[quantadev]

If tax dollars are ever used to buy cryptos, that's simply a transfer of wealth to the crypto sellers, in exchange for nothing in return. This is just another "Tax and Waste" policy. It's just money taken from one group just to give to some other group. It's immoral and illegal, because the gov't is not an investment bank.

[jordanb]

On the bright side we're no longer wasting money on shit people don't need like weather prediction.

[alsoforgotmypwd]

Or nuclear stockpile maintenance, firefighters, or clean water. Who needs that shit anyhow when everyone has their own private firefighters, goons, and water filtration?

/s

[quantadev]

Oh, guys (both of you) I'm totally in favor of having a Federal government that spends money in a way that obtains an actual use for that money, to protect and defend the nation.

However, transferring my tax dollars to persons/investors wanting to unload his cryptos is pure theft of my money, and just a pure transfer of my money to whoever's smart enough to be dumping their coins.

[tanseydavid]

Would you agree that the Strategic Oil Reserve has exactly the same qualities?

[arbitrary_name]

Short answer: no.

Long answer: no, oil is needed for the functioning of our society. Helping smooth price volatility is useful and valuable. On the other hand, BTC is not needed for our society to function, and so there is little to no value in managing prices of it. This appears to be an attempt to hedge against the collapse in the trust in the dollar.

[amluto]

> This appears to be an attempt to hedge against the collapse in the trust in the dollar.

Or maybe an attempt to accelerate a reduction of trust in the dollar? Any cryptocurrency in the strategic reserve is being purchase with dollars, which increases the number of dollars in circulation, and will also be directly inflationary (if it’s newly issued dollars) or increases the US debt (if those dollars are obtained by issuing debt, which classical macroeconomic theory suggests is also inflationary).

[desumeku]

Maybe it's a good idea to have a currency that isn't being inflated and devalued all the time with every little thing the government does. Kind of gold. Maybe digital gold? I'll call it bitgold. Or what about bitcoin?

[roughly]

That depends on whether there’s a use for oil aside from as a tradable commodity, and additionally on whether there are scenarios in which we might need it for that potential use case in quantities that exceed our ability to easily acquire it.

[hashmap]

I dunno, can you fill your tank up with bitcoin when you need to get to work?

[jrs235]

Do EMPs destroy the ability to use and exchange oil?

[DennisP]

This is beside the point but they actually might. Take out the electric grid, and most other stuff stops working, including gas pumps and refineries.

[amalcon]

Oil is notably necessary to keep the united states military operational (in addition to the uses in other comments).

[quantadev]

No, I wouldn't exactly call Oil worthless. lol. Thanks for the entertainment tho, with that post.

[QuadmasterXLII]

that’s not “in exchange for nothing”, its in exchange for oil. not terribly complicated.