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yudi09

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Quote from: Mame89 on December 06, 2024, 01:56:49 PM

Quote from: yudi09 on December 05, 2024, 02:32:23 AM

Many crypto traders and investors are using USD as their buying and selling pair for crypto, which will make BRICS' efforts to successfully dedollarize even more difficult, especially now that Trump's impact is very positive for the price movements of Bitcoin and other crypto coins.

Yes, that's right. Since Trump won the US election, it seems that BRICS' efforts to dedollarize the USD will be increasingly difficult because Trump is very supportive of crypto technology. And although it is impossible, it does not mean it is impossible as the OP said, it could happen someday. Just look at Trump's steps now to make bitcoin a state reserve asset, this proves that Trump is serious about supporting bitcoin.

I don't want to say that what the OP said is impossible, but my view of BRISC is like a discussion to heat up the market.
Trump has shown people to handle the crypto and artificial technology section. Regarding Trump's seriousness in supporting Bitcoin, for now yes. But for a minimum period of time while he leads America, that's not necessarily true. It could be that within two years his commitment will change.
Above, someone has said that Trump has begun to make serious threats to BRICS to stop the Dollar.

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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.

Anything fiat currencies can not be trusted at the moment, whether it be the dollar, pound, euro, whatever, I really can not place any form of trust in them, some financial advisors who are into cryptocurrency have adviced people to shift/move their money from us dollar to bitcoin, because a time is coming when the dollar will collapse, and only those who hold their money in bitcoin will survive the crash.

I don't have deep knowledge when it comes to things that have to do with the fiat currency system of the world, so, it's not possible for me to emphasize more on this matter, but then, what I have to say and advise us is that, only keep money you are willing or going to spend immediately in fiat, like myself, I only keep in naira, money I am going to spend either immediately or in a couple of hours of very few days, for if for example, the dollar is to collapse, creating a digital dollar won't help because it will definitely have do be 1:1 ratio with the supply of paper dollar, else, one could gain more value than the other.

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Quote from: AprilioMP on December 06, 2024, 11:57:34 AM

Trump demanded a commitment from the BRICS countries not to create a new currency to replace the dollar. Trump said this on his twitter account a day ago.
https://x.com/realDonaldTrump/status/1863009545858998512

If I read the entire contents of Trump's tweet, I think their issues and plans to break dependence on the Dollar in world trade seem helpless or just plans that have no sign of success because until now the might of the Dollar has not been replaced. If they want to replace the Dollar, in my opinion why don't they have a discourse to use other existing currencies such as the Euro [EUR] or the pound. The Euro and Pound are big currencies while the currency that BRICS wants to create still needs time to be made so that it is as powerful as the Dollar.

The goal of BRICS is not only to reduce dependence on the USD but also to create a multipolar world that is not dependent on the United States or its allies . Meanwhile, Europe is a close ally of the United States , so using the pound or the euro to replace the dollar would not make any difference and is not their goal .

While I support BRICS and the de-dollarization initiative , but I am not optimistic that the bloc will make any progress under Trump. Trump unlike Biden or any other Democratic candidate, he will not easily let the dollar weaken, let alone lose its dominance. I think the BRICS plan will be delayed at least until Trump's term ends .

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Quote from: BALIK on December 04, 2024, 08:12:44 AM

His campaign slogan is “Make America Great Again” and given what he has done in his first term, it is no surprise that he would take a tough stance on BRICS.

Although the BRICS dedollarization process has been relatively slow, significant results have been achieved. But with Trump elected, this is certainly not good news for their de-dollarization process. I think there are two possible scenarios: either the de-dollarization process will be delayed for a while, or a surprise scenario will occur when Trump puts pressure on BRICS, causing the process to be accelerated.

Let's wait and see what happens but I'm leaning towards scenario 1. De-dollarization will be paused for a while under Trump.

Considering his tariff situation will make inflation go insanely high, he is not going to make America great again, he is going to make America broke again. This isn't some assumption, that's literally how economy works, if you can't get cheaper products, and you can't have local alternatives ready, then you are not going to pay the same prices, it will cost you more, and when things cost more, that's called inflation. That's literally what this entire 100% tariff strong arm thing that he is fighting with right now, and if he actually does it, Americans will realize (well republicans) doing that hurts them more than it hurts the other side.

China, Canada, Mexico, they can all find buyers for their stuff one way or another, even illegally if they prefer, or just other places simply, but USA will have a cost increase that will hurt the Americans a lot, so even if those other nations fail and get broke, that will not stop USA getting broke as well, he will just make all these nations go broke together.

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Quote from: yudi09 on December 05, 2024, 02:32:23 AM

The BRICS movement is certainly not new, but they have long held various meetings to discuss how BRICS can break their dependence on the US Dollar but the results are not as expected because the Dollar is still strong in global trade affairs.
The initial intention of BRICS is good, but at first glance it looks like there is even a political charge.

Although this seems politically motivated, it is still good, even without political motives BRICS does not work. The combination of BRICS is very good to balance the power of America which controls the world economy with the Dollar currency. With BRICS, America can no longer control the world economy and will weaken and let its economy collapse, besides with the combination of BRICS, America no longer dares to suppress poor countries. this is the point

Quote

Many crypto traders and investors are using USD as their buying and selling pair for crypto, which will make BRICS' efforts to successfully dedollarize even more difficult, especially now that Trump's impact is very positive for the price movements of Bitcoin and other crypto coins.

Yes, that's right. Since Trump won the US election, it seems that BRICS' efforts to dedollarize the USD will be increasingly difficult because Trump is very supportive of crypto technology. And although it is impossible, it does not mean it is impossible as the OP said, it could happen someday. Just look at Trump's steps now to make bitcoin a state reserve asset, this proves that Trump is serious about supporting bitcoin.

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Quote from: laijsica on December 04, 2024, 10:08:02 AM

The trend of introducing a separate currency system for the BRICS countries could be positive for the global economy. The 9-nation trade bloc is making every effort to reduce its dependence on the dollar and its implementation could revolutionize trade. However, newly elected US President Donald Trump has already expressed hope that the BRICS countries will not support any currency to replace the dollar. He also said that if the countries do so, the US may decide to impose 100% tariffs.

News Link: https://www.firstpost.com/explainers/why-donald-trump-threatening-brics-against-dedollarisation-13840828.html

This is basically a strategy to make the global single currency system stronger. In this way, the US has been dominating the world in the long term and through this process, they are trying to make the dollar a stronger currency in the global economy.

Trump demanded a commitment from the BRICS countries not to create a new currency to replace the dollar. Trump said this on his twitter account a day ago.
https://x.com/realDonaldTrump/status/1863009545858998512

If I read the entire contents of Trump's tweet, I think their issues and plans to break dependence on the Dollar in world trade seem helpless or just plans that have no sign of success because until now the might of the Dollar has not been replaced. If they want to replace the Dollar, in my opinion why don't they have a discourse to use other existing currencies such as the Euro [EUR] or the pound. The Euro and Pound are big currencies while the currency that BRICS wants to create still needs time to be made so that it is as powerful as the Dollar.

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isn't USDT and any USD pegged stablecoin already doing exactly that, dollar doesn't need CBDC to already dominate crypto, right now most of the pair you see already using USD and i don't see it going anywhere, recently Tether just trying to trim down expenses for EURT and ending support in certain blockchain meanwhile USDT just going strong until now.

the hegemony of dollar in various sector of economy isn't collapsing nor going down, it's still the most dominant force in economy world wide.

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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.

To destroy a system that is already strong is very difficult and the most that can be done is to compete? If the efforts made by the BRICS to destroy the dollar's dominance over the system that has been built, then I doubt that BRICS will achieve success because to see opportunities they are still not strong and there are still many things that need to be done. The US has a big influence on world expansion and they certainly understand how to protect the existing system. Recently they have started to approach the digitalization of the currency and the reserves have been prepared, I think the next step will be a reflection of how the president-elect can make more favorable policies and the dollar is still a strong currency even though anyone tries to disrupt their dominance.

uneng

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Dollar is still hegemonic in the world. There is a lot of FUD regards this matter in an attempt to boost groups ruled by China and Russia, like BRICS, although in reality things don't work that way, and dollar currency having much more credibility. CBDCs aren't useful, because we already have digital dollar through debit and credit cards, which have the same function of a potential CBDC.

Therefore, I don't think it's likely any replacement involving CBDCs over dollar or other fiat currencies are going to happen any time soon.

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Quote from: Wexnident on December 04, 2024, 07:54:36 AM

We'd probably be long dead if ever dollar was to be removed from its place lol. And even if it was actually to be removed, at most it would be equal to whatever it's going to be replaced by just by the fact that it's been one for so long and that the government probably wouldn't allow it to go below even that. And that's if the government would be that incompetent to let the dollar value go rock bottom. Highly doubt that would happen, at least not with Trump in the seat.

We are now in the future and there are now digital payment methods and cryptos but look at the dollar, it is still there and still being considered by the many, no wonder why it is still strong. I believe that the situation will still be like this even in the future or most of us are not existing anymore in this planet.

But if let say it was still removed, that means it is not powerful as before anymore and then the ones that will replaced it is now more stronger than it. If the government truly doesn't want the dollar to go below than the ones that they will replaced to it, then they should have saved it earlier. It doesn't need to end up like that now. Back to the reality, again, indeed it won't happen because America had strong leaders and this makes their country to develop like that (fast enough), and as you said, especially now that Trump is at the control again because he is a great guy and knows how to do his thing.

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Dollar won't really go that badly, I believe it will do fine, too many people think that dollar will lose value and to be fair it WILL lose value, in the sense that there is inflation, of course dollar is not as valuable as it was twenty years ago, but if we are talking about losing value compared to other fiats, there is no other fiat in the world that is stronger, so it will keep being the most powerful fiat in the world, that won't change.

It won't change even if BRICS somehow make their currency, which I feel like they won't, it seems like there are disagreements over it already, so I doubt that will happen and even if it does, these are nations that do not agree with each other, they do have common enemy, but they do not have common understanding together, so dollar will stay the strongest no matter what happens. Losing value isn't a problem, USA lost value in the last five years, more than any other time in history, even more than the 20's great depression, no idea how that was a huge thing and we are now doing worse and everyone acts like it's okay, but yet, even with all of this terribleness, it's still the best currency because others are doing even worse at the moment and that's what matters.

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Quote from: Darker45 on December 04, 2024, 09:07:10 PM

I think the US dollar's collapse isn't going to be caused by dedollarisation efforts of certain countries. The fate of the USD lies in the economy of the US. If the economy of the US remains strong, the USD remains strong in the global setup. If the US economy weakens, the USD's role in global finances weakens as well.

To create a digital USD doesn't really matter. It doesn't address real issues. If the US economy falls, it doesn't matter whether it has a digital USD or not. A digital USD cannot save them.

The US uses USD to influence the world, they force the world to use USD and thereby boost their economy in many different ways. So if the USD weakens in the international market, this will directly impact their economy. It can be said that the US economy and the USD have a close and mutually supportive relationship. If one of the two weakens, it will negatively affect the other.

That is why they fear the BRICS de-dollarization plan but under the Biden administration, they do not have a clear policy to address this issue. But under Trump, he will do everything he can to prevent the world from abandoning the dollar, and the US economy will continue to thrive.

I agree, a digital USD won't solve anything if they can't protect the strength of the USD or sustain the economy.

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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 BRICS movement is certainly not new, but they have long held various meetings to discuss how BRICS can break their dependence on the US Dollar but the results are not as expected because the Dollar is still strong in global trade affairs.
The initial intention of BRICS is good, but at first glance it looks like there is even a political charge.

Many crypto traders and investors are using USD as their buying and selling pair for crypto, which will make BRICS' efforts to successfully dedollarize even more difficult, especially now that Trump's impact is very positive for the price movements of Bitcoin and other crypto coins.

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I do like the idea of ending USD hegemony, but I think the reality is that BRICS don't have the financial infrastructure and also political consensus to make them quickly move away from the dollar, at least for now. Even the recent decisions of BRICS, including the BRICS Cross-Border Payments Initiative, are still non binding and voluntary, making their immediate impact limited. For the US, crypto or CBDC would only further improve its financial system and wouldn't displace the dollar's global role. Deep and trusted financial markets in the United States are still a haven around the world. While dedollarization and digitalization are trends in the future, they are long term processes that do not promise to unseat the dollar as the world's reserve currency anytime soon.

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I think the US dollar's collapse isn't going to be caused by dedollarisation efforts of certain countries. The fate of the USD lies in the economy of the US. If the economy of the US remains strong, the USD remains strong in the global setup. If the US economy weakens, the USD's role in global finances weakens as well.

To create a digital USD doesn't really matter. It doesn't address real issues. If the US economy falls, it doesn't matter whether it has a digital USD or not. A digital USD cannot save them.

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Quote from: kotajikikox on December 04, 2024, 02:23:36 AM

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.

Many are predicting that he'll be able to "make America great again". And that's why his stance against the BRICS looks going to be the target that he's going to have for his administration the second time around. He has already mentioned about illegal immigrants and that's one way of showing that if he focuses on his own backyard, he's likely to strengthen his policies and economy.

Quote from: TravelMug on December 04, 2024, 03:34:15 AM

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.

While there are some physical wars that are being supported by the current leadership of US. There goes the psychological and trade war that's also happening so, he has to get into his feet first before going on somewhere else to support the physical wars that are happening. It's true that despite that there's BRICS, it will take time for them to at least get a move against the US dollars. Otherwise, we know where is this going, all of their efforts are going to be recognized but they're not going to be close into successful dedollarization.

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The trend of introducing a separate currency system for the BRICS countries could be positive for the global economy. The 9-nation trade bloc is making every effort to reduce its dependence on the dollar and its implementation could revolutionize trade. However, newly elected US President Donald Trump has already expressed hope that the BRICS countries will not support any currency to replace the dollar. He also said that if the countries do so, the US may decide to impose 100% tariffs.

News Link: https://www.firstpost.com/explainers/why-donald-trump-threatening-brics-against-dedollarisation-13840828.html

This is basically a strategy to make the global single currency system stronger. In this way, the US has been dominating the world in the long term and through this process, they are trying to make the dollar a stronger currency in the global economy.

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Quote from: TravelMug on December 04, 2024, 03:34:15 AM

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.

His campaign slogan is “Make America Great Again” and given what he has done in his first term, it is no surprise that he would take a tough stance on BRICS.

Although the BRICS dedollarization process has been relatively slow, significant results have been achieved. But with Trump elected, this is certainly not good news for their de-dollarization process. I think there are two possible scenarios: either the de-dollarization process will be delayed for a while, or a surprise scenario will occur when Trump puts pressure on BRICS, causing the process to be accelerated.

Let's wait and see what happens but I'm leaning towards scenario 1. De-dollarization will be paused for a while under Trump.

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

~

We'd probably be long dead if ever dollar was to be removed from its place lol. And even if it was actually to be removed, at most it would be equal to whatever it's going to be replaced by just by the fact that it's been one for so long and that the government probably wouldn't allow it to go below even that. And that's if the government would be that incompetent to let the dollar value go rock bottom. Highly doubt that would happen, at least not with Trump in the seat.

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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.

1.The process of dedollarization is relatively slow and maybe the Trump administration will do something to stop it. Trump threatens to impose 100% tariffs on the countries, that are trying to dedollarize their global trade. I'm not sure that such threats will have a positive impact over the US dollar. Maybe this will increase the speed of global dedollarization, or maybe it will decrease it. I'm not sure about the outcome.
2.The US government investing in crypto companies and dominating the global crypto industry? This sounds like a joke to me. The best move for USA would be improving the crypto regulations and creating a better environment for the crypto companies. This will have a way better impact than the US government directly trying to dominate the crypto industry.

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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.

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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.

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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.

Fiatless

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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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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.

m2017

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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.

Poker Player

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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.

Topic: Is it possible? (Read 396 times)