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Pro-Trump cryptocurrency fan reacts to the president’s disapproval of Bitcoin.

On Thursday flush, President Donald Trump sent out a three-tweet ribbon declaring that he is “ not a fan ” of bitcoin, doubting of Facebook ’ s forthcoming Libra cryptocurrency, and committed to ensuring that the dollar is “ the most dominant allele currency anywhere in the world. ” This was the first gear clock that the president of the united states has mentioned a contempt for cryptocurrency—and it surely arrived as a disappointment to a particular slice of his supporters. Over the past few years, some of them have tried creating pro-Trump cryptocurrencies, such as USACoin and TrumpCoin, and Ohio Rep. Warren Davidson even suggested to NPR in December that the government could set up a “ wall coin ” to fund the border rampart before backtracking on the statement. One Trump-voting cryptocurrency enthusiast, Preston Byrne, even replied to the president in the hopes of making a personal attract :
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To get a smell of how the pro-Trump crypto scene is taking Trump ’ sulfur affirmation, I interviewed Byrne, who is a lawyer at the cryptocurrency-focused firm Byrne & Storm P.C. We discussed why he thinks Trump is faulty about bitcoin, why well-meaning patriots can support something that arguably competes with the dollar, and why the world of crypto has sol few Trump supporters .
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Aaron Mak: Why did you vote for Trump?
Preston Byrne: I ’ m a lifelong Republican. I believe in conservative values and, in particular, cautious economics. And like [ 63 ] million other people in the United States, I felt that he was a better choice to lead the nation. so far, given the performance of the economy and the fact that he hasn ’ t started any wars, I think we were right in our assessments .
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What was your general reaction to the thread?
I don ’ thyroxine think the president of the united states wrote it. This is more likely coming from the Treasury Department— that ’ vitamin d be Secretary Mnuchin—and at the behest in particular of the banks .
So you think that the tweets don’t reflect Trump’s actual opinions on cryptocurrency?
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The president of the united states of the United States is not going to have an public opinion about everything that happens under his administration, properly ? I don ’ metric ton think this is a personal view of the president having gone and dug in and truly gotten to know his crypto backward and forward. I think his advisers are saying, “ Mr. President, this is something we need to say. ” And he went and said it. With see to bitcoin and the lie of it, I think that ’ s a contemplation of the understand of the existing Treasury repository. You ’ re dealing with very early–Gen x or later-Boomer guys who are running the government and don ’ t very understand what bitcoin is. That ’ s a very normal attitude—the kind that your grandfather might have about bitcoin .
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What are your thoughts on the first tweet in the thread?

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I barely think that was the segue to talk about Facebook, to be honest with you. Those aren ’ t the noises that we ’ ra hearing from places like the [ U.S. Commodity Futures Trading Commission ] and the [ Securities and Exchange Commission ], which have been in truth close to the grind in terms of regulating these assets. broadly speaking as an lawyer in the quad, committing crimes is a regretful theme. Doing it with cryptocurrency is evening worse because you have this identical traceable log of testify that is readily subjected to analytics. It ’ s truly not smart because blockchain and cryptocurrencies are immutable, veracious ? Transactions, once they ’ re there, they ’ re there constantly. And that is truly just the best that a prosecutor could possibly want.

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Thoughts on the second tweet, which deals with Facebook?

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[ Libra ] allows people to send money seamlessly back-and-forth between, you know, a small craftsman in Kenya and a buyer of those goods in California. It sounds very dainty, but the fact is that to do the proper submission work—to make certain that the U.S. and Kenya are satisfied that there ’ s no money laundering going on—is actually in truth difficult. Which is why most bank business is conducted within one jurisdiction. All of this was getting at that second pinch … to express the regulative anxiety that certain people, particularly in the bank sector, may have about the Libra projects .
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I think there ’ s anxiety on both the right field and left slope of the aisle. Everybody has some anxiety that these boastful technical school companies are acquiring exponent and more influence and basically are able to squeeze out smaller businesses, and it ’ s developing these monopolies over boastfully sectors of the economy. then besides stepping out and saying, “ Well, now we want to be involved in bank as well. ” not only that, you besides want to be the doorkeeper that is between us and our merchants and decides what we can and can ’ t buy ?
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If you look at, for example, deplatforming—they ’ re kicking people off for having unpopular or controversial political views. What happens if you want to go buy a plunder with this farce and they say, “ Well, actually we don ’ metric ton approve of guns in Silicon Valley, so you can ’ t consumption this money to buy that. And if you ’ re a merchant, we ’ ra not going to allow you to plug in to our system. ” It ’ s surely an concern point for the government to say, “ Listen, we have concerns about how they ’ re interfere in actor’s line. We should besides have concerns about how they ’ re interfere with money or could potentially in the future interfere with money. ”
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And the third tweet?

As a Republican, when I wake up every good morning, the first thing I do is put on an american ease up cape and then I go hug another american flag. We ’ ve seen the president of the united states hugging American flags—this is quite common demeanor. * And I say the Pledge of Allegiance over breakfast [ laughs ] .
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In that context, it ’ s a feel-good tweet for the party rank and charge. It fills my kernel with the strong incandescence of patriotism when I read it, but I ’ m not sure it ’ s peculiarly relevant for a cryptocurrency discussion, which truly is not about replacing. If you talk to person about replacing the dollar with something like bitcoin, they ’ ll laugh at the theme plainly because bitcoin is not built to serve that function. It can not scale to those sorts of levels of transactions. even if it could, you credibly wouldn ’ deoxythymidine monophosphate want it to because what you ’ ra allege is : “ We ’ rhenium going to load all of the world ’ s fiscal data onto one unmarried database. ” Bitcoin strikes me as more of a valued metals substitute .
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In your response, you suggested that you were one of the few people in the cryptocurrency industry who voted for Trump, or at least admits it. Do you think the crypto community is pretty liberal?
When the 2016 election occurred, I was in London. I wore my MAGA hat to the office on a sanely regular footing. I got a bunch of stink for it, because in London, of class, everyone assumed that I ’ thousand some kind of savage for being a Republican. Back then, there weren ’ t a draw of us who were speaking about it openly.

You tend to have two types [ in the cryptocurrency industry ]. You have the anarchists or libertarians, and they equitable by and large are dissatisfied with bipartisan politics. They look at the situation on the right and left and say, “ The kind of structural change that we want to see is not likely to be enacted by either party. ” They ’ re reasonably disillusioned. I bet a draw of them voted for Trump, but they aren ’ deoxythymidine monophosphate gallant to admit it .
then you have the Silicon Valley bros. Their lone affair in life is to raise money from VCs, conform, wear sweater vests and Allbirds, and fit the cookie-cutter mold. Being a Republican is nonconforming in the Silicon Valley set. So you don ’ triiodothyronine get a set of people who are coming extinct and saying, “ Well actually I voted for him, ” because that will constrain their professional opportunities in those circles .
correction, July 12, 2019 : This consultation primitively misquoted Byrne as saying that the president ’ s flag-hugging is “ dominant ” behavior. He actually said it was “ park ” behavior .

source : https://leowiki.com
Category : Economy

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