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Re:Bitcoin Blows Past $9,000 by paulcole on Sunday November 26, 2017 @03:47PM (#15782900)
>What, exactly, would the US do if the world suddenly decided that the dollar was worth nothing?

Why would the rest of the world decide this? It’d hurt them more than it’d hurt the US or else they’d have done it already.

Re:Bitcoin Blows Past $9,000 by lifty on Sunday November 26, 2017 @05:18PM (#15783378)
One reason might be because this gives the US too much influence over the world (I know I am oversimplifying here). As long as everybody got along well, and most of the countries in the world were growing economically, the dollar served a common goal. But now we are increasingly heading towards a world where trade wars are common and policy makers are looking inwards rather than outwards. Perhaps all the armed conflicts that US has gotten into also lead to more ideological misalignment in the world.

So, in such a world, I wouldn’t find it so surprising that certain countries would like to wean themselves of the dollar. Of course, this it is more important for powerful geo-political actors like China and Russia, than Somalia (uses USD extensively), and as an example you can look at how China is planning on offering a yuan priced oil contract that is backed by gold.

Re:Bitcoin Blows Past $9,000 by jeremyt on Sunday November 26, 2017 @04:25PM (#15783078)
This is not logical. Just because something hasn't happened doesn't mean it can't happen.
Re:Bitcoin Blows Past $9,000 by baddox on Sunday November 26, 2017 @05:19PM (#15783385)
But it’s a pretty far-fetched hypothetical scenario. You could also ask, what would happen if all of a sudden everyone in the world decided that food had no value? Gee whiz, all the farmers and restaurant owners would be screwed!
Re:Bitcoin Blows Past $9,000 by selectodude on Sunday November 26, 2017 @05:02PM (#15783289)
I think it's about as likely as somebody dropping something and it falling up. Keep testing the existence of gravity, it could change on you.
Re:Bitcoin Blows Past $9,000 by jeremyt on Monday November 27, 2017 @09:25PM (#15793753)
I'm not sure that you realize that the current monetary system is only about half a century old. Fiat currency, backed by nothing except the government, has only existed since the 1970s.
Re:Bitcoin Blows Past $9,000 by jstanley on Sunday November 26, 2017 @05:00PM (#15783275)
That's the same reason the world won't suddenly decide that BTCs are worthless.
Re:Bitcoin Blows Past $9,000 by amarkov on Sunday November 26, 2017 @05:16PM (#15783369)
But most of the world doesn't trade in BTC, so most of the world could easily decide Bitcoin is worthless without a hit to their own pocketbooks.