Bitcoin enabled accelerated de-dollarisation

https://news.ycombinator.com/item?id=42373183

by sauravt • 2 years ago

4 6 2 years ago

news.ycombinator.com

For society to move forward to a brighter future, we need to move away from the dollar standard of global trade.

Bitcoin as a catalyst for de-dollarization? is it possible ?

I am looking for ideas on how can we leverage its decentralized, censorship-resistant nature to accelerate the shift towards a more equitable global financial system.

Let's discuss!

talldayo• 2 years ago

For society to move forward to a brighter future, we need to move away from the dollar standard of global trade.

I can't see why. So far it seems like the dollar and the power it wields is an enormously positive force of accountability and peaceful coercion. Bitcoin and other cryptocurrency became much less effective as vectors for crime when they instituted standard KYC policies at the exchange level. Bitcoin would be safer for its users and society if it looked more like the dollar.

Bitcoin itself can't operate as a standard of trade for multiple (plainly apparent) reasons:

1. The Bitcoin ledger is effectively unusable outside of L2 networks due to gas fees and tx latency

2. Mining difficulty spirals will kill Bitcoin long before the dollar collapses

3. There is nothing protecting Bitcoin from petty private interests because it is all petty private interests

m348e912• 2 years ago

Yes to all of this except the term "gas fees" is primarily a Ethereum related term.

To your point, transaction fees, latency, and the lack of ability to trust unconfirmed transactions thanks to feature added to the protocol called "replace by fee" has crippled the usability of Bitcoin.

On the other hand Bitcoin has worked out as a nice investment vehicle over the past 10 years, although you don't actually need to possess or use Bitcoin to take advantage of that.

slwvx• 2 years ago

If you want a brighter future, invent a coin where rewards from block generation (mining) are assigned to every individual worldwide. I.e. invent a coin that by its nature decreases, rather than increasing economic inequality (as in Bitcoin and Ethereum). Even going through a thought exercise about this could give you an idea of the institutions that are behind the dollar, which are going to be damn hard to duplicate on-chain

vouaobrasil• 2 years ago

I think a much better way to move forward is not Bitcoin but a reimagining of value entirely: regrow local communities that depend on each other, promote trade and local exchange instead of global trade, etc.

A brighter future is one where global trade is minimized.

WheelsAtLarge• 2 years ago

Bitcoin can not be a replacement for any currency. It has many problems. One big one is the inability to issue new coins when everyone panics and decides to hold it. When no one spends money, economies collapse and things go from bad to worse very quickly. We need a way to issue emergency currency to get things moving again.

Money is so ingrained into people's lives that they think it has true value. The fact is that it represents people's work and efforts. The funny part is that without it no one works together. We need a currency that lets us better work together. A currency with a fixed amount will increase the competition to get it therefore increasing disparities. Another funny thing about people is that we dislike to share so those who have will be less likely to share since they know that it's going to be so much harder to get it back. It can't work to make a better world.

Bitcoin is the start but we'll see a better coin with better properties that will make it a true replacement for the Dollar in the future.

For now, its role is and will continue to develop as a digital replacement for gold as a store of value.

patricius• 2 years ago

New to Bitcoin, I guess?

Bitcoin enabled accelerated de-dollarisation

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