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The Genius Act, or, the Fake money Act, the latter is obviously the truth.

J

johnwk

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See: Trump vows to make US ‘crypto capital of the planet,' signs GENIUS Act into law

Well, isn't this peachy? Trump vows to make the United States the fake money capital of the planet.

The truth is, the Genius Act puts to shame John Law’s paper money scheme, which eventually ended in the Mississippi Bubble.

JWK

All the perplexities, confusions, and distresses in America arise, not from defects in the Constitution or confederation, not from want of honor or virtue, as much as from downright ignorance of the nature of coin, credit, and circulation. John Adams
 
The so called GENIUS Act of 2025 makes reference to “United States dollar-denominated stablecoins”.

The following is a “United States Dollar”




And here is the evidence that the United States Dollar is the real “stablecoin”.



 
Crypto is as real as any other money on the planet. All of it only has value if enough people say it does.
 
Napoleon said:
Crypto is as real as any other money on the planet. All of it only has value if enough people say it does.
Click to expand...


Bitcoin is void of intrinsic value in that it cannot be touched, held or weighed on a scale. By contras, a United States Dollar is a commodity and is used in the very computer you are viewing this on.
 
johnwk said:
Bitcoin is void of intrinsic value in that it cannot be touched, held or weighed on a scale. By contras, a United States Dollar is a commodity and is used in the very computer you are viewing this on.
Click to expand...
A United States dollar isn’t intrinsically worth anything more than the paper. There isn’t anything tangible behind it. Also worth noting that it is digital currency now not terribly unlike crypto. You can’t touch, hold, or weigh the 1s and 0s created by use of a debit or credit card.
 
Napoleon said:
A United States dollar isn’t intrinsically worth anything more than the paper. There isn’t anything tangible behind it. Also worth noting that it is digital currency now not terribly unlike crypto.
Click to expand...
You are confusing a Federal Reserve Note with a United States Dollar.

JWK

“Of all the contrivances for cheating the laboring class of mankind, none have been more effectual than that which deludes them with paper money. This is the most effectual of inventions to fertilize the rich man’s field by the sweat of the poor man’s brow.”__Senator Daniel Webster, May 25th, 1832
 
Napoleon said:
A United States dollar isn’t intrinsically worth anything more than the paper.
Click to expand...
Its value is derived from the full faith and credit of the US. Crypto is meaningless. It has no value what so ever other than it can be exchanged for US dollars.
Napoleon said:
There isn’t anything tangible behind it. Also worth noting that it is digital currency now not terribly unlike crypto. You can’t touch, hold, or weigh the 1s and 0s created by use of a debit or credit card.
Click to expand...
 
johnwk said:
Yes! That is what you wrote. And you confused a Federal Reserve Note which is "paper", with a United States Dollar which is "silver".
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A US dollar is a federal reserve note. It can be paper, gold, 4 quarters, 10 dimes, 20 nickels, 100 Pennie’s etc in its representation.
 
rahl said:
A US dollar is a federal reserve note. It can be paper, gold, 4 quarters, 10 dimes, 20 nickels, 100 Pennie’s etc in its representation.
Click to expand...

That is not true. The following is a one-dollar denominated Federal Reserve Note





And the following is a United States Dollar

 
Please buy my new coin.
Just because it doesnt exist is not a reason for not buying it.

You can have 300 Petercoins for the low, low price of just $100m.
 
johnwk said:
That is not true. The following is a one-dollar denominated Federal Reserve Note


View attachment 67580558


And the following is a United States Dollar

View attachment 67580559
Click to expand...

I would say that between the two, the bill probably has more intrinsic value than the coin.

It could be easily shredded and used as tinder if you needed a fire to keep from freezing to death. It could be torn into strips and braided into twine, which has many useful applications.

I suppose you could sharpen the coin into some kind of cutting tool in a pinch, but silver wouldn’t be my first choice for that.

Overall the bill is a bit more versatile if you are looking for intrinsic value, rather than exchange value.
 
For once….. we agree this is a horribly bad idea.
 
You are correct that the US dollar has no intrinsic value but you are wrong in the assumption there is nothing behind it. The full faith and credit of the US government backs it.

The value is determined socially through the us government.
 
Napoleon said:
Which doesn’t translate into anything.
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Ummmmm……………… It translates into your dollars being accepted as legal tender lol…..
 
johnwk said:
See: Trump vows to make US ‘crypto capital of the planet,' signs GENIUS Act into law

Well, isn't this peachy? Trump vows to make the United States the fake money capital of the planet.
Click to expand...
We've been the fake money capital of the planet since 1972. Dollars aren't any more real than crypto
 
Every Dem that voted for this should be primaried.
 
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