deal, you are one of the reasons why Bitcoin react to all these nonsense, it doesn't have to be like this but you people are making a big deal out of it.

I'm with you on that, our perspective is on the same page, such ordinary topics should not be discussed as they hold zero value in long-term perspective.

[NotATether]

Ditching the US passport itself isn’t a crime. You are twisting the facts here.

I never said it was a crime but that it's an extremely dumb thing to do, and Roger Ver was caught up in some obscure tax rules related to his companies after he thought he had already paid off his taxes. So not actively avoiding paying tax unlike the guy on the subject of this topic.

[mindrust]

Ditching the US passport itself isn’t a crime. You are twisting the facts here.

I never said it was a crime but that it's an extremely dumb thing to do, and Roger Ver was caught up in some obscure tax rules related to his companies after he thought he had already paid off his taxes. So not actively avoiding paying tax unlike the guy on the subject of this topic.

So what's your point exactly? Ver was avoiding his taxes and got caught. He also ditched his US passport. He didn't get punished for ditching his US passport. He was punished because he was avoiding his taxes.

One can pay his taxes in full and still renounce his US citizenship and nothing will happen to him.

And your point was?

[d5000]

Trump can indeed lower the electricity prices. Drill baby drill.

So in the US electricity is generated still with ... oil like in 1910 or so?

Even if you refer to natural gas ... natural gas for peaking, which is where most gas is used, is one of the most expensive technologies to generate electricity. Combined cycle (orange line) is cheaper but still more expensive than renewables, although cheaper than nuclear. Even coal is now moving into the "expensive" category:



Source: Lazard, 2024. - Graph: RCraig09 @ Wikimedia (CC-BY-SA)

It is still a good thing if more mining happens in the US as it will create more jobs for the US citizens. The voters should take that into account as it is stupid to drive away potential job opportunities to some other country.

Bitcoin mining is one of the most automated industries that exist. The number of IT professionals benefitting from it should be quite marginal ...

[NotATether]

And your point was?

Point being that is not worth it to get out of the country and renounce their citizenship for tax reasons.

[pooya87]

If bitcoin is going to get censored and destroyed like that, maybe, it never deserved to exist in the first place.

Not destroyed, but significantly damaged.
Remember the biggest shitcoin in crypto world once rolled back its blocks and effectively removed one of the main principles of blockchain systems which is immutability and it was not destroyed. It still exists and it is called ethereum.

If censorship becomes a norm and people stop being sensitive about it happening (even if it were on a small scale) then we could say Bitcoin is also on a dangerous path toward become a shitcoin as well... After all one of the reasons why the roll back in ethereum was very easy to pull off was because people did not care about the immutability principle of this altcoin. That roll back is one of the main reasons why ETH is considered a shitcoin today.

The data I read says more than 30% of the total hash rate is in the US which is the biggest piece already. I think there is room for another 10% at least.

Let’s say the worst has happened the US gov started to censor lots of transactions, the miners will go to some other country and abandon their businesses in the US. If all govs fight btc like that, see my first sentence.

US government has been forcing miners to censor a lot of transactions and the miners haven't left yet which means they don't care about this principle either, which is concerning itself.

And what you said here is even a more dangerous situation. If US government were to be able to directly influence 40% of the hashrate it is very easy to bump it up to over 50% by forcing other countries with high hashrate to comply with US arbitrary censorship laws. They could easily do it with sanction threat. And before you know it, we would be facing a 51% attack threat! They could easily force those miners to reject any block that does NOT censor transactions. That means a full 100% censorship on Bitcoin network...

Bottom line is, hashrate needs to be spread around the globe. It should never be concentrated in one jurisdiction, specially when there are anti-privacy and anti-bitcoin laws being enforced in that jurisdiction.

[mindrust]

Not destroyed, but significantly damaged.

So you agree it is not an existential threat.

Remember the biggest shitcoin in crypto world once rolled back its blocks and effectively removed one of the main principles of blockchain systems which is immutability and it was not destroyed. It still exists and it is called ethereum.

It is people's choice to use ethereum. Lots of people still use ethereum classic too. In bitcoin's case, people choose to use bitcoin over bcash. Bcash wanted to do a similar thing and they failed. I don't think bitcoin will fail the next round as bitcoiners are smarter than you think.

If censorship becomes a norm and people stop being sensitive about it happening (even if it were on a small scale) then we could say Bitcoin is also on a dangerous path toward become a shitcoin as well... After all one of the reasons why the roll back in ethereum was very easy to pull off was because people did not care about the immutability principle of this altcoin. That roll back is one of the main reasons why ETH is considered a shitcoin today.

See my point above.

US government has been forcing miners to censor a lot of transactions and the miners haven't left yet which means they don't care about this principle either, which is concerning itself.

It is the current US government that wants to censor bitcoin btw. Biden & Harris, enemies of freedom. It is stupid to elect the same clowns one more time.

And what you said here is even a more dangerous situation. If US government were to be able to directly influence 40% of the hashrate it is very easy to bump it up to over 50% by forcing other countries with high hashrate to comply with US arbitrary censorship laws. They could easily do it with sanction threat. And before you know it, we would be facing a 51% attack threat! They could easily force those miners to reject any block that does NOT censor transactions. That means a full 100% censorship on Bitcoin network...

No none of these will happen as miners will close down their farms instead of abiding the government and mind you, that's still the Biden&Harris government we are talking about. I don't think Trump will want to censor transactions like the current administration, so your hypothetical scenario will never take place.

Bottom line is, hashrate needs to be spread around the globe. It should never be concentrated in one jurisdiction, specially when there are anti-privacy and anti-bitcoin laws being enforced in that jurisdiction.

Bottom line is, Trump or bust.

[Dunamisx]

Why be fine when you can become better and finer and gooder?

If Kama wins bitcoin won't disappear that's true and it is because nobody can stop bitcoin. Even Kam can't do that. So we don't have anything to worry about.

However,

Kammie wants to tax the elite in the US and some of those elites do own crypto related businesses. These people will go away to some other country and that will increase the unemployment in the US. That's net a negative for those who work in the crypto businesses in the United States. They will lose their jobs.

Will bitcoin survive? Of course it will but lots of people will get harmed by Kommie's malignant actions.

Then there is Donald J. Trump who promises cheaper electricity. That will enable more mining related businesses in the US. More bitcoins will get minted in the US and those bitcoin farms will employ more US citizens.

Under Trump Bitcoin adoption in the US will skyrocket and that will directly affect the bitcoin prices.

The exact opposite will happen under Kommiela Harris.

https://x.com/realDonaldTrump/status/1834311432982135015

Donny is launching World Liberty Financial on Monday.

"We are leaving the outdated big banks behind." -DJT

Dayum, he will even have his own crypto company and people still say he is not pro-crypto. Damn fools these demonrats. Where is Kabala's crypto company?

The narratives here is that everyone is just saying all they want bout bitcoin and cryptocurrency, but there is no concrete agreement that may hold either of them down to adopting bitcoin and making it a legal tender after their emergence in office, this is more of a campaign of a thing, whereby they are all struggling to make the highest bid in other to get the highest crowd using bitcoin, even without the US election, there may not be anything changed from how we have been on this with US government, because the masses realizes the need for a decentralized digital currency like bitcoin than the government and that is why we have always been having an increasing adoption ever since and will still continue.

[Haunebu]

Another thread talking about corrupt politicians and whether they support or stand against BTC and crypto in general. I don't see the point of these threads to be frank since they aren't really going to influence the outcome of the upcoming elections to any degree.

Why? Because anyone with a half-decent brain knows that these corrupt politicians don't give a crap about crypto. Pointless Trump support crap.

[Yatsan]

Why be fine when you can become better and finer and gooder?

If Kama wins bitcoin won't disappear that's true and it is because nobody can stop bitcoin. Even Kam can't do that. So we don't have anything to worry about.

However,

Kammie wants to tax the elite in the US and some of those elites do own crypto related businesses. These people will go away to some other country and that will increase the unemployment in the US. That's net a negative for those who work in the crypto businesses in the United States. They will lose their jobs.

Will bitcoin survive? Of course it will but lots of people will get harmed by Kommie's malignant actions.

Then there is Donald J. Trump who promises cheaper electricity. That will enable more mining related businesses in the US. More bitcoins will get minted in the US and those bitcoin farms will employ more US citizens.

Under Trump Bitcoin adoption in the US will skyrocket and that will directly affect the bitcoin prices.

The exact opposite will happen under Kommiela Harris.

https://x.com/realDonaldTrump/status/1834311432982135015

Donny is launching World Liberty Financial on Monday.

"We are leaving the outdated big banks behind." -DJT

Dayum, he will even have his own crypto company and people still say he is not pro-crypto. Damn fools these demonrats. Where is Kabala's crypto company?

Now, you made some interesting points about how political leadership could affect the sector regarding cryptocurrencies. Indeed, as you mentioned, it is because of the regional nature that Bitcoin is flexible and will remain flexible at all times. Of course, however, independent of leadership, the policies of the winning parties and priorities may well reflect on the general environment within which Bitcoin operates.

For example if Kamala Harris levies higher taxes on the rich. A few who might get affected are those in the crypto trading business. This could also tend to shift the lands where these traders do their businesses. This can trigger relocations by some companies. This can impact jobs in the US crypto industries and the local economy even if Bitcoin itself fails. But gargantuan industries can incur losses that impact jobs and economic activities in the short term.

But if Donald Trump's policies reduce the electricity prices. It could also stimulate the mining growth within the US territory. This would increase the supply of Bitcoin, and more people would be engaged in that business. This would lead to a higher adoption rate and increase the value of Bitcoin since more mining work and investments will be found in the country.

Both cases The intrinsic attributes of Bitcoin will persist. But a nuanced shift in a stance may make all the difference between two policy decisions. Comprehending these drivers can predict how changes in policy might influence the cryptocurrency market as well as its allied industries.

Another thread talking about corrupt politicians and whether they support or stand against BTC and crypto in general. I don't see the point of these threads to be frank since they aren't really going to influence the outcome of the upcoming elections to any degree.

Why? Because anyone with a half-decent brain knows that these corrupt politicians don't give a crap about crypto. Pointless Trump support crap.

Discussions about political views on Bitcoin, of course, cannot influence the outcome of the election, but they can influence market sentiment and perception of the market and industry.

First and foremost, it should be acknowledged that politics leaders can either dictate or control some legislation and public policy. I think these will eventually affect the cryptocurrency markets. For example, policies which are supportive or restrictive impact investment decisions. Market stability and overall adoption of the cryptocurrencies. However, as you pointed out that the Bitcoin technical uniqueness and social flexibility. That means its existence is not dependent on one single political figure.

As the sun goes down After all Political discussion will probably be at least partially based in creating expectations in the marketplace, The value and growth of Bitcoin are largely driven by the underlying technology. process for application and the overall economy Knowledge of the eventual outcome of political decisions is required. But there is also much to consider in Bitcoin's long-standing strengths and factors. that influence this diversity in the marketplace

[fuguebtc]

I don't like socialists so I would never vote for Harris, but what makes you think Trump will change anything for bitcoin? I remember when he was chosen for first term people were speculating that he'll be good for bitcoin because he's a businessman and understands the market. Next thing he said he doesn't like any cryptocurrencies and supports the dollar. Then people hoped someone (slipped my mind) from his close staff would change something for bitcoin because he said he owns some, but unfortunately nothing changed apart from Trump endorsing some shitcoins.

I believe Kamala is going to be bad tech stocks, the US economy, crypto and foreign politics in general, but I doubt Trump will do anything positive for bitcoin. That whole talk about reserve currency is only to get votes.

We don't need him to do positive things for bitcoin or fulfill every campaign promise . What we need is for him to not impose harsh regulations on the market and have a more open policy, that alone is a win for the crypto industry .

We can't ask too much from any government because bitcoin and cryptocurrencies are still so new and small that it's normal for them not to care. But we cannot deny that bitcoin is getting more and more attention from people worldwide , in every government, country...for example it has never been mentioned in previous elections but things are gradually changing . So it would be great if we had a government that is friendly to us instead of an unfriendly government .

[mindrust]

I don't like socialists so I would never vote for Harris, but what makes you think Trump will change anything for bitcoin?

There is a lot of difference between then and now but before I get to that,

First of all the guy is a businessman, under any circumstances he is a better pick than a bureaucrat which is what Harris is. Trump wants the good of his businesses and that makes him a better choice for every other business owner as well.

Second of all, he is right about to announce his crypto business, World Liberty Financial. The man is already in the same ship with us. His VP pick, JD Vance also owns many bitcoins and his biggest supporter Elon Musk has been big on crypto for many years.

On the other side what do we have? A boring bureaucratic bitch that wants to collect more taxes.

No ty

[Catenaccio]

If censorship becomes a norm and people stop being sensitive about it happening (even if it were on a small scale) then we could say Bitcoin is also on a dangerous path toward become a shitcoin as well... After all one of the reasons why the roll back in ethereum was very easy to pull off was because people did not care about the immutability principle of this altcoin. That roll back is one of the main reasons why ETH is considered a shitcoin today.

It goes beyond Bitcoin or cryptocurrency market. Censorship is a best tool for governments to destroy freedom of their citizens and no freedom means worse and worse things in societies, in all aspects of life and national operations, from politics, economics, quality of life and human rights.

Bitcoin is the same, if censorship is executed and successfully done, under government orders to Bitcoin mining pools, I agree that we are going towards a very bad chapter for Bitcoin.

Bitcoin's Anti-Censorship Ethos Surfaces After Mining Pool F2Pool Acknowledges 'Filter'
Bitcoin mining pool complies with US sanctions
Filters, controls, censors, they can use any word they want, but the root under iceberg is the same.