Should we put the US Treasury on blockchain?

[Moral]

Great and totally normal stuff floating around recently. Unfortunately, Elon responding to terrible ideas he agrees with on Twitter seem to have a decent chance of happening.

‘This Needs To Stop Now’—Elon Musk Confirms Radical Doge U.S. Treasury Plan

Elon Musk has confirmed he wants to put the U.S. Treasury on a blockchain, the technology that underpins bitcoin and other cryptocurrencies...

www.forbes.com

 

[Colonoscopy]

I think Elon is well on his way to becoming disliked by most Americans. He'll get the boot before long.

 

[cohawk]

Great and totally normal stuff floating around recently. Unfortunately, Elon responding to terrible ideas he agrees with on Twitter seem to have a decent chance of happening.

‘This Needs To Stop Now’—Elon Musk Confirms Radical Doge U.S. Treasury Plan

Elon Musk has confirmed he wants to put the U.S. Treasury on a blockchain, the technology that underpins bitcoin and other cryptocurrencies...

www.forbes.com

Yes, we should. What a fantastic idea.

 

[THE_DEVIL]

Maybe in about 2 decades. No one (not even the people who started the blockchain) fully understand the parameters of the technology. Given time the 'chain would be very useful for legal contracts, and secure voting among other things.

 

[seminole97]

Great and totally normal stuff floating around recently. Unfortunately, Elon responding to terrible ideas he agrees with on Twitter seem to have a decent chance of happening.

‘This Needs To Stop Now’—Elon Musk Confirms Radical Doge U.S. Treasury Plan

Elon Musk has confirmed he wants to put the U.S. Treasury on a blockchain, the technology that underpins bitcoin and other cryptocurrencies...

www.forbes.com

I'm assuming you're just talking about blockchain, and not any specific type of cryptocurrency.

What's the downside for registering federal transactions into a ledger that is cryptographically secured to ensure its integrity and validity?

Blockchain is just like a crystalline record keeping method.

Assuming the downvotes aren't folks assuming your meant for the Treasury to go to a particular cryptocurrency, what's the downside of a blockchain record system for government spending?

Seems like even the Pentagon couldn't fail an audit under that.

 

[Huey Grey]

This country is fvcked. It's bad enough the federal government is a klan movement. Now we're putting our entire financial system under the umbrella of meme coins?

 

[seminole97]

Maybe in about 2 decades. No one (not even the people who started the blockchain) fully understand the parameters of the technology. Given time the 'chain would be very useful for legal contracts, and secure voting among other things.

Seems like a thing that would lend itself well to property titles.
How often do titles end up disputed anyway? That insurance seemed like a scam. Like, don't y'all know who actually owns this? Isn't it written down in a book somewhere?

 

[pjhawk]

Great and totally normal stuff floating around recently. Unfortunately, Elon responding to terrible ideas he agrees with on Twitter seem to have a decent chance of happening.

‘This Needs To Stop Now’—Elon Musk Confirms Radical Doge U.S. Treasury Plan

Elon Musk has confirmed he wants to put the U.S. Treasury on a blockchain, the technology that underpins bitcoin and other cryptocurrencies...

www.forbes.com

OMFG.

 

[seminole97]

This country is fvcked. It's bad enough the federal government is a klan movement. Now we're putting our entire financial system under the umbrella of meme coins?

Yeah, could you imagine the country getting stuck with a depreciating currency?

 

[wausauhawk]

Put it on the blockchain. When I finish building my quantum computer I'll hack the shizz out of it easy peasy.

 

[GolfHacker1]

I'm assuming you're just talking about blockchain, and not any specific type of cryptocurrency.

What's the downside for registering federal transactions into a ledger that is cryptographically secured to ensure its integrity and validity?

Blockchain is just like a crystalline record keeping method.

Assuming the downvotes aren't folks assuming your meant for the Treasury to go to a particular cryptocurrency, what's the downside of a blockchain record system for government spending?

Seems like even the Pentagon couldn't fail an audit under that.

He doesn’t understand shit, he just posts shit. Treasury, and USGov in general, already use the technology and already settle some transactions using the technology.

Man the number of Google searches from the sheep on here tonight is probably record breaking.

 

[seminole97]

Put it on the blockchain. When I finish building my quantum computer I'll hack the shizz out of it easy peasy.

 

[wausauhawk]

View embedded media

Exactly brah

 

[seminole97]

He doesn’t understand shit, he just posts shit. Treasury, and USGov in general, already use the technology and already settle some transactions using the technology.

Man the number of Google searches from the sheep on here tonight is probably record breaking.

 

[bhawk24bob]

I remember around 5 years ago, maybe 10 or so, when people were stupid enough to buy that the blockchain was some kind of revolutionary clearing system

 

[seminole97]

 

[BioHawk]

I'm assuming you're just talking about blockchain, and not any specific type of cryptocurrency.

What's the downside for registering federal transactions into a ledger that is cryptographically secured to ensure its integrity and validity?

Blockchain is just like a crystalline record keeping method.

Assuming the downvotes aren't folks assuming your meant for the Treasury to go to a particular cryptocurrency, what's the downside of a blockchain record system for government spending?

Seems like even the Pentagon couldn't fail an audit under that.

Ok, I didn't know it was for something other than cryptocurrencies. This doesn't immediately sound like a terrible idea but I'd need to know more about what this involves before forming an opinion about this. What are the drawbacks?

 

[Bank of Hawk]

No, scammers galore in the blockchain world, can’t trust anything. Quantum computing may make current crypto and blockchains obsolete in the near future anyhow. But it could also open up new opportunities in that realm

 

[BioHawk]

Yeah, could you imagine the country getting stuck with a depreciating currency?

I don't know, considering how the average American's standard of living has increased during this time period maybe this graph doesn't tell the story you think it does.

 

[seminole97]

No, scammers galore in the blockchain world, can’t trust anything. Quantum computing may make current crypto and blockchains obsolete in the near future anyhow. But it could also open up new opportunities in that realm

When you say 'blockchain world' you're talking about cryptocurrency.

But a blockchain secured ledger doesn't have to be public. Doesn't even have to be distributed. Blockchain is just a method of creating an immutable digital transaction record. So any audit has a clear, unbroken, unchanged record of transactions.

The transactions themselves can still be conducted the way they are today, just notated in the (blockchain) ledger.

 

[seminole97]

I don't know, considering how the average American's standard of living has increased during this time period maybe this graph doesn't tell the story you think it does.

Standard of living has risen through increased productivity, the graph is just showing much value the government has taxed from our unit of account. The government didn't make us any richer printing money, it's just a regressive (but easy!) method of taxing the public that most can't diagnose, much less explain.

 

[BioHawk]

Standard of living has risen through increased productivity, the graph is just showing much value the government has taxed from our unit of account. The government didn't make us any richer printing money, it's just a regressive (but easy!) method of taxing the public that most can't diagnose, much less explain.

Right. So that increase in productivity is completely unrelated.

 

[seminole97]

Right. So that increase in productivity is completely unrelated.

That’s a feature of capitalism.

Printing money doesn’t increase productivity, it just abrogates purchasing power because supply and demand are relative.

Do you think economic progress would stop if counterfeiting weren’t just illegal, but completely impossible?

 

[Huey Grey]

Let's be honest. We will waste the power of quantum computers.

Remember when everyone thought the internet would lead to collaboration and solving the world's problems like cancer and energy?

Instead all we got was porn, endless gd memes, and ads everywhere.

Quantum computers will just give us more ways to jack off and more pictures of women yelling at cats.

 

[Moral]

Let's be honest. We will waste the power of quantum computers.

Remember when everyone thought the internet would lead to collaboration and solving the world's problems like cancer and energy?

Instead all we got was porn, endless gd memes, and ads everywhere.

Quantum computers will more jacking off and more pictures of women yelling at cats.

The internet got us an autocrat too. I wish it was never invented.

 

[Bonerfarts]

What could go wrong?

 

[Phenomenally Frantastic]

Great and totally normal stuff floating around recently. Unfortunately, Elon responding to terrible ideas he agrees with on Twitter seem to have a decent chance of happening.

‘This Needs To Stop Now’—Elon Musk Confirms Radical Doge U.S. Treasury Plan

Elon Musk has confirmed he wants to put the U.S. Treasury on a blockchain, the technology that underpins bitcoin and other cryptocurrencies...

www.forbes.com

The stock market would implode. The amount of derivatives and counterfeit shares in existence would collapse the whole Ponzi overnight.

 

[GolfHacker1]

The stock market would implode. The amount of derivatives and counterfeit shares in existence would collapse the whole Ponzi overnight.

No.

 

[Phenomenally Frantastic]

This country is fvcked. It's bad enough the federal government is a klan movement. Now we're putting our entire financial system under the umbrella of meme coins?

New to fiat currency are you?

 

[Phenomenally Frantastic]

No.

Yes.

 

[TennNole17]

Let's be honest.

followed by a bunch of bullshit.

 

[GolfHacker1]

Yes.

I’m going to disagree. Derivates largely aren’t an issue is they’re properly reserved for. Counterfeit shares of need to see more about what tire referring to.

So I’ll give an example. I first bought BTC sub $1K. I’ve since averaged up (painful for me) to a cost basis of $22K. Why should I be able to purchase protective puts to insure my unrealized gain where the counter party risk is guaranteed by a regulated exchanged and not the counter party? If I could do this I’d have to sell. I really don’t want to sell until I have a better idea of what long term capital gains are going to look like.

What are couterfeit shares, and give me a real world example.

 

[hawkdave007]

 

[Hawki97]

I love poking my head into a thread where people think they’re super smart. Thanks boyz!

 

[luvmyhawks]

The stock market would implode. The amount of derivatives and counterfeit shares in existence would collapse the whole Ponzi overnight.

Man, you are one insufferable idiot.

 

[luvmyhawks]

Standard of living has risen through increased productivity,

Which was precisely his point.

 

[luvmyhawks]

I’m going to disagree. Derivates largely aren’t an issue is they’re properly reserved for. Counterfeit shares of need to see more about what tire referring to.

So I’ll give an example. I first bought BTC sub $1K. I’ve since averaged up (painful for me) to a cost basis of $22K. Why should I be able to purchase protective puts to insure my unrealized gain where the counter party risk is guaranteed by a regulated exchanged and not the counter party? If I could do this I’d have to sell. I really don’t want to sell until I have a better idea of what long term capital gains are going to look like.

What are couterfeit shares, and give me a real world example.

lol. No you didn’t. Is this Ryan’s long term or real account on this site? Finally run out of alt handles to log in under? Pretty similar manic posting style for someone that has been relatively quiet for 10 years.

 

[Tenacious E]

Seems like a thing that would lend itself well to property titles.
How often do titles end up disputed anyway? That insurance seemed like a scam. Like, don't y'all know who actually owns this? Isn't it written down in a book somewhere?

Yes, an entire insurance industry is make believe, people disputing title are make believe, and the lawsuits are make believe. Just a huge grift because no one has title problems or a means to resolve them.

 

[Scott559]

Instead all we got was porn, endless gd memes, and ads everywhere.

 

[hawkdave007]

Seems like a thing that would lend itself well to property titles.
How often do titles end up disputed anyway? That insurance seemed like a scam. Like, don't y'all know who actually owns this? Isn't it written down in a book somewhere?

Sit with a title insurance underwriter for a day and then you'd get it.