Topic: Bitcoin is the reserve currency of the Knowledge Age (Read 774 times)

There are multiple reserve currencies - the Chinese Yuan recently become the fifth one. The term 'reserve currency' and 'special drawing rights' are used by the IMF and we can sure that such multilateral organizations won't consider Bitcoin. Bitcoin can become the de-facto reserve currency of people, not the reserve currency of governments.

To say that bitcoin is the reserve currency of the knowledge area is a hypothesis with less likelihood to occur. What is certain is that blockchain e fiat technology will sprout and will change the world. This technology will be adopted and be used not only in the financial and economic sectors but also to other sectors of society as well.

With digital money nearing its release bitcoin becoming the future becomes unclear.

name one that can be used at 300,000+ merchants.

as for altcoins.. right now they are crapcoins. otherwise they would have already 'taken over'
that said e should not cripple/halt bitcoins utility purely to give a crap coin an advantage.

(EG G maxwell loves his monero but hates bitcoin, he cant wait for monero or the bankers hyperledger take the lead)

im not saying in the future an altcoin may offer something better.. but we should not cripple bitcoins mainnet to win that future altcoin some fame

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strange thing is that people want to cripple and halt bitcoins growth and remove its utility to directly be spent with 300,000+ merchants. purely to let a permissioned network (LN) or an altcoin(buzzword: sidechain) take over.

all because of false fearful doomsdays that bitcoin needs to be 5000 miles away tomorrow, where forcing it to run now will kill bitcoin. so lets not even let bitcoin walk one step.

bitcoin can get to its destination one step at a time.. dont doomsday the running at lightspeed rhetoric by midnight as an excuse to stop it from walking and growing everyday.

What do you mean by the statement that (all?) altcoins are crapcoins? Do you literally mean that you think there's no room for a single alternative crypto-currency? All because they're taking the wind out of Bitcoins' sails?

I don't think Bitcoin will be THE reserve currency, but it is certainly beoming a reserve currency. I'd include it with gold, silver and the emergent copper holdings of physical metal. Also, I'm starting to think that domain names may also become a reserve currency, however, the centralisation of registries, and the difficulties in valuation make this a bit of a specialist investment.

You are a pinhead idiot. And I am going to prove it. Stay tuned...

Really you should STFU because you don't know.

i think to get volume transaction in bitcoin to get 10 billion dollar is easy
bitcoin volume transaction is now 200 million dollar/day
the future , next time, bitcoin user can incraese so is capitalization 10 billion dollar/day is posible

I think Bitcoin has a long way to go, there is no country where 10% of the population is using BTC, $10 Billion dollar is nothing when compared to the Global economy. In my own view, BTC can only try to take some percentage of the pie. 1% of global economy is huge for now

again bitcoins mainnet should not become a reserve currency as thats just pushing it into the background and using LN/crapcoins as the front-end.

as for saying bitcoins mainnet cant scale. and then twisting the plot to suggest that if it could scale it would still be a reserve currency in the background is foolish.

bitcoins mainnet can scale as a front-end payment network, but you need to wash away the failed doomsdays scripts you may have read that it needs XXgb blocks by tomorrow.

instead put a rational/logical hat on and realise that bitcoins mainnet should make baby steps forward periodically to expand naturally.. we are not gonna get 7billion people in a day.. its a years-decades scaling not a one day superman jump to extremes.

these safe onchain scaling babysteps should have happened last year. but instead it has been halted using fear of superman flights.

analogy:
yes babies should not take thier first baby steps because mummy and daddy fear the baby will run into a car withinin 10 years. so lets fearmunger all parents that all babies that take their first step will guarantee to run into a car tomorrow. so wrap up your baby and tie it to a cot. and call it your reserve baby. and then adopt a second child to be the one you push around the streets

also wash away the concept that bitcoin will become the 'one world' currency' for 7billion people.. instead think about the current 0.0266% using bitcoin and imagine it settling at about 1-5% of world population(after NATURAL not SUPERMAN growth). definetly dont assume 100% uptake. as that then becomes no 'free choice' option if its the only one.

1. but if bitcoin is not a front end currency because its utility has been taken away and pushed into the background.. all people end up using is permissioned services like LN. where you have to hand funds into a multisig and need the hub manager to sign off on all of your transactions... does not sound better to me

2. 99% of population in the fiat economy are using government funding without knowing how it works. they wont jump across to anything else, so dont be fooled into thinking that the governments will just disappear because bitcoin has been pushed into the background. yea pushed into the background .. i said it.. by making bitcoin a reserve currency pushes it away from peoples ability to get their hands on even more, pushes it away from peoples ability to use daily.

wake up people

altcoins are crapcoins.. and making bitcoin no longer the useful front-end coin by becoming the hidden reserve currency of crapcoins is not the future we want.

and while we stupidly let devs dismantle bitcoins front-end utility, the same devs are helping the real IMF with their hyperledger to build the real SDR reserve currency and world finance ledgers (controlled by banks)

seriously wake up and stop thinking that taking bitcoins front-end utility away is a good thing

It is too early to worry about bitcoin as a global reserve currency. But for an individual it is most suitable to to save and reserve for future. The scalability issue of bitcoin will get auto solved when it become so necessary and just before any bottleneck occurs.

Why people opt for less advantageous private blockchian solutions for their saving when they are having a full freedom bitcoins. Government may bring private coins for their reserve purposes. But people will choose bitcoins for obvious reasons.

I doubt if Bitcoin could even cover the transaction volume of a small country like Zimbabwe at this stage, so scaling Bitcoin to become the global reserve currency will be a challenge. We will have to accept temporary solutions like the Lightning Network to accomodate for larger scaling options.

Simply increasing the block size, will not scale enough to become a global reserve currency. ^hmmmmm^

Governments will rather opt for private Blockchains with better scaling solutions than using a public Blockchain where they have no control. ^hmmmmm^

Apparently some of you have messaged Armstrong, but he is hard-headed and still doesn't understand that technically it is implausible ban all crypto-currencies regardless if the government wants to:


Can someone please message him and explain to him how dull minded he is on this issue. Explain what I wrote as quoted above about needing to ban every server on the planet. How the hell are governments going to coordinate and then enforce that?

Oh course governments can probably regulate the mining farms in China (and they could attack and hardfork with their superior hashrate), but that is why we will have altcoins, in particular the one I am developing which doesn't depend on either proof-of-work nor proof-of-stake.

Remind Martin, it is Shelby Moore who is refuting him. He should remember me from email. I am tired of emailing him. He should hear from more of you, instead always myself emailing him.

It may be my altcoin which does that. But Bitcoin will remain the reserve currency of the altcoins and the on/off ramp to fiat. The point is the crypto-currency and blockchain ecosystem is a paradigm shift which will enable the Knowledge Age. The SDRs will be for the dying Industrial Age physical, usurious economy.


Because you don't understand Martin Armstrong's short dollar vortex thesis which makes the BW#2 monetary reset a certainty. The world will demand the strong dollar be replaced with a cooperate reserve unit, i.e. the SDR. This is a certainty.

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Yeah current predictions are too far fetched.
Bitcoin is revolution but will it be used on more wide scale payment system?
Maybe it will be best in the world store of value, store of value of new era when keeping/buying gold will be old-fashioned retro lovers thing.

It's definitely looking very good when it comes to what kinds of currencies are going to be used during the Information Era, but I do not believe that "SDRs" are going to be going anywhere anytime soon, to be honest. It's mostly wishful thinking right now and I don't have a ton of confidence that Bitcoin is going to shoot up and take a major position in the global economy anytime soon. Especially considering the market recently.

The SDRs will be the reserve currency of the dying Industrial Age...