I do believe that fiat money which is centered around the dollar will collapse soon. For example, in my country there is an on going deal with China to float their curency in my country and purs in their country. China being our number one trade partner, it is only reasonable that such steps are taken. this in turn will lead to the scrapping of the dollar which has been the major source of exchange.
In the crypto world, steemit to be percise, is been structured around the dollar as well i.e steem is measured in dollar, so my question is: won't this looming fiat crisis affect the platform and cryptos? that's my fear.
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oh that's a very good point sir nonsowrites! It seems logical to assume that a collapse would also take down steem which is tied to the dollar value.
Yes. My theory is that the current downturn in crypotcurrencies is as a result of the dollar strain, it is fighting for its life and on it's way down it is dragging everything associate it along.
like someone mentioned in this comment section, fiat money is used to purchase crypto, thus what affects fiat money can affect crypto as well.
howdy this fine Tuesday sir nonsowrites! yes that is so logical, the point about fiat money being used to purchase crypto and what happens when fiat money crashes? very good sir. you sound very sharp. what country are you in?
thank you very much for the compliement, and I am from Nigeria.
howdy back again nonsowrites! from Nigeria! wow there are alot of people from Nigeria on steemit, that's a wonderful thing. what is the economy like there, is it growing and do you export alot of resources?
Well, currently our economy is still recovering from a depression. Coupled with the government's inability to tackle pressing issues, like the insurgence in the north, tribal warfare, unemployment and over population, etc the list is endless.
But like they say where there are problems opportunities are lurking. There are many untapped potentials in Nigeria. The government has tried to resuscitate agriculture in their bid to diversify the economy. Also they've tried to improve infrastructure, however, much is still yet to be done, in terms of providing basic amenities like water and light. The power sector needs to improve in other to provide a more comfortable business environment for both local and foreign investors. And with the general election approaching most Nigerians hope to see a change.
As regards export, petroleum still remains our major export, which accounts for over 90% of our foreign exchange. However, this has not neccesarily translated into better opportunities for our people, because the sector is dominated by foreign companies.
wow nonsowrites! thanks so much for explaining all of this to me, you really know your stuff and must be well educated from good schools and colleges.
yes the government needs to get the basics like power up to date or that will keep investors out. too bad your government doesn't own the oil companies. but there is hope because of elections, are there good people running?
All cryptos have a dollar value, because they are measured against bitcoin which also has a dollar value. You can just look at the crypto in BTC value. Steem has SBD, which is supposed to be pegged near USD$1.