Personal Finance and Investing

Marthe48

(19,620 posts) Sat Jan 11, 2025, 09:39 AM Saturday

If traitor tries to move the U.S. economy to crypto

will we have to comply? Will our established currency, savings, investments, be safe and usable? If there is a change like this, how do we protect our assets?

I hear a lot more about crypto scams and losses than I do licit use and gains. Except for the crypto bros.

I expected to have assets and income the rest of my life and I don't want to be robbed of what we worked for.

I

17 replies

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If traitor tries to move the U.S. economy to crypto (Original Post) Marthe48 Saturday OP

Let's see if the IRS accepts crypto . . . . no_hypocrisy Saturday #1

It would be in addition to US Dollar, not replacing, if it comes to pass Bernardo de La Paz Saturday #2

I could see a world where currency is outlawed, or taxed for using it bucolic_frolic Saturday #3

This would definitely drive down the dollar Diraven Saturday #4

Why do we need Crypto - I read and listened to tons of videos but I don't get the purpose? walkingman Saturday #5

The big money return in crypto is::: keithbvadu2 Saturday #6

I've heard this kind of thing Marthe48 Saturday #7

it is a ponzi scheme which is running out of "investors" rampartd Saturday #8

If they run out of dupes Marthe48 Saturday #9

that is it in a nutshell rampartd Saturday #10

I won't participate on my own Marthe48 Saturday #11

"the bitcoin reserve bill" has already been introduced rampartd Saturday #12

Are gold bugs behind it, invested in gold and hoping that extra demand raises gold price? Bernardo de La Paz Saturday #13

crypto bros (musk/thiel/vance) behind it rampartd Saturday #14

And remember World Liberty Financial kkmarie Saturday #16

Welcome to DU Marthe48 Saturday #17

In all likelihood, he won't do that. Silent Type Saturday #15

no_hypocrisy

(49,505 posts)

1. Let's see if the IRS accepts crypto . . . .

Reply to Marthe48 (Original post)

Sat Jan 11, 2025, 09:44 AM

Saturday

At least for those of us who ARE paying taxes.

Bernardo de La Paz

(51,822 posts)

2. It would be in addition to US Dollar, not replacing, if it comes to pass

Reply to Marthe48 (Original post)

Sat Jan 11, 2025, 09:50 AM

Saturday

I don't think it would impact the dollar much, but that is not an informed considered opinion.

bucolic_frolic

(47,958 posts)

3. I could see a world where currency is outlawed, or taxed for using it

Reply to Marthe48 (Original post)

Sat Jan 11, 2025, 09:55 AM

Saturday

In Europe there were fees for awhile for a bank holding deposits. I believe it's on the books where they can charge you for depositing cash, or spending it. (We get cash back for using credit cards sometimes, so that penalizes cash.)

But it would be phased in slowly. Cash could go the way of stamps. Will people still collect coins? Or are they worthless too? No telling what Eloon and Vivek are up to.

Diraven

(1,114 posts)

4. This would definitely drive down the dollar

Reply to Marthe48 (Original post)

Sat Jan 11, 2025, 10:02 AM

Saturday

Which is the whole point - to transfer everyone's wealth to the billionaires who own most of the crypto.

walkingman

(8,672 posts)

5. Why do we need Crypto - I read and listened to tons of videos but I don't get the purpose?

Reply to Marthe48 (Original post)

Sat Jan 11, 2025, 10:15 AM

Saturday

keithbvadu2

(40,821 posts)

6. The big money return in crypto is:::

Reply to Marthe48 (Original post)

Sat Jan 11, 2025, 10:28 AM

Saturday

The big money return in crypto is:::
1. Starting it, hyping it, selling it, and getting out, leaving the
suckers holding the bag.
2. Handling/storing it for others.
...a. Not your own money/crypto. Someone else's money/crypto.
...b. Lots of fraud/money manipulation/theft/lack of regulation.
3. Backed by trust/faith/great promises/optimism... but no
real assets.
4. It can literally disappear and good luck with lawsuits.
------------------
A few have profited by 'investing' but not the majority.

BTW... You're buying it with your 'real' money.

Marthe48

(19,620 posts)

7. I've heard this kind of thing

Reply to keithbvadu2 (Reply #6)

Sat Jan 11, 2025, 10:40 AM

Saturday

I don't think crypto is reliable as a means of exchange. I have more faith in the value of aluminum for recycle :/

rampartd

(1,178 posts)

8. it is a ponzi scheme which is running out of "investors"

Reply to Marthe48 (Original post)

Sat Jan 11, 2025, 11:02 AM

Saturday

the usa buying billions in bitcoin jacks up the drive for those who have it, allowing us taxpayers to take the bottom of the pyramid, while the "bros" high 5 their way to the coke dealer.