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0 sats \ 0 replies \ @Solomonsatoshi 18h \ parent \ on: Bitcoin is Digital Gold! This isn't Wrong: Its like a DIGITAL Gold bitcoin
Lightning now is ready and capable of widespread adoption but would Youtube be party to mass scale unlawful use, which such a tipping scheme would be- unless they somehow create the tax recording and reporting and payments methodology capable of compliance. I do not see how they could do that under the current BTC tax requirements laws and cannot see why governments who have put those laws in place would change them.
Why would the governments that have arbitrarily decreed Bitcoin as a speculative commodity then reverse this convenient description and thus allow and enable its mass scale adoption as a competitor to their fiat money?
Yes Bitcoin is better money, from the point of view of the individual user, but not from the point of view of the bankers and governments who gain huge power and wealth via fiat.
MBridge does not propose to make the Yuan a SoV vehicle- what mBridge does is makes trade payments between member nations faster, cheaper and capable of denomination in their respective currencies.
I recently made a payment for goods manufactured in China (because they can produce this product at 1/3 the cost a NZ factory can) and that payment goes via a New York bank which charges a fee on top of the fee I pay my NZ bank and eventually the payment is received by the Chinese factory in Yuan. So from NZD to USD to Yuan.
Under mBridge (if NZ was part of it) I could send payment denominated in NZD, USD or Yuan, but PAID directly from digital form NZD-Yuan.
Trial mBridge paymenets have been made and they are settled within seconds and cost a fraction of the SWIFT network cost. This is a huge reduction in trade payments friction- its not about what currency you might choose for SoV- I would always prefer Bitcoin for that!
My point being most businesses will see considerable advantage with the mBridge trade payments protocol over SWIFT which is slower and more expensive. And as China and Saudi Arabia and others are aware, subject to the risk of US sanctions.
mBridge is focused solely on cross border MoE, not SoV.
However mBridge in challenging the USD SWIFT MoE hegemony in a significant manner does have indirect implications for the SoV viability of the USD.
mBridge enables bilateral trade payments settlements using the respective digital currencies of the trading nations - those payments could be denominated in any currency to preserve the value of the payment between agreement and settlement but no exchange via US banks or USDs would be required, even if the payment was denominated in USD.
In money MoE is the primary strategic property.
SWIFT has (had?) strategic power because it can sanction nations and entities the USA disapproves of. But Chinas already operational alternatives to SWIFT (CIPS and shadow banking) can and do already provide N.Korea, Iran and Russia with effective trade payments MoE alternative to SWIFT...thus they can wage ongoing war against the US and its allies while maintaining trade payments.
SoV is more based upon the perceived and real integrity of those who control issuance and derivative of MoE fungability.
In a world where more and more trade is paid via mBridge how wealth would be stored would change and probably move away from USD denominated assets as the USA would have lost a significant monetary system hegemony but wealth storage might not move primarily toward Yuan denominated assets.
Gold and Bitcoin might be preferred by some.