Quote from: franky1 on April 08, 2024, 12:55:19 PM

Quote from: simons_js on April 04, 2024, 10:13:10 PM

Quote from: franky1 on April 04, 2024, 03:04:29 AM

Quote from: simons_js on April 03, 2024, 10:09:30 AM

So what keeps poor countries poor is developed countries and they don't want poor countries to get better because it doesn't benefit them.

basically it boils down to the western controls of FOREX

Yes, because the currency is not backed by gold reserves, the value of the currency is dominated by the power of western countries. That is a very detrimental thing. Apart from that, debt is also a problem. When poor countries' exchange rates weaken, their foreign debt will get higher over time.

One of the best solutions is to use fiat currency for local transactions only and use bitcoin and gold which have global prices for cross-border trade. Then the local currency may not be affected by forex. What is your opinion? Do you have a solution for this condition?

imagine this as a way we could counter the wallstreet manoeuvres of forex(much like the activism of gamestop did on wallstreet)

imagine we stopped measuring bitcoin vs USD which then assumes other fiat currencies:BTC via forex... to instead measure bitcoin vs "minimum wage hour units MWHU"
whereby as an example bitcoin was lets say 4660 MWHU

whereby for instance if USD min wage was $15. an american wanting to buy bitcoin would need to pay $~70k
whereby for instance if UK min wage was ~£11.44 a brit wanting to buy bitcoin would need to pay ~£53k
whereby for instance if nigeria min wage was ~N373 a nigerian wanting to buy bitcoin would need to pay ~N1.73m

people would soon work out. they could sell bitcoin for USD.. convert USD to naira buy bitcoin using Naira, repeat and then see how the balance between Naira and USD changes

1btc = $70k = 88,000,000N = 50btc
50btc = $3.8m = 44000000000N = 2500btc

it wouldnt take much for wallstreet to then react to then change the 1:50 peg of $ to N(allow the circuit breaks to not trigger to allow the prices to move more inline)

Your explanation seems good, but the reality will never happen. No company wants to pay its employees with bitcoin, even if there is, the amount is small.

Apart from that, bitcoin is like other forex instruments, most people see bitcoin in USD. Bitcoin is seen because there is USD value in it, if that thinking can be reversed and consider bitcoin to be more valuable than USD then it will be a new era.