Current Events > Trump: "Bitcoin just seems like a scam"

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EndOfDiscOne
06/07/21 11:07:35 AM
#1:


https://www.mediaite.com/news/trump-calls-for-an-end-to-bitcoin-mania-it-just-seems-like-a-scam/

The currency of this world should be the dollar, Trump said in an interview with Fox Business Networks Stuart Varney. I dont think we should have all of the bitcoins of the world. I think they should regulate them very, very high, but the currency should be the dollar. And when you have things like that out there, Stuart, you know what happens is, you really lose something it takes the edge off off the dollar and the importance of the dollar .

Trump sarcastically referred to bitcoin as another beauty when Varney mentioned that Dominion Energy used it to pay hackers after an intrusion into its network last month.
Bitcoin just seems like a scam, Trump added. With us, it was $6,000 and much lower. I dont like it because its another currency competing against the dollar. Essentially, its a currency competing against a dollar. I want the dollar to be the currency of the world. Thats what Ive always said.

Is Trump right?

You know the price did start pumping shortly after he lost the election...

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DarkRoast
06/07/21 11:09:03 AM
#2:


Nobody knows scams better than him, I suppose

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EndOfDiscOne
06/07/21 11:09:24 AM
#3:


In other Bitcoin news, El Salvador is about to become the first country to accept Bitcoin as legal tender

https://www.cnbc.com/2021/06/05/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-.html

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1337toothbrush
06/07/21 11:15:19 AM
#4:


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YoungMutual
06/07/21 11:18:42 AM
#5:


1337toothbrush posted...
El Salvador?! This changes everything!!
Is this... Is this low key racism?

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1337toothbrush
06/07/21 11:21:41 AM
#6:


YoungMutual posted...
Is this... Is this low key racism?
No, this is high key pointing out that El Salvador does not hold significant sway in the global economy. You must be racist to think of that as racist.

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What_
06/07/21 11:23:20 AM
#7:


We love regulation now???
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BuckVanHammer
06/07/21 11:24:56 AM
#8:


id disregard the bitcoin stuff and follow up on why he thinks the dollar should be the world currency...

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sktgamer_13dude
06/07/21 11:25:00 AM
#9:


He does know all about scams so he might be on to something.
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WingsOfGood
06/07/21 11:25:16 AM
#10:


Elon gonna end El salvador's career.
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TheVipaGTS
06/07/21 11:25:17 AM
#11:


He's an idiot and doesn't understand it is all. He's mad his simple mind can't figure out how to take advantage of it.

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Perascamin
06/07/21 11:25:25 AM
#12:


Bitcoin is a currency that people treat as a stock.

Investing in bitcoin provides no value to a company or group of people that use the investment to expand their business. (Don't get pedantic on me and tell me publicly traded companies provide no value)

Does it make sense to invest in a currency? Especially when said currency is just a massive waste of non-renewable energy and is causing a shortage in precious metals/minerals that could otherwise be used to upgrade medical equipment and public services?

When you invest in crypto, you are quite literally investing in nothing. If you made your money on luck of the draw with crypto, then good for you. But crypto is symptomatic of mankind shooting itself in the foot and it doesn't matter what your political, religious, or moral beliefs are because everyone is sticking their hand in the pot out of greed.

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EndOfDiscOne
06/07/21 11:32:33 AM
#13:


Perascamin posted...
Bitcoin is a currency that people treat as a stock.

Investing in bitcoin provides no value to a company or group of people that use the investment to expand their business. (Don't get pedantic on me and tell me publicly traded companies provide no value)

Does it make sense to invest in a currency? Especially when said currency is just a massive waste of non-renewable energy and is causing a shortage in precious metals/minerals that could otherwise be used to upgrade medical equipment and public services?
You just described gold.

Inb4 "but gold has physical properties that make it valuable" as if the physical properties are what makes gold valuable.

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#14
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eston
06/07/21 11:35:55 AM
#15:


The stuff he's saying is more or less the whole point of bitcoin I thought

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fuming
06/07/21 11:36:16 AM
#16:


He is right, bitcoin is a scam and he is upset because he has more invested in everyone buying into the scam of the dollar being valuable instead. He doesnt like all these new scams that arent benefiting him. Understandable.
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#17
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Sackgurl
06/07/21 11:37:21 AM
#18:


EndOfDiscOne posted...
You just described gold.

Inb4 "but gold has physical properties that make it valuable" as if the physical properties are what makes gold valuable.

yes gold is the closest analog to cryptocurrencies in existing markets

reputable financial advisers generally recommend investors hold typically 2-5% maximum of their portfolio in gold, and view it as a hedge rather than an investment.

the crypto pumpers here and elsewhere are way, way too similar to gold bugs of a decade ago

they were untrustworthy then, and they're untrustworthy now

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WrkHrdPlayHrdr
06/07/21 11:41:38 AM
#19:


Former President Donald Trumpsaid Monday he didnt like the idea of bitcoin, which he called a scam, and said he took pride in the fact that the price was lower during his administration.

Mr. I want everyone to be rich took pride in people losing their money.

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Solid Snake07
06/07/21 11:42:15 AM
#20:


DarkRoast posted...
Nobody knows scams better than him, I suppose


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jon1012
06/07/21 11:43:28 AM
#21:


He said that a while ago

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1337toothbrush
06/07/21 11:46:01 AM
#22:


JACKBUTTMOMMY posted...
lolwut
It makes sense that a racist would find things to be racist about everywhere.

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#23
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Heineken14
06/07/21 11:50:42 AM
#24:


Considering almost everything he says is the opposite of reality, I expect bitcoin to explode again.
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creativerealms
06/07/21 11:54:12 AM
#25:


I am agreeing with Trump foe once. Is this the end of tjw qorld?

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1337toothbrush
06/07/21 11:55:32 AM
#26:


JACKBUTTMOMMY posted...
Not at all.
Feel free to explain the racism because I don't see it.


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UnholyMudcrab
06/07/21 12:02:37 PM
#27:


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Pepys Monster
06/07/21 12:05:00 PM
#28:


Great, a second influential billionaire is trying to crash the crypto market and destroy lives.

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DirkDiggles
06/07/21 12:06:47 PM
#29:


A grifter calling something a scam.....shocking....

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ncsonic
06/07/21 12:06:54 PM
#30:


Say the guy who started Trump University (fake degrees)

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ROOTFayth
06/07/21 12:13:36 PM
#31:


you either get on the train or watch it pass you by

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#32
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YoungMutual
06/07/21 12:33:18 PM
#33:


JACKBUTTMOMMY posted...
They asked if it was racism, they didnt say that it was racism.
Yup, if it wasn't then that's that. But the "your the real racists" reply was still funny

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BilalPowell
06/07/21 12:36:11 PM
#34:


This message brought to you by Bitcoin University

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Unsugarized_Foo
06/07/21 12:39:04 PM
#35:


Modern monetary theory in the US requires the dollar be king

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wholeheartedly
06/07/21 12:39:21 PM
#36:


Sackgurl posted...
yes gold is the closest analog to cryptocurrencies in existing markets

reputable financial advisers generally recommend investors hold typically 2-5% maximum of their portfolio in gold, and view it as a hedge rather than an investment.

the crypto pumpers here and elsewhere are way, way too similar to gold bugs of a decade ago

they were untrustworthy then, and they're untrustworthy now

What do you think of Elon? He seems to be intentionally creating pump and dump hype

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Perascamin
06/07/21 12:41:58 PM
#37:


EndOfDiscOne posted...
You just described gold.

Inb4 "but gold has physical properties that make it valuable" as if the physical properties are what makes gold valuable.
It's an amazing conductor for electricity and is used for that purpose. Sapphire? Makes the best camera lenses.

And even if you want to talk about jewelry...jewelry is a craft and business that provides value to the world and gives people jobs.

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1337toothbrush
06/07/21 12:59:57 PM
#38:


JACKBUTTMOMMY posted...
They asked if it was racism, they didnt say that it was racism.

YoungMutual posted...
Yup, if it wasn't then that's that. But the "your the real racists" reply was still funny
Okay, if you say so. I must've misread your post, because what I read was an accusation posed as a rhetorical question.

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Joeydollaz
06/07/21 1:01:54 PM
#39:


It is a scheme actually and the pandemic got everyone into that

I saw a 75 year old friend talking about her Etherium

I was like wtf lol

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Joeydollaz
06/07/21 1:02:56 PM
#40:


wholeheartedly posted...
What do you think of Elon? He seems to be intentionally creating pump and dump hype

The man doesn't need that to survive, so he is just playing around with this

random CE user here, CAN NOT play around to crazy with this stuff, or they will be on their ass

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PoundGarden
06/07/21 1:04:46 PM
#41:


EndOfDiscOne posted...
You just described gold.

Inb4 "but gold has physical properties that make it valuable" as if the physical properties are what makes gold valuable.

Uh...yes? Do you even know what gold is used for? You do realize bitcoin can't exist without gold, right? These 'com-pu-tor' things kind of use it.

What would you rather have: a hypothetical rock, or a real rock you can make things out of?

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Joeydollaz
06/07/21 1:06:14 PM
#42:


You want to see where Bitcoin is going?

https://www.youtube.com/watch?v=g-zIbVEjVpQ

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Sackgurl
06/07/21 1:25:57 PM
#43:


wholeheartedly posted...
What do you think of Elon? He seems to be intentionally creating pump and dump hype

i think he posts while high

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Returning_CEmen
06/07/21 1:29:00 PM
#44:


DarkRoast posted...
Nobody knows scams better than him, I suppose


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Kingbuffet
06/07/21 1:29:30 PM
#45:


Perascamin posted...
It's an amazing conductor for electricity and is used for that purpose. Sapphire? Makes the best camera lenses.

And even if you want to talk about jewelry...jewelry is a craft and business that provides value to the world and gives people jobs.
According to that logic Bitcoin is one the biggest jobs creators for graphic card workers, mining facilities, cryptocurrency exchanges. You just made the biggest argument for Bitcoin being useful
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Pepys Monster
06/07/21 1:45:02 PM
#46:


Joeydollaz posted...
I saw a 75 year old friend talking about her Etherium
You have a 75 year old friend?

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untrustful
06/07/21 1:46:30 PM
#47:


naw bitcoin sucks

etherium is alright tho since it has actual promise.

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1337toothbrush
06/07/21 1:52:06 PM
#48:


Kingbuffet posted...
According to that logic Bitcoin is one the biggest jobs creators for graphic card workers, mining facilities, cryptocurrency exchanges. You just made the biggest argument for Bitcoin being useful
Well no, because anyone can simply make work. Give people spoons to dig ditches and you'll have plenty of jobs available. On the other hand, specific material properties are hard to replicate.

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EndOfDiscOne
06/07/21 2:02:22 PM
#49:


PoundGarden posted...
Uh...yes? Do you even know what gold is used for? You do realize bitcoin can't exist without gold, right? These 'com-pu-tor' things kind of use it.

What would you rather have: a hypothetical rock, or a real rock you can make things out of?
Yes, my point is that people investing in gold are not doing so because it can be used as a conductor. Most gold just sits in a vault, and most of its value comes from the fact that it can be used as money. https://twitter.com/maxkeiser/status/1294977851897372672/photo/1

I can't find the original article that that graphic came from...saw it a couple of weeks ago.

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skermac
06/07/21 2:11:26 PM
#50:


Personally I dont trust anything not backed by something physical

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