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BRICS Unveil Blockchain Payment System to Rival US Dollar.
- Thread starter jafo
- Start date
I have some issues with this. They either use bitcoin or the whole exercise is just an ill thought thru pointless exercise. Tether is not usable, bc it can be frozen with a mouseclick, so one with a very high profile would be highly vulnerable and at risk. The rest of the existing blockchain projects is useless at best, a fraud at worst.
Id also have yet to see lets say a wealthy malay or philippine who prefers to put like 80% into one of the brics instead of the usd/usa.
Why would they ever use bitcoin? BTC is not suitable as payment gateway, rather a store of value.
Most importantly, States need blockchain technology they can 100% control.
Because the market will force this upon them.
Its indeed suitable as a payment mechanism in a layered way like the internet or existing money structure (with visa cards etc). You settle on the basechain once in a while and low amounts are custodial.
In such a case you can stay with the current system which actually works.
It makes no sense to exchange one ruler for the next.
The market forces this on the state which can be observed in real time.
Blockchain technology is way better than the legacy payment systems in term of efficiency, speed and traceability.
To me, it makes perfect sense to upgrade it.
If trade within is done then see no issues but the moment they demand western powers to pay with I suspect the kinetic warfare will rise.
Either way it’s a stop gap to the ultimate end game - BTC as a reserve currency verifiable online and trade happening in some form or other layer on top but settled on Bitcoin
Either way it’s a stop gap to the ultimate end game - BTC as a reserve currency verifiable online and trade happening in some form or other layer on top but settled on Bitcoin
Not really, "blockchain technology" in itself is just an inefficient and expensive database which doesn't solve the oracle problem. So it needs more.
In most of my fiat I use, I have instant transactions and 0 fees today. Just usa ach is not there yet.
Anyone using bitcon soon as a longterm store of value must be nuts
yeah you love full control and being a slave heh ?I always thought 20 years ago people are not so stupid to fall for it
Bitcoin is a trojan horse.
Satohis account has a end game purpose.
You don't need to control the system if you have a specific amount of a particular asset.
Yeah thats why central banks are accumulating physical gold and BIZ bank made gold tier 1 money.Because BTC gets the reserve currency.Seriously guys stop listening to fuds and look their actions
Some people point to El Salvador.You guys are aware that most land there is being owned by big corpo which are building there the first pilot SMART CITIES.
Come on you are listeing to the controlled opposition.
What did Sorros to the GBP with a fraction of the amount of funds Satoshi has in his account.
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Ref Central Banks accumulating gold.
Couple of reasons
- US sanctions seizure
- US federal reserve openly stating they will pay their debts via debasement
- can’t get their hands on $ due to low velocity (last time it (reserve currency) was this low 5 empires ceased to exist.
Now on the gold subject - gold is rising nominally - but priced against debasement it looses 4% per annum mapped back to 2013.
Bitcoin on the other hand can’t be seized, is portable (cheaply), is verifiable, fixed supply, deep and growing international liquidity.
Lastly its core cost is price of producing - ergo electrical cost.
Energy costs can’t be debased like say gold indirectly by hiring people and debasement and stagnant salaries keeps the cost of gold from ground to market cheap, ie thousands of mini slice reductions some micro in the cost of production.
In addition there’s potentially infinite amounts of Gold that can be extracted from the ground, oceans and space - price wise where they can be profitable based on technology advancements and non-inflation proof salaries driving costs down.
Whereas Bitcoin requires pure energy to produce and pure energy to transact.
Government's can’t debase energy costs therefore Bitcoin is pure inflation proof from that perspective.
Bitcoin is also technology + money + digital which in the era is what makes it so attractive couple in verifiable - and everything else it’s the purest form of money out there that has actual stickiness.
Ethereum however is elastic - inflationary and deflationary akin to how central banks tighten and loosen - it tightens during booms and loosens during busts - it also pays a yield like a bond/coupon and has all of the benefits of Bitcoin but with more.
Its downside is transactional fees but that can be offset with changes and structuring retaining ETH as the final settlement layer, and secondary side chains or similar as the active layers.
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FED says a lot.Payment via debasement means they destroy the USD which is correct.It will be destroyed via BRICS currency which is theoraticly backed by gold anyways.
The real reason central banks are buying gold is because the FINAL new monetary system NEEDS to be in gold again so people gain back trust into their currency.
What does it exactly mean ?It means that all M3 money in the world must equal all gold in the world.
If you understand this you know golds final price.
Correct as gold is being made as unattractive as possible so retailers won't touch it.They did a great work didn't they ?
People selling their gold and gold mines shares for bitcoin.ROFL
The valuation of gold is being made when you sell it.Selling should only accure AFTER the final new monetary system where it will outperfom bitcoin.
There is no infinite in the next 30 years.Also the production costs are irrelevant.Once gold gets back into the monetary system all what is relavant is global M3 and amount of all existing gold outside the ground
If governments would had liked to attack bitcoin they had hundreds of possibilities.China alone had over 51% hash power which means they had total control over the chain,but still people call it decentralized and secure.
You simply need to control one major programer and the whole blockchain is hacked.
Governments making transaction ilegal would kill BTC price by 95% instantly.
Just look what happened when Mt GOX closed.And now imagine a world wide ban on receiving fiat for btc where only private retailers are left.How much money do you think will still exist in BTC econemy ?
Gold even in a Goldban there are enough governments who will take your gold kissing your hand and with a big premium.China is already paying a premium.
Wrong.Bitcoin is attractiv because of its deflationary system.Means it works like a ponzi as more funds it gets as higher the price gets and as more it motivates to not get spend.The technology itself is so outdated compared to other blockchains you can't even imagine.
The problem with real decentralized blockchains which are way more decentralized and more bullet proof is the fact that institutions don't support them.They only support blockchains which have total control mechanism like bitcoin and all the other crap hyped blockchains like solana.
Bitcoin is only attractive to people because of their greed.Would bitcoin price not raise but simply be like a stablecoin noone would care about bitcoin.Majority of people use bitcoin because of quick money not understanding that it leads to losing their financial freedom thanks to CBDC's which bitcoin made possible.
You are aware that china planned to run their CBDC on Ethereum right ?You think China would run their CBDC on a blockchain they can't fully control ?
Once the CBDC's will be out you all will cry.Your pseudo decentralized coins will get destroyed and you will be left with governmental coins with high negative interest rates.
But once that happens it will be to late for you guys because the train of gold will be gone.
You can't put high negative rates on physical gold.Your virtual money ............. will be the same like fiat
To understand better what is going to happen with USD have a look at the Zimbabwe Dollar.
Price was somehow stable till they couldn't hold it anymore and it spiked over a weekend.
Same is going to happen with the USD at one point.
What is the soltution for zimbabwe now ?Implementing a wonder a gold backed CBDC to get back trust into their currency.BRICS implementing a gold backed CBDC so what you think is the west going to do once they suck out the wealth from society via inflation ?
And you are aware that the new monetary system linked to gold is a deflationary system like bitcoin and not an inflationary system we currently have ?
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Id rather have the central bank as is as these eth kids playing money gods.
eth is not the same as bitcoin hence it has none of the benefits of bitcoin.
It is something completely different. Its a company/startup.
But startup investing can be wildly profitable tho, but eth/btc is trending down over a long timeframe, it also never reached the price of 0.13B in 2017.
the eth sidechain arbitrum is owned by an obscure 9/12 multisig. Would not store any meaningful money in them, the money can be gone quickly.
100% this!
I can't articulate why, but I feel the same way.
I don't trust these "eth kids" with anything! They don't have a vmPFC developed enough to understand the ramifications of their follies. They haven't realized how stupid and full of errors they are to create a safety net for their investors. It's me, me, me... à la Sam Bankman-Fried and Terraform founder Kwon Do-hyung.
I NEVER EVER made money with young kids when I was young; only wise, older businessmen who knew what they wanted to be done to effect profit. Nowadays, I do have some younger kids who are brilliant, and they are young only at age; their mentality is that of an old wise businessman.
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