BRICS: How are people into bitcoin and still push the BRICS narrative? \ stacker news ~bitcoin

BRICS: How are people into bitcoin and still push the BRICS narrative?

3002 sats \ 16 comments \ @localhost 6 Jan bitcoin

It is becoming more true every time I see it. How are people who have learned anything about bitcoin in their journey excited by BRICS? M2 charts and money printing in every single one of them makes the dollar look good. The idea that they would agree on a common money is a joke as they mostly won't hold any of each others money as reserve with a couple exceptions. Much of their trade or debt even between each other is still settled in dollars. If the B in BRICS is not for Bitcoin what is the point?

Are you holding any currency outside of your jurisdictional chit? What am I missing?

view all related items

542 sats \ 3 replies \ @Nuttall 6 Jan

Personally I think the attraction is free market fiat and the attack vector shifts from Bitcoin verses USD to USD verses other FIAT digital networks.

But maybe that's planned opposition?

I'd like to unplug Fiat and plug in Bitcoin sats for USD call it a day and make L2 lightning channels between partners and then L3 agreements. 2.1 quintillion mSats to play with. Maybe even testnet co-ops with L2 bounties.

The possibilities are endless of the denominator of arbitrary value changes from USD to, you to me, and then BTC.

534 sats \ 2 replies \ @localhost OP 6 Jan

Totally.. BRICS is like having options of which cartel you want to service your cartel needs which is fine. But they are not even much of a financial network between each other. Bitcoin as a network is already such a better solution without all the counter party risk of some of the worst performing central banks in the world from a holders perspective.

I just hope there is not a enemy of my enemy type narrative forming within bitcoin communities because that is not correct. It is just a weaker cartel advertising that someday they might offer cartel services too.

31 sats \ 1 reply \ @Undisciplined 6 Jan

hope there is not a enemy of my enemy type narrative forming

I agree. I think most people are interested in BRICS because of the role it might play in the ongoing dedollarization trend, but I agree that sometimes it feels like some people are looking favorably at BRICS.

476 sats \ 0 replies \ @Nuttall 7 Jan

Reading other comments there might also be the option where the USD, Euro and 5 eyes decide that maybe there will be a brain drain in favor of other CBDC (nonsense) or SWIFT competitors.

But it is important to note that BRICS was started in 2014 and is signing up other countries which is a competing financial hegemony to SWIFT.

No Agenda Covers this in episode 1622 "Juice Joe"

@ 55:26 "Putin on the BRICS" https://www.noagendashow.net/listen/1622

BRICS <b>BREAKING: Did US/Israel Just Offer Debt Relief to Egypt in Exchange for Palestinian “Expulsion” Deal? | VT Foreign Policy</b> President Vladimir Putin of Russia, who takes over the rotating chairmanship of BRICS in 2024 Egypt election results: No surprises as El-Sisi wins 3rd term with Israel-Hamas war raging on border - CBS News How Red Sea attacks could trigger new Suez Crisis - an expert explains Israel considers plan to resettle Palestinians in Africa – reports — RT Africa BRICS to Grow as Saudi, Iran, UAE, Egypt, Ethiopia Join Ranks - Bloomberg Saudi Arabia asks for US 'restraint' over Houthi ship attacks in Red Sea Saudi Arabia officially joins BRICS bloc - state TV | Reuters No One Has Really Grokked How Big The Suez/Houthi Gambit Is - Gold Goats 'n Guns Victoria Nuland meets with President Hassan Sheikh Mohamud of Somalia as Don Graves travels to Côte d'Ivoire Somaliland - Wikipedia

40 sats \ 0 replies \ @Svoboda 7 Jan

I think the belief is that once enough parties shun the US/USD that because they don't trust each other's currency that they'll ultimately settle on Bitcoin.

Two things has to happen though. 1) BRICS has to get a critical mass of countries that, as a collective, move the needle significantly and that there is enough power to stand up to the US as a collective and 2) Bitcoin's price needs to appreciate enough to make settlement easier without the need for hundreds/thousands of BTC.

30 sats \ 0 replies \ @piecover 6 Jan

Bc they are still shitcoiners not real Bitcoiners, or they might just be describing the situation the way it is

100 sats \ 0 replies \ @anon 7 Jan

Blind contrarian hatred of the US/West...

100 sats \ 0 replies \ @TheBTCManual 7 Jan

I guess the cheer around BRICS is just to support an opposition to the West, I see it as the idea of another two-party system, as if that really changes incentives or works out better

As someone in a BRICS country, I can say that not much chatter goes on about it, or that it's changing anything on the ground, a few small trade deals here and there and a lot of larping. It's also a narrative to keep the people in check like oh we're going through some changes and the poor conditions you're experiencing now is because we have to move away from the dollar bla bla bla, bullshit

As for the monetary aspect, yeah I'm not sure what's going on there, like you say they're still using dollars and even with the trade down in local currencies, they're finding out what a shit show it is, as exchange rates are a ballache with so little liquidity between the pairs, then when you do settle the trade what do you do with the forex you don't use to trade back? You not going into any of these stock markets or bond markets as you would with the US, so you just sitting on a currency devaluing against the dollar and nowhere to store it.

Bitcoin makes a lot of sense for this issue, but I do think it's a little to small with its current market cap to be able to settle what these countries need. Still seems solvable with time to grow the market and build swap lines between your shitcoins settled in btc versus the idea of having gold deposits with IOUs just keeps like some shitcoin DEFI idea

100 sats \ 0 replies \ @jk_14 7 Jan

fully agree with you!

(check comments here: #370343)

120 sats \ 0 replies \ @erict875 7 Jan

People got excited about the BRICS because they fell for he fake news that they would introduce a gold-backed currency. It turned out not to be true, expectedly!

https://fountain.fm/clip/QMNCwNczxs1XJDI5t7Z7

20 sats \ 0 replies \ @gatsby 7 Jan

I would assume the majority of these people would be slaves of a tyranical government that could use a good humbling in being brought to 3rd world status by having their currency no longer the top dog. Hope I didn't make it too obvious..

20 sats \ 0 replies \ @xz 7 Jan

Jurisdictional chit.

I like that. It's accurate. I suppose that the idea is that Au has a place to play at the table of international chit finance, further down the road. To regurgitate what I just read somewhere.

Russia will move to a gold-backed Ruble.
Others in the group follow in the pursuit of internationalizing their own chits.
They all point to their own backing as it being a much more legit chit for trade.

I do see problems in this. Mainly, that could again play a significant role is as a redeemable asset. For a national economy, there's not much worth in selling your high-value/scarce products or resources, unless it was redeemable for the underlying asset (and changes hands) as opposed to the basket of currencies your trading against. So, again you have inflationary pressures.

I know I'm not saying anything new here. Just writing more as an exercise to clarify my understanding.

0 sats \ 3 replies \ @Coinosphere 7 Jan

A BRICS currency is simply well-needed competition to the USD.

In the game of global currency supremacy, is it harder to fight a single currency with 99% marketshare or two with 49% marketshare each?

0 sats \ 2 replies \ @saunter 7 Jan

there's EUR, why you think BRICS bancor will be a bigger contender?

0 sats \ 1 reply \ @dieselbaby 7 Jan

EUR is "competition" in name only to USD, they are ultimately controlled by the same parties.

I think most people are interested in BRICS not necessarily because of some currency they may or may not create, but because of the shift towards a more multi-polar world in terms of global power/influence, compared to the one we live in now.

100 sats \ 0 replies \ @saunter 7 Jan

they fail to see that world dominated by countries that constitute BRICS will be much, much worse than US dominated