Bitcoins/Litecoins/Virtual Currencies

Flobee said:

BRICS is what they will try to replace USD with, but I don't think its going to work very well. Trust based money is not going to last. Who in their right mind would trust China to actually back their currency with commodities? Why would any sovereign trust any other when they have another option? It may take a while, but BTC is inevitable at this point IMO

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Russia and China has been stockpiling gold for this.for years.

Mist said:

It's just never going to happen. People clearly don't like the idea of having custody of their own money. As long as people keep handing over their crypto to other people, those other people will be banks, and the existence of banks is the entire problem.

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People like custody of their own money. What they don't like is what a fucking pain in the ass it is to put crypto in cold storage wallets, put it back on exchanges to sell, to move it around, to do ANYTHING with it really other than just sit on it.

Arden said:

Yeah I don't think enough of the global economies will. You have to think economic power rather than just raw population numbers. The easy majority of the world's economic powers are Western.

That's actually what makes me kind of bullish for BTC becoming the world's reserve currency. There's a not totally outlandish scenario where an alliance of various nations ( China, Russia, Saudi Arabia, Iran, whomever) dethrones the dollar, but they aren't able to replace it.

You are left with a global reserve currency vacuum and BTC is uniquely positioned to fill the vacuum. It's an already established deflationary digital currency that isn't controlled by any one nation.

There's a million "ifs and buts" of course, and BTC is not without it's own flaws, but there's certainly a non zero chance it happens.

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It has already happened. It's no longer an "if" or "maybe"

Arden said:

Afaik the USD is still considered the global reserve currency, but maybe you know something I don't know...

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Major world powers are now trading in their own respective currencies and adding more members to BRICS. Saudi Arabia is due to join in 2 months. They used to be America's biggest ally in ME if you dont count Israel. France just bought LNG from China and was forced to pay it for it in yuan. They are the first country in Europe to do so.

The move away from USD has already began in earnest. These nations are unloading their USD reserves to anyone who wants to take them, they dont want them anymore. Once China unloads its ~$1T in US treasuries, then its truly over.

Arden said:

That's actually what makes me kind of bullish for BTC becoming the world's reserve currency. There's a not totally outlandish scenario where an alliance of various nations ( China, Russia, Saudi Arabia, Iran, whomever) dethrones the dollar, but they aren't able to replace it.

You are left with a global reserve currency vacuum and BTC is uniquely positioned to fill the vacuum. It's an already established deflationary digital currency that isn't controlled by any one nation.

There's a million "ifs and buts" of course, and BTC is not without it's own flaws, but there's certainly a non zero chance it happens.

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LOL, no serious nation state will want to use some foreign nerd coin as reserve currency. Not only is this absurd from the POV of having no manipulatory control over what you hold, but its also complete cuckoldry that undermines that nationalistic ethos that most of these countries extol.

There will always be a non-zero chance of some Alphabet agency chicanery to zero out wallets/accounts, cripple the network, destroy on/off ramps, etc. to make BTC holding for a nation state a complete wast of time unless you are some gimmicky country like El Salvador

Arden said:

So what's the global reserve currency right now? What's it going to be in a year? 5 years?

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Still USD i guess, but not for much longer. BRICS is discussing creating their own currency for trade. Not sure if its going to be some digital coin, or some new currency like Euro that is pegged to gold or basket of goods. The Ukraine War has made everyone in non-Western countries realize that US is an entirely unreliable partner in ANYTHING and so they are ditching the USD. No matter who wins the Ukraine War, this realignment has been set in motion regardless.

Bottom line is that BRICS countries are the biggest producers of food, energy and also amongst the top in finished goods and weapons. The West is committed to its trajectory of faggotry so the rest of the world will turn to BRICS for human essentials. France is now paying for CHinese LNG in Yuans and Japan has violated the $60/bbl price cap on Russian oil because they need energy that badly. Not to mention that Russia is already making everyone pay for energy in rubles already and losing no customers.

Ishad said:

The US dollar is the answer to all 3. The only take more delusional that the BRICS dethrones the dollar in the next 5 years is that they do it and replace it with BTC.

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The USD will continue to be a reserve currency only as long as it takes everyone else to unload their garbage US treasuries.

Arden said:

Lol @doge. When you log onto Twitter now there's a pic of the doge shib front and center. Up 22ish%. Glad i held on to the 5k or so doge I've kept lying around.

Ofc I'm nor sure if this is bullish for doge or it just signifies the end of twitter. Where's Izo - aren't you a doge holder?

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I've been holding like $5k worth of DOGE for a few years lol