Bitcoin as the world's reserve currency? It is an idea that is getting some attention.
Personally I dont buy into it in the slightest. These financial people have no idea where technology is going. In short, there will be no single reserve currency where things are heading. The Metaverse will not be constructed in that manner.
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well, Scaramucci will put his mouth (faith) where his money is but I think this is no news. crypto enthusiasts believe this to be true and the world will slowly work up to this reality sooner or later
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Why do you think it will work its way to reality?
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sorry, i meant 'wake up'. I think the big institutions are already buying into crypto. soon the masses will follow suit
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Ah okay. That makes more sense.
Yeah Wall Street is entering and in a big way. Their presence will only get stronger.
This will introduce a ton of people to it. However, we need the people who arent clients of Wall Street to enter. Thus, we need average people to find the benefits to Hive.
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People need to enter crypto without the need for using Wall Street exchanges, hedge funds, or other enterprises. Unfortunately, they control the fiat-to-crypto on-ramps and off-ramps along with the banks. One way we can say "#"HiveFixesThis, but not today or anytime soon.
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I don't think BTC could be the world's reserve currency because it is deflationary. It would only incentivize people to save and stifle economic development.
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Yes it would kill the global economy. Why would anyone invest in anything when you could 4x your month in a couple years simply by hodling Bitcoin.
All commerce would basically stop.
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Its basically the truth. I am guessing people will cut back and only spend on essential stuff so art and entertainment might go to nothing.
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Exactly. If something is going to rapidly increase in value, people are going to hold it. To get it out of their hands, you are going to have to give deals for them to spend.
That means prices collapse which is deflaitonary.
Many online seem to think that is a good idea until they live under it. Massive deflation as bad (if not worse) than inflation.
Talk about employment disappearing, operate under a deflationary environment for a few years.
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Scaramucci was supposed to be one of the smarter people in the investing and VC worlds, too. I'm not sure how he performs as a crypto analyst, so I can't comment there.
For Bitcoin to be world reserve currency, BIS and the central banks under its control would need to allow that to happen. Stranger things have been known to happen, but I doubt they would allow Bitcoin to be used in that way.
Also, Bitcoin would need to fall under their control. Should that come to pass, Bitcoin would cease to exist.
Bitcoin could become the world's de facto money in the same way gold had been for centuries: all trade parties would accept it for payment. It would take time for that to happen, but it would happen because the trading partners would be OK with it. Romans and Egyptians and Persians may have been rivals and even adversaries, but nearly all of their trade was paid for with gold. An equivalent scenario would evolve for Bitcoin.
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In a digital world, not one is going to rule.
Consider how expansive and ever changing the Metaverse will be. Why would there be a defacto currency at all?
It makes no sense considering we will be constructing different networks with instantaneous swaps.
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When John Wayne and Gary Cooper were the leading men of their day in Hollywood and the American Western was the movie genre of choice, a popular line said in those movies was "This town isn't big enough for the two of us."
That won't apply to the Metaverse, or even the cryptoverse that exists right now. There's plenty of space for people to use whatever cryptos they want, and along with that comes the freedom of association of dealing with like-minded people. Everyone is in it for the money, but other values determine which cryptos attract the people to them.
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The Metaverse is a near infinite space. This something that people have never pondered. We are only capped by computational power and bandwidth. Both of those are expanding at a rapid rate.
Even here on Hive, many are realizing they do not need a lot outside the ecosystem. We are building a nice little economic model which has a lot of things growing in value.
With the returns people are getting, we just keep this up for a decade and there is a lot of collateral which to build things upon.
And none of it will be Bitcoin in this instance.
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Bitcoin for us is good for 2 things: HODL, and moving to exchanges which list HIVE so we can swap BTC for HIVE.
A lot happens on Hive blockchain that we can see, and even more is happening behind the scenes or beneath the surface. We will be in great shape with Hive when we can do all we need to do on Hive as if we were offline: shop for groceries, hire people, auction merchandise, pay parking tickets and horrendous library fines, and provide mirrors for Web 2.0 services such as app stores (as suggested elsewhere by @demotruk. We should be free to use any service we want on Web 3.0, but we should also encourage growth and use of home-grown services. We shouldn't be locked in any ecosyste, such as those of Apple, Facebook, or America Online when it ruled the public Internet.
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LOL I like that.
Two use cases for BTC: HODL or buy HIVE.
Yes we see a lot of potential options flowing out of Hive. We simply need to the development to start rolling. I think a lot changes once the SpkNetwork goes live. There will be a few applications on it plus we will see Hive locked away.
It will be a grand time.
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