• ☆ Yσɠƚԋσʂ ☆@lemmy.ml
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      3 days ago

      They mean a supranational currency aimed at transforming international trade settlement that sounds very similar to the idea of Bancor that Keynes proposed. The key idea is to establish a common unit of account and clearing system for international transactions. This would prevent the dominance of national currencies in international trade, promoting a more equitable financial system that’s not dominated by the currency of any single country.

      This concept would tackle persistent trade imbalances by incentivizing countries to maintain balanced trade, as excessive surpluses or deficits would incur penalties. The idea also has potential to enhance financial stability by countering speculative capital flows that often destabilized exchange rates and caused financial crises.

      • suoko@feddit.it
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        2 days ago

        They should start thinking of a plug and play system similar to activity pub for all that finance old fashioned system

        • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
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          2 days ago

          That’s sort of what Bancor is, in programming terms you can think of it as a common protocol that you can adapt your currency to, and then it can be used with anybody who’s also implementing this protocol.

          • suoko@feddit.it
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            1 day ago

            I wonder what kind of discussions take place when they implement these kind protocols (thinking of swift):

            • we want to avoid dirty money banks? No, that’s ok
            • we decide who can enter this network based on the fee they’ll pay
            • we have to crush any competitors in the world, we’ll deal all transactions, it’s not that complicated, little effort for big control
            • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
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              22 hours ago

              I think the interesting part with the Bancor approach is that it would avoid a lot of these problems since it’s strictly a settlement currency.

    • 82cb5abccd918e03@lemmygrad.ml
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      2 days ago

      Doesn’t bitcoins blockchain use some sort of consensus algorithm, so if one party has more than 50% of the compute power they control everything?

      • slacktoid@lemmy.ml
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        2 days ago

        51% but thats slower so ideally around 66% so you can make quicker faster changes. but yeah you ll have the same issues with fiat at that point.

        • makeasnek@lemmy.ml
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          1 day ago

          66% doesn’t give you any more ability than 51% does. It doesn’t change the speed, it just increases the cost. There would be no reason to hit 66% to do a 51% attack.

          • slacktoid@lemmy.ml
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            1 day ago

            They who domiante block mining will dominate the chain. 66% is just an outright majority relatively. 51% vs 49% can be regained with enough luck.

    • carl_marks_1312@lemmy.ml
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      3 days ago

      Nobody trusts China’s economic stats.

      Except the IMF, World Bank, Moody, Standard and Poor, etc.

      Meanwhile, Bitcoin

      lol

      • makeasnek@lemmy.ml
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        3 days ago

        Except the IMF, World Bank, Moody, Standard and Poor, etc.

        They don’t trust it, they just have no other figures to work off. China has a long history of faking numbers or suddenly stopping the publishing of numbers when it can make the party look bad. https://www.bloomberg.com/news/articles/2023-08-16/china-is-hiding-more-and-more-data-from-the-rest-of-the-world

        lol

        Ok, be mad. A 15 year trend of growth on average no matter how you measure it: market cap, number of nodes, transaction volume, transaction capacity, etc. If you have thought Bitcoin was a scam or a bubble about to burst or whatever, you’ve been wrong 15 years in a row, maybe it’s worth reconsidering. Because it’s not just crypto bros using or investing in it now, it’s national treasures, it’s big banks and finance. But you know, on year 16 you’ll finally be proven correct, right?

        • slacktoid@lemmy.ml
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          2 days ago

          yeah but whats stopping rich people from working together to get 60% of the network and then change things as they deem fit?

          • makeasnek@lemmy.ml
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            1 day ago

            Firstly, rich people already do this with our existing currency systems. So that has to be what we’re comparing against. And nobody has done this because there’s zero benefit to doing so.

            The thing you’re talking about is a 51% attack and the answer is:

            • The cost of doing so, which continues to increase and is around a trillion dollars currently. Even if you had the money, there are very significant logistical hurdles which make it difficult and means people would see it coming a mile away. They don’t have to buy coins, they have to buy energy and equipment to turn that energy into mining and they have to keep buying energy as long as they want their attack to continue. That trillion dollar figure is for one block worth of attack (10 minutes). The longer you attack, the more the cost per block goes up too.
            • There is no benefit to doing so. The second your attack ends, the network reverts to the true “main chain”, the system is designed to be really robust

            There are only two things you can do with a 51% attack

            • “double-spend” meaning you spend the same coins twice. But if somebody is going to trade you 1 trillion dollars of stuff, they’re going to wait for more than a few blocks confirmation. The scenarios where this makes any economic sense for anybody to attempt are basically zero.
            • Delay (censor) transactions which will go through the second your attack ends

            Even if you controlled 51% of the network you cannot:

            • Spend money you don’t have the key for
            • Increase the supply beyond 21 million coins
            • Otherwise make invalid transactions

            Because all other nodes would reject your transactions as invalid.

            • slacktoid@lemmy.ml
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              1 day ago

              Youre just gonna recreate what we have today with more energy usage. So why not fix the core societal problem?

        • carl_marks_1312@lemmy.ml
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          3 days ago

          They don’t trust it, they just have no other figures to work off.

          That’s why they publish it. Not like there are (western adaptations of) the Li Keqiang Index

          https://www.bloomberg.com/news/articles/2023-08-16/china-is-hiding-more-and-more-data-from-the-rest-of-the-world

          1. At least have the decency to post the archive link https://archive.md/sgBQK
          2. Youth unemployment in the article:

          Calculating the actual employment rate is complex and it’s plausible the government decided the changing nature of the economy and labor patterns means their current model isn’t accurately reflecting reality.

          Obtuse way to say that the category 16-24 olds are studying and not part of the labour force

          1. Landsales: Communists don’t like speculation with real estate and land. Shocker. Not like they’ve been announcing a shift away from real estate to EV/Solar Panels/etc.
          2. Currency Reserves, Bond Transactions, Academic Information, Politicians’ Biographies:

          President Xi Jinping’s ideological battle with the US has also motivated Beijing to ringfence data it believes could advantage the Biden administration.

          Based.

          A 15 year trend of growth on average no matter how you measure it: market cap, number of nodes, transaction volume, transaction capacity, etc.

          If you think that’s the critique of bitcoin then you have been blinded by techbros optimizim on the tech. Also it’s funny how you wave away bitcoin using up 1% of global electricity usage lol

  • JohnDClay@sh.itjust.works
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    4 days ago

    So that if (hopefully not when) China invades Taiwan, they won’t get hit with sanctions as bad as Russia did.

    • freagle@lemmygrad.ml
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      4 days ago

      Omfg the brain rot it takes to write this.

      1. China has repeatedly stated that they have zero intention of invading their own island and killing their own countrymen. It’s only Americans that keep repeating this lie that China wants to invade Taiwan.

      2. Russia has been placed under the most comprehensive sanctions in moderns history, including the USA seizing assets in violation of established sanction rules, and Russia’s economy is growing in both absolute and globay relative terms, while Russia’s military is larger than before the SMO started and still out producing the entire Western MIC combined.

      3. Meanwhile, the USA has attempted to engage in economic warfare with China and has lost every single time. China continues to dominate the top ~50 hi tech research areas, continues to outpace every Western nation on all meaningful economic growth rates include financial, purchasing power, infrastructure development, etc.

      There is no world outside of the USA propaganda cesspool where your comment even remotely matches reality.

      • andyburke@fedia.io
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        4 days ago

        Keep typing this shit up, very good use of your time.

        Remember: the actions of these countries speak louder than any words.

        • freagle@lemmygrad.ml
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          4 days ago

          If the actions of a country is what you’re going to judge them by, it blows my mind that you would trust literally anything the USA says about anything going on in the world.

            • freagle@lemmygrad.ml
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              3 days ago

              USA is the only one saying China wants to invade Taiwan and they’re the only who are saying sanctions are harming Russia.

              • andyburke@fedia.io
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                3 days ago

                It’s pretty easy to find direct reports from the Taiwanese government being reported?

                TAIPEI, May 15 (Reuters) - China’s military has sailed and flown closer to Taiwan in recent weeks than it has before, and staged mock attacks on foreign vessels ahead of the inauguration of the island’s next president on Monday, according to Taiwanese government reports.

                • freagle@lemmygrad.ml
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                  3 days ago

                  You mean China is doing military exercises in it’s own territory? Wild! I wonder if Alaska should be worried about the USA invading it. What do you think?

                • o_d [he/him]@lemmygrad.ml
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                  3 days ago

                  Most of the world agrees that:

                  1. There is only one China
                  2. Taiwan is a part of China
                  3. The Communist Party of China is the legitimate recognized government of China

                  So what’s the problem here?

                • myself@lemmy.ml
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                  3 days ago

                  No no no that doesn’t count you see Taiwanese “government” ist just proxy of American dogs God bless

    • Cowbee@lemmy.ml
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      4 days ago

      Not sure what this comment means, BRICS has been rising in membership and stability.

    • queermunist she/her@lemmy.ml
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      4 days ago

      Look at Russia’s economic growth in spite of the sanctions.

      There’s a world economy outside US control and it is only growing. Where do you think the inflation is coming from?

      • noride@lemm.ee
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        4 days ago

        That’s the thing about a war time economy, you produce one tank, and BOOM you’ve added $3.5MM to your GDP. A single SU-35? About 16MM added to GDP.

        You can’t eat tanks and jets though, the labor and resources used to maintain a war footing are vast, and must be poached from other areas of the economy. The longer you maintain this posture, the more dramatic the contraction.

        Gazprom posted a loss for the first time in decades. They sell one of the most profitable substances ever discovered by man and they still couldn’t turn a profit… despite how little the sanctions are impacting them, no less!

        • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
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          3 days ago

          The military industry is around 6% of Russian economy, it’s not a war time economy LMFAO. By contrast, by the end of WW2, around 40% of US economy was devoted to the military. That’s what an actual war time economy looks like. It’s absolutely hilarious how people just keep parroting this nonsense without thinking about it even for a second.

          The main reason for such rapid growth of Russian economy is due to the fact that decoupling from the west created a lot of economic niches to be filled. Meanwhile, the west effectively doing capital controls for Russia forced the oligarchs to invest their money domestically.

      • Valmond@lemmy.world
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        3 days ago

        Russia is in for a harsh wakeup when the Ukrainian war ends (or in 2026 if the war is still ongoing IMO). Their economy is “looking good” right now only because it has been switched to a war economy, and the Kremlin injects tons of cash in it, but lots of it isn’t useful for the russians, it’s just getting destroyed in the war.

        Also the ruble is close to a dead currency, nobody wants to trade in it any more.

      • JohnDClay@sh.itjust.works
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        3 days ago

        Turning tanks in a storage base into tanks destroyed in Ukraine is not economic growth, dispite what gdp would indicate.