Well this is pretty big news! Central Banks looking for a new reserve currency?

11개월 전

Plan Bitcoin could be happening even sooner than I ever expected.

Many of the who's who of Central Banks are meeting right now in Jackson Hole Wyoming...

During the meeting, this just came out:

(Source: https://twitter.com/APompliano/status/1164982681068814336)

It appears central banks could soon be looking for a new global reserve currency...

Bitcoin anyone?

Japan recently came out saying how they love bitcoin.

The fact that no one knows who created bitcoin makes it a prime candidate for everyone to agree on.

No one wants to use a currency that another country created and has some advantage with.

But bitcoin...

Bitcoin wasn't created by a sovereign nation and it's not controlled by one.

It could easily step in as a global reserve currency.

And it could be happening much faster than I ever imagined.

Stay informed my friends.

-Doc

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Guarantee it won't be Bitcoin. They will create their own currency/coin. Maybe call it Bankcoin, lol. They will never give control over their debt instruments to others, that defeats the purpose of their mission at extracting the masses sweat for their luxurious lifestyles.

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It won't be their first choice, but remember every other country would also need to go along with it, and if one country appears to have some advantage the others will not go along with it. Japan already stated they love bitcoin. The fact that it wasn't created by any sovereign entity is a huge plus for it in that regard...

how long till IMF coin😆

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Could be, but can they all agree on that??? I am sure that is the route they will try to go. Would be great to see bitcoin adoption reach a point that it forces itself to be a global reserve currency.

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figure they'd prob pref to create their own😈

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Fed coin around the corner and all major banks will have their own crypto... to bad I’m going to be using bitcoin instead 😂

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Other countries won't want to use one another's central bank coin though... bitcoin will likely slowly win out. Fed coin is just the dollar in digital form most likely.

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That’s the truth 😎

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What are your thoughts on the coming HF and how it impacts steem?

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I’m my opinion we just have to test my it out... many people currently have their opinions already but let’s see what happens 😀

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It is interesting to see of what might happen in the near future.

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I don't think it will happen right away, but I think they will be much more agreeable to using something that none of the others controls.

Interestingly, a DPOS blockchain structure would likely be considered the fairest for this new reserve currency, something along the lines of one "witness node" per country or "percentage ownership" based on estimated GDP or some other metric(s). That's if they want to maintain some semblance of control over the monetary supply, otherwise bitcoin would be an obvious candidate (for the reasons that you briefly mentioned).

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Yep, that would make a lot of sense actually. Good thoughts!

rumor mill has them switching to doge...

It is about time they come to their senses. Fractional reserve banking systemm and quantitative easing are just fancy words to legalize ponzi scheme and printing of money backed by nothing.

Given that they’re banksters, SDR’s would seem to be more their style rather than Bitcoin.

In the long run though, all fiat is doomed.

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Yep, an SDR is already pretty similar to what Libra hoped to be, it's just in digital form. They did mention Libra later on in the meeting as an example of the type of global reserve currency they should move towards.

There will be no stopping it eventually as the debt bubble is not sustainable!

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Whith this

No one wants to use a currency that another country created and has some advantage with..

It´s incredible how the stars are aligning. One of the most relevant moments to BTC is about to happen (May 2020) and so many news point for a skyrocket in price.
Now we see another incredible factor that could and will (because of speculation) boost BTC price. As you said, it looks like it is the perfect candidate at the moment.

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Plus we have Bakkt launching in roughly a month...

Obviously they need to create a new currency as Japanese Yen is currently the only big currency that is worth anything. Both Euro and US dollar are worth nothing as the European central bank has pulled the rates negative and USA has more loan than it can ever pay back. England trying to leave Euro makes GBP high risk. This leaves CNY as last, but USA will want to have as little as possible to do with China as China already controls about fifth of US funding.

Some countries might want to use cryptocurrencies for reserve, but others still think the risk and uncertainty of the markets outweight the indepencence from national administration.

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I think eventually they will all come together and create a global POS crypto where each country runs an official node. Perhaps population or GDP can dictate who runs more etc...

But the current system where we are seeing a race to the bottom in fiat currencies and the US enjoying an unfair advantage in terms of reserve currency status likely won't last much longer.

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POS is unlikely as smaller countries would have disadvantage similar to current Eurozone. The proof system would have to be something completely new or otherwise it would not be better than USD.

In my opinion it would need to be more lightweight than most current crypto currencies but would need to be a lot more secure, otherwise the value could be manipulated by minority of the authorized nodes or even by malicious third-party.

Real value of the reserve currency would have to be based on the cumulative amount of valuables the crypto is backed with. As national currencies are essentially worthless against the reserve, the valuables would need to be something physically tradable like metals or oil.

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Gold, silver and what they use in catalytic converters...

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Usually I recheck stuff I don't remember from Wikipedia or similar site, but display on my laptop is busted and I haven't finished building my new PC yet... New display doesn't have VGA input so can't connect laptop to it and I'm pretty sure the display controller can't even sync with 4k resolution due to not having enough memory.