Russia To Use Gold Backed Stablecoin For Cross Border Payments?
He is some tomfollery coming out of Russia. If it is real, which is it probably being discussed, it is foolish.
In this video I discuss how the gold backed dollar really worked and what could await Russia. We also have to see through the mirage; it will not settle in actual gold. We keep hearing about this when it is a concept based upon mythology.
Here is a link to the article mentioned in the video:
https://cryptobriefing.com/russia-to-explore-cross-border-stablecoin-settlements/
▶️ 3Speak
0
0
0.000
View or trade
BEER.Hey @taskmaster4450, here is a little bit of
BEERfrom @pixresteemer for you. Enjoy it!Did you know that you can use BEER at dCity game to **buy dCity NFT cards** to rule the world.
the dollar backed by gold did not create it as a mythology but you have to find the right time to implement it
!PIZZA
PIZZA Holders sent $PIZZA tips in this post's comments:
@ham222mer(1/10) tipped @taskmaster4450 (x1)
Learn more at https://hive.pizza.
Tell us what you really think Task!!! Don’t hold anything back. Haha
Before the war i had some good amount dollar but after that i lost most of it.
I also think it's a bad idea. Just remembering the UST and LUNA situation makes me wonder why they consider it a good idea.
Posted Using LeoFinance Beta
Summary:
In this video, Task discusses an article from Crypto Briefing about Russia's exploration of cross-border stablecoin settlement, potentially tied to commodities like gold. Task breaks down the historical context of commodity-backed currencies and argues against the feasibility of stablecoins backed by physical assets due to issues with settlement times and potential volatility. He also touches on the strength of the US dollar, the inefficiency of physical transactions in the modern era, and the role of blockchain in providing stable units of account like stablecoins.
Detailed Article:
Task delves into the article on Russia's interest in cross-border stablecoin settlement, particularly ones tied to commodities such as gold, emphasizing the historical context of commodity-backed currencies. He criticizes the belief in commodity-backed currencies, drawing on past instances of metal coins' variable weights due to shortages and manipulation. Task dismisses the effectiveness of stablecoins backed by physical assets due to potential issues like settlement times and volatility, using examples of gold and silver price fluctuations. He argues that backing stablecoins with Bitcoin is also impractical due to Bitcoin's volatility.
Task discusses the role of the US dollar in global trade, highlighting China's dependency on the dollar despite speculation about moving away from it. He explains trade deficits and surpluses, emphasizing the necessity of the dollar for global transactions. Task praises stablecoins as a viable alternative, highlighting the efficiency and accessibility they offer, especially to developing countries. He mentions HBD backed by Hive as an example of a stablecoin providing stability equivalent to the US dollar without direct ties to physical dollars.
Furthermore, Task emphasizes the inefficiency of physical transactions in today's digital age, drawing parallels to email replacing letters and online payments over writing checks. He argues against the return to inefficient monetary systems and emphasizes the importance of efficiency in modern transactions. Task concludes by suggesting that money is increasingly defined by math, referencing value at risk models, the Eurodollar system, and commercial banking practices.
In conclusion, Task presents a comprehensive analysis of commodity-backed currencies, stablecoins, the role of the US dollar in global trade, and the modernization of financial transactions in the digital era. He challenges traditional beliefs in physical assets backing currencies and advocates for efficient, blockchain-based stablecoins as the way forward in global finance.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.