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If 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

If 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 ago
Not 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 ago
  I 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 ago
    I'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 ago
      Based 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.
      - fuzzfactor 3y ago
        >actual criticisms regarding the value-propositions of the BRICS digital currency as a cryptocurrency Seems like an extra layer of non-value that could be leveraged by enthusiasts to more thoroughly extract any real value that may turn out to be underlying the currency itself to begin with, or any time into the future. To everyone elses' disadvantage. And then there's the really negative side. Currencies have been seeking shelter from time to time since for them in some ways the cold war never ended. Currency war has always been rumbling in the background, even as people did a worthwhile amount of disarmament. The Euro came along and there was reduced diversity of currencies to argue over. Now it's almost like some of the currencies are at each other's throats along with the political parties they are attached to or invested in. You can't separate the currencies and the politics that go along with it. And more politicians who are non-advanced by nature are wielding destructive power and triggering the need for re-armament. There goes non-war currency. As if it ever came home to roost.
iluxonchik 3y ago
The BRICS currency does not have a "reserve currency". You are thinking in terms of existing currency structures, where a single currency is treated with more importance that other currencies. The BRICS currency itself, is a derivative of the currencies and economies of the member countries. In the article, I present the formula for the calculation of the supply of the BRICS currency: `M = ForT + FDI + PI + ForEx + G&EX + InterSec + Der + ForDeposit + EuroCurrency + MTransfer + Etc.` Each component in this formula represents a key economic indicator: - `ForT`: Foreign Trade, encompassing the total value of exports and imports between the BRICS nations and the rest of the world. - `FDI`: Foreign Direct Investment, capturing the inflow and outflow of investment capital. - `PI`: Portfolio Investment, including investments in stocks, bonds, and other financial instruments. - `ForEx`: Foreign Exchange Transactions, representing the volume of currency exchanges. - `G&EX`: Gold and Foreign Exchange Reserves, a crucial component that partially backs the value of the BRICS currency with an asset holding intrinsic value - gold. - `InterSec`: International Securities, such as bonds issued by BRICS nations in international markets. - `Der`: Derivatives, financial contracts deriving their value from underlying assets or benchmarks. - `ForDeposit`: Foreign Deposits, the total value of BRICS currency held in foreign accounts. - `EuroCurrency`: Eurocurrency Market Operations, capturing the BRICS nations' activities in other currency markets. - `MTransfer`: International Money Transfers, the flow of funds between the BRICS and other nations. - `Etc.`: Other relevant economic indicators as needed. The article doesn't develop on the specifics, but you can imagine one of those factors as being the country's Bitcoin reserves. As such, the supply is algorithmic (akin to UniswapV2's approach of`x*y=k`) and the formul aims to create a BRICS currency supply that dynamically responds to the collective economic state of the member nations
verdverm 3y ago
The most likely candidate would be the Yuan, not the Rubble
- iluxonchik 3y ago
  Neither Yuan, nor Ruble, nor gold, nor Bitcoin can be a "reserve currency" for the BRICS digital currency, as I've explained in the comment above. You could make an argument for the BRICS currency becoming a reserve currency, but not for it having an internal "reserve currency". One of the main goals of the BRICS is to allow the member countries to trade in their own local currency, which contradicts the idea of existence of a "reserve currency for BRICS".
  - verdverm 3y ago
    nobody cares... BRICS is barely holding together and HN is crypto skeptic Democracy will always triumph over authoritarianism

shmerl 3y ago

Not 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 ago
I 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 ago
  I'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 ago
    Based 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.
    - fuzzfactor 3y ago
      >actual criticisms regarding the value-propositions of the BRICS digital currency as a cryptocurrency Seems like an extra layer of non-value that could be leveraged by enthusiasts to more thoroughly extract any real value that may turn out to be underlying the currency itself to begin with, or any time into the future. To everyone elses' disadvantage. And then there's the really negative side. Currencies have been seeking shelter from time to time since for them in some ways the cold war never ended. Currency war has always been rumbling in the background, even as people did a worthwhile amount of disarmament. The Euro came along and there was reduced diversity of currencies to argue over. Now it's almost like some of the currencies are at each other's throats along with the political parties they are attached to or invested in. You can't separate the currencies and the politics that go along with it. And more politicians who are non-advanced by nature are wielding destructive power and triggering the need for re-armament. There goes non-war currency. As if it ever came home to roost.

iluxonchik 3y ago

The BRICS currency does not have a "reserve currency". You are thinking in terms of existing currency structures, where a single currency is treated with more importance that other currencies. The BRICS currency itself, is a derivative of the currencies and economies of the member countries. In the article, I present the formula for the calculation of the supply of the BRICS currency: `M = ForT + FDI + PI + ForEx + G&EX + InterSec + Der + ForDeposit + EuroCurrency + MTransfer + Etc.` Each component in this formula represents a key economic indicator: - `ForT`: Foreign Trade, encompassing the total value of exports and imports between the BRICS nations and the rest of the world. - `FDI`: Foreign Direct Investment, capturing the inflow and outflow of investment capital. - `PI`: Portfolio Investment, including investments in stocks, bonds, and other financial instruments. - `ForEx`: Foreign Exchange Transactions, representing the volume of currency exchanges. - `G&EX`: Gold and Foreign Exchange Reserves, a crucial component that partially backs the value of the BRICS currency with an asset holding intrinsic value - gold. - `InterSec`: International Securities, such as bonds issued by BRICS nations in international markets. - `Der`: Derivatives, financial contracts deriving their value from underlying assets or benchmarks. - `ForDeposit`: Foreign Deposits, the total value of BRICS currency held in foreign accounts. - `EuroCurrency`: Eurocurrency Market Operations, capturing the BRICS nations' activities in other currency markets. - `MTransfer`: International Money Transfers, the flow of funds between the BRICS and other nations. - `Etc.`: Other relevant economic indicators as needed. The article doesn't develop on the specifics, but you can imagine one of those factors as being the country's Bitcoin reserves. As such, the supply is algorithmic (akin to UniswapV2's approach of`x*y=k`) and the formul aims to create a BRICS currency supply that dynamically responds to the collective economic state of the member nations

verdverm 3y ago

The most likely candidate would be the Yuan, not the Rubble

iluxonchik 3y ago
Neither Yuan, nor Ruble, nor gold, nor Bitcoin can be a "reserve currency" for the BRICS digital currency, as I've explained in the comment above. You could make an argument for the BRICS currency becoming a reserve currency, but not for it having an internal "reserve currency". One of the main goals of the BRICS is to allow the member countries to trade in their own local currency, which contradicts the idea of existence of a "reserve currency for BRICS".
- verdverm 3y ago
  nobody cares... BRICS is barely holding together and HN is crypto skeptic Democracy will always triumph over authoritarianism