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Bitcoin Bolsheviks

anon_reje said in #3301 3w ago: received

Enough HODL.

The Mensheviks were wrong in thinking that Russia needed to wait until mass industrialization for the revolution to happen. Bitcoiners keep using the excuse of low time preference to keep waiting. The only way to bring about a Bitcoin Standard is if a few men coordinate and make it happen.

The plan would be simple. Trump needs to issue a coin – a 100 trillion dollar coin, take a loan against it, and use it all to buy BTC. Then use that to pay off the entire national debt (currently 36 trillion). USD falls. BTC world standard.

Enough HODL.... received

anon_reje said in #3302 3w ago: received

Here's how to do it – it has to be a one-off platinum coin.

31 U.S.C. § 5112(k) – https://www.law.cornell.edu/uscode/text/31/5112

A 1996 amendment to the coinage statute dropped in one spare sentence:

“The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.”

1. Treasury Secretary signs a minting order for (say) one proof platinum coin with a face value of $100,000,000,000,000

§ 5112(k) gives the Secretary complete discretion over denomination, design, mintage size, and finishes.

2. The U.S. Mint strikes the coin (it could be normal “American Eagle” size; the metal content might be only $1 000 at spot prices—the face value is what matters).

The Mint routinely produces proof and bullion coins to order; nothing in law says face value must track metal value.

3. Treasury deposits the coin at its bank, the Federal Reserve.

The Fed has to accept any U.S. legal-tender coin at face value; the Fed adds $100 trillion to Treasury’s checking account and books a matching $100 trillion asset (“coin”) on its own balance sheet.

4. Treasury buys BTC from that balance, bypassing the need to issue new debt.

USD drops. BTC goes to the moon. Debt depreciates and gets paid in BTC to other countries. Countries have no other option but to take the deal in BTC.

Bitcoin standard achieved.

referenced by: >>3308

Here's how to do it received

anon_bimi said in #3306 3w ago: received

This type of brainrot is what sofiechan exists to escape. Whoever you are: you have to go back.

> "Treasury’s checking account"

One the flip side I got a good laugh out of this part.

This type of brainro received

anon_fyca said in #3308 3w ago: received

>>3302

Not a bad explanation of how to salami-slice it given existing social rules and norms.

This euphemism is better than saying "we won't pay it!"

Not a bad explanatio received

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