Quote from: Yakamoto on October 27, 2016, 02:11:13 AM

Quote from: NyeFe on March 30, 2015, 08:17:08 AM

The world would be better, if the US dollar (dropped in value?)

The world would be better if the US dollar was still pegged to some good and was exchangeable for said good at any point. This goes for all currencies throughout the world, however the US was one of the big changes that lead us down the path of fiat currencies.

Stop backing a currency with nothing, back it with some sort of tangible good.

That would be better for the U.S., not for the entire world... Cheesy

I don't think it's not going to happen again in our lifetime - there are simply not enough precious metals to provide backing for all forms of USD funds out in the wild. At least not at current market prices for precious metals. But even if precious metal prices would be adjusted upwards to provide for sufficient backing it would be largely unfeasible, because the amount of gold or silver you would obtain for one USD would be so small that it couldn't be easily paid out.

In my opinion the world would be better, if the USD ceased to be a global trade currency. The U.S. economic power effectively rests on the importance of the USD for global trade. To maintain this position, the U.S. are using military force as they see fit.

Luckily, Bitcoin is able to solve both problems at the same time. Bitcoin will end the reign of fiat scam money altogether. It is nonpolitical sound money. That's the best money the world can hope for.

ya.ya.yo!