RE: The Gold Standard Myth
1 yr
(edited)
1 Min Read
123 words
🤯
Well. . . my mind is officially blown.
I understood the need for monetary expansion, and abundant cash. I thought initially for cryptocurrency to replace countries currency, a stable coin like USDT had the large amount of tokens to satisfy the need for large amounts of currency, but it is very centralized and would potentially be like Facebook Bucks like Libra and Diem. So I hoped USDC or Dai, but they are on the Ethereum blockchain with high transaction fees, and smaller supply then USDT, so then I thought maybe Bitcoin denominated in Satoshis and widespread use of the lightening network?
Do you think their are any stable coins which are good candidates for replacing national currency?
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Depends upon the nation and the currency. There are a lot out there that are nothing to begin with.
Most crypto is looked at like stock as opposed to currency. Hence we are looking at a stablecoin of some sort. The challenge is the USD backed ones are in the same situation, a shortage of USD if they are truly backed (which I doubt). If not, then they will increase the money supply.
Something like HBD has potential since it is something that can expand and contract due to its tie to $HIVE. It is also out of the reach of central banks and governments so the concept could expand like the Eurodollar system.
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