BRICS Pay....coming soon. The alternative financial system.

[Martin Everson]

Can we stick to topic. Otherwise posts will be zapped..thx .

 

[mraleph]

I have a feeling that you are implying that someone recognizes Taiwan as a country with the above world salad. Can you be more specific who? US maybe?

I have a feeling that you insulted me and tried to provoke into idiotic discussion which is off-topic. If you have mental health issues - word salad implies schizophrenia - consult licensed professional. Don't project your material to another person(s). I reported your post and are notifying you publicly

Can we stick to topic. Otherwise posts will be zapped..thx .

I agree with you. Same applies to everyone. Let's discuss the crux of the matter and not ideological and political aspects.

A public note - it's obvious that quite a passive aggression exploded on OCT, not only between @jafo and that pro-Ukrainian member.

My thought is that BRICS is a petty attempt, including that payment system, by Global south to copy Western solutions and I agreed completely with @wellington's post. So, we are quite on topic

 

[Martin Everson]

Thank you for sticking to topic. Your other off topic post has been removed.

 

[aragon]

Personally I think BRICS will try very hard to implement their payment systems and new currency, but in the end trust will be too difficult to achieve, and they'll all decide that BTC is the only way to conduct global trade. We'll see.

 

[Martin Everson]

Personally I think BRICS will try very hard to implement their payment systems and new currency, but in the end trust will be too difficult to achieve, and they'll all decide that BTC is the only way to conduct global trade. We'll see.

But wait if Putin said we will transact in BTC what you think US will do...lol? The US will bust a blood vessel in anger and do their best to try and ban BTC, close down BTC ETF's and threaten FI's, companies and individuals caught trading, holding or on/off ramping it via with primary and secondary sanctions. Yes I know - madness. But how many would want to face sanctions

They may even enact the Foreign Direct Products Rules to hit datacentres and companies etc mining BTC outside of US like they did to Huawei.

https://www.reuters.com/technology/...ing-it-cripple-chinas-tech-sector-2022-10-07/

P.S I am just saying the US will not be logical in their attempt.

 

[aragon]

But wait if Putin said we will transact in BTC what you think US will do...lol?

Maybe if Putin does, but not if the whole of BRICS does. Currently that's 9 nations whose combined GDP I think exceeds the G7 now. And there are another 30 nations who've expressed interest to join or have already applied to join.

The US will bust a blood vessel in anger

Good!

do their best to try and ban BTC, close down BTC ETF's and threaten FI's, companies and individuals caught trading, holding or on/off ramping it via with primary and secondary sanctions. Yes I know - madness. But how many would want to face sanctions

They may even enact the Foreign Direct Products Rules to hit datacentres and companies etc mining BTC outside of US like they did to Huawei.

All unlikely, even if BRICS announced it tomorrow. The genie's out of the bottle, with too many US billionaires who will fight hard to keep it that way. BTC has achieved escape velocity! Only banana republics might be able to ban it locally now.

But, as always, we'll see.

 

[Martin Everson]

Very true the genie is out the bottle. Bi-lateral trade outside the dollar an west will go ahead no matter what. The question is what mechanism they will use to avoid secondary sanctions by US. I mean whatever the US said to the BIS spooked them perhaps.

P.S The below is the true face of an empire in demise fearful of the impact of de-dollarization on its standard of living.

 

[GF150]

Very true the genie is out the bottle. Bi-lateral trade outside the dollar and west will go ahead no matter what.

Yes. The $ and the SWIFT went awry long time ago and it was high time to do something to stop that. These were sold to the world as business/commerce facilitating tools and ended up as instruments of domination and policy enforcement, sanction tools and outright plundering by inflation export. Actually, money printing is now called Q.E. and a 100-buck-note production cost is 10c. To top the bill, the USD is used for extraterritorial US law enforcement.
My bet is that many of the issues discussed here will find unexpected solution when the banks stop fearing the US sanctions and the USD related issues.