jeffemmett
/
web3
1
0
Fork 0
Code Issues Pull Requests Packages Projects Releases Wiki Activity

Fixed title

This commit is contained in:
EilidhRoss1 2022-07-19 14:34:08 +01:00 committed by GitHub
parent f5af18650a
commit 21c30ecee3
No known key found for this signature in database
GPG Key ID: 4AEE18F83AFDEB23
1 changed files with 5 additions and 3 deletions
Show Stats Download Patch File Download Diff File Expand all files Collapse all files

8
claims/is-threat-dollar.md
View File

@ -1,10 +1,12 @@
# Bitcoin does not threaten the US dollar as reserve currency # Does bitcoin threaten the US dollar as reserve currency?
**Bitcoin does not threaten the US dollar as reserve currency**
Crypto assets, such as bitcoin, do not threaten the US dollar as an international [reserve currency](../concepts/reserve-currency.md) currency because they [cannot function as a currency](is-bitcoin-currency.md). To quote financial historian Adam Tooze: Crypto assets, such as bitcoin, do not threaten the US dollar as an international [reserve currency](../concepts/reserve-currency.md) currency because they [cannot function as a currency](is-bitcoin-currency.md). To quote financial historian Adam Tooze:
> [The dollar] is backed by "nothing" other than the trifling matter of tens of trillions of dollars in private credit, the rule of law and the power of the state, itself inserted into a state system. In other words, the entire structure of global macrofinance. > [The dollar] is backed by "nothing" other than the trifling matter of tens of trillions of dollars in private credit, the rule of law and the power of the state, itself inserted into a state system. In other words, the entire structure of global macrofinance.
Since bitcoin cannot be used to issue debt products, denominate contracts or scale to act as a medium of exchange for commerce it lacks *any* of the properties of [money](../concepts/money.md) that a reserve currency would have to fulfil. Bitcoin cannot upend the entire structure of global macrofinance any more than beanie babies or tulip bulbs could. Since bitcoin cannot be used to issue debt products, denominate contracts or scale to act as a medium of exchange for commerce it lacks *any* of the properties of [money](../concepts/money.md) that a reserve currency would have to fulfil. Bitcoin cannot upend the entire structure of global macrofinance any more than tulip bulbs could.
## References ## References
1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/. 1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
@ -19,4 +21,4 @@ Since bitcoin cannot be used to issue debt products, denominate contracts or sca
1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21. 1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
1. Olson, Dan. 2022. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g. 1. Olson, Dan. 2022. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/. 1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
1. Stinchcombe, Kai. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec. 1. Stinchcombe, Kai. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.