Nation-states understand Bitcoin perfectly well. Since they understand it, they don't want to use it — it "kinda sorta" demonetizes them. They'll accept it, but I bet they'll put up their own alternatives for "the reserve currency."
Just like how once upon a time it started on a mailing list, bTC adoption is bottom-up. Just like it outfought competitors in the 2010s, it'll have to outfight more (bigger) competitors in the near-term future.
Very interesting yes. I would not trust their money either. At the first war they will start the printing. That is standard practice since like the dinosaurs.
The author didn't describe any reason for a country to want to use this BRICS+ currency as for their reserves.
There was this:
Besides Saudi Arabia, countries like Argentina, Iran, Egypt, and Turkey have all expressed interest in joining BRICS. And they’re also thinking of making it a gold-backed system which will make it tantamount to a new world reserve currency.
Which at least gives a scenario where reserves in BRICS+ could be more favorable than holding the dollar, but then Lyn Alden asks this question:
Imagine BRICS+ comes out with some sort of commodity-backed alternative reserve currency.
Nation-states understand Bitcoin perfectly well. Since they understand it, they don't want to use it — it "kinda sorta" demonetizes them. They'll accept it, but I bet they'll put up their own alternatives for "the reserve currency."
Just like how once upon a time it started on a mailing list, bTC adoption is bottom-up. Just like it outfought competitors in the 2010s, it'll have to outfight more (bigger) competitors in the near-term future.
I don't agree, of course, but I thought this was an interesting read.
Very interesting yes. I would not trust their money either. At the first war they will start the printing. That is standard practice since like the dinosaurs.
It's all fun and games until there's "muh emergency situation." They will always use the money printer, it's the Sauron's Ring of economics.
great analogy!!
The author didn't describe any reason for a country to want to use this BRICS+ currency as for their reserves.
There was this:
Which at least gives a scenario where reserves in BRICS+ could be more favorable than holding the dollar, but then Lyn Alden asks this question:
https://twitter.com/LynAldenContact/status/1583485848167010305 [Nitter]
Exactly right. I can see this being tried at first but it's bound to fail.
It'll definitely fail. But wait until we see entire nations trying to shitcoin, it'll be hilarious.
Id say you’re wrong but who am I to say otherwise. Lol