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0 sats \ 3 replies \ @Solomonsatoshi 12 May \ on: Bitcoin will win if adopted for Business' Cross Border Payments, Worldwide AGORA
Looks more likely mBridge or other Chinese digital payment protocols will dominate international trade payments.
They are already provisioning Iran, Russia a d N.Korea with trade liquidity outside of the SWIFT USD system.
China will want the massive strategic power that comes from controlling trade payments and USA will gradually lose its hegemony in this area as the changes required to implement CBDCs are too difficult for its legacy trade payments and banking system to manage.
A minority of business will probably adopt Bitcoin but it will lack the volume required to dominate.
Chinas dominance of trade makes it in the best position to gain dominance over trade payments and it is gradually working toward achieving this.
never heard of mBridge, even if relatively new, still, looks is an alternative control system for international trade. What make you think that just a minority of business will probably adopt Bitcoin ...?
If the tech gap needed to understand it that will be the obstacle or anything else? Ad even if they adopt bitcoin, do you think they will continue doing BAU under govs regulations?
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Yes mBridge is potentially very much a control system, operated by the CCP, as a competitor to SWIFT/USD which is also a control system which has given US huge power and wealth.
Jack Ma was 'sidelined' (silenced) after he got too enthusiastic about Alipay while the CCP favours its CBDC Yuan...which dovetails into mBridge.
China has made no secret of its intentiomn to build an alternative to the USD/SWIFT trade payments hegemony of the US.
It is almost essential that China do this if it is to advance beyond its current state pof development- to remain hostage to the IMF/World Bank, BIS and SWIFT USD system would limit Chinas development potential as an independent super power and make it probable they would end up as another Japan, captured and controlled by US banking tribute status. The Chinese will not want that outcome.
Businesses are mostly operated under the protection and regulation of governments- this is how governments can impose fiat monetary regimes.
Few businesses can avoid that protection and regulation- mostly just ones operating outside the law.
There will be understandable resistance to a Chinese based monetary protocol but the Chinese have the ability to impose it because they control the worlds most productive economy and any nation opting out of trade with China loses considerable economic advantage.
As monetary hegemony transitions toward China Bitcoin should have a role as a neutral protocol but it is very hard to see it being more than a minor alternative in terms of scale due to network effect in favour of Chinese.
When predicting Bitcoins potential adoption it may help to consider the fact that while Bitcoin does deliver superior degree of monetary freedom and utility to individuals it does not provide the same advantages to nation states- it instead reduces their monetary leverage powers considerably, especially if/where adopted as a MoE. Note most autocracies have outright banned Bitcoin use as a MoE, while in the west it is quasi outlawed in a sly but effective manner via absurdly obstructive tax recording and reporting requirements achieved by designating it as a speculative commodity not a p2p payments protocol- despite the fact that it very explicitly was and is created for just such a purpose!
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Thanks for sharing this documentary, I'll take time and watch it. I agree on what you say, autocracies are trying to have control over Bitcoin, I doubt they will succeed. With time, everything will get redistributed.
Businesses are mostly operated under the protection and regulation of governments- this is how governments can impose fiat monetary regimes.
In the last chart highlighted the "revenue", guess whose revenue is for. From what I know, governments are business too. The ones defining the rules, meanwhile the commerce law, has been there for longer we can remember. Govs have been just taking authority over it and make us believe we need to pass through their approval to trade. From what I'm studying, this is not true: We can operate without authorizations, licenses, fees...
China like any other government if playing in the competitive market, fiat approach! How many can collaborate instead?
Few businesses can avoid that protection and regulation- mostly just ones operating outside the law.
It is not about avoiding it, it is about learning how to do business in the private. Ok, not many have knowledge of commerce law, maritime law even less. Everything started from there. And I don't mean the lessons taught at unis and public schools.
I'm more concern about the general expectations on having a free market to flourish. How? Even in the bitcoin ecosystem, people continue registering businesses and bend to gov authorities?
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