Texas Gov Abbott signs bitcoin reserve bill SB 21 into law \ stacker news ~bitcoin

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Texas Gov Abbott signs bitcoin reserve bill SB 21 into law www.theblock.co/post/359089/texas-governor-greg-abbott-signs-strategic-bitcoin-reserve-bill-into-law

1495 sats \ 17 comments \ @Scoresby 22 Jun bitcoin

zaps forwarded to @k00b (100%)

Texas is the first to create a stand-alone, publicly-funded reserve. The fund was established outside the usual state treasury and will be managed by the Texas Comptroller of Public Accounts, Glenn Hegar.

I don't think I understand why people like gov't "strategic reserves" of bitcoin.

I don't really want the state wealthier or thinking they have skin the bitcoin game (and should therefore attempt to influence development or citizen usage). I realize I'm being naive. Can someone give me the "this is good for bitcoin" case?

Is it just they hope it will produce number go up?

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1 reply \ @Coinsreporter 22 Jun

@k00b already reported it, though in ~Politics_And_Law #1012029

0 sats \ 0 replies \ @Scoresby OP 22 Jun

ah, missed that. thanks!

132 sats \ 0 replies \ @mo 9h

Separation of money from state--financial institutions--this was the goal in the whitepaper, highlighted in its first sentence:

I struggle to comprehend why so many forget about it, maybe they all ignore that gov't and states are financial institutions too? Better said, registered corporations doing business as usual... guess what's the capital. Yes, human capital, and if thou still having a passport #1012668, probably still a cattle/slave too!

256 sats \ 1 reply \ @freetx 22 Jun

Can someone give me the "this is good for bitcoin" case?

I think your premise is wrong.

lots of bitcoiners do this:

The world needs to use bitcoin! OH NO! People I don't like are using bitcoin!!

You can't have it both ways. You either believe bitcoin is the future of money, or else you believe its a niche cool band that only you and your buddies will know about.

152 sats \ 0 replies \ @Scoresby OP 22 Jun

Great point! it may be the entire point of bitcoin that enemies can use it together.

But is there a difference with pushing for publicly funded/gov't involved bitcoin reserves? I suppose not. Afterall, I probably would feel the same way if it came out that the gov't was surreptitiously buying bitcoin.

On the other hand, bitcoiners are also citizens/subjects of the states in which they live. Their feelings about what the state does are not the same as their feelings about what Bitcoin is. Can I believe bitcoin is permissionless money and yet also believe my government shouldn't acquire a stockpile?

Also, do you think the gov't is more or less likely to try to control bitcoin if it has a "strategic reserve"?

102 sats \ 9 replies \ @Coinsreporter 22 Jun

I believe Bitcoin is for everyone, be it an individual, a group, corporation, or an organisation.

100 sats \ 0 replies \ @Lux 20h

42 sats \ 7 replies \ @Scoresby OP 22 Jun

I agree. Let's put it this way: you pay a certain amount of taxes each year. would you prefer a percentage of that money to go to buying bitcoin that is owned by your gov't or would you prefer your gov't didn't tax you that percentage in the first place?

102 sats \ 2 replies \ @DarthCoin 21h

govs cannot "own" bitcoin a BSR is a stupid thing to fool people. And taxation is theft, is how people are controlled. Ask the damn simple question: if the banks can create money from thin air, why are you still taxed?

20 sats \ 1 reply \ @Scoresby OP 21h

Sadly, I am too chicken to stop paying taxes.

But I agree that the SBR things feel like a trick.

102 sats \ 0 replies \ @Coinsreporter 20h

I understand your point.

I've never been in such a job where I had to report my earnings and I've learnt quite a few tricks to how not to be a chicken.

These SBRs first of all are not dominantly Bitcoin related so I just don't see them as a threat. However there's no harm to be cautious.

102 sats \ 3 replies \ @Coinsreporter 22 Jun

Taxation by government is a different topic and my stance is that government doesn't need to tax the citizens. Taxes are unnecessary.

But why do we cry aloud? Can we stop them buying? Is Bitcoin only for individuals? I don't get it why we celebrated El Salvador as Bitcoin Country once.

Talking about these reserves that are being created in the US, I believe they aren't very specific about Bitcoin. They involve a terminology which makes them sound closer to Shitcoins. So, I think they will most probably ruin state/country (governments).

Another very specific point is that I think governments alone shall never be able to control Bitcoin.

20 sats \ 2 replies \ @Scoresby OP 22 Jun

But why do we cry aloud? Can we stop them buying?

In the case of publicly funded reserves, yes (as much as citizens can affect anything in their country). I don't have to vote for politicians who do such things.

17 sats \ 0 replies \ @DarthCoin 21h

I don't have to vote for politicians who do such things.

Voting is dumb anyways. Only slaves "vote". See #649361

17 sats \ 0 replies \ @Coinsreporter 22 Jun

Yes, that's what we as citizens should be doing instead of saying governments shouldn't do that or this. I also believe once Bitcoin standard will be governing the states/nations, these reserves will be abolished because citizens would demand it.

I too don't like these reserves, but I don't worry about them because Bitcoin is much more powerful than the governments and they can never control it on their own.

27 sats \ 0 replies \ @DarthCoin 21h

0 sats \ 0 replies \ @Undisciplined 18h

The main benefit I see is that the odds of active hostility towards us from the state decline.