Trump to speak at largest Bitcoin conference of the year today

[Big Blitz]

This is a big deal that’s going to turn in to a crypto debate thus the thread.  
 

NASHVILLE — Former president Donald Trump headlines the biggest bitcoin conference of the year on Saturday afternoon, as the race to capture the votes and the campaign cash of America's frontline fintech adopters takes center stage in the 2024 presidential contest.

 

Former president Donald Trump headlines the biggest bitcoin conference of the year in Nashville on Saturday afternoon.
 

It's quite the 180-turn after he very publicly dismissed bitcoin when he was in the White House.

 

The Republican presidential nominee will also host an accompanying fundraiser in Nashville, with tickets topping out at $844,600.

 

Bitcoin 2024 conference organizers say they were briefly in talks to have Vice President Kamala Harris appear at the conference, though she ultimately declined.

 

 

Trump's shift on Bitcoin comes as the Republican Party pledges to lift the red tape of the Biden-Harris administration, working to turn crypto regulation into a voting issue for November, especially as inflation consistently ranks as a top voter priority in polls.

 

As crypto lobbyists and supporters become more of a presence in Washington, it raises questions on whether the Democratic Party will dig into the hardline regulatory approach of the past several years or ease its position.

 

"Every presidential candidate needs to understand, digital asset, pro-innovation voters are here to stay," Democratic Rep. Wiley Nickel of North Carolina told CNBC in an interview, adding that crypto regulation should not become a "partisan political football."

 

"I want to keep this as a bipartisan issue. I don't want Donald Trump to politicize this issue," Rep. Nickel said.

 

Bitcoin 2024 conference organizers say they were briefly in talks to have Vice President Kamala Harris appear at the conference, though she ultimately declined. But billionaire businessman Mark Cuban posted on X that the Harris campaign had reached out with questions about crypto, so it appears the vice president is looking into this space and potentially figuring out where her policies, if elected president, could land.

 

"I think we're going to hear from Vice President Harris soon on this. And I'm very optimistic we're gonna get a reset. And that I think, will matter in a major way," Rep. Nickel said. "This issue isn't going anywhere. And we've got to make sure we continue to embrace this in bipartisan way."

 

https://www.cnbc.com/amp/2024/07/27/trump-bitcoin-conference-harris.html

Edited July 28, 2024 by Big Blitz

[L Ron Burgundy]

A lot of people see potential regulation on crypto as a good thing as it will lure more retail investors.   There are so many crypto scams right now its impossible to track.   This will become an important topic.

[phypon]

Anyone here hold any crypto?  I have a small amount of Doge and I also have a bag of VeChain.  At this point, this consolidation phase is getting really irritating...

[The Frankish Reich]

  On 7/27/2024 at 7:03 PM, phypon said:

I have a small amount of Doge

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😱

[Doc Brown]

  On 7/27/2024 at 6:56 PM, L Ron Burgundy said:

A lot of people see potential regulation on crypto as a good thing as it will lure more retail investors.   There are so many crypto scams right now its impossible to track.   This will become an important topic.

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Brady lost 30 million through FTX so it's not all bad.  Just stay away from it.

[K D]

  On 7/27/2024 at 7:03 PM, phypon said:

Anyone here hold any crypto?  I have a small amount of Doge and I also have a bag of VeChain.  At this point, this consolidation phase is getting really irritating...

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Nice try @IRS. I don't know what you are talking about 🤫

[ChiGoose]

Crypto seems a bit too Ponzi scheme-ish for me. With a dash of pump and dump mixed in. 

[K D]

  On 7/27/2024 at 9:06 PM, Doc Brown said:

Brady lost 30 million through FTX so it's not all bad.  Just stay away from it.

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  On 7/27/2024 at 9:24 PM, ChiGoose said:

Crypto seems a bit too Ponzi scheme-ish for me. With a dash of pump and dump mixed in. 

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Yes you guys should stay out of it lol. People have been saying that since Bitcoin was $68 and now it's $68,000 and by the time you guys have to buy some because the dollar is collapsing and nobody uses it for trade it will be $680,000.

[ChiGoose]

  On 7/27/2024 at 9:29 PM, KDIGGZ said:

 

Yes you guys should stay out of it lol. People have been saying that since Bitcoin was $68 and now it's $68,000 and by the time you guys have to buy some because the dollar is collapsing and nobody uses it for trade it will be $680,000.

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Do you know anyone who has used crypto to buy a pizza?

[Doc Brown]

  On 7/27/2024 at 9:29 PM, KDIGGZ said:

 

Yes you guys should stay out of it lol. People have been saying that since Bitcoin was $68 and now it's $68,000 and by the time you guys have to buy some because the dollar is collapsing and nobody uses it for trade it will be $680,000.

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If I was worried the US dollar collapsing and Bitcoin taking over I'd still rather invest in real estate and stocks.  If I was worried about the government collapsing I'd invest in guns and canned food.  Once I can easily pay for goods, services, and pay my taxes with Bitcoin I'd be interested.

[K D]

  On 7/27/2024 at 9:47 PM, ChiGoose said:

Do you know anyone who has used crypto to buy a pizza?

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  On 7/27/2024 at 9:51 PM, Doc Brown said:

If I was worried the US dollar collapsing and Bitcoin taking over I'd still rather invest in real estate and stocks.  If I was worried about the government collapsing I'd invest in guns and canned food.  Once I can easily pay for goods, services, and pay my taxes with Bitcoin I'd be interested.

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With Bitcoin if you think of it as a reserve currency rather than transactional you might "get it." Nobody buys pizza with gold bullion either.

[ChiGoose]

  On 7/27/2024 at 9:52 PM, KDIGGZ said:

 

With Bitcoin if you think of it as a reserve currency rather than transactional you might "get it." Nobody buys pizza with gold bullion either.

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It’s too unstable to use as a currency, even as a reserve. 
 

Your argument that people are missing out because it could still go up 10x in value is an argument *against* crypto as a viable currency. 
 

It’s much more like a security than a currency. 

[Doc Brown]

  On 7/27/2024 at 9:52 PM, KDIGGZ said:

 

With Bitcoin if you think of it as a reserve currency rather than transactional you might "get it." Nobody buys pizza with gold bullion either.

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Gold's a really crappy investment too compared to real estate or stocks (index funds/etf's that track the major indexes). 

[K D]

  On 7/27/2024 at 10:04 PM, ChiGoose said:

It’s too unstable to use as a currency, even as a reserve. 
 

Your argument that people are missing out because it could still go up 10x in value is an argument *against* crypto as a viable currency. 
 

It’s much more like a security than a currency. 

Expand  

 

  On 7/27/2024 at 10:04 PM, Doc Brown said:

Gold's a really crappy investment too compared to real estate or stocks (index funds/etf's that track the major indexes). 

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Crypto as a whole is still in its early adoption phase so yes it's pretty volatile if your goal is to swap it for dollars. I personally think it's smarter to hold it, buy an amount you can afford to lose and forget that you have it. If you go in with the mindset that you want to own the crypto and not paper dollars then you are going to care less about the day to day fluctuations. A president that supports it and some limited common sense regulation will do a lot to bring confidence and stability. You also don't invest in gold, you hold it. It's often a safe haven when you know other investments are about to go to crap. Bitcoin has a limited supply much like gold and will hopefully be considered "digital gold," easier to travel with and quicker to transact for local currency as needed.

 

Your arguments are similar to the argument against Trump. "This will happen if he gets elected." Well it didn't happen last time Trump was in office and Bitcoin also didn't do whatever you are scared it will do. Some people on these forums are up like 1,000%+ at this point so it's hard to take people serious when they say how crypto is worthless. If anything the dollar is becoming worthless which is why 1 Bitcoin is worth way more dollars now. 1 Bitcoin always equals 1 Bitcoin.

[ChiGoose]

  On 7/27/2024 at 10:35 PM, KDIGGZ said:

 

Crypto as a whole is still in its early adoption phase so yes it's pretty volatile if your goal is to swap it for dollars. I personally think it's smarter to hold it, buy an amount you can afford to lose and forget that you have it. If you go in with the mindset that you want to own the crypto and not paper dollars then you are going to care less about the day to day fluctuations. A president that supports it and some limited common sense regulation will do a lot to bring confidence and stability. You also don't invest in gold, you hold it. It's often a safe haven when you know other investments are about to go to crap. Bitcoin has a limited supply much like gold and will hopefully be considered "digital gold," easier to travel with and quicker to transact for local currency as needed.

 

Your arguments are similar to the argument against Trump. "This will happen if he gets elected." Well it didn't happen last time Trump was in office and Bitcoin also didn't do whatever you are scared it will do. Some people on these forums are up like 1,000%+ at this point so it's hard to take people serious when they say how crypto is worthless. If anything the dollar is becoming worthless which is why 1 Bitcoin is worth way more dollars now. 1 Bitcoin always equals 1 Bitcoin.

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You seem to be throwing out a lot of strawman arguments I never made. 
 

Bitcoin looks a lot more like a security than a currency to me. If you want to invest in it hoping the value goes up, that’s totally fine. 
 

But in a world where the US dollar has collapsed to the point of no longer being the reserve currency, will crypto have stabilized enough to be useful as an actual currency? I have serious doubts about that. 

[Doc Brown]

  On 7/27/2024 at 10:35 PM, KDIGGZ said:

You also don't invest in gold, you hold it. It's often a safe haven when you know other investments are about to go to crap. Bitcoin has a limited supply much like gold and will hopefully be considered "digital gold," easier to travel with and quicker to transact for local currency as needed.

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It's for people that live in fear.

[phypon]

  On 7/27/2024 at 9:47 PM, ChiGoose said:

Do you know anyone who has used crypto to buy a pizza?

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There is a very famous case of a pizza purchase:

 

'Hanyecz is known as the first person to use bitcoin in a commercial transaction. On May 22, 2010, when bitcoin was a little over a year old, he bought two pizzas for 10,000 BTC. The day is now known as "Bitcoin Pizza Day."'

  On 7/27/2024 at 10:04 PM, Doc Brown said:

Gold's a really crappy investment too compared to real estate or stocks (index funds/etf's that track the major indexes). 

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Gold isn't intended as an investment to make a profit or return on.  It's intended as a "preservation" of wealth.  So whatever you could buy 30 years ago for $1000 and you put that in gold at the time, you would be able to afford the same items now as you could then.  

[K D]

  On 7/27/2024 at 10:46 PM, ChiGoose said:

You seem to be throwing out a lot of strawman arguments I never made. 
 

Bitcoin looks a lot more like a security than a currency to me. If you want to invest in it hoping the value goes up, that’s totally fine. 
 

But in a world where the US dollar has collapsed to the point of no longer being the reserve currency, will crypto have stabilized enough to be useful as an actual currency? I have serious doubts about that. 

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It was more of a narrative on the naysayers rather than a personal response. My thought process is 1 Bitcoin always equals 1 Bitcoin. I don't really care how many US dollars that equals on a day to day because I have a Bitcoin that has a value in whatever currency I will eventually need to transact with. I don't keep track of what my real estate or classic cars are worth. I know they have a value that is likely much more than I paid and if I ever need cash to transact (cash that goes down in value every day and much more so under this regime) then I can finance them or sell them at current market values. It's just another asset class and one that has been and continues to be quite fruitful!

[ChiGoose]

  On 7/27/2024 at 11:06 PM, phypon said:

 

There is a very famous case of a pizza purchase:

 

'Hanyecz is known as the first person to use bitcoin in a commercial transaction. On May 22, 2010, when bitcoin was a little over a year old, he bought two pizzas for 10,000 BTC. The day is now known as "Bitcoin Pizza Day."

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Right he used Bitcoin as a currency and it was a terrible financial move.
 

Because it’s not really a currency. It’s more of a security. 

[K D]

  On 7/27/2024 at 11:12 PM, ChiGoose said:

Right he used Bitcoin as a currency and it was a terrible financial move.
 

Because it’s not really a currency. It’s more of a security. 

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To your point I think there will be crypto with better use cases for currency replacement. I don't personally see that happening for Bitcoin. I think it's like gold bullion and if you want dollar dollar bills you will trade it as needed.