“Who Knows What Cryptos Are” Says Trump – Trustnodes

“Who Knows What Cryptos Are” Says Trump

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Trump Fox bitcoin

“They may be fake, who knows what they are?!” So says the former president of the United States, Donald Trump, in finally revealing he has no clue.

Speaking to Fox News’ 73 year old Stuart Varney, the 75 year old Trump said he doesn’t dabble in bitcoin or cryptos.

“I like the currency of the United States… I don’t know, I feel that it hurts the United States currency. We should be invested in our currency not… erm they may be fake. Who knows what they are, but they certainly are currencies that people don’t know very much about.”

Bitcoin is open source code that anyone can run on their computer to create a global network that enforces certain mathematical rules which translate to a finite digital asset that has its own payment and transfer network in a self sustainable peer to peer manner.

It is a threat to the United States dollar only in as far as the United States mismanages its currency. In which case bitcoin is of great benefit to the United States citizens who have the choice of not being chained to a mismanaged currency like in Zimbabwe or nowadays in Venezuela.

The existence of bitcoin itself should in theory limit frivolous money creation through loans, although not necessarily because it isn’t quite being used as a currency.

Trump himself got a $1 billion loan in the 90s from banks, money created out of thin air, when he was nearly going bankrupt.

This power to create money without accountability can also translate to the power of creating rulers or propagandists with no oversight on who banks lend to.

As a beneficiary of this potentially capricious lending, it is no surprise Trump does not like an asset that forms some objective basis for value measurement and the relative worth of peoples.

Yet it isn’t clear whether the American people would have not benefited from being spared the atrocious handlings of trade negotiations with China by Trump which ended in a pandemic that happened to particularly damage USA, their close ally Europe, and China’s semi-enemy India, while China itself somehow managed to get away with just 4,000 cases.

The incompetence shown by Trump in governance is also very well illustrated by Iran shooting a plane full of innocent Canadian passengers that made America look more than weak.

Fundamentally this lack of wit is due to a falling level of meritocracy in the United States which is itself in part caused by banks being able to lend to whoever they please however much they want without an objective anchor that creates a level of fairness to the relative value of men.

Trump was not the best America could produce. Trump was the best bankers could choose. Since absolute power corrupts, bitcoin is the best to limit such power and thus such corruption.

In the process, it strengthens the people of the United States, and weakens bought for oligarchs that can not negotiate even while having 5x the leverage. Something that rightfully lost him the presidency and had him leave in disgrace as the man showed himself in the end to be utterly incompetent.

Comments (3)

  1. No argument here that Trump was both criminally incompetent and, let’s be honest, just plain criminal. I would submit, however, that the Covid pandemic illustrated quite clearly why Bitcoin is ill-suited to be anything more than a speculative tool and a relatively useful store of value.
    Fiat currency depreciation is both expected and desirable. An elastic supply of money is equally necessary – how on earth would the world have avoided utter chaos, war and famine if their standard currency had been Bitcoin? They wouldn’t have.
    Bitcoin has value as an alternative investment for individuals and in some cases, institutions. As a replacement for the fiat currencies and monetary strategies of nation-states it is a disaster waiting to happen.

  2. This article is not about Bitcoin, it is about a writer resentful of Donald Trump. You really don’t know anything about politics, your comments are some of the stupidest I’ve read. Your incompetence is shown by attributing the Iran disaster that shot a civilian plane as if it were Donald Trump’s fault, you definitely have to be stupid to think such a thing. By far, Donald Trump has been one of the best presidents in the United States.

  3. Trump is wrong on crypto. Trump contributed to the wrecking of America with his crazy deficit and reducing taxes to corporations who used the money buy their own shares and enrich their executivs. Trump had the right approach to China and to illegal immigration.

    Biden is worse than Trump on all counts.

    What the US, and the rest of representative democracies need is direct democracy. “we pay?, we decide!, not the politicians”

    Victor

    Victor@directdemocrats.com

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