Been thinking a lot about the future of the US dollar. With everything going on, it feels like we're heading toward a tipping point. How long do you think it’ll take for the dollar to really start losing its place as the world’s reserve currency? Or do you think it’ll hold strong for a while yet? Curious to hear what everyone thinks.
Discussion
I think the dollar will still be around. Bitcoin on the other hand will be around for a long time but not forever. See the govs already trying to control every pos to bitcoin & it's blockchain will be monitored heavily eventually probably 2032 we will have some tech that will make the whole blockchain & public ledger be obsolete & some new protocol will emerge then the cycle will repeat itself only instead of people saying bitcoins the way it will be something else.
Meanwhile people will argue protocols, alternatives to the leading mainstream internet currency, & methods which could create a new implementation which will be open sourced, flawed, exploited, & reconstructed. Meanwhile cash will still be printed on paper & exchanged with paperwork & the banks will still be around.
Why because paper does not require a protocol, paper does not have to be open or closed sourced, paper does not require maintainance, updates with modern coding technologies, & paper will not be an open discussion to debate about which is better because there is no alternative to paper. The paper company made sure of that when hemp paper became illegal.
Nobody is going to create a new alternative to paper, nobody is going to challenge the paper family, paper is truly supreme in the modern political society. You can emp the world & wipe out electricity, the internet, & your money is gone but paper will still be there. You can renew paper & even keep paper intact when wet can you keep your digital wallet intact after you dump the harddrive in a pool of water it's stored on?
The real question is who is challenging the paper & plastic family?
I hear where you're coming from, and I have mixed feelings about paper money.
It has a lot of practical advantages—no need for updates or maintenance, it works without electricity, and it's tangible.
With all of those advantages I am confused about why people in the US and other western nations have started using digital money.
Maybe people are moving away from paper money is because it only really works if there's a central authority backing it.
I don’t really know why but people seem to prefer digital money if they have a choice, I guess it’s because it's more convenient?
I don’t like paper money because it’s relying on a centralized system.
It’s really hard for me to predict the future because humans are hard to predict. And the system we eventually land on is up to the masses coming to consensus. Even then, like you said, things are always changing.
I only really care about how things work for the next 200 or so years. After that who knows.
Thanks for the thought provoking response. I will be thinking about this more.
People are moving away from paper because it's the most commercialized product by & for the people but I wouldn't say it's by the people. They want you on digital currency so when martial law is declared & the internet gets cut off you will have nothing. No money to give to someone to escape, no record of your existance because now they are trying to remove the state/drivers license & replace that with microsoft's single sign online id. Digital money online is a government conspiracy to get the people to detest the only valuable currency you really have which is something you can put in someones hand.
I don't mind the idea of a digital currency but I don't believe the part where they say nobody owns the blockchain or the public ledger. I think it's bull because it has to be housed on a server this isn't like orbot where every active device running orbot is a tunnel storing a few kb on every device to pass the data along. Someone own's these gas fees that you pay a surcharge of I can't believe people don't think about the gas charges.
Gas charge is just like tax only what they wana say nobody owns it bullshit. Mr satoshi owns it & it's his source of income. The public ledger is transparent to every transaction but it's not public knowledge the url for anyone to go look at the public ledger & go hey thats my transaction there. Also has anyone ever wondered why the blockchain is what it is?
Blockchain encrypted blocks in a numerical queue to be dropped in a pool of miners to be decrypted. Miners use their electricity & hardware to decrypt the block & get the transactional info out of it. Has anyone ever thought maybe just maybe this is the japanese's way of telemetry data off of us to help then crack sha, aes, tdes, rsa, fpe, ecc, & etc encryptions. I mean if you ever look at the whole thing from a birds eye view were cracking an encryption protocol on a block of a x amount of bytes for someone or something.
I know technology progresses very fast so whos to say ai won't create something in the next few years to make all these protocols obsolete. Then with all the tech companies behind it things will move faster I think w10 had a shorter lifespan then win 8/8.1
Wow. That is a lot to think about. I appreciate you sharing your perspective. It kinda seems like there is no place normal people can turn to that has a certain outcome. Do you mind me asking how you personally handled all of the uncertainty?
I am still uncertain even now but I always say lets give it the ol college try. I look things up try to get as much information, ask questions randomly anywhere to get some input, & think about why things are there like gas fees why does that even exist & then the mind wanders. Since I can't find any solid proof to explain exactly why a gas fee is there I just have to assume like tax it's there for someone to collect.
I haven't put a single dollar into buying sats if it's good as the hype i'll earn it with my posts & once I figure out how to connect a rtsp to zap.stream i'll make streams. Only thing I need to figure out is where I can find a reputable trader in my local area who will take my sats for cash!
Might just fade gradually over 5-15 years.
But it may strengthen during a decoupling or divorce as people pay to get out.
Ya, even blackrock thinks USD will collapse within the next 10 years. I don’t know because people are notoriously bad at predicting things. But I think that the sentiment is there. I think it depends a lot on whether or not there is a war. Because that could change a lot of things. 5-15 sounds about right.