A New World Currency is shaping, and it isn't Bitcoinmedium.com/yardcouch-com/a-new-world-currency-is-shaping-and-it-isnt-bitcoin-fd306d0a728
211 sats \ 9 comments \ @siggy47 22 Oct 2022 bitcoin
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282 sats \ 0 replies \ @Atreus 22 Oct 2022 freebie
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.
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33 sats \ 2 replies \ @cryptocoin 22 Oct 2022
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.
Would you trust their supply audits?
https://twitter.com/LynAldenContact/status/1583485848167010305 [Nitter]
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45 sats \ 1 reply \ @siggy47 OP 22 Oct 2022
Exactly right. I can see this being tried at first but it's bound to fail.
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225 sats \ 0 replies \ @Atreus 22 Oct 2022 freebie
It'll definitely fail. But wait until we see entire nations trying to shitcoin, it'll be hilarious.
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10 sats \ 3 replies \ @siggy47 OP 22 Oct 2022
I don't agree, of course, but I thought this was an interesting read.
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212 sats \ 2 replies \ @sandbeach123 22 Oct 2022 freebie
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.
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230 sats \ 1 reply \ @Atreus 22 Oct 2022 freebie
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.
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0 sats \ 0 replies \ @sandbeach123 22 Oct 2022
great analogy!!
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0 sats \ 0 replies \ @02947a7fb5 22 Oct 2022
Id say you’re wrong but who am I to say otherwise. Lol
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