I'm trying to formulate in a digestible way "we're putting $5 T of wealth at the mercy of $5B in computers" micah-warren.ghost.io/on-bitcoin-a... - ThreadSky

micah541.bsky.social • 102 days ago

I'm trying to formulate in a digestible way "we're putting $5 T of wealth at the mercy of $5B in computers"
https://micah-warren.ghost.io/on-bitcoin-as-a-reserve-asset/

Comments

costasamaras.com•102 days ago

excellent piece. Why would the USG need to defend the network unless, the USG owned a bunch of BTC. Wait

billstewart.bsky.social•102 days ago

But if they buy enough Bitcoin to count as "strategic",
it lets them take cash from the Treasury and
"invest" it in paying that cash to their BTC-owning donors.
As well as strategically investing in DOGE and TRUMPcoins.

porter79.bsky.social•102 days ago

One big con. They are going to cash out on our economy crash it out and ...get away with it? 😞

billstewart.bsky.social•102 days ago

There weren't enough of Those Meddling Kids voting for Harris to stop them.

porter79.bsky.social•102 days ago

Agreed. This is why I have such a hard time with hope for the next four.

Some things are just too hard to ever come back from...
Is there anybody alive today that was affected by enron?

billstewart.bsky.social•102 days ago

Every Californian over 25 was affected by Enron, especially those of us who were old enough to be paying electric bills in 2000, when they "deregulated" by having us pay the highest available spot prices for out-of-state electricity and reducing in-state production.

micah541.bsky.social•102 days ago

Like imagine if there was this global reserve asset that everybody used to store value over longer periods of time and it was backed and supported by USG. That would be massive.

costasamaras.com•102 days ago

And it could be liquid and transparent too and be relatively stable backed not just with a military but with full faith and credit. Would be wild

cuercas.bsky.social•102 days ago

Excellent point, and according to this article the 2 T is at the mercy of these 3 mining pools right now. Not that they would do it, but it has happened before so who knows what could happen.
https://www.investopedia.com/terms/1/51-attack.asp

micah541.bsky.social•102 days ago

The obvious response "there could never be a sustained attack because users would just switch pools" which while true, also highlights how easy it would for a malicious to form and attack the network literally overnight.

billstewart.bsky.social•102 days ago

Your article brings up a fun point - mining fees now are about $16B.
So for half the money the GOP will save by ending Food Stamps,
they could run enough mining equipment to
run a Strategic 51% Attack capability on BTC,
waste more oil&coal-powered electricity for their fossil fuel buddies,
PROFIT!!!

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