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33 sats \ 2 replies \ @cryptocoin 22 Oct 2022 \ on: A New World Currency is shaping, and it isn't Bitcoin bitcoin
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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