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Author Topic: Can Bitcoin truly evolve into super-sovereign currency?  (Read 379 times)
RainbowKun (OP)
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July 28, 2021, 11:01:54 AM
Merited by valentine wheeler (2), Kiley33 (1)
 #1

In 1944, at the Bretton Woods Conference, Keynes, an eminent economist, proposed Keynes Plan, applying bancor as the unit in settlement and accounting among different currencies. It is the first time in the history of human currency that the concept of super-sovereign currency appeared, offering a rudiment for world currency. Although the plan had been discarded, it showed a feasible solution to our world currency system.

As far as I'm concerned, the growing influence of Bitcoin in the world's financial and economic structure has been strengthening its global consensus, Bitcoin will ultimately become a kind of super-sovereign currency that affects the world order. That is determined by not only the characteristics of Bitcoin itself, but the trend that human society is bound to turn fairer.

So what is sovereign currency and super-sovereign currency?

Sovereign currency is guaranteed by credit of its government. That is what we called legal tender whose value risks going zero the instant the country's economy collapses.

Super-sovereign currency is a reserve currency with a stable value standard, decoupled from the sovereignty of all countries yet accepted by all of them. It exceeds all national sovereignty and is not restricted by any single sovereignty. Only this kind of currency can effectively serve as international settlement tool, which is inevitable in economic globalization and global integration.

The concept of super-sovereign currency has been around for a long time. As I said earlier, Keynes advocated the overthrow of the international monetary system anchored by sovereign currencies. However, the story of super-sovereign currency is even longer since gold and silver belong to currencies beyond sovereignty. Both gold standard and silver standard can be regarded as monetary systems anchoring the super-sovereign currency. In fact, in the past 500 years of business history in human civilization, the international monetary system has already chosen super-sovereign currency from the beginning when globalized market was set, rendering gold and silver the anchor of world economy even when sovereign currency is the global currency.

As I said earlier, the last half century is the most unreasonable years in currency history of human society in that the issuance of global currency has no constraints with no precious metal value as the support, laying a fatal danger for the entire world economic order and leaving various economic crises and financial disasters in our society.

Whenever a financial crisis breaks out, human civilization will once again face an ancient and unresolved problem, that is, what kind of international reserve currency can truly maintain global financial stability, promote the healthy development of the world economy and build a steady and harmonious world. In history, silver standard, gold standard, the gold exchange standard, Bretton Woods monetary system and Keynes Plan are all arrangements to deal with that problem. However, to this day, it has not been resolved but festered due to the internal defect of the current international monetary system. It was not until 2009 that Satoshi Nakamoto created Bitcoin and gave the ultimate solution to that ancient headache. Bitcoin can well work as the super-sovereign currency of human society and as the anchor of international economy and trade.

Theoretically, the following basic characteristics are required for an international reserve currency to truly anchor the world economy.

1. Clear issuance rule and orderly supply;
2. Flexible and timely adjustment to total supply according to specific needs;
3. Its regulation must go beyond the economic condition and interest of any single country.

At present, employing the sovereign credit currency of a single country as an international reserve currency is a rare case in history, as I mentioned, it's rather unreasonable. Human society must creatively reform and improve the existing international currency system to fundamentally maintain global economic and financial stability. In my opinion, Bitcoin is the best option.

1. The issuance of Bitcoin is controlled by algorithm, tamper-proof and fair to all participants. No cheat is allowed;
2. No single force can control Bitcoin, and the release and operation of Bitcoin is completely decentralized;
3. The launch of Bitcoin belongs to POW mechanism, which requires mining machines and electricity;
4. The difficulty of Bitcoin mining can alter automatically conforming with the changes in hashrate;
5. The total amount of Bitcoin is limited, effectively avoiding over-issuance and inflation.

These are the most basic features of Bitcoin. It owns some characteristics of gold and advantages that gold does not have and is the best choice for super-sovereign currency. Maybe someone would say that the price of Bitcoin is very volatile, not suitable to be the international reserve and settlement currency. As I see it, this counts on the current stage of Bitcoin. It is still in the earliest stage of Bitcoin's development, far from reaching global consensus. In one to two decades, when the price of Bitcoin reaches 1 million or even 10 million dollars, the overall market value of Bitcoin can completely cover the economic behavior of the entire world, then its price will tend to be stable. At that time, a new currency system centered on Bitcoin will be formally established. That is the necessity for human civilization to forge ahead and on one can resist.

I firmly believe that Bitcoin will truly become a super-sovereign currency in the next ten to twenty years, anchoring the economic and financial order of human society. What do you think?

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July 28, 2021, 01:45:42 PM
 #2

That's interesting! Super sovereign currency can actually bring a standardization in world trade. But if I think from the perspective of bitcoin or whether it has the chance of becoming a super-sovereign currency  or not, I see only negative!

Apologies for not sounding positive here but there are two main reasons why we wouldn't see bitcoin as a super-sovereign currency ever.

1. No central issuer
2. Extremely volatile

No matter how much technical and theoretical attributes bitcoin has to become a super-sovereign currency, no government will ever accept a currency system to dominate the world trade which is decentralized in nature.

Money is a "promise to pay" instrument and must have an issuer to fulfil the promise. So as per the definition of money, bitcoin doesn't fall under a category of money!

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July 28, 2021, 08:15:10 PM
 #3

Although bitcoin is unlikely to be super-sovereign for all countries it could be used for some e.g. El Salvador. Soon Venezuela, Lebanon, countries in Africa, and others may adopt bitcoin due to hyperinflation so the idea of super-sovereign might actually happen (for them)

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July 28, 2021, 09:28:57 PM
 #4

Maybe there will be certain groups of countries that will make bitcoin as super sovereign currency. Perhaps they will form and bond together to push bitcoin globally. But for sure it will be opposed by top countries, Dollar, Yuan will still be the standard to be used by global trades. They will argue against it as we all know that bitcoin is volatile and unstable and we only have limited supply. Bitcoin can grow tremendously, no doubt about it, but pushing to be a super sovereign currency? I highly doubt it for now.

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July 28, 2021, 10:53:37 PM
 #5

It's a great opinion, I'm glad to hear about it, I also want to share what Belfort said, I consider him to be a financial genius despite, obviously he has an opinion about BTC and cryptocurrencies, but he says that if he was fully regulated could completely disappear everything related to pump and dump:

‘Wolf of Wall Street’ J. Belfort: Bitcoin would thrive under strict crypto regulations


Quote
He said that the notion that regulations are bad for the industry is misguided. Belfort notes that one of the benefits of regulations will be an increase in the market size.

The self-declared long-term cryptocurrency bull added that regulation in the space would eliminate bad actors, especially the pump and dump schemes. In this case, Bitcoin will have the space to thrive.
Source: https://finbold.com/wolf-of-wall-street-j-belfort-bitcoin-would-thrive-under-strict-crypto-regulations/

Although I have my doubts, I think that BTC will be prosperous without the need for regulations, since regulations are somehow synonymous with control and that is not in Satoshi's philosophy or what BTC was made for.

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July 29, 2021, 02:38:20 AM
 #6

That's interesting! Super sovereign currency can actually bring a standardization in world trade. But if I think from the perspective of bitcoin or whether it has the chance of becoming a super-sovereign currency  or not, I see only negative!

Apologies for not sounding positive here but there are two main reasons why we wouldn't see bitcoin as a super-sovereign currency ever.

1. No central issuer
2. Extremely volatile

No matter how much technical and theoretical attributes bitcoin has to become a super-sovereign currency, no government will ever accept a currency system to dominate the world trade which is decentralized in nature.

Money is a "promise to pay" instrument and must have an issuer to fulfil the promise. So as per the definition of money, bitcoin doesn't fall under a category of money!
Maybe there will be certain groups of countries that will make bitcoin as super sovereign currency. Perhaps they will form and bond together to push bitcoin globally. But for sure it will be opposed by top countries, Dollar, Yuan will still be the standard to be used by global trades. They will argue against it as we all know that bitcoin is volatile and unstable and we only have limited supply. Bitcoin can grow tremendously, no doubt about it, but pushing to be a super sovereign currency? I highly doubt it for now.

Thank you for your reply. I also understand that making Bitcoin a truly super-sovereign currency is a long process. The existing mainstream fiat currencies will try to prevent this. This is why the existing government rejects Bitcoin. However, I believe that the day when Bitcoin becomes a super-sovereign currency will come sooner or later. This is determined by the progress of science and technology and the laws of social evolution. No one can stop it.

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July 29, 2021, 07:07:58 AM
 #7

I believe that something like that is not possible since at the end of the day if we truly want it to be accepted by everyone and at the same time to be widespread then we have to solve some issues, some issues like :
Lack of education
Lack of internet availability
Lack of even smart phones in various locations
Restrictions
Volatility
Dependence on whales
These are the one's that I could think from the top of my head but at the end we need years to evolve bitcoins, to update it because there is not only competitors in the crypto world now but at the same time it's not lenient.

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July 29, 2021, 07:44:25 AM
Merited by Symmetrick (2), RainbowKun (2)
 #8

In 1944, at the Bretton Woods Conference, Keynes, an eminent economist, proposed Keynes Plan, applying bancor as the unit in settlement and accounting among different currencies. It is the first time in the history of human currency that the concept of super-sovereign currency appeared, offering a rudiment for world currency. Although the plan had been discarded, it showed a feasible solution to our world currency system.

As far as I'm concerned, the growing influence of Bitcoin in the world's financial and economic structure has been strengthening its global consensus, Bitcoin will ultimately become a kind of super-sovereign currency that affects the world order. That is determined by not only the characteristics of Bitcoin itself, but the trend that human society is bound to turn fairer.

So what is sovereign currency and super-sovereign currency?

Sovereign currency is guaranteed by credit of its government. That is what we called legal tender whose value risks going zero the instant the country's economy collapses.

Super-sovereign currency is a reserve currency with a stable value standard, decoupled from the sovereignty of all countries yet accepted by all of them. It exceeds all national sovereignty and is not restricted by any single sovereignty. Only this kind of currency can effectively serve as international settlement tool, which is inevitable in economic globalization and global integration.

The concept of super-sovereign currency has been around for a long time. As I said earlier, Keynes advocated the overthrow of the international monetary system anchored by sovereign currencies. However, the story of super-sovereign currency is even longer since gold and silver belong to currencies beyond sovereignty. Both gold standard and silver standard can be regarded as monetary systems anchoring the super-sovereign currency. In fact, in the past 500 years of business history in human civilization, the international monetary system has already chosen super-sovereign currency from the beginning when globalized market was set, rendering gold and silver the anchor of world economy even when sovereign currency is the global currency.

As I said earlier, the last half century is the most unreasonable years in currency history of human society in that the issuance of global currency has no constraints with no precious metal value as the support, laying a fatal danger for the entire world economic order and leaving various economic crises and financial disasters in our society.

Whenever a financial crisis breaks out, human civilization will once again face an ancient and unresolved problem, that is, what kind of international reserve currency can truly maintain global financial stability, promote the healthy development of the world economy and build a steady and harmonious world. In history, silver standard, gold standard, the gold exchange standard, Bretton Woods monetary system and Keynes Plan are all arrangements to deal with that problem. However, to this day, it has not been resolved but festered due to the internal defect of the current international monetary system. It was not until 2009 that Satoshi Nakamoto created Bitcoin and gave the ultimate solution to that ancient headache. Bitcoin can well work as the super-sovereign currency of human society and as the anchor of international economy and trade.

Theoretically, the following basic characteristics are required for an international reserve currency to truly anchor the world economy.

1. Clear issuance rule and orderly supply;
2. Flexible and timely adjustment to total supply according to specific needs;
3. Its regulation must go beyond the economic condition and interest of any single country.

At present, employing the sovereign credit currency of a single country as an international reserve currency is a rare case in history, as I mentioned, it's rather unreasonable. Human society must creatively reform and improve the existing international currency system to fundamentally maintain global economic and financial stability. In my opinion, Bitcoin is the best option.

1. The issuance of Bitcoin is controlled by algorithm, tamper-proof and fair to all participants. No cheat is allowed;
2. No single force can control Bitcoin, and the release and operation of Bitcoin is completely decentralized;
3. The launch of Bitcoin belongs to POW mechanism, which requires mining machines and electricity;
4. The difficulty of Bitcoin mining can alter automatically conforming with the changes in hashrate;
5. The total amount of Bitcoin is limited, effectively avoiding over-issuance and inflation.

These are the most basic features of Bitcoin. It owns some characteristics of gold and advantages that gold does not have and is the best choice for super-sovereign currency. Maybe someone would say that the price of Bitcoin is very volatile, not suitable to be the international reserve and settlement currency. As I see it, this counts on the current stage of Bitcoin. It is still in the earliest stage of Bitcoin's development, far from reaching global consensus. In one to two decades, when the price of Bitcoin reaches 1 million or even 10 million dollars, the overall market value of Bitcoin can completely cover the economic behavior of the entire world, then its price will tend to be stable. At that time, a new currency system centered on Bitcoin will be formally established. That is the necessity for human civilization to forge ahead and on one can resist.

I firmly believe that Bitcoin will truly become a super-sovereign currency in the next ten to twenty years, anchoring the economic and financial order of human society. What do you think?

Thank you for your article for allowing me to fully understand the story of the super-sovereign currency. I think this is a good expectation. As for when it will be realized, it seems a long way to go. I firmly believe that but I choose to reserve my opinion. I do not have the high theoretical level of yours.

Why do we need a super-sovereign currency?


  • The further demand of economic globalization, but in the face of the US dollar-based SWIFT settlement system, people feel that there is no freedom and it is completely controlled by the United States.
  • The risk of sovereign currency is that once the country’s economy collapses, the value of the sovereign currency will quickly clear to zero. This kind of thing happens especially in some underdeveloped countries with abundant resources, and at least they don't have much right to speak in international trade. Take Zimbabwe, for example. The actual value of one trillion yuan is less than 10 U.S. dollars.

Why is super-sovereign currency difficult to achieve?

Quote
The super-sovereign reserve currency is a "new reserve currency with stable customized benchmarks and accepted by all countries" that is decoupled from the sovereignty of all countries.

  • Bitcoin is very difficult to anchor value. For many sovereign countries, some hope that Bitcoin will anchor diamonds, some hope that they will anchor oil, and some hope that they will anchor graphene. , It is difficult to unify opinions.
  • Bitcoin is currently experiencing huge volatility, and the price cannot stabilize. After 20 years, we cannot accurately predict it. I also hope that the price will stabilize.
  • Currently, the SWIFT settlement system is used globally. The United States does not allow Bitcoin to become a super-unsovereign currency, because the United States, as an emptied country, is completely supported by a financial virtual economy. Without the real economy, the United States has become accustomed to plundering the world's resources through the tide of the dollar.
  • It is difficult for super-sovereign currencies to form a unified global consensus. Bitcoin needs time and more tolerance.For example, the Keynes plan mentioned in the OP article.
  • Countries with large resources, powerful military countries, underdeveloped countries, countries with different ideologies, countries with different religions, etc., it is difficult to balance sovereign countries and interest groups, and it is difficult to formulate a plan that can satisfy the interests of all parties. And many countries are very unfriendly to Bitcoin.
  • Bitcoin is still very young. The first step is the support of major powers. I hope Bitcoin can get the absolute support of Wall Street alligators and giant whales, because in the 1960s, the International Monetary Fund launched the super-sovereign currency SDR , But it is difficult to get the support of the United States, which has a veto in the IMF. So if you want to solve this problem, you still have to look at the attitude of the United States.

I have read several articles by the author. OP is definitely a hidden novice. OP has posted so many articles in a short time. If it can be more accessible and understandable, it will be more friendly to our novices. Thank you for your contribution, thank you.
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July 29, 2021, 08:28:31 AM
 #9

I believe that something like that is not possible since at the end of the day if we truly want it to be accepted by everyone and at the same time to be widespread then we have to solve some issues, some issues like :
Lack of education
Lack of internet availability
Lack of even smart phones in various locations
Restrictions
These will be resolved sooner or later, just like popularizing electric lights, time will resolve.

Volatility
Dependence on whales
These are the one's that I could think from the top of my head but at the end we need years to evolve bitcoins, to update it because there is not only competitors in the crypto world now but at the same time it's not lenient.

In the past two years, the world has become more and more tolerant of Bitcoin, rather than just saying that it is a Ponzi scheme.
As the institution buys in, it will spread the bargaining chip. From a few whales to a flock of whales.
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July 29, 2021, 01:16:30 PM
 #10

In any case, from the current position and the current stage of cryptocurrency development, a super sovereign cryptocurrency, which you have in mind, is completely impossible. Cryptocurrency with its decentralization and high price volatility will not be able to take a leading position in the global financial system. The states and their governments will not even allow it, if it is even possible in principle. In my opinion, cryptocurrency can exist well with fiat, which can complement each other's capabilities. She should not claim more, otherwise states will be forced to restrict her circulation.
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July 29, 2021, 01:46:19 PM
Merited by RainbowKun (1)
 #11

Definitely an interesting read. Bitcoin might evolve into a super-sovereign currency, but I think the draconic upcoming regulations will be like a blockage of its real potential. Here is where the problems usually come up: when humans think grass shouldn't be green in the US but blue instead. Once a country doesn't agree with something, especially when it comes to systems that put them under "danger" of loss of control, they'll try to enforce rules other countries don't agree with. And since Bitcoin lives on its own, all by itself with no need of change of rules, there will always be a problem with Bitcoin's evolution.
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July 29, 2021, 02:16:23 PM
Merited by The Sceptical Chymist (4), RainbowKun (1)
 #12

Definitely an interesting read. Bitcoin might evolve into a super-sovereign currency, but I think the draconic upcoming regulations will be like a blockage of its real potential. Here is where the problems usually come up: when humans think grass shouldn't be green in the US but blue instead. Once a country doesn't agree with something, especially when it comes to systems that put them under "danger" of loss of control, they'll try to enforce rules other countries don't agree with. And since Bitcoin lives on its own, all by itself with no need of change of rules, there will always be a problem with Bitcoin's evolution.
Bitcoin is a currency created by satoshi that has a decentralized nature with the aim of being used as an alternative currency to fiat and other mean of payment. Bitcoin is still possible to be regulated by the government of a country even though in the end many existing rule will only hinder its growth and development among the wider community. The government want tight control, we want freedom and the two are always at odds.

As you might think, bitcoin can become a sovereign currency if government around the world unite and support bitcoin. Meanwhile, until now government in many countries are still reluctant to legalize it as a legal tender due to price fluctuation and other reason. Regulation will block all ideas about the bitcoin revolution as a sovereign currency because government will continue to block it.

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[/ta
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July 29, 2021, 03:57:28 PM
 #13

Revolution it is, the only reason for me to invest in Bitcoin is become rich in small amount of time or the other way-being extremely poor because of losing. It ain't created to be a super sovereign currency. I mean how could that be possible when it is so volatile you can barely feel your moneys worth in just hours it it crashes. This is a game changer and all people who are involved are somewhat players, win or lose, well that's why think it is.

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July 29, 2021, 08:11:07 PM
Last edit: July 30, 2021, 02:13:48 PM by franky1
Merited by RainbowKun (1)
 #14

bitcoin is currently trying to shift out of the "digital cash for the unbanked"
meaning away from anyone able to use it freely/cheaply

to be come a reserve currency asset for institutions to use as gateways to their own currency
where their own currency is pegged to bitcoin

it wont become a world replacement of fiat reserve.
but a secondary international option(choice) away from fiat reserve

the only issue is that these sidechain/subchains altnets with pegs to bitcoin. are at the moment showing signs of centralisation to big players at the expense/loss of the little guys
(little guys just wanting to buy pizza are finding its expensive on bitcoin and a 3 fold annoyance on the sidechains/altnets suggesting to be the solution to pizza price transacting)

that said
we could see an era where say paypal and starbucks become the bank2.0 with their own sidechain/altnet pegged/bridged to bitcoin reserves(locked funds) to compete side by side with fiat.

and yes even some countries could make their own sidechain/altnet pegs to bitcoin. as their digital fiat
(these are small under developed countries)

but bitcoin will never fully dispose of all world fiat reserves
the main developed countries(US/UK/EUROPE/AUSTRALIA) want full control of all aspects of their currency

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July 29, 2021, 08:54:57 PM
 #15

I believe that something like that is not possible since at the end of the day if we truly want it to be accepted by everyone and at the same time to be widespread then we have to solve some issues, some issues like :
Lack of education
Lack of internet availability
Lack of even smart phones in various locations
Restrictions
Volatility
Dependence on whales
These are the one's that I could think from the top of my head but at the end we need years to evolve bitcoins, to update it because there is not only competitors in the crypto world now but at the same time it's not lenient.
If by being accepted by everyone you mean every single person around the globe among the billions humans that exist is going to use bitcoin that is never going to happen, what bitcoin can do is to become big enough and influential enough that it is accepted in the same way that the US dollar is accepted.

Even if you live in a  non-touristic zone you can pay with dollars as most people know about the UU dollar and that you can easily exchange it for products and services everywhere, this is the goal of bitcoin and it is one that I think can be reached even with bitcoin at its current state.
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July 30, 2021, 12:02:54 PM
 #16

Definitely an interesting read. Bitcoin might evolve into a super-sovereign currency, but I think the draconic upcoming regulations will be like a blockage of its real potential. Here is where the problems usually come up: when humans think grass shouldn't be green in the US but blue instead. Once a country doesn't agree with something, especially when it comes to systems that put them under "danger" of loss of control, they'll try to enforce rules other countries don't agree with. And since Bitcoin lives on its own, all by itself with no need of change of rules, there will always be a problem with Bitcoin's evolution.
Bitcoin is a currency created by satoshi that has a decentralized nature with the aim of being used as an alternative currency to fiat and other mean of payment. Bitcoin is still possible to be regulated by the government of a country even though in the end many existing rule will only hinder its growth and development among the wider community. The government want tight control, we want freedom and the two are always at odds.

As you might think, bitcoin can become a sovereign currency if government around the world unite and support bitcoin. Meanwhile, until now government in many countries are still reluctant to legalize it as a legal tender due to price fluctuation and other reason. Regulation will block all ideas about the bitcoin revolution as a sovereign currency because government will continue to block it.

Yes, Bitcoin will definitely accept increasingly strict government supervision. Because Bitcoin is essentially a weakening of government power. But on the other hand, it is difficult for the government to fundamentally ban Bitcoin. This is determined by the underlying technology of Bitcoin. No single force can control Bitcoin or tamper with the Bitcoin network. Therefore, the ultimate choice must be that the government adapts to the existence of Bitcoin. In this continuous game, Bitcoin has gradually evolved into the super-sovereign currency of human civilization.

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July 30, 2021, 02:18:18 PM
 #17

Because Bitcoin is essentially a weakening of government power. But on the other hand, it is difficult for the government to fundamentally ban Bitcoin.


you cant ban bitcoin.. just like a bottle of 1920's beer has no brain or eyes to read the law for a bottle to realise it is banned
what governments can do is ban its citizens from using it.
just like prohibition in 1920's it did not ban beer. it banned people from drinking beer.

governments can control their currency by ensuring people are paid wages in only fiat. and pay taxes in only fiat. thus making fiat dependant on peoples income

this is why bitcoin is no threat to developed countries.
however small undeveloped countries like el salvador that doesnt even have its own fiat. is more free to try new things and detach itself from the dependance on the US dollar.

dont think of it as a binary option. bitcoin to replace all fiat or none
think of it as bitcoin is a second choice. take it or leave it

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July 30, 2021, 02:40:44 PM
 #18

In 1944, at the Bretton Woods Conference, Keynes, an eminent economist, proposed Keynes Plan, applying bancor as the unit in settlement and accounting among different currencies. It is the first time in the history of human currency that the concept of super-sovereign currency appeared, offering a rudiment for world currency. Although the plan had been discarded, it showed a feasible solution to our world currency system.


That's utter rubbish - probably taken from whatever website you lifted that piece of text from.

The Trade dollar (United States coin) was just one example from the 19th Century that toyed with the idea that a (usually) one ounce coin in bullion metals (usually gold or silver) would be worth the same across borders regardless of the denomination marked on the surface.



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July 30, 2021, 03:07:51 PM
 #19

Quote
These are the most basic features of Bitcoin. It owns some characteristics of gold and advantages that gold does not have and is the best choice for super-sovereign currency. Maybe someone would say that the price of Bitcoin is very volatile, not suitable to be the international reserve and settlement currency. As I see it, this counts on the current stage of Bitcoin. It is still in the earliest stage of Bitcoin's development, far from reaching global consensus. In one to two decades, when the price of Bitcoin reaches 1 million or even 10 million dollars, the overall market value of Bitcoin can completely cover the economic behavior of the entire world, then its price will tend to be stable. At that time, a new currency system centered on Bitcoin will be formally established. That is the necessity for human civilization to forge ahead and on one can resist.

I'm interested to discuss this gotten out of your note you have made Grin

So do you think that bitcoin volatility is caused because it is yet to get to it maximum supply? Or that because it is in early stages? Sorry I don't think so. For example with Fiat, you see the banks regulate the financial system through the government issuing policies. You can see that an agency is taking responsibility and controls what happens with Fiat, who gets what against how much you request to withdraw. Banks creates limit to the amount an individual can withdraw at a time and for the day, likewise the institutions. Or why do you also think that ATMS limit how much for daily withdrawal, all these are regulation that ensures stability and control but, who controls or regulates how much bitcoin you can transfer to the next wallet? The exchanges are gradually coming into regulation (except that happens successfully) like what binance has done to limit withdrawal from 2btc to 0.06 for incomplete account verification.

I think regulation is part of what can reduce volatility, bitcoin is decentralized and that makes total regulation impossible I think.

.
SPIN

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[/ta
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July 30, 2021, 04:40:00 PM
 #20

it is not impossible for bitcoin to become adopted as a sovereign currency considering.bitcoin is now so popular in a crypto business circle, only bitcoin currently requires recognition from sovereign countries to reach the highest point of bitcoin, don't there is another prohibition of the crypto currency in various countries with this being it it is not impossible that bitcoin will become a sovereign and legal currency to be used as a transaction tool
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