cross-posted from: https://lemmy.world/post/19059055
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.
Plot twist: it’s all in play money until someone buys it.
All money has been play money since the end of the gold standard in '71. Fiat is just more widely exchangeable for goods and services. ¯\_(ツ)_/¯
All money has been play money since the end of bartering and establishment of currency. Coinage is just more widely exchangeable for goods and services than my cows, donkeys, goats, and geese. ¯\_(ツ)_/¯
I’m not sure what point you’re trying to make.
At least the gold backed dollar had scarcity and real world uses to back it up, unlike fiat. Sure the price of gold is still kinda speculative, but it provided a much more stable mechanism to prevent runaway inflation.
I don’t own crypto, but if anything its artificial scarcity does kinda the same thing as gold used to.