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White House Says Gold Reserves May Be Used to Purchase Bitcoin (finance.yahoo.com)

submitted 1 week ago by geneva_convenience@lemmy.ml to c/nottheonion@lemmy.ml

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A senior White House official has hinted at the possibility of the U.S. utilizing its gold reserves to acquire more Bitcoin (CRYPTO: BTC).

"If we actually realize the gains on the U.S. gold holdings, that would be a budget-neutral way to acquire more bitcoin," Hines said adding that there's been "countless ideas" and the “best ideas" will be enacted by President Donald Trump.

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[–] stupidcasey@lemmy.world 6 points 1 week ago

The problem is that cryptocurrencies are created on the fly specifically for the purpose of stealing, you create a new coin, promise there will only ever be 1000 coins minted, wait for everyone to put their money in the coin and then revil you secretly had a million coins under your name and you instantly own the value of all the coins minus the rounding error of the thousand coins everyone else has, it's true fiat currency is an illusion but at least it's a shared illusion governed by consensus instead of one millionaires scam, this is just one basic problem with crypto currency but all of them have the same issue of an individual probably trying to get rich creates the rules that govern them.