The crypto industry is making its mark on this year’s elections to the tune of some $119 million.
The funding has largely come from two companies — Coinbase and Ripple — which are funneling money into super PACs like Fairshake PAC, which is dedicated to “elevating pro-crypto candidates and attacking crypto skeptics,” according to Public Citizen.
At the 2024 bitcoin conference in Nashville in February, Trump — who called bitcoin “highly volatile and based on thin air” in 2019 — said he’d lay out a plan “to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world.” Trump has already won the backing of several crypto enthusiasts, including his running mate JD Vance, who owns at least $250,000 in bitcoin.
The new currency that’s backed by the old currency and uses a shit ton more electricity. What a time to be alive.
Without old currency denomination. But as soon as you can start clearing debts with crypto, its effectively a third-party printable currency that the federal government has endorsed.
The entire crypto industry is basically propped up by the existence of Tether, which is (notionally) backed by the US dollar.
Without Tether you lose any remaining institutional investment. Big companies want to be able to trade in crypto but they don’t want to hold crypto, because it’s volatile, and convertong fiat to crypto takes too long for effective trading. Tether is the middle man.
So yes, since Tether basically facilitates all meaningful crypto trading, and Tether is supposedly just tokenized USD, their statement about crypto being backed by the old money is perfectly cromulent.
Which includes mining all the rare materials used in manufacturing the GPUs and ASICs (that we’re actually running out of) .
I was referencing the FIAT system. I’m sure you’ll agree there’s much more blood cost (in terms of lives ruined and indirect life lost), although it’s harder to directly relate.
Why choose? Use electricity and destroy living creatures: https://time.com/6982015/bitcoin-mining-texas-health/
It’s not just nerds with a spare laptop mining anymore. This money wants returns in ‘not being regulated.’
There’s a huge difference.
Fediverse uses almost no energy compared to Reddit and Twitter. This is because few people are using fediverse alternatives.
Bitcoin uses more energy than entire countries, despite few people using it.
And also the fediverse serves a purpose. Crypto is just a shortsighted pyramid scheme fueled by greed.
Decentralization isn’t the reason, and conflating it with fediverse services is disingenuous.
The reason many cryptos use a lot of power is because of proof of work.
Proof of stake and proof of work have the same effective result for voting power. In order to effectively mine, you need a large capital investment and in order to stay competitive in mining you need to continue spending capital, the same is true for proof of stake as the larger overall stake the lower the payouts, so it requires more capital investment.
Can’t tell if this is shill, but I dislike cryptocurrencies and anyone who defends them. Not that you did, per se, but it’s close.
Oh and by the way, crypto users… the coins they’ll be promoting won’t be yours. They won’t be pushing for clear SEC categorization or lower taxes. They’ll be helping insiders, and you’re on the outside.
Coinbase made their first attempt to consolidate power with the New York Agreement. This is their next attempt, now with regulatory capture.
Republicans are offering you financial freedom that you already have without their permission.
Crypto billionaires are billionaires “on paper.” By that, I mean, they can’t get their money OUT of crypto unless millions of people buy INTO crypto. So, of course, they are trying to mainstream it.
Crypto is the currency of the confidence game. The value isn’t in the crypto, it’s in the people trading actual money who’ve bought into it.
You mean money launderers, criminals, and foreign governments are openly spending more than any other industry?
Weird that the anti crime criminal is promoting crime coin, or not weird at all. Republican party has for years campaigned on fires they started (see debt, immigration, economy, etc)
I guess supporting something whose only legitimate uses are digital theft, money laundering, and buying human trafficking victims are their way of ensuring cartels won’t ever stop existing
Weird that the anti crime criminal is promoting crime coin
Crypto is a painfully both-sides affair, what with the enormous volumes of investor cash flooding the election system. This went back to JP Morgan’s backing of Etherium during the Obama administration, with crypto-bros infesting multiple Fed banks and throwing their own batch of state and federal office holders at the wall. Then Scam Bankrupt Greed’s FTX went big and straight up bought out Senators Cynthia Lummis and Catherine Gillibrand to write crypto-friendly regulatory reforms. His bank imploded before that legislation could worm its way through Congress.
But now they’re back and with even more obscene piles of cash. Mistaking the Crypto-bros as uniquely Republican is going to bit liberals in the ass biggly. You’re going to start finding crypto investments in your pension funds, your 401ks, and your college trusts very soon, if the Newsome Imperium and the Bloomberg banksters are allowed to ram their novelty tech innovation bills through Congress uninhibited.
Newsom is largely centrist, its less that crypto is party aligned and more that its corruption aligned - the republicans are just more corrupt on average.
Newsom is largely centrist
He’s absolutely buried within the Silicon Valley lobbying community and has repeatedly wielded his gubernatorial power to quash pro-labor and pro-regulatory legislation on those grounds.
the republicans are just more corrupt on average
California Democrats are a stone’s throw away from any Midwestern Republican when it comes to “business friendly” state policies. The only thing either group cares about is economic growth.
Wasn’t crypto a scam?
Yeah, I mean how there is people putting lots of money into elections with crypto if it is a scam, I don’t understand.
Usually, if there’s a scam, someone’s making money off it. This is them. They want to keep making money.
Casino owners put a lot of money into elections too.
Would you say casinos aren’t a scam? I’d call them a scam.
It isn’t, it’s a technology. People use that technology to scam.
Same as phone calls aren’t scans and email aren’t scans but people can use them to scam.
Crypto has a purpose, just one that doesn’t apply to many people.
We’ll find that use case any day now. The one that isn’t enabling crime, that is.
Define enabling crime.
Is payment for private VPN enabling crime? Is sending money to and from relatives in sanctioned jurisdictions enabling crime? Is supporting opposition leaders enabling crime?
Crypto enables freedom, and yes, criminals are kinda into freedom. Imagine cash has never existed and try to pitch that. It would never make it past the board. You are correct that crypto may not help your average American. But its use as a safer haven are important in places like El Salvador, Nigeria, and Curacao.
Ehhhh… Kinda. It’s like asking if BitTorrent or Usenet is piracy. Technically crypto isn’t a scam, but that’s mainly what it gets used for.
In reality only a small part of crypto could be the classified as scams. I know that’s the main crypto narrative on lemmy, but there is nowhere near much of scams as talked about here.
It sure is.
