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Big Crypto Is Spending More on US Elections Than Any Other Industry

The crypto industry is making its mark on this year’s elections to the tune of some $119 million.

The funding has largely come from two companies — Coinbase and Ripple — which are funneling money into super PACs like Fairshake PAC, which is dedicated to “elevating pro-crypto candidates and attacking crypto skeptics,” according to Public Citizen.

At the 2024 bitcoin conference in Nashville in February, Trump — who called bitcoin “highly volatile and based on thin air” in 2019 — said he’d lay out a plan “to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world.” Trump has already won the backing of several crypto enthusiasts, including his running mate JD Vance, who owns at least $250,000 in bitcoin.

JiveTurkey ,

The new currency that’s backed by the old currency and uses a shit ton more electricity. What a time to be alive.

parpol ,

Say what you want about cryptocurrency, but to address the energy problem, The reason for this is the exact same reason the fediverse also uses a shit ton more energy than the centralized alternatives like reddit and extwitter.

Decentralization usually comes at a cost of performance or energy.

It’s not good that so much energy is used to sustain it, but the only reason it is needed is so that it can stay fully decentralized.

Some blockchains use proof of stake for this reason, which greatly reduces the energy needed to less than .01% of what proof of work requires, but instead more money = more voting power.

some_guy ,

Can’t tell if this is shill, but I dislike cryptocurrencies and anyone who defends them. Not that you did, per se, but it’s close.

BigDotNet ,

Wasn’t crypto a scam?

CameronDev ,

“Wasn’t” implies it was and has changed. It was, and still is a scam.

BigDotNet ,

Yeah, I mean how there is people putting lots of money into elections with crypto if it is a scam, I don’t understand.

Mirodir ,

Usually, if there’s a scam, someone’s making money off it. This is them. They want to keep making money.

Deello ,

There is so much nuance to this argument that this conversation just glosses over. Replace “big crypto” with banks and it’s the same thing.

cybermass ,

It isn’t, it’s a technology. People use that technology to scam.

Same as phone calls aren’t scans and email aren’t scans but people can use them to scam.

Crypto has a purpose, just one that doesn’t apply to many people.

NoiseColor ,

I’m surprised you didn’t get downvoted for this kind of post.

MossyFeathers ,

Ehhhh… Kinda. It’s like asking if BitTorrent or Usenet is piracy. Technically crypto isn’t a scam, but that’s mainly what it gets used for.

NoiseColor ,

In reality only a small part of crypto could be the classified as scams. I know that’s the main crypto narrative on lemmy, but there is nowhere near much of scams as talked about here.

MediaBiasFactChecker Bot ,

Business Insider - News Source Context (Click to view Full Report)Information for Business Insider:
> MBFC: Left-Center - Credibility: High - Factual Reporting: Mostly Factual - United States of America
> Wikipedia about this source

Search topics on Ground.Newshttps://www.businessinsider.com/crypto-bitcoin-election-spending-kamala-harris-donald-trump-2024-8

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