In a dramatic and slightly strange declaration, U.S. Secretary of Commerce Howard Lutnick said on national television that “The Department of Commerce will begin issuing statistics on blockchain.
He added: “Like GDP on the blockchain, we allow people to use blockchain for data, distribution, and make it available across governments, so that everyone can do that.”
Yeah, Lutonic, who has held and proved Tether’s reserve, doesn’t seem to understand what blockchain is, or how it works.
Is it troublesome? Only if you care about the global financial system.
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Blockchain GDP?
The Federal Reserve Economic Data (FRED) website is considered the global gold standard for accurate reporting of national economic data.
Of course, that isn’t enough for the Trump administration and Lutnick, who want to solidify Donald Trump’s legacy as “crypto president.”
This will be the blessing of the Bureau of Labor Statistics. This has seen individuals already fired to correct data and staff figures that have been wiped out by something like Elon Musk’s failed Doge experiment.
Would you like to explain exactly how the Department of Commerce statistics and how US GDP is placed on the blockchain?
unfortunately, That’s the state’s secret And if you ask it, tell us the volume about your loyalty.
It is important for everyone at Protos to point out that first it is unclear what blockchain’s GDP actually means. But when we all said it came straight out of Howard Lutnick’s mouth, we all realized it was amazing in bulk.
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yes. GDP. With blockchain.
Let’s walk this. According to Fred’s website, GDP is the market value of goods and services produced by labor and property in the country.
If it sounds impossible to put all of that on a “blockchain,” then that’s it. However, Lutnick didn’t mean putting all US goods, services and property on the blockchain.
He meant that he could easily find it on the blockchain by entering freely available data collected and distributed quarterly.
Which blockchain does the data belong to? not clear.
Why is this data placed on the blockchain again when it is freely available and widely distributed? not clear.
What does Lutnick mean when you say “you can do that” when you grow GDP on blockchain? not clear.
What everyone needs to know is that this is an innovative and important task while the “crypto president” and his stubcoin vest are involved around the world. Increase national debt exponentially.
It’s good to see this administration have straight priorities.