reply on: China devalues yuan by leaps and bounds \ stacker news ~econ

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54 sats \ 13 replies \ @Satosora 5 Jan \ on: China devalues yuan by leaps and bounds econ

Wont this ruin their brics deal? They need to have a certain amount of currency in reserve, but if it is worthless, how will they be able to make the borrowing work? Seems like brics will be falling next.

53 sats \ 12 replies \ @GhostofTruth OP 5 Jan

I think we get a first impression why a real BRICs currency wont be a real danger

54 sats \ 2 replies \ @Satosora 5 Jan

Must be why Russia is using bitcoin for transactions.

53 sats \ 1 reply \ @GhostofTruth OP 5 Jan

This and to circumvent sanctions and exclusion of swift

54 sats \ 0 replies \ @Satosora 5 Jan

I never understood how they could trust each other. They all want to stab each other in the back if there is a profit in it for themselves.

32 sats \ 8 replies \ @gmd 5 Jan

Ruble ain't doing so hot either ...

66 sats \ 7 replies \ @Satosora 5 Jan

Everyone involved in brics is crooked. So how would they keep a stable currency? Even during the first meeting they didnt want to make a combined currency, which I thought was funny. Wasnt that the whole point of brics?

32 sats \ 6 replies \ @gmd 5 Jan

Dictators relying other dictators lol... zero trust.

33 sats \ 5 replies \ @Satosora 5 Jan

At least with bitcoin, you know the other guy wont stab you in the back. They need to figure out something similar, or just use bitcoin. Would bitcoin become stronger because of their involvement, or would people pull out?

32 sats \ 4 replies \ @gmd 5 Jan

Use cases for bitcoin are so obvious.. it's amazing we're still at 100k frankly

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