it would seem to me if the BRICS+ nations really wanted to "check mate" the USD they would adopt BTC as its reserve currency.

Are they too selfish to do this? To me it seems the only way they can truly compete against the west.

no one wants another nation backed fiat currency.

im not certain, honestly, but I would think it would need to be a step by step process.

what those steps are Im not certain, but I do feel as though this would be their only shot to actually create a system that rivals the West's SWIFT

FobTies said:

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Those countries rely on central banking and currency manipulation even more than the US. BTC is a threat to central banking, no one disputes that. They would rather have BRICS dethrone the USD as global reserve, not BTC.

BTC maximalists are betting that govs around the world will bend over and let BTC destroy MMT, which our economies are now totally dependent on. They think world powers are going to willingly or unwillingly follow El Salvador's lead. I wouldn't bet on that.

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I guess that's kind of my thought, I think everyone agrees that fiat currency sucks, but of them all the USD sucks the least. I feel like the only way for them to actually win is to adopt a BTC approach. However, to your point, they would no longer be able to manipulate the currency which I suppose defeats the purpose and is the reason why I think ultimately they will fail.

BRICS have talked about going back to the gold standard. I just don't see how they are really going to do that. You can still inflate by simply using IOU fiat. It happened before.

I just see no world where China is going to be so responsible that they adopt a sound money philosophy.

permabull said:

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Bag said:

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FobTies said:

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Those countries rely on central banking and currency manipulation even more than the US. BTC is a threat to central banking, no one disputes that. They would rather have BRICS dethrone the USD as global reserve, not BTC.

BTC maximalists are betting that govs around the world will bend over and let BTC destroy MMT, which our economies are now totally dependent on. They think world powers are going to willingly or unwillingly follow El Salvador's lead. I wouldn't bet on that.

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I guess that's kind of my thought, I think everyone agrees that fiat currency sucks, but of them all the USD sucks the least. I feel like the only way for them to actually win is to adopt a BTC approach. However, to your point, they would no longer be able to manipulate the currency which I suppose defeats the purpose and is the reason why I think ultimately they will fail.

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Disagree

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Agreed. The average person in the world including the US trust fiat currencies way more than BTC. If you go to the BRIC countries, virtually every vendor will love you and offer a discount if you pay in USD because they view it as good money.

The comments about the BRIC countries wanting a fiat currency so they can use it to affect their economy and exchange rate is also valid.

The BRICS nations aren't even a little bit interested in dethroning the USD. That outcome is fabricated by the anti-fiat crowd in the west. The USD is the tallest midget and that's not changing anytime soon. It has no rivals. None of the elements that historically lead to a competing currency supplanting the reserve exist today.

Yeah, big government types love fiat currency. It gives them power they otherwise wouldn't have.

As I understand it central bank digital currency is just another form of fiat currency . It's a big government attempt to *******ize the cryptocurrency concept and as you say , does absolutely nothing to check central government overreach and likely magnifies it.

I never have really been gunshy of the cryptocurrency concept once I understood it but have always been gunshy of government attempts to get their greasy fingers into it and muck it up

infinity ag said:

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I don't think it makes any sense for countries to transact in Bitcoin. Seems very foolish in fact when you peg your future to something that has no backing, no regulation.

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I think the decentralized control is the main driver in adoption. The west uses the banking system as a weapon, people are tired of it

Bag said:

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infinity ag said:

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I don't think it makes any sense for countries to transact in Bitcoin. Seems very foolish in fact when you peg your future to something that has no backing, no regulation.

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I think the decentralized control is the main driver in adoption. The west uses the banking system as a weapon, people are tired of it

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That is the biggest concern for the dollar's status going forward. We are increasingly reckless in our international dealings but the fact is if you want to participate in the global economy you have to do it under the American system and that means the USD. It's a sad truth that the USD's biggest source of protection is the fact that we patrol the world's oceans and protect trade vessels all over the planet. Nobody else can protect their own trade vessels never mind everyone's which means everyone has to play the game how we want it played. You're welcome to go your own way but who's to say your ships get where they're going? If we don't want them to arrive safely they won't. I think that's an incredibly poor way of doing business but that doesn't change anything.

What's the backing behind the USD or any other fiat currency tho?

halfastros81 said:

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What's the backing behind the USD or any other fiat currency tho?

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In theory in the U.S. taxpayer and the world's biggest economy. In practice it's the U.S. Navy. The world has to use dollars because we say they do. The only alternative is to exit the global system. That's just the reality of the world we live in.

@NFLPlayerProps said:

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Bitcoin is going to make a lot more sense to you guys when you figure out that it is a reserve asset and not a currency.

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This. I'm no BTC expert, but my understanding is that BTC has limits on the number of daily transactions and would never be able to function as currency. It will always derive its stated value in USD no different than the way we trade assets like real estate.