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163 sats \ 3 replies \ @SimpleStacker 6 May \ on: Trust Me, Bro: The Dollar Really Is Dying (The Economist, Kenneth Rogoff) econ
Well, if you look at the alternatives they don't look so hot either. I doubt the Chinese Yuan is anywhere close to becoming the currency of global trade since no one can trust Chinese data or Chinese banks. And the Euro? Eh, color me skeptical... this is a continent that shits its pants over Russia without big-daddy America's guns to back it up.
Bitcoin it is, I suppose!
China is a prison; Europe a museum -- Larry Summers.
The dollar is the least dirty shirt... but somehow it's still dying, but according to the establishment/Rogoff in this case, not supplanted by bitcoin? I can't square that
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Yeah, I think @SimpleStacker is right. I will say this. The dollar will die, gradually and then suddenly.
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Much as Bitcoin may be an exit/safe haven it is not going to be used for trade payments between major power blocs.
Bitcoin has already been 90% KYCed, taxed, tracked and traced and defined as a speculative commodity plaything- not a p2p payments protocol.
In practical terms almost everyone using it as a MoE even in 'liberal western democracies' is breaking the law by failing to report each and every zap and account for capital gains!
Bitcoin has already been outfoxed by the sly legacy fiat operators.
They preserve their MoE hegemony with cunning and determination- so much so you do not even see it!
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