Hillary Clinton: Nation states should pay attention to the rise of crypto

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Quote from: Darker45 on November 19, 2021, 10:06:29 AM

Today is the third day of the New Economy Forum and the speakers for today include Hillary Clinton and Tony Blair.

For her part, Clinton made mention of cryptocurrency. She urged that nation states should start paying attention to its rise. I don't know how much the former US presidential candidate and secretary of state knows about cryptocurrency but she is definitely briefed about it.

For better or for worse, she interprets crypto-- perhaps she actually meant Bitcoin more than crypto-- as having the potential for undermining not just other less powerful fiat currencies but also the USD itself as the reserve currency.

This to me is a sign that the old order has now been seriously shaken to the core. And rather than opposing that which seriously disrupts the old system, something which they cannot stop, it might actually serve them better if they just embrace and exploit it.

If the USD is now being threatened and the threat is more or less unstoppable primarily because of its decentralized system, it might be prudent to just welcome the threat and make use of it.

What do you think? Will the USD face its eventual demise as a reserve currency due to its own weaknesses and the threat of other growing competitor currencies? Or could it be revived and even made stronger by the adoption of Bitcoin as a potential reserve currency in the future?

Source:

1. https://www.youtube.com/watch?v=OuNhMuEGk0M

Lots of people seem delusioned to think that Bitcoin is capable of replacing the US dollar. There is potential for a cryptocurrency to do so, don't get be wrong, but it is never going to be Bitcoin. Bitcoin is too limited by the cap of 21 million total available to be mined - a chunk of which have already been lost due to all sorts of mistakes and accidents. That leaves a tiny amount to process the billions worth of transactions which take place each day. The blockchain is quite powerful and can serve excellent ledger purposes, but the current form that Bitcoin uses is very comparatively wasteful energy-wise so it would be bad for the planet if it was even attempted. You say for better or worse - there is such a thing as "no publicity is bad publicity" but let's be clear Hillary and Blair do not endorse anything near the scale you mention.

Argoo

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By itself, this is rather disturbing information and should not be ignored as almost everyone does when discussing this topic here. Hillary Clinton raises the issue of cryptocurrency due to its growing influence in the world. We remember that at one of the last summits of the G20 countries, the role of cryptocurrency was already discussed and then it was decided that cryptocurrency does not pose a threat to global financial stability. If the discussion is repeated and this time the opposite opinion is accepted, then tightening measures against the circulation of cryptocurrency may follow. Such measures have no effect if they are taken by a separate state, but if they are adopted by all the G20 countries, the effect will be much more serious.

DapanasFruit

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You are right with the assessment that the old world order which is continually existing up to now to a large degree is now really noticing the rise of Bitcoin and cryptocurrency...and while some can be afraid of the many possible repercussions it may bring there are also those which see it as a big opportunity for the USA to shine on. I am not sure if the personal stand of Madame Hillary Clinton - who is as old as ice anyway and therefore can be considered as one of the more famous guardians and beneficiary of the current financial system - is on the side of cryptocurrency or if she is the opponent. One of the points we could clearly see is that they are slowly waking up to the fact that eventually cryptocurrency is inevitable.

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Quote from: Gyfts on November 20, 2021, 08:49:07 PM

Quote from: galambo on November 20, 2021, 08:36:36 AM

Quote from: jackg on November 19, 2021, 11:42:58 AM

It might become less profitible for the US government but not being the world reserve currency hasn't done too badly for the other countries that have had the title in the past.

I doubt crypto has the strength to overtake the dollar within a few years for example but there will likely be a solution that rises up that consumers/businesses accept (and we can hope it's not centrally controlled).

IMO government agencies will only go to extent of adoption of centralized cryptocurrency like xrp, bnb etc. For government agencies bitcoin is more dangerous then inflated dollar since decentralized btc gives them zero control over financial matters. Btc is designed to remain decentralized, something not desired by centralised bodies.

Why would they aim for centralized currencies? They could create their own digital banking coins if they wanted a crypto alternative, and that gives them even more control than traditional cash does because they can be involved in every transaction. Most banking is done online anyways, so the entirety of someone's net worth appears on a bank statement in digitalized pixels produced by a private bank. If the government could take the existing principle of digital banking that people are already accustom to and transfer them to a CBDC system, there wouldn't be a need for government to adopt XRP or BNB (or whatever centralized crypto).

I don't think any company in stablecoins at the moment would be trusted by any government to handle their currency either.

Only a few countries produce most of the currencies in the world too, they'd likely not want to lose that monopoly. There probably will be a few cbdcs to spring up but I doubt there will be any way it's made less favourable than storing money in a bank (governments want you to need banks so they can claim to be the reason the economy has grown).

imteaz

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Now all the politician will start talking about crypto, but few years ago they ignored it. I remember once Donald trump said, crypto are too small to worry about it. Now once it's getting bigger, they are worried about it. Good to see that now more people will now know abt crypto.

n0ne

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Quote from: buwaytress on November 21, 2021, 01:12:16 PM

She only means Bitcoin, not crypto, whether she realises it or not. There really is no other crypto that threatens US dollar the way Bitcoin can. Not that that was ever the end game for Bitcoin. The US dollar is under threat, always has been, from every other monetary alternative. Bitcoin just happens to be the one the US government has the least control over, understands the least and, therefore, makes it the most dangerous threat.

They shouldn't pay attention to Bitcoin and view it as an enemy to fight though. Watch it and learn lessons from its successes (and failures) and use the knowledge to fix your own house.

When they don't have control over it, the government consider it a threat. This seems to be the common view of governments. Very few governments understand it in the right way and try to benefit out of it. America being the world leader in terms of economy it has direct/indirect control over every country.

As said, rather than considering it a threat learning the way to succeed is the right thing. The governments have the power to frame laws, but it is the users who find ways to use it bypassing the laws and restrictions. So, her words aren't gonna make any impact over the market.

buwaytress

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She only means Bitcoin, not crypto, whether she realises it or not. There really is no other crypto that threatens US dollar the way Bitcoin can. Not that that was ever the end game for Bitcoin. The US dollar is under threat, always has been, from every other monetary alternative. Bitcoin just happens to be the one the US government has the least control over, understands the least and, therefore, makes it the most dangerous threat.

They shouldn't pay attention to Bitcoin and view it as an enemy to fight though. Watch it and learn lessons from its successes (and failures) and use the knowledge to fix your own house.

drawingthesun

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Funny thing is Bitcoin is more of threat to USD when the USD is handled poorly. For example when the US government prints trillions and trillions more dollars than they can recover in tax revenue, thus inflating the currency.

Basically what Hillary wants is the ability for the Gov to mess around with the US dollar without a viable alternative for their citizens.

Bitcoin changes that landscape, allowing an alternative for when their citizens say enough is enough.

So conversely it’s the government’s mismanagement of the USD that makes Bitcoin attractive and gives it more power. Hell Satoshi likely built Bitcoin as response to runaway USD inflation and printing by central banks. Satoshi spoke about that around the inception of Bitcoin and made a great point about the inflation control built into Bitcoin at its core. Not just core code but core philosophy.

Bitcoin would have less power, less reason to exist if fiat currencies like the USD were managed in the best interest of the population and not in the best interest of government power and banks power.

Hillary intelligently deflects by saying Bitcoin is the issue.

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Quote from: diahsw on November 20, 2021, 09:52:51 PM

I think it's a threat for USD to last until the end, it's not easy for them to defend it, because behind it all, people have started paying attention to cryptocurrencies. But I also feel that USD and cryptocurrencies will fight for their strength, even they are equally strong and can be expected ..!!

Im not really seeing that way on which they've been too alarmed about that possibility because it cant really be that possible that fiat would be wiped out easily because community does have much trust
on whats the purpose of having government on the first place.

Of course it would really be just normal for them to have that reaction because they dont like that is something opposing centralization thats why they are trying to crack up and
trying to regulate everything.

Its normal that there would be such reactions but i dont believe that they worry about.

diahsw

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I think it's a threat for USD to last until the end, it's not easy for them to defend it, because behind it all, people have started paying attention to cryptocurrencies. But I also feel that USD and cryptocurrencies will fight for their strength, even they are equally strong and can be expected ..!!

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Quote from: galambo on November 20, 2021, 08:36:36 AM

Quote from: jackg on November 19, 2021, 11:42:58 AM

It might become less profitible for the US government but not being the world reserve currency hasn't done too badly for the other countries that have had the title in the past.

I doubt crypto has the strength to overtake the dollar within a few years for example but there will likely be a solution that rises up that consumers/businesses accept (and we can hope it's not centrally controlled).

IMO government agencies will only go to extent of adoption of centralized cryptocurrency like xrp, bnb etc. For government agencies bitcoin is more dangerous then inflated dollar since decentralized btc gives them zero control over financial matters. Btc is designed to remain decentralized, something not desired by centralised bodies.

Looks like they are in trouble now and they're looking for something to put all the blame and sadly out of multiple choices, they chose bitcoin to blame on the inflation of USD. I don't know but more likely USD is sinking and we might be facing an economic disaster once again. they should have gladly accepted bitcoin rather than blaming it. It won't change the fact that it would save them from their upcoming economic crisis. This nation hasn't been honest to themselves and always play as a victim when they were the one who ruins their country and other countries as well.

Wawa2013

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Quote from: Slow death on November 20, 2021, 03:53:55 PM

Bitcoin has been around for years and only today she is seeing this supposed danger that I honestly don't see, that's because USD will always be used no matter how many years pass people will always be forced to use USD, people's wages are paid by USD in USA so i don't see that change one day. That's why I say that USD already has its place and bitcoin also has its place, none of them will replace the other

I am also quite confused by Hillary Clinton's statement, why she is only worried about Bitcoin now. Maybe she not paid attention to
the development of Bitcoin so far, after all as long as Bitcoin was created until now there is no indication that it will harm fiat.
Because from the beginning Bitcoin was created not to replace fiat, but only as an alternative payment. As you said both Bitcoin and fiat
have their place, they will co-exist and complement each other. Bitcoin can grow rapidly like this, because Bitcoin can indeed provide
an income solution in a pandemic situation like now to everyone. So Bitcoin will never replace fiat, so there is no need to worry about
the presence of Bitcoin.

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Quote from: galambo on November 20, 2021, 08:36:36 AM

Quote from: jackg on November 19, 2021, 11:42:58 AM

It might become less profitible for the US government but not being the world reserve currency hasn't done too badly for the other countries that have had the title in the past.

I doubt crypto has the strength to overtake the dollar within a few years for example but there will likely be a solution that rises up that consumers/businesses accept (and we can hope it's not centrally controlled).

IMO government agencies will only go to extent of adoption of centralized cryptocurrency like xrp, bnb etc. For government agencies bitcoin is more dangerous then inflated dollar since decentralized btc gives them zero control over financial matters. Btc is designed to remain decentralized, something not desired by centralised bodies.

Why would they aim for centralized currencies? They could create their own digital banking coins if they wanted a crypto alternative, and that gives them even more control than traditional cash does because they can be involved in every transaction. Most banking is done online anyways, so the entirety of someone's net worth appears on a bank statement in digitalized pixels produced by a private bank. If the government could take the existing principle of digital banking that people are already accustom to and transfer them to a CBDC system, there wouldn't be a need for government to adopt XRP or BNB (or whatever centralized crypto).

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Quote from: pooya87 on November 20, 2021, 01:22:06 AM

Quote

serve them better if they just embrace and exploit it.

How would they exploit it?

I'd say by buying it. I mean, lots of it. I'm thinking, if Bitcoin is indeed a serious threat to fiat currencies including the USD and its status as a reserve currency, why should they not then accumulate a lot of Bitcoin? Isn't it logical to do it? In which case, whether the threat will translate into something else or remain to be just a threat, at least the US has already made preparations.

By saying that Bitcoin is an emerging threat and doing nothing about it, or perhaps opposing its rise which is futile as Bitcoin is more or less immortal so to speak, they are courting unnecessary risk.

Quote from: Ziskinberg on November 20, 2021, 08:39:18 AM

If they will adopt, it's just like they admitted that their centralized fiat is defeated by bitcoin. A strong nation would always find a way to show to the world that they are not struggling, so crypto as a reserve is not likely to happen IMO.

I cannot cite any example but I assume there must have been powerful kingdoms in human history that crumbled due to stubbornness.

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Quote from: Slow death on November 20, 2021, 03:53:55 PM

Bitcoin has been around for years and only today she is seeing this supposed danger that I honestly don't see, that's because USD will always be used no matter how many years pass people will always be forced to use USD, people's wages are paid by USD in USA so i don't see that change one day. That's why I say that USD already has its place and bitcoin also has its place, none of them will replace the other

There economy is slowly collapsing and the existence of bitcoin is a big threat to them that's why its not surprising for having that statement. But as long as many people will not think the same way as him for sure this cannot affect the stability of bitcoins nowadays. So hopefully they will realize that bitcoin is really a good option and they pay attention on its growth since for sure if they adopt it the huge benefit from its growing economy will go to its adopter.

SquirrelJulietGarden

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They don't understand Bitcoin and their hate against Bitcoin prevents them to spend their time to learn about Bitcoin.

Together, they say stupid statement about Bitcoin and one more thing, they feel their traditional power is in dangerous with the appearance and growth of Bitcoin. Bitcoin has faster growth than the Internet as pointed out by Willy Woo.

Hillary reminds us about JP Morgan with two statements in 2017 and 2021

Willy Woo: https://twitter.com/woonomic/status/1356310219215699968
JP Morgan 2017: https://www.reuters.com/article/legal-us-usa-banks-conference-jpmorgan-idUSKCN1BN2PN
JP Morgan 2021: https://www.reuters.com/business/finance/jpmorgan-give-all-wealth-clients-access-crypto-funds-business-insider-2021-07-22/

Slow death

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Bitcoin has been around for years and only today she is seeing this supposed danger that I honestly don't see, that's because USD will always be used no matter how many years pass people will always be forced to use USD, people's wages are paid by USD in USA so i don't see that change one day. That's why I say that USD already has its place and bitcoin also has its place, none of them will replace the other

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Quote from: Ziskinberg on November 20, 2021, 08:39:18 AM

I like to see that the US will adopt with bitcoin but my mind is saying it will never happen.

If they will adopt, it's just like they admitted that their centralized fiat is defeated by bitcoin. A strong nation would always find a way to show to the world that they are not struggling, so crypto as a reserve is not likely to happen IMO.

US government has a pride indeed but they are also practical government that will take side on which will help their economy meaning at some point this is bitcoin.
Hillary Clinton is a supporter of bitcoin for long now and she stands favoring this .
But the problem is the administration now, if this is favored as well in which i doubt they are.
But anyway this one of the best news ever released these past months .

dupee419

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Clinton had probably seen the growth of other countries through the adoption of Bitcoin and see this as an opportunity for them to start giving Bitcoin more attention in order to remain the powerhouse currency, it's obvious how strong Bitcoin and how it can actually help the economy for USD to be better than before.

pealr12

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It is a wake up call to nation States not to neglect the importance of crypto in today's world and the role it will play in economic sustainability, much time has passed since crypto has been in existence and breaking headlines but the government official's choose to ignore it, Hillary is simply drawing their attention to the inevitable.

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