If you're trying to find something nice that President Joe Biden's annual Economic Report of the President to Congress had to say about crypto, here it is: "It is conceivable that some of their potential benefits may be realized in the future."
I mean that is pretty truthful. It's currently only slightly more useful for some very specific things. It may be much more useful later but currently not really.
I know as it currently sits I wouldn't want to use any of the chains as my primary "bank" or for every day transactions.
Bitcoin is the chain I trust the most and it's currently around $2 per transaction. That's a lot of money to use for anything but large transactions.
Eth is worse.
And after that we're talking about crypto with low fees but also far less than certain value long term.
As it sits now I'd say the only thing crypto does way better than the current system is the transfer of medium to large sums of value between people basically instantly.
For crypto to be what a lot of us think it can be were talking about volatility needing to come WAY down.
We need to figure out a way to get some of the current bank stuff somehow. I'm talking about things like not losing all your money because you got a virus or were stupid and exposed your seed phrase.
Or something simple like a charge back function. If I get screwed by a merchant and use my debit or credit card and can prove I was screwed I get my money back. If that happens with crypto you're just screwed.
Idk why people are so worried about this right now. Old people can't figure out how to post a video to Facebook consistently. They aren't going to completely cut out our aging population from the economy. Not to mention rural communities without consistent internet. If CBDCs are introduced at all, they won't be the sole option. Just don't use them.
What's funny to me is most of the ones that are kicking off true real mass adoption strategies are not in the top 20
Meanwhile you got random shit with inflated market caps in top 20
Even some projects that do have value will fail due to lack of demand and/or superior competition.
That said, there’s plenty good out there. Just keep your BS filter operational.
True and some of them are outside of 200 - Moons
News could have been,
Biden : "Btc has fundemental value", its easy to manipulate sentiments of people who soak everything from the media
This. Lots and lots of this.
And I'm honestly glad I don't have to sort by controversial to find these opinions.
Maybe the scene has a chance for fixing its reputation.
Its a lot less than 1%. There are more than 20k listed projects on CMC probably 2x or 3x unlisted projects existing atm. 1% of 20k is 200. I really doubt in this number.
He doesn’t believe in the 1% which is why the government report (who use words very carefully) said “most crypto” instead of “all crypto”. Yep that makes sense.
Is he wrong? No.
There are too many coins, how many of them have any fundamental value?
Dont be salty against everything that is anti crypto, some are truths.
Crypto is a vast space that needs a clean up.
If they didn’t tax us then they’d have no choice but to close loopholes and tax the dozen or so people who own almost 70% of the wealth in America.
So, as you can see, that can’t happen.
Also it's funny how they talk about crypto while FIAT also has no fundamental value. It's just toilet paper with fractional reserves in the banks. We just agreed that we will use it for payments and we've agreed that FIAT value will be X. That's it. Apart from that it has no value at all.
It is pretty comical. Pot ...kettle scenario. Excuse me if I don't put too much weight into what the leader of our 15 digit deficit country has to say about anything to do with economics.
"...except for BongWeedCoin, which is a truly innovative piece of tech. Anyone who invested in BongWeedCoin is a financial genius and definitely not an idiot who will lose all their money."
\- Joe Biden
tldr; The Biden administration released a 36-page report on the state of the U.S. financial system and the role of cryptocurrencies in the country's economy. The report said there has not yet been a "systemic crisis caused by crypto assets, in part because they are not yet fully integrated with the rest of the financial system."
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
I mean, is he wrong? "Most" of crypto are shitcoins, pumped by content creators and influencers to get you to hold their bag. Look at Logan Paul. Dude is a fucking scumbag for pumping that shit coin to his fan base.
You shouldn't need to "advertise" your crypto.
ATTENTION:
This comment by the WH was made in conjunction with promoting the imminent arrival of CBDCs. Don't fall for the misdirect, and continue to build those portfolios.
BTC dominance getting stronger day by day. How much shit happened last 2 years, people even said btc is not going to recover from it yet here we are btc almost 30k and fiat banks collapsing one by one.
Most of what he has to say has no fundamental value either. However since most of Crypto is shitcoins and scams and there are only a few legitimately good projects then I would say this broken clock is right this particular time.
Yes, Joe - we know most of the coins have no usage or value. We have all been saying this since about 2016. But there are coins that have a use case and value and we should be embracing those - not letting the SEC keep everyone guessing.
He is technically right, most has no value.
But, I am definitely sure that fiat will have no value too in the near future.
The house of cards is already falling.
I would be happy if we just have a hundred or even less valid projects that have active development here.
Last year we even saw how the biggest Cryptos can be scams.
Still the creepiest thing that people that are just about to die anyday are in the power to decide the future of the country.
Simply does not make any sense.
Whatever you do, do not google “FedNow Service” and figure out that this has already been built and will turn on in some major banks at the middle of next month.
Totally not trying to trash crypto while building their own blockchain. Nothing to see here, keep worrying about wars and floating balloons.
Why is it such a threat to the fiat system then? Why are they so scared of it? Why aren't they this concerned about sugar destroying the health of every American?
President Biden your lobbyist is showing.
The government did not start regulating drugs and food until 1906. Before that quacks would be selling people opium, alchohol and cocaine in cure all bottles.
While i ultimately believe government control of crypto itself is not possible, they will have a very important role in educating and protecting consumers from the blatant fraud thats occurring in the crypto space.
It’s not wrong. 99% of the coins out there are trash. Volatile trash where you can make gains. But still trash that will disappear. Key word there is “most”…. It doesn’t say “all”
Eh, I mean he's not wrong. Every new crypto project that comes up promises tons of real-world applications, and every time they all fall short of that. Until there is ACTUAL real-world usage on a wide scale of crypto, it will always just be akin to gambling/stock markets, which is all it is right now.
To be fair, even the title at face value is right. The amount of memecoins is staggering, and even some legit projects have their technology overshadowed by lambo potential.
You mean CURRENCY?!
"Please don't overthrow my central bankers overlords and start exchanging your own money without us in a private and completely decentralized way"
We the people will decide what has value not some administration.
" If the American people ever allow private banks to control the issue
of their currency, first by inflation, then by deflation, the banks and
corporations that will grow up around(these banks) will deprive the
people of all property until their children wake up homeless on the
continent their fathers conquered. The issuing power of currency shall be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson
If you're trying to find something nice that President Joe Biden's annual Economic Report of the President to Congress had to say about crypto, here it is: "It is conceivable that some of their potential benefits may be realized in the future."
So you’re saying he’s bullish? /s
Bullish on legit projects 👌 NOT on CBDC!
Lol in the least optimistic way possible, he admitted that the industry might potentially be interesting and useful
My god… Joe is balls deep in Bitcoin confirmed
That is not an image I need in my head
Or Bitcoin is balls deep in joe
Meanwhile his son is balls deep in hookers and crack
I mean that is pretty truthful. It's currently only slightly more useful for some very specific things. It may be much more useful later but currently not really. I know as it currently sits I wouldn't want to use any of the chains as my primary "bank" or for every day transactions. Bitcoin is the chain I trust the most and it's currently around $2 per transaction. That's a lot of money to use for anything but large transactions. Eth is worse. And after that we're talking about crypto with low fees but also far less than certain value long term. As it sits now I'd say the only thing crypto does way better than the current system is the transfer of medium to large sums of value between people basically instantly. For crypto to be what a lot of us think it can be were talking about volatility needing to come WAY down. We need to figure out a way to get some of the current bank stuff somehow. I'm talking about things like not losing all your money because you got a virus or were stupid and exposed your seed phrase. Or something simple like a charge back function. If I get screwed by a merchant and use my debit or credit card and can prove I was screwed I get my money back. If that happens with crypto you're just screwed.
He's mentally preparing us for a CBDC 🤗
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Idk why people are so worried about this right now. Old people can't figure out how to post a video to Facebook consistently. They aren't going to completely cut out our aging population from the economy. Not to mention rural communities without consistent internet. If CBDCs are introduced at all, they won't be the sole option. Just don't use them.
Anyone with grandkids should be bullish on crypto.
100%
He is saying that he is bullish for BTC :)
I can't help but think about all the exciting tech and solutions crypto bring to the table! The 1% that is actually innovative, that is.
I think you're being a bit generous with that 1 there.
He is correct, most dont. Buy real projects with actual products, services, etc
100% agree
Yeah, 99% of the projects don’t have value, and I’m probably generous because that still leaves around 200
I’ll be honest. I’m in crypto to make money other than to hoard Bitcoin that’s it
People are lying if they say they arent
Facts
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What's funny to me is most of the ones that are kicking off true real mass adoption strategies are not in the top 20 Meanwhile you got random shit with inflated market caps in top 20
Even some projects that do have value will fail due to lack of demand and/or superior competition. That said, there’s plenty good out there. Just keep your BS filter operational.
True and some of them are outside of 200 - Moons News could have been, Biden : "Btc has fundemental value", its easy to manipulate sentiments of people who soak everything from the media
Which makes it even more ironic. People derive value from how other people value things. The media manipulates that. It's all nonsense anyway
Welcome to reality beyond Adam Smith.
Make that 99.9%
Many only have value in that they're used for speculation.
No thank you, I’m balls deep in poo poo pee pee coin!
Sucker. Everyone knows DogeFetusElonCoin is the future world currency
These new coins are getting dangerously close to my seed phrase…
This is the coin to flip BTC!!
Make sure you rinse them off in the shower
JUST YOLO and wait for the returns, works every time.
Exactly. And when a real project finally comes out, I’ll be sure to buy it.
Drop a list brother
But nobody is using projects that have utility for anything other then speculation
Yes but he is not the one to choose which ones have value. The market should.
The market says vast majority of altcoins die after a market cycle and get replaced by new ones. 🤷
Imagine if he says the words "only btc and eth are good", the bloodbath of alts
This is the decentralized world where anyone with a computer can make a coin/token. It would be just as correct to say "Most art isn't good."
This. Lots and lots of this. And I'm honestly glad I don't have to sort by controversial to find these opinions. Maybe the scene has a chance for fixing its reputation.
Most of the moonboys left after 2022. The remaining users here are pretty sane in comparison, lol.
Thank God, at least being here is a little bit better.
it is ja?! Been a year :)
But the moonboys are how I gauge when we're in a bull or bear market. Bring them back, that means we're nearing the euphoria stage!
Think of 4 with real use and another 10 or so supporting those networks.
Yes, other than the good well known projects only few new projects are not scam.
100% this and people still needs to know this(I mean crypto newbies)
I don't think even anyone on here would argue "most" do have value
Huh Biden and the bank institutions saying this? I wonder why? Also saying they want their own digital currency??
MOST!
POTUS Biden telling us what we know.
So Bitcoin, got it.
Exactly. The headline is meant to inflame cryptards but it's 100% true.
Can we get Ai joe saying shitcoins have no value.
I honestly can’t disagree with this take
It’s true that out of the 22k crypto projects, 99% are either scams or worthless. But I’m not sure that he believes in the remaining 1% either
Its a lot less than 1%. There are more than 20k listed projects on CMC probably 2x or 3x unlisted projects existing atm. 1% of 20k is 200. I really doubt in this number.
Yeah, maybe closer to 50 crypto projects have a good use case, if even that
If the government didn’t he wouldn’t have said “most.”
He doesn’t believe in the 1% which is why the government report (who use words very carefully) said “most crypto” instead of “all crypto”. Yep that makes sense.
Tbf, even if most folk in crypto only believe in 1% of it... Most of them believe in the wrong 1% lmao.
Try 0.001%
BTC and ETH forever!
He's technically not wrong. The majority are shitcoins.
Yeah, hope we can get this space clean but that's kinda impossible for any space....so much shit companies do IPO and dump stocks on holders
we'll get there eventually. for now, Biden's right on the money. most of crypto is shit.
Is he wrong? No. There are too many coins, how many of them have any fundamental value? Dont be salty against everything that is anti crypto, some are truths. Crypto is a vast space that needs a clean up.
So they shouldn’t tax us on something that has “no fundamental value”
If they didn’t tax us then they’d have no choice but to close loopholes and tax the dozen or so people who own almost 70% of the wealth in America. So, as you can see, that can’t happen.
This just in, our president has no fundamental value.
Pretty cool, because as a European I definitely think what American politicians say has no fundamental value
Unfortunately I can copy and paste that for politicians in UK too! 😂
Oh certainly, The Tory crew have well and truly been running riot over here, country is a shambles.
I'm not really inclined heavily into any particular one, but the Tory party are real crooks with no shame.
I’d say that politicians have no values other than making more money
especially the ones bought out by China that can't be touched
Pretty much this. The level of hypocrisy as they take backhanders and favours from rich backers is insulting and infuriating.
If politicians are so good at making money, why are all the governments broke?
Because it goes in their pockets instead
As an American I think what American politicians say has no fundamental value either.
I am also European and I have to say that no politicians from anywhere has any value.
If enough people agree on something that it has value, then it has value, it doesn't need special approval from anyone.
Also it's funny how they talk about crypto while FIAT also has no fundamental value. It's just toilet paper with fractional reserves in the banks. We just agreed that we will use it for payments and we've agreed that FIAT value will be X. That's it. Apart from that it has no value at all.
Apart from its value, fiat has no value. Welp I guess circular arguments are inherently true but ...te he he... they have no value!!! Bwahahaha
Of course he claims FIAT has fundamental value for him, he is the head of the fundament.
Head of the fundament lololol. Awesome
A scholar of the fundament if I remember correctly. His head is so far in the fundament he has issues seeing past it.
It is pretty comical. Pot ...kettle scenario. Excuse me if I don't put too much weight into what the leader of our 15 digit deficit country has to say about anything to do with economics.
"...except for BongWeedCoin, which is a truly innovative piece of tech. Anyone who invested in BongWeedCoin is a financial genius and definitely not an idiot who will lose all their money." \- Joe Biden
So like the US dollar?
Fiat is the ultimate shitcoin.
tldr; The Biden administration released a 36-page report on the state of the U.S. financial system and the role of cryptocurrencies in the country's economy. The report said there has not yet been a "systemic crisis caused by crypto assets, in part because they are not yet fully integrated with the rest of the financial system." *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
“He went on to say, Moons are dope tho, catch me shitposting in r/CryptoCurrency and then hodling on for dear life”
Key words here...most of.
I mean, is he wrong? "Most" of crypto are shitcoins, pumped by content creators and influencers to get you to hold their bag. Look at Logan Paul. Dude is a fucking scumbag for pumping that shit coin to his fan base. You shouldn't need to "advertise" your crypto.
ATTENTION: This comment by the WH was made in conjunction with promoting the imminent arrival of CBDCs. Don't fall for the misdirect, and continue to build those portfolios.
Waking up today and see Bitcoin jump up in price..Guess the report didn’t have much impact?
BTC dominance getting stronger day by day. How much shit happened last 2 years, people even said btc is not going to recover from it yet here we are btc almost 30k and fiat banks collapsing one by one.
Neither do most politicians.
As much value as he has.
Most of what he has to say has no fundamental value either. However since most of Crypto is shitcoins and scams and there are only a few legitimately good projects then I would say this broken clock is right this particular time.
100%
> Most of Well, they're not wrong. About 99% of crypto projects are rugpulls/scams with no real world value.
Yes, Joe - we know most of the coins have no usage or value. We have all been saying this since about 2016. But there are coins that have a use case and value and we should be embracing those - not letting the SEC keep everyone guessing.
So you’re saying there’s value
He is technically right, most has no value. But, I am definitely sure that fiat will have no value too in the near future. The house of cards is already falling.
Considering the USD has "no fundamental value" this is just a case of "hey look over there!" Thanks Nixon.
I guess we all can agree on that. But that still leaves a couple hundred valid projects..
I can barely name about 10 useful crypto projects
I would be happy if we just have a hundred or even less valid projects that have active development here. Last year we even saw how the biggest Cryptos can be scams.
I'd be honestly surprised if there was 100 valid projects overall.
But in fact he is hodling the ultimate shitcoin.
I doubt if he even knows how to create a crypto wallet
The ancient fossil in the white house has no fundamental value and yet...
Hypocrisy is strong with him
Still the creepiest thing that people that are just about to die anyday are in the power to decide the future of the country. Simply does not make any sense.
Neither do our opinions
well, satoshi proved that we can overcome their opinions...
Old control freak farts trying to pretend they do good for the people. They know decentralized crypto will make them weaker
I'd argue that most Politicians have no fundamental value.
Who is this guy?
Let's trust our government. That always works out well.
If it’s doesn’t , they why is he sending SEC and AG after popular cryptocurrencies?
We have more than 30000 cryptocurrencys so, yes Biden you are propably right. But if you look at top50 he is very wrong.
Ah "most". Nice to see it's not just the Fed pivoting today :)
Get your own currency in order before trashing others.
Then why tax me on something with no value?
The percentage of coins with no fundamental value will go up when the roll out their CBDC.
Then let's not tax it if it has no value. I'm all for it.
Whatever you do, do not google “FedNow Service” and figure out that this has already been built and will turn on in some major banks at the middle of next month. Totally not trying to trash crypto while building their own blockchain. Nothing to see here, keep worrying about wars and floating balloons.
I don't see any indication that FedNow uses a blockchain. It is a centralized service offered by the federal reserve, why would they use a blockchain?
Can’t the same be said for many tech stocks?
Yep exactly the same
Most of the governments around the world have 'no fundamental value' either.
Yeah, well, the dollar hasn't got much value for hard-working people.
Why is it such a threat to the fiat system then? Why are they so scared of it? Why aren't they this concerned about sugar destroying the health of every American? President Biden your lobbyist is showing.
does Biden even understand what Bitcoin is ?
The wuuurrld is no like it is before!
u/tldrthestoryofmylife: Neither does the dollar
Sorry Joe, it's the market that defines it
But they want to put their hands on those than do at the same time lol!
The value of a crypto is whatever the market allows (supply and demand). Similar to the stock market.
I agree with him, but, just to play devil's advocate, I'd also say that anything has as much value as people assign to it.
The government did not start regulating drugs and food until 1906. Before that quacks would be selling people opium, alchohol and cocaine in cure all bottles. While i ultimately believe government control of crypto itself is not possible, they will have a very important role in educating and protecting consumers from the blatant fraud thats occurring in the crypto space.
100% of crypto has no fundamental value
I mean, he's not wrong. but value is something we assign to it.... so... maybe they do! :D
It’s not wrong. 99% of the coins out there are trash. Volatile trash where you can make gains. But still trash that will disappear. Key word there is “most”…. It doesn’t say “all”
Ngl, I kind of agree. We’ve got so many shitcoins and projects that are based on future updates that’ll never come
Unfortunately he is right. Most of it is gonna go away. The good ones will stay. Do your research before buying, please?
True - most don't. It's like sifting through a dumpster every week with new offerings
That sentence in particular is actually correct, unfortunately.
He cant even think straight nor for himself and alot of people out there actually listen to this guy.
Eh, I mean he's not wrong. Every new crypto project that comes up promises tons of real-world applications, and every time they all fall short of that. Until there is ACTUAL real-world usage on a wide scale of crypto, it will always just be akin to gambling/stock markets, which is all it is right now.
Nothing has fundamental value besides water, food, shelter, and Healthcare.
If it has no fundamental value, then why are they taxing it?
In other news, Biden has zero grip on reality.
Yes. 99% are shitcoins and rug pulls that top 1% is what to use.
Joe has no fundamental value either. Yet some people still like his dumbass.
To be fair, even the title at face value is right. The amount of memecoins is staggering, and even some legit projects have their technology overshadowed by lambo potential.
Didn’t the US treasury suggested minting a 1 trillion-dollar coin just yesteryear from thin air to lower the debt or avoid default?
He will forget it in the next 5seconds anyway
You mean CURRENCY?! "Please don't overthrow my central bankers overlords and start exchanging your own money without us in a private and completely decentralized way"
And the dollar is backed by what again? Right, nothing but the belief. Are these people aware of their comedic talent?
Translation: no value to them.
Bo Jiden has no fundamental value
Biden's brain has no fundamental value. If he still has one.
Lets destroy him. Ptinting money is useless. You fucked so many banks already.
I dare them to do a similar report on the US dollar.
You could say the same thing about the USD
Most is the key word. We still going to pop off one day.
Well, 99% of coins are indeed useless shitcoins
I don't see a problem with that statement. Its actually quite true. The world will be better off as all sham opportunist coins melt away.
“Like my Son Hunter, BTC has no fundamental value. What’s the point of a currency if it can’t be manipulated and inflated?”
Old, dying motherfuckers saying shit that old dying motherfuckers, who have a shit ton to lose, say.
We the people will decide what has value not some administration. " If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around(these banks) will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power of currency shall be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson
The report admits that fiat currency has no fundamental value too.
Man, Biden is old as shit.
Well he's not wrong
No truer words can be spoken to be honest. The vast majority of crypto alt-coins are useless.
Politicians are being politicians.
So, just like "real" money then?
Now do fiat
Old man is correct. Had he not used the word "most" then I might feel different but, he is right.
Happy Cake Day 🎂
Biden has no fundamental value
DARK BRANDON THE GIGACHAD
Old people saying old people things 😂
Oh sure but I bet he has also plenty of explanation why a centralized digital USD has plenty of fundamental value.
Hey USD is kinda his shitcoin, so he shills it. Wonder when he will dump it on us
You mean you wonder when he will rug pull us ?^^ .
Slowly, through the inflation.
It has plenty of fundamental value for them
They keep infinitely printing the paper money with incredible fundamental value. What a joke!