• 0 Posts
  • 1.23K Comments
Joined 2 years ago
cake
Cake day: July 6th, 2023

help-circle

  • https://www.congress.gov/119/bills/s954/BILLS-119s954is.pdf

    So I decided to read this bill to work my way through all the FUD and report back, and I can say with some confidence this bill was written by old people with no idea what bitcoin does, and 20-year-olds who think language is substance. Here are some gems:

    The facilities to hold the bitcoin need to be spread around in secure places, to prevent theft. Of a digital currency. They literally un-memed “the files are in the computer.”

    It does state that Bitcoin is a currency and it shows stability, comparing it to gold. So a point for the fears it legitimizes a very unstable digital currency held by a number of anonymous large stakeholder that can push price.

    Terminology vaguely describes vague terms. They define terms poorly, which opens the door to later confusion and argument what they mean. “Fork” I especially call out; I read legal documents and I wouldn’t sign this without clarifications.

    The government is buying a million coins over 5 years, then they are permitted to sell 10% a year. So they just backstopped bitcoin.

    They are paying for it (in part) by making banks hand in their gold certificates, having them revalued, and making banks pay the difference. Banks will Not like this. I wonder if they’ll refuse the new certificates.

    This is a very short bill, give it a read. This is very poorly written and thought out in my opinion, but spot on for the current government. It will, however, greatly stabilize and increase bitcoin prices.
















  • Some interesting history from the song (I lived there as a kid). The lyric “In Birmingham they love the governor, now we all did what we could do,” is about Wallace winning the whole state but losing Birmingham soundly. To pay them back, he shut off road funding, and for years, the interstates stopped in midair on the way into town.

    Edit: to talk about the state itself, it has some of the worst roads in the nation. The beaches are flat and rather milquetoast. The pine forests are beautiful when it’s not hot and humid. There have been a number of comments about the wealth disparity, and that’s big all along the gulf of mexico.

    The battleship in Mobile is pretty cool, though.