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Why would anyone trust anything where Russia is involved. It's like "currency of the Axis" or something.
by shmerl 3y ago
Why would anyone trust anything where Russia is involved. It's like "currency of the Axis" or something.
- iluxonchik 3y agoCould you please expand on your concerns, namely in the context of the proposed implementation of BRICS currency as a cryptocurrency?
- shmerl 3y agoBRICS exists as an attempt by Putin and Co. to reduce dependency on global economy. Given Putin is waging what's basically a WW III, BRICS is simply his tool of war (not really effective and DOA in practice, but still). So as above, any kind of currency plans for it should be seen through that context.
- iluxonchik 3y agoWhile I appreciate your reply, it feels that you expressing your subjective view on geopolitics, rather than expanding on the shortcomings of the BRICS digital currency, when implemented as a cryptocurrency on a public blockchain as described in the article. Perhaps you could elaborate on how precisely you see proposed architecture as a misfit, and explain how existing solutions are better? Thanks!
- shmerl 3y agoYou can't separate one from another. It's like imagine Nazi Germany would have invented "currency for the Axis". That's about it. What's the point in debating its technical merits, except for analysis of how it's used as a weapon.
- iluxonchik 3y agoOf how it's used as a weapon?
- shmerl 3y agoI already explained it above, but to summarize: depending on global economy undermines Putin's ability to wage war. Having self sufficient economy enables his war. He can't be 100% self sufficient in practice, so he wants to widen it to his current and potential allies economically (that's the whole idea of BRICS in the nutshell). Having an effective currency therefore would be Putin's tool of war, so a weapon in practice.
- iluxonchik 3y agoI understand that you are expressing your political views, however you still fail to explain how exactly the BRICS digital currency as a cryptocurrency on a public blockchain supports the claims that you've made. My goal is not to argue. I'm genuinely interested in the feedback. We are building the next era of finance, one that is more transparent, decentralized, trustless and inclusive. By employing mutual cooperation and iteration, we can move towards a better future more swiftly and efficiently. How about we start with decentralization? Pick your FIAT currency of choice, and tell how many entities have the absolute control over that currency's supply. Now let's compare it to the BRICS digital currency, as presented in the article. Big difference, right? :)
- shmerl 3y agoThat's not political views. That's just what it is. If you want to engage in demagoguery about technicalities of the currency, overlooking the actual goal behind it (assisting Putin's war) especially with masking it under mutual cooperation ideas - it's a waste of time since you simply sound like Putin's troll who poses as an intellectual.
- 79a6ed87 3y agoGeopolitics is obviously involved. And since trust is the most important aspect when it comes to saving in a particular asset, I wouldn’t save my money in something issued by either Russia or China. BRICS even invited my country, Argentina, to join. I wouldn’t save in a currency made by them until they get it together and keep it reasonably managed for a couple of decades. That’s how little trust they deserve from me at this moment when it comes to investing.
- logicchains 3y agoIf you don't like Russia, you should prefer BRICs adopt a decentralised currency instead of just using the ruble for west-sanctioned transactions like currently. Because if the ruble becomes the BRICs reserve currency, it would give Russia more economic power similar to how the US dollar being the global reserve currency gives the US an advantage.
- shmerl 3y agoNot really. Ruble is completely dead to begin with for all intents and purposes. Decentralized currency is simply better in comparison. So, yeah, they should totally adopt the ruble ;)
- iluxonchik 3y agoI will refer you to my comment above. The BRICS currency does not have a "reserve" currency, and as such the Ruble is not a reserve currency. A more correct way of thinking is of economic health of the Russian Federation and other member countries is used a "collateral" for the BRICS currency. The "economic health" is defined by algorithmically through a formula. You can find the formula in my comment above and of course in the article.
- shmerl 3y agoI'm not interested in the economic health of Russian Federation which is a fascist state with a maniac running it. That's why I'd say anyone sane should be against any projects like BRICS too.
- iluxonchik 3y agoBased on the discussion that we've had I'll assume that you don't have any actual criticisms regarding the value-propositions of the BRICS digital currency as a cryptocurrency on a public blockchain. Arguments in the form of "I dislike X, therefore everything associated with X is bad" are not very useful. I'll refrain from answering to any follow-ups, unless they pertain to the topic of the article. I will however, be glad to re-engage on queries related to the BRICS digital currency as a cryptocurrency on a public blockchain.
- liampulles 3y agoPopulists and dictators have to stick together you know.
- iluxonchik 3y agoWhat do you mean?
- verdverm 3y agoRussia, China, Iran, and North Korea primarily are working increasingly more together against The West and democracy. BRICS is their attempt at something of an economic group with some other nations, but it's not working out as well. When you don't uphold the rule of law, countries that do will outperform you and then people who want to do better will leave you for the rule of law group