Big Crypto Is Spending More on US Elections Than Any Other Industry
Big Crypto Is Spending More on US Elections Than Any Other Industry
Crypto companies have already funneled some $119 million into federal elections, according to data from Public Citizen.
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.
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The new currency that's backed by the old currency and uses a shit ton more electricity. What a time to be alive.
How is crypto backed by old currency?
Without old currency it is completely worthless.
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.
Is "clearing debts with crypto" ≈" buying stuff with crypto"?
It's "paying loans and fees with crypto". Specifically, "paying government loans and fees", which makes the state an insatiable consumer of a third-party currency and gives it real implicit value.
They aren't paying these politicians off in Bitcoin.
Apparently you can pay off JD Vance with it
No that is BitchCouch ™
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.
they keep it in the reserves
jk
Reserves = USDT, which is definitely backed by real USD.
That's the neat part, it isn't. USDT is a sword of Damocles hanging over the crypto industry.
🎶 Meet the new
bosscoinSame as the old
bosscoin 🎶Electricity vs Blood, which is more expensive?
Do you think there isn't a blood cost for electricity?
glances at the climate change death toll
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.
dang bro, its a good thing crypto solves any of the problems with fiat currency and doesn't introduce a bunch of new ones like reliance on data centers, power and water requirements, long transaction times and it becomes useless when you lose network connection.
I do agree but imo the power consumption is a flaw of Bitcoin and should have been addressed upfront. There has to be a better way.
Etherium and proof of stake instead of proof of work
how is proof of stake not an easy target for regulators and how is that model significantly different than a very slow credit card transaction?
Way less power consumption as it doesn't work by "mining" (grinding a super hard math problem) with 11 jillion gpus.
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.'