Bitcoin and the government

Times are definitely changing. World governments are going to have to compete with established stablecoins. Here are the contenders:

DAI: pegged to the USD and backed by crypto assets. New DAI are generated when crypto holders lock their crypto assets in a 'vault' and take out a loan of DAI backed by that collateral. Whole thing is decentralized with MRK token holders as governing body.

USDC: Each USDC is backed by a dollar held in reserve. It is run by an organization, which means it would be easy for a government to apply control. I could see the US gov co-opting this organization instead of reinventing the wheel.

Tether: Each Tether is pegged to the USD and backed by a basket of assets. Run by Tether Limited, which had a run-in with the NY Attorney General for some shady shit. I don't really like this one personally.

Basically, the US Gov will have to do better than give the Fed a blockchain they can flush with new tokens whenever they need to print money. I think

It’s why I prefer to invest in the technology behind crypto by using the etf BLOK. Had big moves lately for good reason; the cryptos have a place in banking with high network people, and the technology will be needed for the future to continue with crypto.

If you don't want to invest directly in cryptos, you can directly invest in companies that are buying and holding bitcoin. Do a quick Google search to find them and look at their charts. Examples are Grayscale and Microstrategy. Also look what happened to Tesla stock when they announced buying $1.5B of Bitco8n last month. Tesla went up 20%.

Crypto are definitely worth spending time figuring out.

I agree but for those who want learn more that just a fund... Grayslake charges a 2% vig for doing what you could be doing. Just sayjn.

I'm an idiot

'Today in the Senate of Nigeria, "Bitcoin has made our currency almost useless or valueless."'

https://twitter.com/i/status/13598873849…

It probably wasn't Bitcoin that did that...

There are alot of really good points in this thread. @ heaving i have some major bias regarding bitcoin but your write up is pretty spot on for a neutral stand point/ maybe even slight bias to bitcoin (but I consider anything that doesn't completely shit on bitcoin as biased for it.. lol)

I haven't even mentioned tether in the other thread. Its important to read up on how shadey it is before investing in crypto.

Yeah well over half of crypto should be called cryptoassets not cryptocurrency.

I got the pro crypto vibe, but you did admit there are faults with crypto and didn't say any lie which is much higher analysis than the other crypto fans on this forum.