Topic: If we can see a country with 'Bitocin standard' monetary system (Read 852 times)

Guys, Kenya is doing this right now !!!

While we know the fiat system is unsustainable I do not want governments to begin to hoard bitcoin to back their currencies, this will create the same scenario that we have with gold in which governments can buy all the bitcoin they want since they have the printing machine, it is better that bitcoin remains an independent system otherwise the government will just make the same mistakes all over again and we will have to support another cryptocurrency when that happens.

The authorities don't want their control to disappear, so they still consider paper money to be the most relevant payment lat, and nothing seems to be done other than waiting for the government's decision to announce good news to us, so that mass adoption occurs.

The country of the monetary system, led by Bitcoin, it can only be in virtual space. And if you create a separate city on the blockchain.

I think this is really the issue, when I first find out about bitcoin I immediately fell in love with the coin because I understood immediately that satoshi not only created a payment system but that he understood the economy in the very same way that I do, so I immediately adopted bitcoin but most people do not really understand that an economy that is based on fiat currencies cannot last and at some point it has to fail but for some reason they are unable to understand that reality.

We can't really implement the idea of a great monetary system with bitcoin, though it has a huge market capitalization and has already proven effective, but it's efficiency to support the needs of the whole society just like what the fiats does is hard based on the characteristics it has. But if there would be a country that standardized bitcoin to their monetary system, I don't think that country could ever be a third world country. We need allot of money to fund transaction fees regarding the implementation of this idea.

as we feel now, the combination between fiat and bitcoin in my opinion plays its respective role. with bitcoin we can make a profit so that when converted to fiat, we can use it freely to buy what we need. bitcoin gives us the opportunity to progress, without having to look at education, age, etc.

We're making Bitcoin a big deal. I don't think we can solve everything with bitcoin. Bitcoin is just the beginning. There are frauds and frauds in the Bitcoin market. Now what do you need to do. We need to take bitcoin and decentralized structures as examples.

It sounds utopian, but I agree with that.
But I don't think that the authorities themselves will decide to do this, because they are subordinate to the modern financial system too.
We need to start with ourselves, not to use this destructive system.

I always favor the combined usage of crypto currencies especially bitcoin with fiat. People shall have open choice of whatever they want to use. Government can keep fiat for export and import with countries who are not accepting bitcoin but those who are using bitcoin, such countries will not have issues in accepting bitcoin as a payment mode. Sooner or later we will see bitcoin used in trading internationally.

One thing you have avoided that the most important thing that is decentralization, Ultill Bitcoin would get centralized no country or central bank would count upon it, I think this is the main difference between Bitcoin and another coin, Every central bank and government want to control over the monetary system and the currency, so in terms of mass adoption, it would face a lot of barriers, not only that but also Bitcoin will get accepted around the world because of the price volatility, here is also the main point is decentralization. so things should be changed.

And it will also be very difficult to establish a system of import and export for such a country, because if Bitcoin becomes the single currency of the country, and all transactions and prices for goods are in Bitcoin, then how to buy goods from outside? After all, then you will have to verify the value of Bitcoin relative to its market value, which in turn will make the country dependent on its volatility, if vital things are imported.

From time to time, what I've figured out is that, what people especially citizens from a third world country lacking that is considerably the root why they aren't having a financial stability is their lack of knowledge and awareness to technological innovations. Most of the time, they mind is close when we are explaining how good bitcoin is, mainly I can consider it as a low level financial literacy.

Because believe me or not, I do really think that only financially literate individual could really manage to utilize bitcoin in productive ways why? because we need to understand how risky it is to serve us our currency because of volatility, and we need more time and effort to figure out altcoins.

Of course it was most prosper time period of human history if America was not economically used while the rest of the world was for millennium.   My question is where you got this data?  I thought prices did not change much. But you are saying prices decline? Do you have any link or how you know this?

Fiat has undoubtedly been there for centuries and crypto is a latest trend in the market. Fiat is used all over the world because it is easy to understand and operate because it does not need any internet etc. whereas to understand crypto currencies, you need to be literate and understand the laws of technology. Crypto currencies will in future be priority when whole world is aware of them.

It is funny that most of the people don't want to admit the power of fiat and that it won't go away in just a moment.
And 10 years that cryptocurrencies exist are like a moment compared to history of fiat money.
Anyway, I believe that most of the countries already has that part in their govs that seeks and systematize info about crypto.

While they do not have any way in which they can take control of a decentralized currency like bitcoin, they could do the same that they did to gold, slowly they could begin to buy bitcoin and since people still think in the price of bitcoin against fiat they could print all the money that they want in order to get bitcoin, then once their currencies fail they could back them with bitcoin and after some time they could leave this new bitcoin standard and introduce their fiat again because now they will be one of the biggest holders of bitcoin around the world.

I believe that a lot of countries are looking into that, but not in the way that you think. They are not going to eliminate fiat, they are just going to create cryptocurrencies as a part of the system. That way people will be able to convert their money (fiat) to their cryptocurrency, take for example: we have USD and there is USD Cryptocurrency, users can be able to convert the USD to USD-Crypto and then store is as an asset? And they can use it for a quick transaction to anyone around the world just like they would with Bitcoin.

I am saying this because I read about the JPM coin and I believe that it's going to be like that. China is creating their own cryptocurrency and they didn't say that they will be wiping fiat off the paper.

I agree, instead of monetary system why not just a universal digital currency? Bitcoin to be centralized would just ruin everything from it and small investor will be at silly situation. Any country doesn't need bitcoin, but every people should have bitcoin. We must watch the countries that already engage with bitcoin adoption in many cases like banking so we can learn from it or prevent it to happen.

The things you saying are contradictory with each other. First problem, stablecoins are not capped. It doesn't make much sense to limit the production of stablecoin. In order to measure the increase/decrease in the value of any commodity, you need a variable which changes with the value. Currently fiat money serves that purpose. Suppose, the price of 1 kg onion is $5. Now due to decrease in supply, owning onion has become difficult so price will rise, say to $10. Similarly, the value of all commodities change and such change can be exponential. If the variable i.e. fiat money is limited then you won't be able to measure the increase in value after a certain point which is not right for the economy.

Second problem, the problem of growth. Why do you think price of an item increases? Or salary of an individual increases every year? The underlying problem is the problem of growth. No one wants to remain at same point for all his life. Everyone wants to grow. If you have $100 today, you want to have $150 tomorrow and may be $200 a day later and so on. The concept of growth has given the birth to the concept of inflation and so on. Now if we limit the production of money like you saying, $1 trillion in US Economy. It may sound great solution for now but what about 100 years later? How will US measure its GDP growth once economy will touch $1 trillion mark? You always need an infinite variable.

I think that we will have to come to terms with what the state is doing and will continue to print their money, just like dollars from the air.  History has already shown that using gold and silver in everyday life is fraught with so many problems.  Of course, cryptocurrency solves a lot of problems, but we must understand that not everyone on the planet can use cryptocurrency as a means of payment.  As for Bitcoin, the actual use of it all over the world is already losing its relevance, since each country can afford to create its own national cryptocurrency, with a limited number and with better technical characteristics than Bitcoin.  but it is likely that Bitcoin could become an international cryptocurrency.

In order to cope with these challenges I feel that crypto currencies shall always remain decentralized rather than being governed by any government body. There is no doubt that corrupt people are everywhere no matter how strict the policies or rules are, those in power always find ways to exploit poor. Bitcoin shall be legalized but people shall never accept centralized digital currency.

This is not about having bitcoin as a reserve, this is not about using bitcoin as a national currency neither. This is about having a national fiat that is backed by bitcoin which is very important for nations to have, not just bitcoin but something to back. Otherwise you will become like USA that prints money out of thin air and has no backing aside from the power of USA government and that's it.

One day if USA becomes not so powerful (which looks like may happen sooner than later) people may reject accepting dollars and will start taking euro or yuan or whatever is strong at that moment and that will destroy the american economy beyond saving. In order to stop stuff like that from happening countries should have something backing their fiat, it could be bitcoin, gold, silver, oil or whatever they want.

I am not sure if a country will have some sort of bitcoin standart but I am pretty sure we are moving to a level where countries will have their own stablecoins which then could potentially have some sort of limitation just like bitcoin having 21 million max cap, those nations with max cap stablecoins could potentially back their money with that stablecoin and that would mean there would be some sort of gold standard type of deal where it is limited and depends on how much people value it.

If USA one day came out and said they will print out 1 trillion dollar worth of stablecoin and that it will never be printed more than that, people would buy it and hope that it would go up in value, sounds like it could "kinda" work. There would be ton of details but certainly better than current "backed by nothing" system.

Low brokerage fees. There are many systems that make money from money. Bitcoin can set up an alternative scheme. However, there are many forgeries made using bitcoin. They need to be blocked. Bitcoin is preparing a new future.

Bitcoin not standard system with faster payment transaction when country want adopt and accepted bitcoin as legal currency payment, some time when many transaction take tow until three hours for sending bitcoin from one wallet to other wallet. This reason why bitcoin not available become currency digital payment and many country not allowed using bitcoin for payment transaction in their country.

This is of the reason why adoption from from government institution is slow. The government did not know how to control a decentralized blockchain for their own used and advantage. But once the government lays the ground for cryptocurrency, its easy for private institutions  to follow suit since it becomes legal.

Indeed. Even with paper cash, some government officials are using their powers and trying to get money from the people. What more if they'll be given a chance to manipulate cryptocurrency. They might take more. Even if other says that they only want the good for the people who wants crypto and Bitcoin to be legalized, behind that smile for sure they're hiding something on their sleeves. Corrupt can't be removed from the government. They'll just take advantage of our money even with cryptocurrency

If bitcoin have been legal as currency payment I think every day many hacker information about stolen bitcoin wallet, no one keep safety their assets in online exchange wallet because very risk where some exchange wallet like Upbit can be hacked how come with our account? But always have way to to protect our account and keep safety for saving a lot of altcoin kinds in wallet address.

The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.

No fake money but lot of hackers would emerge. For a third world country, I think it would be hard to achieve. A third world country is still a developing country. My country is a third world country and I know that my country isn't ready to adopt bitcoin standard. We're being left behind with technological advancement, so it's hard to adjust with this kind of changes, everyone would swap from fiat to bitcoin.

Bitcoin is very good but you got it wrong where you said they will have a really good economy. How did you get to know that? Bitcoin doesn't save the world, it is not magic. The solution to our problems will always be in our hands and not in Bitcoin, because we make the decision for ourselves. Moreover, I don't think that Bitcoin can be a currency, it's not fit to be a country's currency. It is decentralized, and that's the number one thing that disqualified it.

A country's currency is centralized and is controlled by that country and used by them. And another thing is that Bitcoin doesn't have a physical form. Well, I know some people will be against the last point, but you have to know that it's not everyone that makes use of smartphones and computers, there are people who are not interested in all these online payment stuff and all that, they prefer the physical thing they see.

I believe that we will see a stable cycle of bitcoin value(price) in the near future.

I wonder how people would react to bitcoin monetary system.
Imagine that your countries main currency can drop for >10% in 10 hours (and it is not a rare case for btc).
So you go shopping and while you choose color of the carpet suddenly you don't have enough money to buy it.
(for instance USD is dropping <2% most of the time according to USD index chart)

Very good imagine, what did you say is a new 'Bretton Woods system', and the new 'USD' in this system will be bitcoin. Nice!

A considerable number of countries have supported bitcoin and gradually the use of it as a currency will increase. It is just a matter of time before bitcoin becomes the standard at international level. We are moving towards an era of digital currencies where all countries will have their own national coins and their worth will be measured with respect to bitcoin. Same as bitcoin leads the market today.

A neutral case, stop print money when value of total monetary system didn't change.

People are always shortsighted

Almost all of money currency in the country will have inflation value although cash money of USD, how ever most developed countries like United State their cash money keep lower price after several years later, but many people do not trust with how lower increase of USD after several years later and keep use USD as currency payment and investment assets.

Premise is this country need to use at least one standard, goverment is tricky , they won't let people decide.

Petro failed because people see it as shady, not to mention the regime creating it and the reason. I don't think a government would peg their digital fiat to bitcoin, if that's the case they'd should just use bitcoin, which they won't. They'll just make their own and let it float like the system now.

I'd say let them. Let them back it with whatever they want (or nothing at all) and let the market decide if people find it valuable.

According to the history, gold was using to exchange, and then we saw 'gold standard' . The evolution of history always in an orderly way and step by step.

Let's see.

 

We are talking about future but not now.However the volatility of bitcoin is low in sometimes, we saw less then 3% volatility of bitcoin price in a part time of October. I believe in the near future , bitcoin price will up to a relatively stable price and it is enough to be a standard subject.

The limited supply of bitcoin will not limite supply of money.

You gave us a good imagine, thank you! But again ,we are talking about 'bitcoin standard' not using bitcoin as monetary.

its possible . there are news on the past which claim's to be that bitcoin is like thier daily currency because they use btc more than they use thier own fiat currency  . that happens because they were having a problem financialy or they simply have a problem with thier own currency so they look for alternative's  .

its been a perfect time because bitcoin that time was starting to get popular    .  other country was still on a process tho and seems not ready yet for this kind of idea  .

To be honest, it won't happen. A country with a bitcoin standard monetary system is impossible since if they will purely rely or depend on bitcoin in their monetary system then a lot of things will fluctuate especially the prices of the basic goods and services that the people need. It might lead to a chaotic scenario where people are complaining on how unstable the market is.

Indeed,bitcoin limited supply will not prevent it from being used as a standard monetary system but due to limited supply, the price of bitcoin will continue to soar high. The higher the price, the more inefficient the decimal generated because the decimal number is too small and the amount of money in the world will be difficult to define if only with 8 decimal digits.

I disagree with your statement that Bitcoin’s limited supply would hinder being used as standard monetary system. We should recognized the fact that Bitcoin has eight decimals hence even when the price soar high then I think it would accommodate the need of the people. Though in your last statement, I am with you.

I'd like to see this one. However bitcoin supply is finite thus, it won't last at some point in time. Though price is fluctuating but in some point in condition. In addition, bitcoin in by default at exactly every 4 years supply is halving which on the other hand has a direct effect in the economy. Bitcoin can act as money but fiats cannot act as crypto.

Fiat will never stop being here. It will be there even if bitcoin or crypto is accepted into payment systems wide and beyond. Fiat is the biggest mode of transaction even today and there are people who are not willing to accept crypto because of ignorance of what actually controls it, its bad reputation smeared by yellow journalism and so on. Older people are very less likely to accept it too but they will die out soon (
However the time at which fiat and crypto usage reaches an equilibrium is far from now. Currently we should focus more on adoption and acceptance of bitcoin in different marketplaces.

American have dominance economic from other countries and make their money value have higher price, maybe when their country not have many power full make their money value will be down, but if many countries want to use bitcoin I think USD of american money left the name and many people or companies want to accept bitcoin as currency payment.

Yes, i always talking about 'the third world country' to using 'bitcoin stantdard' , please read my words again.
We don't need to worry about the maxmium supply of bitcoin, we are lucky because satoshi gave us a decimal point splited bitcoin. More countries come to buy bitcoin will make single bitcoin more valueable.

It's so easy for any country to publish their own cryptocurrency, but we can't say this kind of cryptocurrency are valueable just according to they are tax havens. How about the Petro in Venezuela, people still don't like it, and we can't see any value from this cryptocurrency. A new fiat using 'bitcoin standard' may can make a stable economy system, and we don't want to invest in any kind of fiat, we just want to hold or use it, that's why we don't need a new cryptocurrency.

You said it yourself, they don't have influence. That they have their own crypto don't mean that they won't accept the standard. Marshall Islands for example has stated that they'd be using both their new currency and the dollar. The motivation for coming up with a crypto is mostly economic. It benefit from increased activity due faster and cheaper transaction and it also doesn't hurt to have multiple ways of receiving funding.

Like I said, these small island countries pretty much don't have industries. They can try to be tax havens but that still leaves them vulnerable. I can imagine these countries each coming up with their own crypto sovereign and enticing foreigners to "invest" in them.

Because you made a point trying to argue about the same point being wrong.

First, 622 000 is closer to 600k rather than 700k

Second, what's the point of mentioning Montenegro is using the euro as an argument about them not being able to switch to cryptos?
Why would Sweden be more advance in digitalization forever and not a small country in which internet coverage can easily achieve 100% and distances are shorter, remote villages are fewer if any (since you mentioned Vatican, lol).

Montenegro main trading partner is Serbia, a switch won't affect anything as conversion rates are already in place, for Denmark a switch to another currency that is not pegged to the euro would mean a headache no amounts of danish would cure but on the opposite side would be Iceland who has its own currency but trades a lot less in euros and is more advanced already in digital payments.

Oh, and btw...
I'm not sure our fellow montenegrin users will be happy with this one  

Yes, you are right. Bad people are every where! But using 'bitcoin standard' are limited to do bad things, we need progress but not a big change

You've got it out of the context of at least what I meant.

Montenegro, for example, is quite big, compared to the rest. Close to 700K, young and old. The national currency is Euro. In such a country you can't change fiat with any crypto just because you can't teach everybody to be tech-savvy. Mountain regions are like 17th-century villages (and that's perfect for relaxing).

Being optimistic towards btc isnt really that bad but you do talk about implementing a system which wont really fit out nor would happen in reality.Yes, its capable on some sort of aspects
but it wont really be applicable if we do talk about to those countries which do have big economies.As long government do exist then theres nothing you can do if they would tend to
print more money.Come to think first on overall supply of btc alone, you can already presume that making this as a standard monetary system wont fit out.

Uuhm, I don't think you're right. I like Bitcoin, and I have always thought the same until I realized that Bitcoin is not meant for that purpose. If countries should switch to making use of cryptocurrency I don't think it's going to magically make our economy better, make everyone rich and turn every country into paradise on earth.

As long as we continue with our evil ways and politicians remains the criminals they are, then nothing is changing, we are still going to continue to face the same problems we are facing these days. Is in our hands to decide whether things get better or not, Bitcoin is not a magical spell or whatsoever you think it is that's going to bring solutions to our problems. No matter what you do, there will always be those that don't want things to get better, they are the ones we need to tackle.

You realize you're not contradicting her but rather helping her point
Andorra (76.965) , Monaco (38.695) , Montenegro (622.359) , San Marino (33.400) , Vatican (1000)
All of them combined have lee people than one major city like Valencia?

And the territories....common
Akrotiri and Dhekelia is a military base with zero population, French Southern and Antarctic Lands has zero population, Saint Bathelemy has 9000,
Saint Martin has barely 40 000 and Saint Pierre and Miquelon barely 6000.

A single building in France has more than 10% of that.

No, you would have fared been far better by mentioning the currencies that are pegged to the euro through the ERM mechanism like Denmark.
Bulgaria also, not part of the ERM still has it's currency pegged to the euro.


Also, as a PS
I don't know how it sounds in other languages but for me "Bitocin" sounds like a cartoon name, funny as hell.
Probably something like Topolino in Italian.

Not necessarily. More money going around is better for the economy; businesses thrive, employees thrive, etc etc.


In the short term, yes, but if people know that their money multiplies by just sitting there, and all the while goods are constantly lowering in price, they'll only purchase the absolute minimum they could live with. This will choke out businesses at some point, halting economic activity. Here's a more detailed write up.

We could also take Bitcoin as an example, where people would rather hold than spend because they're incentivized to do so .


All I can really say about that is that the Great Depression didn't correct itself; it was corrected by spurring spending. Don't get me wrong, I would like regulation to be kept to a minimum. I just don't think a deflationary currency is the answer, and neither does Hayek himself:

Besides these positive points, it is certainly not a stable and peaceful country. why? because no country wants to hold or trade currencies that are always highly volatile and manipulative. That is also the reason why many governments hate crypto in general and bitcoin in particular. they are afraid, they are afraid that people will detect this "decentralization" and then carry out money laundering or manipulating operations that the government cannot control. For the financial world, it's one of the worst things no country wants.

Let us back to the subject, the fiat is controlled by goverment , and goverment can issue more and more new money, that's really disaster for people. We don't need a new currency to be used in any countries, all we need is a 'new standard'.

The countries without influence shouldn't make their own cryptocurrencies, the other country won't accpet these. They can try 'new standard' way, that will be more easier!

It is very very hard to happen for big economies like China, Russia or US! Because bitcoin is simply not capable of scaling up to accommodate the growing need of trillions of transactions! However, it may be possible for small economies like Malta, Marshall Island, Tuvalu, Kiribati etc. They have small population and even smaller economy. So bitcoin will be able to standardize their economies and work as a reserve currency for them!

But countries with billion and near billion population, can't even think of cryptos as standard! It will be disaster for them!

Yes, these small countries with practically no industry save for some tourism and fishing would be the first to go if the dollar collapses. Wasn't it Marshall Islands that was attempting to create its own cryptocurrency? If that was successful and the dollar plunges, it might provide a template for all these smaller island states to follow.

History will prove to us



Keep going!

We need a standard for now, not for the future when we die.We don't need to worry about more people join in the bitcoin system, the maxmium supply will never change. And as more miner join in , we will see the more strong and stable  bitcoin system, that's perfect!

When some countries fiat become digital currency, it will circulating all over the world , what will be their value based? I would like to see some digital fiat doing a 'Bitcoin standard', then the other countries people will keep this 'fiat' , with no anxiety

It's true. China's Hongkong doing 'USD standard' too.But it doesn't matter. A new monetary system need a new standard, the 'third world country' won't doing 'USD standard', 'gold standard' or 'xxx standard' is a good choice.

Yes, monetary system is a tool for big country controlling the other countries. We are talking about the 'third world country' , they need a chance to escape the controlling from big country.

Lets refrain from dreaming about it, government’s won’t allow easily for Bitcoin to become a standard monetary norm. Creating their own cryptocurrency is more feasible where they have full control over their monetary system which they cannot do on Bitcoin.

No one will seriously entertain Bitcoin standard until Bitcoin stops being so volatile. But even then, the world just doesn't want to go back to hard currencies, for example the ideas of gold-backed national currencies moved to the fringe of modern economics, so even with stable Bitcoin there probably won't be Bitcoin standard. There might be non-government issued currencies that are backed by Bitcoin, kinda like that Ethereum token or some centralized payment systems.

A lot of countries and territories are using Dollar or Euro as a national currency.

Example with the Euro. Countries currently using the euro: (https://www.thoughtco.com/what-countries-use-the-euro-1435138)

Andorra (not an EU member)
Monaco (not in the EU)
Montenegro (not in the EU)
San Marino (not in the EU)
Vatican City (not in the EU)

Territories that use the euro:

Akrotiri and Dhekelia (British territory)
French Southern and Antarctic Lands
Saint Bathelemy (overseas collectivity of France)
Saint Martin (overseas collectivity of France)
Saint Pierre and Miquelon (overseas collectivity of France)

But this is possible only with fiat currencies. You can't force a whole nation or rise a whole nation to the tech level required for mass crypto adoption.

IMO cryptos will remain as a niche currencies for at least few more years.

We with our hard work are the only one escape of the problems we caused cause this is the world/nature we changed. We can significantly improve economical situation of every living human but will that happen? No cause we have selfish billionaires, lazy people... We have wars between us for no reason or for the sake of 1-2 person who just get pleasure from it and soldiers kill each other to show them show.
But in this situation bitcoin can be a solution cause they won't be able to fake something that's with fixed value like bitcoin. We don't even need local currencies, one global will be great but trading is a huge business in some countries.

Obviously, I would love to see such a country.
I also wish our prime minister would be Satoshi, lol.
Now maybe there is no country like where 'Bitcoin standard' monetary system, but China and many other countries have started to issue their own cryptocurrencies and I think that this trend will accelerate.

To use something as "standard." It should be perceived to have a high and stable value. Gold historically can be used for this purpose, but who knows in the future people might be able to synthesize gold from cheaper materials or people find a new material that can better replace the gold --just for thought experiment by the way.

Back to the topic, In order to use Bitcoin as "standard," the majority of people should perceive Bitcoin as something extraordinary and valuable. It's a tough job for us to convince the masses, with all these forked shitcoins, scams, and manipulations. Maybe (just maybe) after more "testing" in the real world dynamics, if Bitcoin can stay healthy for several more decades, it will get easier to market Bitcoin. Then it naturally becomes standard.

I could see it happen but only with a small or third world country.  It’s also possible that a country would use an altcoins that has features that are more conducive for this purpose such as one with low transaction fees.

Gold standard was a bit different compared to anything technological, gold standard is based on gold and that is a natural resource that exists in the world without human connection, even if there were no humans on earth tomorrow, there will be gold, we don't create the gold.

Yet bitcoin is created by humans, we call them miners just like the gold miners but in reality they are not mining anything themselves, they do have mining equipment like asic or fpga or whatever which mines it automatically even while they sleep instead of them actually using a pickaxe or whatever.

So, if a country moves to a "bitcoin standard" and what not it would actually be a bit confusing because there would be corporations mining it out and making the standard go down eventually.

Yes, sir. You have a clear understanding of things, what did you say is nice. No goverment will survice in the end, but 'Bitcoin standard‘ is the thing need to do at this time. We don't believe in goverment , but we believe in bitcoin and we know 'the code is law'. No worry about the lie, i believe that the world will have the final answer in the disordered evolution

We don't need to worry about the 'fork chain' , there is only one real bitcoin, all other fork chain  will go to recession , and we can see only one chain to be the 'Final winner' and it is the real bitcoin . If someone want to do something different with bitcoin want to do , he will lose

The fact is consumption makeing economic growth is a paradox.The lower price will make more consumption.If you believe in Bitcoin you should know what did Hayek said but not traditional economy knowledge.Our world is full of goverment's lie now

Today some countries accept the use of bitcoin because they think it helps a lot to improve the transaction and lessen the paper money or the real money. Those are the reasons why people commit crimes because of the greed of too much wealth commonly for cash. Even you have online money. Still, some people are knowledgable in hacking that may steal your data.

Accepting bitcoin and another cryptocurrency may help a lot to have a faster process. It also affects the market price on the crypto because if the coins are demand in different countries. The price may grow up and avoid deflation in the market.

If its only advantage over the gold standard is greater transparency and resistance to counterfeiting, I don't see how it could work; the reasons why gold standard was abolished had nothing to do with these factors after all.

I know deflation sounds good on paper, but the reality is that it discourages spending, which drives prices down, which drives businesses out of business, which causes economic collapse. It's not something you would want out of your national currency, or at least not in this modern economy. If you want to escape inflation, you can easily diversify with assets like Bitcoin; there's no need to base your national currency around them.

If the MoU is final and legally binding, then there will be no more disputes over forking and consensus. geopolitics cannot change the economic policies they have agreed to become regulations.

My mind is more towards multilateral relations, will they still be trusted to work together in every economic relationship? I think it will be similar to Venezuela.

It would work for a small rich tax haven like the Cayman Islands, which currently uses the dollar as their currency (even though they arn't part of the united states).

For these small countries having their own currency is out of the question, and because they are tax havens, they need a SOUND currency. So yes, if the dollar is in trouble, I can see these tax havens switch to bitcoin.

The problem is same which occurred with the bitcoin standard System. There will be a maximum capping on how much currency can be created in one go to boost up a financial system going through recession. Government initiated this fiat only to overcome this shortcomings that they suffer. Moreover, third world countries are developing and in some cases they require large funds of money in the economy as they have higher economic growth rates so this makes it even more important for them to stay on fiat.

But that Bitcoin standard will also include the freedom to fork or to split from the original coin. I guess this will become a bigger problem when it is tied to a government than when it is tied to the like of an independent and ownerless Bitcoin. If a third world country will adopt the Bitcoin standard in its monetary system, I am seeing a very high probability that there will be so many forks and so many forks coming from those forks themselves that will happen. The government is full of disagreement. Partisan politics will make everything murky. The Bitcoin standard is good within Bitcoin itself.

If you rely on a central entity to validate transactions and whatnot, you technically don't really know what chain you are dealing with. You just think/hope that they are being honest, which they most of the times are, but please, you shouldn't take that for granted. It only takes one mistake or purposeful scam on their end that will cost you a lot of money.

Only when you run a full node you can be sure to seperate fake from real, which is why I find it so important that people run their own node despite the fact that I know most people will not do that.

In the end, Bitcoin isn't a magical save the world or country pill. If the monetary policies suck, the same corrupt political leaders are in charge, etc the standard they use doesn't really matter because they will screw up eventually anyway. I'm perfectly fine to have Bitcoin be an alternative money similar to Gold. People can adopt Bitcoin right now already. No need to wait for any government to introduce a Gold or Bitcoin standard. Screw them.

From the America history we can know that America was a Deflation economic system . At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetary system , and show the Bitcoin savings address, what will happen?

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.


- credible
✔ transparency
✔ No money 'printing'
✔ low-level of prices
x low-interest rate


quote: America was a Deflation economic system in about 150years till 1913, and it was the most fast period of enconomy rising in human history.