China's ban could cripple their economy the same way their adherence to the Silver Standard over the Gold Standard once did

If one day, BTC, or any other coin for that matter emerges king and truly becomes the global homogenous money, any country that does not have this currency in their population and governmental circulation will substantially lose their international trade outside of barter trade. The economy will suffer and they will only have their local economy fully operating, putting them years behind innovation, technology, and advancement.

This is what happened to any country on the Silver Standard; as paper money replaced silvers role in the economy as a smaller unit better for smaller and more routine transactions the value of silver plummeted. China was one of those countries and the recovery took many years.

Thoughts?

submitted by /u/mjacobsen32 to r/btc
[link] [comments]
Quelle: bitcoin-en