News for hackers. Stuff that matters.

A comment on BTC Endgame. Parent comment

Re:BTC Endgame by shadowgovt on Friday February 19, 2021 @05:38PM (#26198965)
> How would a hyperinflation on the US dollar cause civilization to stop?

The dollar is the value used to denominate world debt via the IMF. It's also (partially related to this fact) the "mattress currency" of a lot of nations... Nations hoard US dollars to back-stop their own economies, since if their currency starts to tank, they can use dollars to pay their international debts.

A worthless US dollar would have wide-ranging international currency disruption.

[ Parent | on HN ]
Re:BTC Endgame by tonfa on Friday February 19, 2021 @06:13PM (#26199319)
But then the IMF actually uses a basket of currency: https://en.wikipedia.org/wiki/Special_drawing_rights

(which has some similarity to the original libra proposal from FB)

[ Parent | on HN ]
Re:BTC Endgame by FridgeSeal on Saturday February 20, 2021 @02:42AM (#26202384)
Every now and then I get the impression that crypto currency advocates have seriously and repeatedly underestimated and/or misunderstood the complexity and scale of real-world economics.
[ Parent | on HN ]