I wouldn’t put it past them to deliberately crash Treasury so that they can feed the blockchain to the general public as “protection and security.” There’s your Reichstag fire.
Because they can more easily commit financial crimes that way. But also because besides personal enrichment one of Musk and Trump's main goals is the destruction of the United States. They're doing this because that would benefit China, Saudi Arabia, and Russia who they align with politically.
Yeah, let's put every single person's TIN, income, and bank account on a publicly auditable blockchain. No identity theft or any other problems would happen at all. /s
That is perhaps the stupidest thing I have literally ever heard. Tell me you know bothing about both subjects without telling me.
not advocacy, just devil's advocate - you could just make a derivative of that data, right?
a sort of key generated by whatever powers that be that keep track of that kind of thing.
IRS badges already do kinda. It's not perfect tho.
Our current software is ancient and in such need of modernization that it would basically streamline some jobs. It was last updated in the early 90s. Blockchain would somehow make this less wieldly and may be illegal under the federal records act.
I emailed the people at work who manage our 401k and said should we be concerned about this and posted that screenshot and they said it's important to focus on the numbers which are still strong unemployment and slowing inflation. Sleepwalking off a fucking cliff from institution brain.
Really the only way any crypto currency has value is by exchanging it through a payment system to fiat/USD. It's how it can be tracked, too. Otherwise, it's dark money on the blockchain ledger. So whoever holds the blockchain & exchange holds all the currency. That shouldn't be a private company.
They want to base the United States economic system on cryptocurrency like bitcoin or dogecoin. In practical terms, this would mean that the economy of the United States would be based on nothing. That would mean it would be worthless.
Leon Skum needs to go to jail. Someone needs to arrest him, prosecute him, and toss him out of the country. Lol, who am I kidding they're going to give this traitor a medal
I knew it. I knew that was his game. Fits in with making the NTSB use his social media platform. It's alll about the money, people. Always was. But a third of you didn't listen, and a third of you were stone deaf.
We are witnessing a coup. Co-signed by the sitting President. It’s Trump’s second attempt to seize dictatorial power. His first attempt was violent and easier to call out in the moment. This one is extremely dangerous in a completely different way.
That's what I'm seeing now, too. Some of that money he took was my social security payments. How am I supposed to pay for the roof over my head or buy food?
Introduce a hot exchange student who is secretly working for the underclass to destabilize their fragile alliance with caltien bars and strategic hoop earrings.
I thank God I live in a shithole country with rights and where even though our politicians are greedy corrupt assholes they have lines they know not to cross
We are the country Elon fled from cause he couldn’t take that Apartheid was ending so he came to make Apartheid in America, come to South Africa, we have eggs.
wtf are they talking about “blockchain”? Our senators can’t even grasp what an algorithm is, yet they want them to understand cryptocurrency enough to enact law on it and then transfer all of the funds from US dollars to whatever crypto currency they choose (Etherium or Bitcoin probably). Laughable
The power of blockchain is that it's public. All Bitcoin transactions are visible for all, and cannot be changed or erased. You can see EVERYTHING. No privacy.
And the tech has many disadvantages. We compromise to allow transactions without the need to trust. Do we not trust the Treasury?
It's like when W Bush was going to privatize Social Security and let the Elderly invest their retirement money in the stock market, saying they get rich! Then guys like Elon caused the Second Crash, if the SSI Recipients had been in the stock market they'd all still be living on the street today.
Boycott the Super Bowl. Both players (ask them) and fans. Demonstrate our power. We won't perform or break for games. WE CONTROL impact and outcome. Manifest strength. Demonstrate control of reality and outcome to EVERYONE. Believe, amplify, SHARE THIS, and act. I believe in you.
High. The crypto boys have been saying for months that they want to sell all their scam-coins to the Feds.
You don’t really think this “sovereign wealth fund” (air quoted because it’s not based on some profit stream but is instead just straight taxpayer $) is just about buying TikTok, did you?
i keep saying anyone with wealth and power should not be letting elon do this. He will pull the rug out from under the world and crypto will be the new currency
"oh antidote its ok trump is a business man he hires only the best, there's no way he could fail" you chuckle NUTS this is his head of government efficiency! god damn it the apocalypse cant come fast enough with our idiotic leaders!
There is no worse idea on the planet than putting the treasury payment system on block chain. It’s slow, it’s shitty, and can be deliberately obfuscated.
File exempt on your paycheck withholdings and squirrel the money away to pay later. You dont have to have the government take your money before its due
I mean there's nobody going to be left to enforce it. I'm sure by the time this is all over you could probably get away with tax evasion because there won't be a mechanism to collect it.
They’ll take homes and cars “legally” via paperwork. You might still physically have the item but not legally own it. Well own nothing and like it, if I recall the catch phrase correctly.
There will ALWAYS be someone to collect poor and working class peoples' taxes. You expect the obscenely rich to give up any of their methods of redistributing money upwards?
It just might shift from tax collector to thugs with bats.
There's a certain point of breaking government to which it no longer works. The people who do the tax collection don't make a significant amount of money and are taxed as such. I feel like they would form a rebellion from within.
I suspect that, just like we have large amounts of people voting for Trump when it hurts them and fanboying over Elon Musk, we'd have plenty of willing enforcers for the rich for nothing more than the power and violence they'd get to employ.
People who work for the IRS are gonna be mostly accountants or familiar with accounting. People who are fanboys for trump and elon don't have the same lack of mental capacity to see the numbers in front of them and just ignore it.
Very dangerous advice. Taxes in this country are pay as you earn. There's some leeway there, but unless you make very little money, you will quickly be in trouble with the IRS.
It is not dangerous advice. You are allowed to change the number of exemptions at any time. Because it is your money. If you overclaim your exemptions then you will have a tax obligation at the end of the year. It is not overly complicated.
I mean it's an append only database. That's actually the issue here. Someone fucks up some data entry, there's no real way to fix it except putting in a new entry that says the previous one is wrong, or rolling back to before the change happened which usually results in a fork
He just stole 1.44 trillion dollars from the treasury, meant for social security, medicare, Medicaid, police, and fire, etc. I'm an older person with disabilities. I'm on a social security. I Don t think I'll be receiving any more of my social security checks. How can I pay for housing and food?
People (in general) are supremely selfish. They, and especially Trumpers, don't give a damn about those poor souls being targeted by all these new policies and EOs. But mess with their money? Hoo boy... That's what'll get them mad enough to suddenly care.
Exactly. But there will be those Maga's who happily give over their money because it's "patriotic". You can't deal with that level of willful ignorance. But I think the majority of people are going to snap out of this trance. It probably will be too late but better late than never, I guess.
I think the best we can hope for is that some of the laws hold firm. If your democracy crumbles, and especially with the influence Musk currently wields, then we (UK and Europe) are next.
The one thing that I keep holding onto is that we have the second amendment here. And that shit goes both ways. It's not just for conservative racists anymore. And I'll leave it at that.💯
I called it. If that money is merged into a bitcoin we’ll never see it again nor ever get a tax return. They’ve lost their minds. This is a blatant coup and trump handed over our nation to a terrorist. He is a terrorist!!!! I’m tired of folks sugar coating it.
You’ll see it again, it’ll be propping up your stupid broken dollar. We didn’t create Bitcoin to save USD, we created it to bury it. You can get on the life boat or go down with the ship.
I had a feeling you’d appreciate my direct approach, here’s another one. You’ll never forget the mean troll that tipped you off about Bitcoin. The troll that let you know the other 35 million coins were all scams and Bitcoin is a flight to safety. You’ll remember me when Bitcoin breaks 1 million.
He wants the world. He paid for this election and he is calling the shots. Cheeto isn’t bright enough to plug in a light bulb. He’s a puppet to Putin, musk and the only thing he controls is that sorry bunch he calls
Family.
What pushed the needle over to stupid for you Ayy Ayy Ron? Too much truth for ya? Would be a pretty damn complex bot though. Beep boop. “Bot outsmarts BlueSky users, story at 11!”
At this point what is even the value of being a citizen anymore? Are they eroding the country to dissuade immigrant? Foolish of them to do it for any reasons.
Nooo file this years! You’ve already paid the amount throughout last year, this is a refund of the amount you overpaid. It hurts you if you don’t, not the government.
I hate Elon but tbh this isn’t a bad idea. Contracts would be a lot more traceable and data on the block chain updates in real time. Look up companies like LiquidFi and what they’re doing with the mortgage industry. You can upload stuff to the blockchain and not have sensitive info shown btw
Mine too,my brother. It was all the money I make. I can't pay for a roof over my head, or buy food. We did nothing wrong to deserve this. I think I'll go buy a gun now. It's time. I said if they stole everything.. it's happened.
I'm sorry. I genuinely wish I could say something clever or uplifting but fuck, what do we even say/do at this point? It's just watching all our lives unravel, waiting until it happens to you.
Little gets me more POed than BS surrounding blockchain. It is NOT revolutionary technology; hashes have been around since the 70s and 'chaining' since my time in the industry (80s) - personally implemented circa '87.
'Bitcoin has value because blockchain' is like saying 'because Internet.' rmfe
What it would mean according to the words used is publicly distribute a full record of all transactions that go through the treasury, unredacted and in real time
This is such a facially stupid idea that I can't imagine either of them understands that's what it means
People call this guy a genius, but clearly he doesn't even understand this tech. China could easily mass produce chips to hard fork any blockchain. There is no reason to because it would send the crypto to $0 and be a waste of money. But sending the US Government to $0...
Remember when Cryto was anarchist money? I miss those days. But if they didn't hijack Crypto, we would be using it against them already. The future is so disappointing.
Crypto meet Willow, google’s new quantum computer with a speed and accuracy that could theoretically provide hackers with the tools to unlock the algorithms that bitcoin and other cryptocurrencies are built upon.
“Willow's speed is almost incomprehensible — according to Google, it's able to perform a computation in under five minutes that would take one of today's fastest supercomputers 10 septillion years to solve. Ten septillion is 10,000,000,000,000,000,000,000,000 years.”
It’s inherently the least secure form of currency that would devastate the country if compromised. Having adversaries with exemplar cyber crime capabilities could hold the entire country at gun point or outright destroy it.
so, the part that kinda stings is in a way it would be totally awesome to have some self validating, time series dataset of government expenditures.
id love to see the incorporation of cryptology and mathematics into validating governmental systems and their outputs.
There it is. Even if we make it out of the darkness, they let Norman Osborn into the gates. He's gonna steal everything and leave us dead in the water with scraps for decades
RFK Jr. said the same thing last year. The block chain will end all corruption. Everyone will see where every dollar is being spent. Then we can repeal the income tax.
This is a broken clock moment for Elon, I am not a cryptobro by any means, but this is one of the few legitimate real world uses of the blockchain technology, which is much more than just cryptocurrencies.
Automation is only useful to a point. If no one does any work, what is our worth to these capitalists? We get eliminated. It's not a "we live in a Utopia" type of ending here. They're already letting us die in factories and piss in bottles to get the job done. Keep moving number.
Then your problem is capitalism not automation. Once we get superintelligent AI, hopefully capitalism will inevitably end. Anyway people should demand the reform of the system, not stopping the automation.
It can be for example help with things like transparent financial tracking (i.e. real-time auditing of funds) and fraud prevention, because the records are immutable, among other things.
Crypto addresses fraud prevention in ways that people don’t do fraud. It is incredibly vulnerable to phishing and whatnot and when you accidentally send trillions to the wrong account because you typed in one wrong number, you don’t get it back.
Thanks. I realize change is scary for a lot of people (myself included) and I wondered if this, while looking hostile and scary, could maybe possibly be the window for us to shift into a new era that’s actually beneficial… maybe? Idk I’m a dreamer.
However please don't misunderstand this. Elon Musk is still a piece of shit and and definitely doesn't have anything good in store for us common people. I am merely trying to correct people's misunderstanding of the technology.
Very correct, blockchain in government provides us, taxpayers, with unprecedented transparency into how they handle our funds. There is not much room for corruption (still possible, but more easily spotted).
It is a good step forward if implemented, but I doubt it will be, sadly.
I'm not familiar with any hacks. I think you're confusing companies getting hacked with the block chain being tampered with. The mathematical underpinnings are sound.
I agree! I don't want this damned fucked upvgovernment putting my social security money into something that might fall on it's face. I want full cash value!
Yea. It sounds like you're confusing the block chain with crypto currencies. They often go together, but they don't have to. Block chain is just a ledger of transactions that is cryptographically secure.
I have been screaming that into the void for over a year. That bubble is going to pop, and the people still in it when that happens is going to lose everything.
Blockchain is already insecure. People loose their assets frequently. It isn't stable enough for a currency. It is a thing of no value traded on the idea you can get some moron to pay more than you did for it.
My Consumer Confidence is at an all-time low. Trump = Way to much uncertainty. I'm cutting back to bare necessities and pinching pennies for the next 4 years. Hit them where it hurts, maybe that will wake them up.
I am looking into selling properties so I can downsize to the bare minimum and save to get a small tiny place with very low overhead, wait out the 4 years, if it is, 4 years.
What happens if I personally don’t agree that crypto currency is real currency? If you want to pay me for something I expect cash from the treasury to hold the place of payment. EITMLI5
Cash doesn’t come from the treasury lmao. It comes from the federal reserve, which is essentially a private bank that we sold out to decades and decades ago. The treasury only prints what the FED issues to them. It’s all a fugazzi. Educate yourself!
Okay so I mis-typed about the currency’s source. I’m still trying to understand what happens if *I* don’t accept crypto as payment. It’s valueless…TO ME. Multiply that by others = what?
All money is valueless, what gives it value is people’s willingness to use it. Crypto has value because of the blockchain technology behind it. Compare money tied to blockchain versus money tied to centralized institutions and government. Simplest way to say it in the few characters given to type.
I’m at an age where 1. I am unable to learn the mechanism that makes crypto move. 2. I don’t have access to the tech that gives it that agreed value. If I can’t hold it(like cash) I can’t spend it. How is FDIC insurance different from blockchain technology?
Well I don’t disagree that the tech hasn’t gotten to the point where its user friendly for full fledge peer to peer transactions yet, but it’s more secure financially because they can’t just print money out of thin air, there’s a secure method to control supply through the tech. 1/2
As a big advocate of the block chain and it's advantages, as well as a hard core lib. I'm conflicted. I feel that (besides the energy consumption it takes) block chain tech is the future for everything from judicial (finger prints to criminal profikes) to medical profiles would be progressive af.
Yeah. Letting 20 year olds touch the legacy code basically means “I want someone innocent-looking to break this, and then I can swoop in with a solution that just so happens to be blockchain!”
Bunch of delighted Icaruses zooming around US government offices, nothing in their fluffy little heads.
Hitler would have had all you slag MFers killed immediately! You're not intelligent, you don't dress sharp, you probably smoke and drink, you have no self-control. You have no discipline, no code. The nazi war machine was a formidable opponent. What they did was evil! These neo-nazis, are not nazis.
I mean best thing to happen because the pot would boil over
I honestly dont know how it hasnt boiled over yet, but taking away the people's money and desecrating what sentiment the word dollar has to them, has to illicit an extreme reaction.
America needs like a couple thousand luigis right now
As a foreigner I've always been assured by Americans that the second amendment exists so Americans could go full Luigi in defense of the first. Problem is that this is the first time in history that that might axtually be on the table and the people who said that are now simping for this.
I dont think they will ever come out of that cloud to be honest.
After the downfall of nazi germany the remaining nazis in the populace didnt just change their beliefs and admitted that they were wrong. It took generational change and even then nazis were still almost everywhere
Notice how musk and Trump were overly critical of uk. They clearly crossed a line. We’re told what could happen. Then backed off. Other countries face ways of dealing with dipshits.
Any time I see "put it on the blockchain," my first thought is to scream "how will a public ledger revolutionize your business?!" Sadly, I have to admit that this would, in fact, have incredible effects on the Treasury. None of them are good, but still.
Would you expound on this? I don't know a lot about block chain other than it's a public way to verify transactions. If I have that right which I may very well not.
It wouldn’t be on bitcoin😂! My god you’re ignorant. You know that there are blockchains that can transact things in seconds right? Plus the one for the government would be custom!
Proof of work isn’t the only protocol and PoW would be inefficient for tracking government spending. Proof of stake would be a better choice for this intended purpose Or even a consensus protocol like what XRP uses would work. Perhaps you should stop acting like you know what you’re talking about!
I didn’t consider proof of stake because it would be even more insane to have a proof of stake system than any proof of work. Just shut up dude blockchain is a tool for some things for the entire government to run on it is insane no matter what consensus method you use.
Not to mention, most transactions currently take several days to fully clear via most mechanisms such as the Visa and mastercard networks or ACH transfers. A few hours would be an improvement (network wouldn't likely scale though)
Tesla auto is toast
During a recent earnings call Elmo claimed Tesla will be bigger than next 5 largest biz
Tesla AI not auto
Elmo needs a new framework created by someone else to build an empire
How?: graft Tesla xAI onto OMB, Treasury, DoD etc.
& make Twitter + Dogecoin the US Govt payment system
From what I just read, a decentralized network, allowing only certain people to manipulate and report on the data (e.g. government data/funds now in their hands). Scary stuff.
Musk is gonna make so much money from your taxes?? guess whos going to get all the government contracts?? yep and he wont be cheap because no competition
Run that son of a bitch into the ground! Break Tesla, break starling, break twitter-X, break space-X. Make him lose all of his money. Let's send him back to S. Africa, broke and crying!
You don’t have the right to wear a Guy Fawk mask. Your page is full of ignorant pandering to the left. You’re no better than MAGA. Just a cocksucker to the establishment in a different way
Does anyone else think the billionaires and friends intend to make "Bit Coin" a currency of the USA, EQUALLY PROTECTED under US banking laws.
So, stamp out a coin, call it money, and if you can back it with USA dollars it becomes actual currency? USA currency would instantly devalue, wouldn't it?
No, but the US currency isn't really backed by anything currently and hasn't been in over a century now. It's value comes exclusively from a complex mechanism of debt and interest rate adjustments among other things.
That said, there are cryptos already backed by the US dollar.
I'm sure your dollars are safe in bit coin. Buy as much as you can and if Trump and Musk are successful, I'm sure you can trust them to look out for your best interests.
They've been more than safe for the last 14+ years in it. Thankfully, I don't really have to care about them looking out for my interests, as they won't.
People keep assuming that the orange man and apartheid dude are normal human beings just richer. Newsflash: they are sociopaths devoid of empathy and understanding of human suffering.
I get the feeling that any US politicians who do not heel to the billionaire cabal will have a contract hit placed on their heads (similar to Russian oligarchs who get out of line falling out of windows mysteriously). Even Trump has that threat on his head. What we need is 1000 Luigis to balance.
Comments
So WHAT doesn't happen?
Explain it to me like I have a Bachelor of Arts in Mass Comm / Theatre Tech.
Good thing the government never makes mistakes ever. /s
That is perhaps the stupidest thing I have literally ever heard. Tell me you know bothing about both subjects without telling me.
a sort of key generated by whatever powers that be that keep track of that kind of thing.
Our current software is ancient and in such need of modernization that it would basically streamline some jobs. It was last updated in the early 90s. Blockchain would somehow make this less wieldly and may be illegal under the federal records act.
god I'm so fucking drained
See also Gil Duran's blog.
https://www.thenerdreich.com/the-network-state-coup-is-happening-right-now/
Can we stop this reality please? I'd like to get off.
Guess we'll need a better plan then, mb
https://www.thenerdreich.com/the-network-state-coup-is-happening-right-now/
https://www.vcinfodocs.com/venture-capital-extremism
Antichrist 45 | Brother Paul's channel
https://youtu.be/ISpmMSSigaU
And the tech has many disadvantages. We compromise to allow transactions without the need to trust. Do we not trust the Treasury?
So dumb.
On brand.
Yeah I think you are fkd elon.
You don’t really think this “sovereign wealth fund” (air quoted because it’s not based on some profit stream but is instead just straight taxpayer $) is just about buying TikTok, did you?
Endless rolling blackouts across the entire lower 48 to provide the energy needed to run the server farms......
It just might shift from tax collector to thugs with bats.
Seems simple enough
Which may never happen if he does enough insider trading on their behalf.
AI THE TREASURY!
Give a fck about your nonsense troll. Dont talk to me. Simp.
Family.
And it is craptocurrency because it is not worth shit.
One day all the rubes will find out hey have been conned.
First by getting Ft. Knox's real, actual gold in exchange for bits and bytes, then by his shitcoin being an official currency of the US government.
'Bitcoin has value because blockchain' is like saying 'because Internet.' rmfe
https://bsky.app/profile/obamahitsback.bsky.social/post/3lhae56ppik2z
This is such a facially stupid idea that I can't imagine either of them understands that's what it means
https://youtu.be/w_dbFNWD910?si=tWHle4Cd0v3Lh7U0
now lets ask luigi
Let’s go back to gold.
https://www.cnbc.com/2024/12/22/what-google-quantum-chip-breakthrough-means-for-bitcoins-future.html
id love to see the incorporation of cryptology and mathematics into validating governmental systems and their outputs.
but that isn't what's implied.
Thixl to NZ
https://youtu.be/y6XD82O17zw?si=VBGAV7uYHUONYxI6
Second thought
https://youtu.be/polC5C7M0M8?si=N6D_cupCAvzFUks0
https://bsky.app/profile/obamahitsback.bsky.social/post/3lhae56ppik2z
The answer is yes, and my followup will also be a question.
Then why are we talking labor from them?
Blockchain or super computer. I don't care what it is. I'm glad it exists for someone, but stop taking jobs. 🤷
I bet going back to the pre-industrial revolution medieval times where humans did most of the work wouldn't be fun for you as well.
I also recommend this Wikipedia page for more examples of real world uses:
https://en.wikipedia.org/wiki/Blockchain#Uses
It is a good step forward if implemented, but I doubt it will be, sadly.
My concern, is I want my legal tender in my hand. I don't want some insoluble bullshit with no ground.
Hang, drawn & quartered - and NOT in that order!
An entire national economy on a single Immutable, Append only ledger would be shit and would literally drain all foreign and domestic investment.
Bunch of delighted Icaruses zooming around US government offices, nothing in their fluffy little heads.
But idk if it's more difficult than a nazi infested USA
One of my hopes is that we serve as a warning to the rest of the world and humanity survives. But I think musk is likely to take this global.
I honestly dont know how it hasnt boiled over yet, but taking away the people's money and desecrating what sentiment the word dollar has to them, has to illicit an extreme reaction.
America needs like a couple thousand luigis right now
After the downfall of nazi germany the remaining nazis in the populace didnt just change their beliefs and admitted that they were wrong. It took generational change and even then nazis were still almost everywhere
The heck?
During a recent earnings call Elmo claimed Tesla will be bigger than next 5 largest biz
Tesla AI not auto
Elmo needs a new framework created by someone else to build an empire
How?: graft Tesla xAI onto OMB, Treasury, DoD etc.
& make Twitter + Dogecoin the US Govt payment system
at least I still have battle cat...
Scientific Papers too
you people need to end your insane hate-on for Blockchain its like hating electricity
So, stamp out a coin, call it money, and if you can back it with USA dollars it becomes actual currency? USA currency would instantly devalue, wouldn't it?
That said, there are cryptos already backed by the US dollar.
https://podcasts.apple.com/gb/podcast/why-this-nobel-economist-thinks-bitcoin-is-going-to/id1326698855?i=1000687114509