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RE: Steem Dollar Economics
I don't want to spend my STEEM in stores in 10 years. I want to spend my SBD.
So you really thing $ dollars will still exist in 10 years from now...
I don't want to spend my STEEM in stores in 10 years. I want to spend my SBD.
So you really thing $ dollars will still exist in 10 years from now...
Absolutely.
They will just raise the debt ceiling and keep printing them as they have since nixon axed the gold standard.
There are plenty of countries that use the $ sign too.. If USD somehow dies (it won't) then we could always peg to CAD (Canadian Dollars) or hell even some other wild dollar like zimbabwe dollars.
Money is a form of control over people.. They aren't going to just stop using dollars even though the system is unsustainable.. We've seen it happen time and time again. There is always a bail-out... and always more money to be had.
Not trying to defend the obvious screwed economy we've got going on here... But I'm a realist.
USD is far more likely to be around in 10 years than it isn't. History dictates this.
As long as the oil is traded in dollars the fed can just keep printing, but if the petro dollar is replaced the dollar will have trouble. The economy is so globally intertwined now and dependent on the dollar that even if the shit hits the fan the dollar will last longer than most other fiats.
That is not the point. If the USD will not be the de facto currency standard we can use a different one to peg SBD to.
The key however is to have a currency that is part of the steem ecosystem. steem and SP are not currencies in the sense that they cannot be used to store value. Currency requires stable value to be effective.