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Old 06-21-2012, 07:21 AM   #1
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Global Reserve Currency

http://money.msn.com/investing/cheer...lar-jubak.aspx

Interesting article looking at the possible alternatives to the USD for Global Reserve Currency status.

This guy doesn't like the dollar, but essentially likes it's fiat competitors less.

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Old 06-21-2012, 07:36 AM   #2
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Originally Posted by benjamen View Post:
http://money.msn.com/investing/cheer...lar-jubak.aspx

Interesting article looking at the possible alternatives to the USD for Global Reserve Currency status.

This guy doesn't like the dollar, but essentially likes it's fiat competitors less.

Essentially, it is the least of the bad options with China's currencty being the a bit of an unknown.
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Old 06-21-2012, 09:08 AM   #3
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...SDR are the next option that will keep the circus going for a bit longer. They do have their own printing press in IMF, and they will use it when time comes.
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Old 06-21-2012, 09:34 AM   #4
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You guys think the BRIC's are going to come out with a gold backed currency soon? Their central banks are buying like crazy. It's gotta be for something along those lines, I'd think.
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Old 06-21-2012, 09:38 AM   #5
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Related article:
http://whiskeyandgunpowder.com/the-d...ture-of-money/

It discusses the possible fall of banks, the idea of privately produced "money", and fiat alternatives such as gold and bitcoin.
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Old 06-21-2012, 09:55 AM   #6
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Many in Europe turning from the Euro to Bitcoins:
http://www.dailyfinance.com/2012/06/...aven-currency/

With Bitcoins, I fear if it ever became truely popular, the incentive to find a way to hack the system would skyrocket.
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Old 06-21-2012, 10:50 AM   #7
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From what I read about it, it seems that Bitcoins is a quite nice piece of work, with all the cryptography involved, wouldn't be easy to hack - by which I understand "close to impossible to hack" - without cracking general NP class -algorithms (ie, you have the same chance of cracking it, as the highest level cryptography currently available. Practically impossible, unless somebody did something really stupid, when devising the particular security methods. But as of today's understanding, it is practically non-hackable.

That's being said, it comes with the same caveat, as all the modern cryptography - it hasn't been proven mathematically, that it is impossible to hack NP-problems in polynomial time - sorry for jargon. What it means, it is theoretically possible, that there exists a polynomial solution, to as-of-today non-polynomial problem(s). It has just not been found yet - and every mathematician on the planet, would probably sell his soul to the satan himself, to crack one, I suppose. Likewise, it hasn't been proven, that there exists polynomial solution to NP-problem(s).

http://en.wikipedia.org/wiki/P_versus_NP_problem

on a side note, it is funny to realize, that all our current cryptography, internet security, secure communication and what not, is all hinged on kind of "grey" area of math - we cannot be sure, that some evil professor hasn't actually cracked NP problems in his secret base, and is able to hack ALL of the high-security stuff going through the wires/ether. Or NSA, for that matter .

I won't be asking DCFusor if NSA can pull this off, because I know he wouldn't be allowed to answer anyway, not without killing us all later . For what I DO know, NSA requires built-in backdoors in high-security comm devices, for them to tap on, when needed. I don't know why they would require that, if they could crack the communication anyway (other than smokescreen, that they really CAN, and pretend they CANNOT?)


On the other hand, I have yet to see any (more or less) serious stuff that I could buy with bitcoins...

Lastly - and this is an ultimate challenge - everybody will be still a slave to gubbermint-aproved monetary system, at least partially - for as long, as they'll only accept tax payments in their "legal tender". There is no work around that one - you will have to do at least part of your busines in whatever local gubbbermint-approved money is, to pay for your taxes. Which is kind of impractical, to switch to something else, if you still HAVE TO use the "legal tendons" alongside.


BTW, do you guys know, that being a "legal tender" doesn't mean, that people have to accept that kind of money as a payment for anything? They can refuse being paid in dollars for their goods/services, and it is fully legal, they cannot be forced to accept dollars, as a part of the deal. What "legal tender" means, it is that dollars would be enforced by the court to settle the debts. But you don't have to accept them for anything else than a debt repayments - not as a payment, that happens when the exchange of goods/services takes place (thus, there is no debt as such, until the deal is agreed upon). It has some funny implications, when you think about it for a while
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Old 06-25-2012, 07:19 AM   #8
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UK article suggesting the Chinease Yuan will be the next global reserve currency:

http://www.bbc.co.uk/news/business-18545978
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Old 06-25-2012, 07:20 AM   #9
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Related article suggesting Hong Kong should un-peg from the USD and perhaps peg to the Yuan

http://www.bbc.co.uk/news/business-18516467
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Old 07-02-2012, 07:49 AM   #10
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China to set up a special business zone to experiment with the yuan's convertibility:
http://www.bbc.co.uk/news/business-18639212

"China has been pushing the use of the yuan as an alternative to the US dollar as a global reserve currency.

Most analysts have said that the yuan needs to be fully convertible before it can be treated as a reserve currency."

How long until the Chinease let the yuan become fully convertible?

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Old 07-02-2012, 08:25 AM   #11
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Quote :
The Qianhai zone will be established in the southern city of Shenzhen, just across the border from Hong Kong.
...
"Qianhai, as the first experimental zone of the country's modern service industry, should be a pioneer of that."

The zone will now be established over the next eight years, with construction set to start in 2013.
...
Based upon what I've been seeing (and recording in the total perspective vortex thread), they are accelerating their plans.
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