Is it possible? - page 2. | Bitcointalksearch.org

EarnOnVictor

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Quote from: bangjoe on December 03, 2024, 08:28:53 AM

The hegemony of the dollar is likely to collapse due to the continued dedollarization by countries that do not benefit, especially those that are already members of the BRICS, this move will narrow the Dollar as a global reserve currency, a bad step to maintain the power of the Dollar is to use militarization to countries that threaten its sovereignty, but there is a possibility that a second step that is one of the options for the US to manage global finance is to go further into the digitalization of the currency

That makes me remember this Tweet:

https://x.com/realDonaldTrump/status/1863009545858998512

I've always been in support of the US holding the world power and the USD to dominate until I read the ugly approach and threat issued by Trump. Although I am not surprised, Trump will always be Trump, but still, it's childish and senseless to publicly display that tyranny to the world. Does it mean that the world should always bow to the US and the USD? C'mon! Making it look like a monopoly of power is just gross and even the nation that did not have the intention of joining BRICS could be forced to due to that. If that happens, let's see how the US will survive without the help of other nations. There is no monopoly of power, what Trump displayed is arrogance.

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Quote from: batang_bitcoin on December 03, 2024, 03:44:40 PM

I have also thought about that and with Trump going in the office on January, this is what he had said through his X account a few days ago. I think that he'd do everything to stop or slow down what BRICS is trying to do. He'd focus on US first and foremost before getting along with the outside concerns of the country.

Quote from: https://x.com/realDonaldTrump/status/1863009545858998512

The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy. They can go find another “sucker!” There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.

Of course as US president he will protect the US dollar as all cost.

But if you have to think about it, BRICS has been trying to bring de-dollarization for years and yet Dollar remain strong as the only money that is still being used around the globe in terms of financial and economics.

So I doubt that they will succeed on their aim, maybe just a few countries outside of BRICS, however, it doesn't make sense at all if they will go against international trade as they will be the one going to suffer. So the only way is to continue using the US dollar, simply as that.

kotajikikox

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Quote from: batang_bitcoin on December 03, 2024, 03:44:40 PM

I have also thought about that and with Trump going in the office on January, this is what he had said through his X account a few days ago. I think that he'd do everything to stop or slow down what BRICS is trying to do. He'd focus on US first and foremost before getting along with the outside concerns of the country.

To be fair, I think that if Trump just focuses on the US dollar it will automatically sort out whatever is happening outside of the country. BRICS’s purpose or goal is to break the dollar but if Trump is able to strengthen the US dollar it can fight against BRICS on its own. That action in itself can fight off any dedollarization rumors going on.

Trump seems to have good plans for their economy and bitcoin being part of it can also be beneficial to crypto enthusiasts outside of US. We might see some significant changes in the US in these next few months in terms of their economic growth.

batang_bitcoin

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I have also thought about that and with Trump going in the office on January, this is what he had said through his X account a few days ago. I think that he'd do everything to stop or slow down what BRICS is trying to do. He'd focus on US first and foremost before getting along with the outside concerns of the country.

Quote from: https://x.com/realDonaldTrump/status/1863009545858998512

The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy. They can go find another “sucker!” There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.

Fortify

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Quote from: bangjoe on December 03, 2024, 08:28:53 AM

The hegemony of the dollar is likely to collapse due to the continued dedollarization by countries that do not benefit, especially those that are already members of the BRICS, this move will narrow the Dollar as a global reserve currency, a bad step to maintain the power of the Dollar is to use militarization to countries that threaten its sovereignty, but there is a possibility that a second step that is one of the options for the US to manage global finance is to go further into the digitalization of the currency, they will definitely build technology companies which sustains the development of an era like crypto currency, therefore it is very likely that they will take a position in the crypto industry for where people keep money and they will still have global financial power by using crypto.
They will do the same by using crypto. IMO

I'm still thinking about this, please share your opinion.

I see you talk shit about the dollar, yet don't really offer a realistic viable alternative. All these nations have no interest in replacing their reserve currency of dollars with cryptocurrency and there are no better options right now. The best you might hope to get it a wider basket of currencies but the dollar will most likely stay as the majority holding for a long time to come. Nobody trusts China enough to choose the Yuan, the Russian ruble is a laughable mess right now, the Euro is a strong contender but is still maturing, Sterling is still only backed by a very small country. There is a transition away from the dollar, that is for sure, but many countries still respect the economic power that the USA is able to wield.

AprilioMP

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BRICS still continues to make various efforts to be able to decide dependence on the dollar known as dedolation in intersional trade matters. But what I think about it takes a long time if there is a strong signal that can occur even though I doubt this can happen considering the effect of the dollar is still strong in for a long period of time. I am not an expert in this field, but my mind is viewing by paying attention to how the people I call a big investor continue to use digital currencies with USD or USDT pairs.

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Quote from: bangjoe on December 03, 2024, 08:28:53 AM

The hegemony of the dollar is likely to collapse due to the continued dedollarization by countries that do not benefit, especially those that are already members of the BRICS, this move will narrow the Dollar as a global reserve currency, a bad step to maintain the power of the Dollar is to use militarization to countries that threaten its sovereignty, but there is a possibility that a second step that is one of the options for the US to manage global finance is to go further into the digitalization of the currency, they will definitely build technology companies which sustains the development of an era like crypto currency, therefore it is very likely that they will take a position in the crypto industry for where people keep money and they will still have global financial power by using crypto.
They will do the same by using crypto. IMO

I'm still thinking about this, please share your opinion.

The de-dollarization is not a sprint but a marathon. The US and it's allies still dominate the global financial system so it will be a gradual process. But some champions of the process which includes the BRICS+ nations are implementing diverse mechanisms which include using local currencies for transborder trade thereby reducing the reliance on the Dollar.

Besides Russia, there are no other top BRICS+ nations that are fighting a war. Maybe it might happen in the future, who knows.

Even if these nations adopt crypto currencies as an alternative it will be centralized. The recent BRICS summit brought about the introduction of central bank digital currency (CBDC) called m-Bridge. For now these nations should focus on devising means of avoiding using the dollars for cross-border bank claims and also adopt other assets or currency as reserves.

STT

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Its highly unlikely near term but yet it seems inevitable long term. Reasoning being not by any opposition but the Dollar itself will self defeat and end its own stability by lack of good governance.

Just for reference on the long term detractors of the Dollar, you can look up the speeches of Charles de Gaulle the WW2 general who ruled France for some time fifty years back. His opposition was great to the over spending of the 1960's administrations even while USA was on the gold standard.

Why does this matter, well history always matters and France retained gold not dollars for their trade balance at that time. To this day if you look up French gold reserves they are very impressive compared to most European countries and its for this historical reference of long term doubt to the dollar strength.

Dollar declined massively in the last half century so the old general was quite correct but will it fall I'd guess not.

avikz

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Quote from: l99l on December 03, 2024, 10:56:31 AM

Could President Trump's 100% customs duty regulations be preparing a bad end for the Dollar? The Dollar no longer has the hegemony it had 20-30 years ago.
Wrong policies may reduce its usage even more, but if that happens, the Dollar is so strong that its usage will continue in many countries.
Also, each country has its own, they are working on CBDC, which is another thing.

Very much possible! If trump starts to implement 100% duty on the BRICS countries, it might do more harm to the US economy than benefits. Also Trump is threatening to use Military power. If that happens, 3rd world war will get escalated to a nuke war. I am sure Trump is mature enough to understand that. De-dollarization will eventually happen by the big economies but it's not an overnight thing. It will take time and progress gradually. Some small countries will definitely continue using Dollars. But when it comes to big economies, trump will have to face a lot of challenge if he wants to maintain the dominance of USD in global trade. The situation is not same as it was 20-30 years ago. Ego and ignorance might destroy many things.

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- Jay -

Quote from: bangjoe on December 03, 2024, 08:28:53 AM

...but there is a possibility that a second step that is one of the options for the US to manage global finance is to go further into the digitalization of the currency...

The dollar is already digital, all currencies are with how far advanced technology is. Digitization does not only involve blockchains, there are different platforms by which currencies operate digitally, what you will be looking for is the absence of a central authority which the US government will not introduce. If there is to be a cryptocurrency battle among countries it will be to control major share of the existing currencies and hashrate rather than building their CBDC.

Donald Trump has taken a loud position as regards BRICS, let's see their response.

- Jay -

l99l

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Could President Trump's 100% customs duty regulations be preparing a bad end for the Dollar? The Dollar no longer has the hegemony it had 20-30 years ago.
Wrong policies may reduce its usage even more, but if that happens, the Dollar is so strong that its usage will continue in many countries.
Also, each country has its own, they are working on CBDC, which is another thing.

mindrust

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Unless there is a better replacement, the dollar will not go down imo. BRICS is trying something but I am not sure if they'll succeed. EURO is also not a valid replacement imo. It looks like we are forever stuck with dollar. It is getting weaker day by day but it is far from dying too. Maybe some gold backed crypto will end the dollar. If a country comes up with a currency like that, it will have a chance but I don't see that happening yet. Maybe BRICS will do that. If not, it will be just another paper money which will die eventually.

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Quote from: bangjoe on December 03, 2024, 08:28:53 AM

The hegemony of the dollar is likely to collapse due to the continued dedollarization by countries that do not benefit, especially those that are already members of the BRICS, this move will narrow the Dollar as a global reserve currency, a bad step to maintain the power of the Dollar is to use militarization to countries that threaten its sovereignty, but there is a possibility that a second step that is one of the options for the US to manage global finance is to go further into the digitalization of the currency, they will definitely build technology companies which sustains the development of an era like crypto currency, therefore it is very likely that they will take a position in the crypto industry for where people keep money and they will still have global financial power by using crypto.
They will do the same by using crypto. IMO

I'm still thinking about this, please share your opinion.

Otherwise, why would the US openly advertise its intention to become the world's bitcoin capital? The US doesn't want to lose its leading position in the world economy and therefore wants to seriously engage in the topic of cryptocurrencies. The dollar is losing its position, but this doesn't mean that it will collapse tomorrow. This process can drag on for decades. And by that time, the US will have bought a bunch of bitcoins for printed papers, which will be used as a reserve to provide value to something similar to the dollar, but in the form of cryptocurrencies. Probably, this will be the CBDC version of the dollar.

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I don't believe in the use of military against country against the dollar reign and with the present government I hope that won't be an option.
I believe that the De-dollarization should have a deeper meaning that just trying to attack the US as the world power. The dollar is still the basis of valuation and many countries still recognises that even in Crypto-currency we see stable coins pegged to the US dollars.

Quote

The hegemony of the dollar is likely to collapse due to the continued dedollarization by countries that do not benefit, especially

All I see here is greed and power struggle countries forming union just to seek for their own interests doesn't sit well with me and most likely leads to unnecessary war. And even if the dollar is replaced then why should others not form allegiance to seek to replace it if they don't benefit then that trend goes on and on.

I don't believe the dollar won't keep holding its strength, we have seen it decline along the year but it's best the transition be organic and not born of greed or hate towards any country.

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If BRICS or the world can succeed in de-dollarization, then the US using cryptocurrency or creating its own CBDC will not change anything. If the world could stop relying on the USD, it would do so with anything the US created or dominates. So I think they will continue to focus on protecting the USD rather than looking for alternatives as you might think. But it is certain that they will dominate the crypto industry because of the huge benefits that cryptocurrencies bring.

While I support the de-dollarization of BRICS, I don't think it will be easy, especially now that Trump has been elected. BRICS plans may have to be postponed or stalled until Trump leaves the White House again.

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As being possible, it is, although I see it as unlikely. We have been hearing that story for a long time now and although the dollar has less relative power than 30 years ago, I believe that de-dollarization, if it comes, will take a long time. The latest on this is that Trump is threatening 100% tariffs:

Trump threatens 100% tariffs on BRICS nations over effort to replace dollar

Jawhead999

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CBDCs? other countries also trying to built their own CBDCs.

De-dollarization has been talked since few years ago after China GDP rise really high, but as we can see The US GDP is still higher than China GDP. Even BRICSQ+ exist, I doubt it will overtake USD, most countries still depend on The US, that's why The US election is the most popular than other countries.

bangjoe

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The hegemony of the dollar is likely to collapse due to the continued dedollarization by countries that do not benefit, especially those that are already members of the BRICS, this move will narrow the Dollar as a global reserve currency, a bad step to maintain the power of the Dollar is to use militarization to countries that threaten its sovereignty, but there is a possibility that a second step that is one of the options for the US to manage global finance is to go further into the digitalization of the currency, they will definitely build technology companies which sustains the development of an era like crypto currency, therefore it is very likely that they will take a position in the crypto industry for where people keep money and they will still have global financial power by using crypto.
They will do the same by using crypto. IMO

I'm still thinking about this, please share your opinion.

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