Bitcoin Forum

http://www.ahametals.com/bitcoin-become-world-reserve-currency/ (http://www.ahametals.com/bitcoin-become-world-reserve-currency/)

ahametals.com leeches off of other sites by copying their articles. It would be better if you posted links to the original articles rather than to your own site, so that the original site gets the traffic.

I think they've credited the source..  :-[

I doubt it will become a reserve currency but I think it could become like a one world currency. I think one is needed that can be used workdwide especially with little fees and bitcoin is perfect for this.

I like the idea of Bitcoin going global because there is not one country or group of countries in the case of the Euro, that issues it.  It's a totally independent currency.  So it can't be controlled at the whims of central bankers.  But I think it would take a really long time to get used as a reserve currency, since it's supposed to be something that supposedly very "safe" and you can't say that for Bitcoin right now, I mean a 51% attack could totally knock it out and if a country was on the line you could see that happening, especially if a big country.

Well, they were kind enough to credit the work that they copied, but why should they be rewarded for simply copying somebody else's work?

here you go, the original source. (http://www.forexminute.com/bitcoin/bitcoin-to-become-a-world-reserve-currency-39000) The OP linked article even copied the same horrible graphic to go along with the article.

Hi Keanbosch, just a quick question, what's your relationship with ahametals.com? Are you doing astroturfing/seo for them? Is it your site and you're chasing backlinks? Almost everyone of your posts seems to link to stories that have been re-written and posted there.

Seems to be the case to me.

Why shouldn't they? Lazy people will find an easy way to accomplish a task - B.G.

i think BRICS has a better chance than this reserve currency basket the article mentions..

im not sure if the article is suppose to be a half whit trying to understand BRICS but then throwing mud into the mix.. or he talking about something else.. but oh well.. i dont read ahametals much.. too little detail or lack of thought

the thing that i find truly funny is that people want bitcoin to be the reserve currency, yet they also value bitcoin to the dollar.. just like the ahametals. you cant have a reserve crrency if its a mix of multiple currencies.. and then to include dollar in that mix defeats the purpose..

it makes me laugh..
i personally value my bitcoins to my living costs EG
%rent, how many loaves of bread, pints of milk and tins of baked beans. i dont think of it as direct fiat value anymore. although i know somewhere in the middle it still requires converting to FIAT by the merchants i deal with.

cant wait till their employes and suppliers accept bitcoins too.

but these "bitcoin reservist" people shouting out bitcoin to become reserve currency and in the same breath shouting out, that bitcoins will then be worth thousands of dollars, have definitely missed the point of what a reserve currency is

if bitcoin was measured as a cost of living index. EG directly valued to household essentials without one whiff of mentioning FIAT then bitcoin has a chance.

i think the next idea is to have a bitcoin index where
bitcoin is given a global value that today its worth 2 weeks minimum wage salary
or x amount of oil barrels and just do away with dollar valuations, thus allowing the whole world to calculate bitcoin to their local currency based on the international index. ofcourse, demand will make the price raise to 3 weeks income, 4 weeks and upwards as bitcoins popularity rises. but atleast its not pegged to the dollar and then converted to other currencies

I would find this unlikely. A country's government gets to choose what currencies to hold as reserves and bitcoin is much to new and has too small of a market cap for this to be a possibility in the near future.

Um, unless they are in copyright violation, what is your problem?

He gave a link to the story.

That would be a giant step. Imagine holding such a big part in a world reserve currency! This would be unprecedented. Although I believe chances aren't that good.

Maybe he copied it because Forex Minute website is a fucking visual disaster when trying to read articles on mobile.

I can't see anything written because their banner ads block all the content.  You'd think one of them might use a cell phone to view their own site sometime.

-B-

Nah, highly doubt that, to be honest. I mean it would be a great thing, but it is much too small currently. As of now the most daring thing we may see is some smaller country investing some amount in bitcoin.

seems from these posts like people want to keep bitcoin measured against FIAT and let the FIAT world do the hard work..

i guess no one see's the easy option of measuring bitcoin against a cost of living index and then make the FIAT lovers have to change their habits and evolve towards measuring things against true value before converting to their national currencies...

oh well seems we just sit on our hands and let the governments decide how to treat bitcoin again (face palm)

ive book marked this post so i can refer to it in a few years once people cotton onto the idea and truly see what effect it can cause if exchanges measured bitcoin differently

I can't see Bitcoin being the World Reserve currency, just like how you don't see gold as the world reserve currency. Now, I'm not saying Bitcoin is the equivalent to gold, it's just an example.

Bitcoin is like a currency, and it's like gold at the same time. So I doubt it would become the world reserve, even though it has a limited supply, but I think it would be better to have an ever-inflating fiat as the reserve, so it will look better for other currencies as opposed to having every currency keep dropping. People like numbers that go up.

so you like that a barrel of oil 10 years ago was X and now it costs you X+X

or put simply a loaf of bread cost you $1.50 now costs you $2.. which 'people' like that? .. oh not people, but politicians.. o i see. so we should not be a reserve currency to appease politicians. ..
....
...
..
.
 ???

Just for the sake of the argument: Why would politicians like that scenario? (serious question)

Inflation hurts the saver and benefits the debtor.

Who is the largest debtor in the world?  Hint -> http://www.usdebtclock.org/

Lets be realistic - for many more years bitcoin will be still predominantly used by people whose business is related to the internet. Even if the dollar will crash, major countries would rather use Yuan or Ruble in international payments then bitcoin. Do you seriously imagine gas and oil contracts to be made in bitcoin?

Sure, and world peace while we are at it. Wishful thinking like crazy...

There are a few other factors that make Bitcoin ideal:

-Bitcoin has no counter party risk: no one can devalue them
-Bitcoin can't be confisicated. Unlike gold in 1933:http://en.wikipedia.org/wiki/Executive_Order_6102
-Bitcoin can be sent over the Internet.

The president could issue a similar order regarding bitcoins, it would just be impossible to execute.

3 years ago no one could imagine dell would be accepting bitcoin, people would laugh at you and call you delusional for suggesting anything like that.
just think of the things that no one can imagine today and will be facts in 10 years.

http://www.forexminute.com/bitcoin/bitcoin-to-become-a-world-reserve-currency-39000 original source!

BTC Th Future

It is not much different from gold confiscation. Except today much harder to even consider such action like gold confiscation to be possible.

its easier, most people don't have physical gold anymore, they have papers promising them gold.
there is zero problem raiding the gold vaults of the GLD ETF and confiscating it all.

In this case holders of Bitcoin richest addresses would be super-zillionaires able to buy states in a way normal people buy ice-creame.

and what ... ?
richest adress is early adopter ... a good person (not like the actual richest familly from the political sphere = corrupted values).

Still I don't think something like that will happen in the next few years. Governments need to realize it is good for them and then and only then will they do something like that. Don't think they are up to it now.

Yes, I agree with you.
Today's world changing rapidly.
Could anybody imagine that Internet will become so important part of our lives just 15, 20 years ago?
Many countries like  Argentina, Greece have a lot financial problems so they may consider Bitcoin as alternative currency which can help their monetary policy.
We need just one country, one government to realize the benefits of bitcoin for their economy, and when this happen, more countries will follow.
maybe not so quickly but in the next 10 years, why not?

BIS and international banking interests will obviously oppose this vigorously

people will certainly have much more trust on virtual currency rather than on the hard currency. so this is a great possibility 8) 8)

I think this will be the trend over time. Inflation keeps rising as the printing press keeps running.
In a way, bitcoin is already a world currency.. maybe one day it's the world currency.

Bitcoin is and will remain the reserve currency of the underworld  :)

I think it would be more like a popular alternative.
Not the worlds true currency.
Hard currency is still needed

The president could not order that bitcoin (or any other asset) be confiscated. This would be against both the 4th and 5th amendments to the constitution. Although for president Obama, this does not seem to matter.

You also very much have counter-party risk when dealing with bitcoin. If I were to purchase a widget from you and I send you bitcoin I would be risking that you would not send me the widget that I paid for or that the widget is somehow effective, or that you somehow try to steal the widget back from me.

You need to study your history.

While I agree that such would be unconstitutional, there is precedent for such an action. See (IIRC) executive order 6012.

Precisely my point. I understand btc being kind of an alternative currency but who would even use btc for forming contracts and other serious matters?

Before 20 years ago we don't know what is bitcoin. So in the future why not it could be a world reserve currency!!  but it ups to a country's government i think so..