5 ms·

> what we consider to be one of the central pillars of national sovereignty, control over your national currency. Who exactly is "we" here? Because that's not

> what we consider to be one of the central pillars of national sovereignty, control over your national currency. Who exactly is "we" here? Because that's not true in a lot of (sovereign) countries in the world. Probably the most famous example being the Euro, and maybe the closest example to you is the United States Dollar which is an official currency in countries that have no control over the currency itself.

thrown-0825-1 1y ago
Not in the mood to debate easily google-able concepts. https://en.m.wikipedia.org/wiki/Monetary_sovereignty https://en.m.wikipedia.org/wiki/Monetary_sovereignty
disgruntledphd2 1y ago
> Who exactly is "we" here? Because that's not true in a lot of (sovereign) countries in the world. The CEO of coinbase recently said on a podcast that in the future, he expects stablecoins to wipe out all but ten currencies in the world. This is a ludicrous statement that's gonna get Coinbase banned from many of these countries, and end up being subject to much, much more regulation than they expect. Like, just because the US is currently pro-crypto doesn't mean that the rest of the global regulators have changed.
- Karrot_Kream 1y ago
  .... Why would Coinbase be banned for saying something like this, what? At most these countries will probably prevent their citizens from using cryptocurrency like the Chinese government's position. Though my guess is that some smaller countries with less sophisticated monetary regimes may actually be excited about escaping the petrodollar world economy.
  - disgruntledphd2 1y ago
    > Why would Coinbase be banned for saying something like this, what? Control of the currency is one of the core governmental functions, I find it hard to imagine a world where governments are OK with this. And more generally, if this is your plan, it's profoundly idiotic to say it in public before you've accomplished it, as you're giving your counterparties more time to adjust (which you probably don't want). > Though my guess is that some smaller countries with less sophisticated monetary regimes may actually be excited about escaping the petrodollar world economy. I find this unlikely, but we'll see I guess.
    - CaptainOfCoit 1y ago
      > Control of the currency is one of the core governmental functions, I find it hard to imagine a world where governments are OK with this. Are you not aware about the countries that are seemingly OK with this already? There are countries that don't have their own national currency and instead rely on United States Dollar, so obviously what you say doesn't always apply. > I find this unlikely, but we'll see I guess. Why? They're already in a "hard to imagine world" (from your perspective) since they don't have control over their own currency, wouldn't it be "easier to imagine" that they move to a currency no one control?
      - disgruntledphd2 1y ago
        > Are you not aware about the countries that are seemingly OK with this already? There are countries that don't have their own national currency and instead rely on United States Dollar, so obviously what you say doesn't always apply. This is generally making the best of a bad situation. Like, I'm from a country that was pegged to another country's currency for a long time, and it caused lots and lots of problems. Now, I'm part of a currency union, and that too causes lots and lots of problems. I'm not sure why any government would want to give up currency control to Coinbase/Tether/Stripe, like it's bad enough when there's another central bank on the other side, but a bunch of tech bros seems like a step too far. > Why? They're already in a "hard to imagine world" (from your perspective) since they don't have control over their own currency, wouldn't it be "easier to imagine" that they move to a currency no one control? This is not true, there's always someone in control. The notion of perfectly algorithmic currency is beloved of a lot of people, but what happens when this hits the legal system? Fundamentally either the service gets banned or the algorithm gets tweaked (which indicates that someone has control).
    - Karrot_Kream 1y ago
      > Control of the currency is one of the core governmental functions, I find it hard to imagine a world where governments are OK with this. Many governments do not perform this function. The Eurozone is a shared currency standard and it's not like most Eurozone countries have a domestic currency and keep a liquid market of EUR <-> Domestic Currency to transact in the Eurozone. Their credits and debts are denominated in EUR. Then there's countries that use other countries as legal tender, like El Salvador. There's countries that peg their currencies to other currencies like Gulf States to the USD and the CFA Franc Zone which pegs to the EUR. So... there's plenty of world governments that do not control their own currencies. > And more generally, if this is your plan, it's profoundly idiotic to say it in public before you've accomplished it, as you're giving your counterparties more time to adjust (which you probably don't want). If you're going to call someone's plan idiotic it's best to get your own facts in order first. I mean this is the internet so you can say whatever you want and get internet points but some of us like to think in terms of facts.

thrown-0825-1 1y ago

Not in the mood to debate easily google-able concepts. https://en.m.wikipedia.org/wiki/Monetary_sovereignty https://en.m.wikipedia.org/wiki/Monetary_sovereignty

disgruntledphd2 1y ago

> Who exactly is "we" here? Because that's not true in a lot of (sovereign) countries in the world. The CEO of coinbase recently said on a podcast that in the future, he expects stablecoins to wipe out all but ten currencies in the world. This is a ludicrous statement that's gonna get Coinbase banned from many of these countries, and end up being subject to much, much more regulation than they expect. Like, just because the US is currently pro-crypto doesn't mean that the rest of the global regulators have changed.

Karrot_Kream 1y ago
.... Why would Coinbase be banned for saying something like this, what? At most these countries will probably prevent their citizens from using cryptocurrency like the Chinese government's position. Though my guess is that some smaller countries with less sophisticated monetary regimes may actually be excited about escaping the petrodollar world economy.
- disgruntledphd2 1y ago
  > Why would Coinbase be banned for saying something like this, what? Control of the currency is one of the core governmental functions, I find it hard to imagine a world where governments are OK with this. And more generally, if this is your plan, it's profoundly idiotic to say it in public before you've accomplished it, as you're giving your counterparties more time to adjust (which you probably don't want). > Though my guess is that some smaller countries with less sophisticated monetary regimes may actually be excited about escaping the petrodollar world economy. I find this unlikely, but we'll see I guess.
  - CaptainOfCoit 1y ago
    > Control of the currency is one of the core governmental functions, I find it hard to imagine a world where governments are OK with this. Are you not aware about the countries that are seemingly OK with this already? There are countries that don't have their own national currency and instead rely on United States Dollar, so obviously what you say doesn't always apply. > I find this unlikely, but we'll see I guess. Why? They're already in a "hard to imagine world" (from your perspective) since they don't have control over their own currency, wouldn't it be "easier to imagine" that they move to a currency no one control?
    - disgruntledphd2 1y ago
      > Are you not aware about the countries that are seemingly OK with this already? There are countries that don't have their own national currency and instead rely on United States Dollar, so obviously what you say doesn't always apply. This is generally making the best of a bad situation. Like, I'm from a country that was pegged to another country's currency for a long time, and it caused lots and lots of problems. Now, I'm part of a currency union, and that too causes lots and lots of problems. I'm not sure why any government would want to give up currency control to Coinbase/Tether/Stripe, like it's bad enough when there's another central bank on the other side, but a bunch of tech bros seems like a step too far. > Why? They're already in a "hard to imagine world" (from your perspective) since they don't have control over their own currency, wouldn't it be "easier to imagine" that they move to a currency no one control? This is not true, there's always someone in control. The notion of perfectly algorithmic currency is beloved of a lot of people, but what happens when this hits the legal system? Fundamentally either the service gets banned or the algorithm gets tweaked (which indicates that someone has control).
  - Karrot_Kream 1y ago
    > Control of the currency is one of the core governmental functions, I find it hard to imagine a world where governments are OK with this. Many governments do not perform this function. The Eurozone is a shared currency standard and it's not like most Eurozone countries have a domestic currency and keep a liquid market of EUR <-> Domestic Currency to transact in the Eurozone. Their credits and debts are denominated in EUR. Then there's countries that use other countries as legal tender, like El Salvador. There's countries that peg their currencies to other currencies like Gulf States to the USD and the CFA Franc Zone which pegs to the EUR. So... there's plenty of world governments that do not control their own currencies. > And more generally, if this is your plan, it's profoundly idiotic to say it in public before you've accomplished it, as you're giving your counterparties more time to adjust (which you probably don't want). If you're going to call someone's plan idiotic it's best to get your own facts in order first. I mean this is the internet so you can say whatever you want and get internet points but some of us like to think in terms of facts.