Bitcoin ‘Undermining the Dollar’–Hillary Clinton Issues a Surprise Warning(forbes.com)
forbes.com
Bitcoin ‘Undermining the Dollar’–Hillary Clinton Issues a Surprise Warning
https://www.forbes.com/sites/billybambrough/2021/11/21/undermining-the-dollar-hillary-clinton-issues-a-surprise-crypto-warning-as-the-bitcoin-price-suddenly-surges-back/
3 comments
I'd like to believe this.
I agree, if only.
I look forward to a more multi-polar world. As an elderly USA citizen, I have been enriched by our owning the reserve currency, but I think that free ride should end sometime, my guess is within the next ten years. I am of course grateful for this advantage that I did not earn.
I look forward to a more multi-polar world. As an elderly USA citizen, I have been enriched by our owning the reserve currency, but I think that free ride should end sometime, my guess is within the next ten years. I am of course grateful for this advantage that I did not earn.
I don't see that the dollar has a natural right to be a reserve currency so no issue with it being challenged.
And there may be a pathway for bitcoin to turn from ponzi scheme to agreed upon reserve system, just like it a group of nations all agreed to value their currency in terms of Bernie Madoff receipts, a system of exchange could function even though the underlying asses is valueless.
But the more important criticism is the incentives and message it sends. If we allow a ponzi scheme to be legitimized, and convert a bunch of greedy chumps into holders of something that nation states are going to pretend has value, what kind of future behavior does that incentivize? Maybe there's an argument that it couldn't be worse than the current system, but it certainly isn't something I'd want to see happen.
And there may be a pathway for bitcoin to turn from ponzi scheme to agreed upon reserve system, just like it a group of nations all agreed to value their currency in terms of Bernie Madoff receipts, a system of exchange could function even though the underlying asses is valueless.
But the more important criticism is the incentives and message it sends. If we allow a ponzi scheme to be legitimized, and convert a bunch of greedy chumps into holders of something that nation states are going to pretend has value, what kind of future behavior does that incentivize? Maybe there's an argument that it couldn't be worse than the current system, but it certainly isn't something I'd want to see happen.