Re: Speculation Rule: buy when others are irrationally pessimistic or too cautious
The reserve currency is a narrow phenomenon that has more to do with the dying Industrial Age (see my comments in the Economic Devastation thread for more insights).
Bitcoin is serving a purpose in this evolution but it is not the be-all or end-all of this technological transformation.
Make sure you read this:
https://bitcointalk.org/index.php?topic=1082909.msg17458485#msg17458485
Bitcoin is serving a purpose in this evolution but it is not the be-all or end-all of this technological transformation.
Make sure you read this:
https://bitcointalk.org/index.php?topic=1082909.msg17458485#msg17458485
Would it be possible for Bitcoin to become a global reserve currency at all? I'm assuming competitive collusion among major governments along with addition of control and tracking sufficient to enable AML/KYC for those governments.
The coming SDRs reserve currency will be a compromise by all the nations to fix the coming strong dollar vortex global collapse. That reserve currency is for the Industrial Age economy (the one built with huge fixed capital investment and huge fractional reserve banking leverage). The leftists (collectivists) are enslaving themselves in that dying, but huge albatross monolith. Gold is dying along with that physical economy. We will still have a physical economy, but it will provide no real economic growth and it will become very small in terms of profit relative to the Knowledge Age economy over the coming decades.Bitcoin, blockchains, and altcoins are the decentralization technology of the fledgling Knowledge Age which rises to replace the dying Industrial Age, as a network effect of the decentralized Internet. Bitcoin is the reserve currency of that new nascent economy.
The economy and society are bifurcating. I predicted this years ago and have been using that term bifurcation.
Ah, I have not had a chance to read all of your writings. If I'm not mistaken, you're saying the marginal cost of production will effectively be reached and there will be insufficient margin or even demand to profit on physical goods.
In the sense you describe, it seems that Bitcoin as a reserve will only be a transition. What would the point of a reserve currency be in a Knowledge Age? I'd expect creativity, reputation and work to be indicators of worth instead.
Isn't now the exactly such time?
It is indeed
I'm impressed at how well price stuck to the projection channel. Some stops were triggered, but most are still active. If this week closes out within the channel, I'll be adding.
Also of interest: Vatican Called For a Central World Bank; Blamed Money Printing for the Financial Crisis