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I expected someone would eventually bring this up, but syncing the Bitcoin blockchain requires a lot of bandwidth, which can be cost prohibitive over Starlink or other vSat internet terminals. Not everyone has access to Starlink in every country. Starlink terminals are continuously active and can be vulnerable to jamming or RF direction-finding, potentially putting certain users at risk. For instance, this idea would not be feasible in Cuba or behind future iron curtains. This way would be more decentralized and enable people to [build or use their own](https://www.youtube.com/watch?v=vy_OzbR4Fzo) Blockstream-like SDR receivers using commercial off-the-shelf (COTS) parts if necessary, since Blockstream receivers appear to be standard free-to-air (FTA) satellite receivers. Users could then leverage devices they already have in-country, like USB SDR receivers and iPhones, to transmit transactions without needing to transport a Starlink terminal across challenging environments such as war zones or areas with restricted access.
Well not exactly, you can certainly create incentives for traders to keep it at peg by having it backed by on-chain collateral. Dai (USDS) and LUSD both work this way, backed by ETH. They "control" the market by providing economic incentives to buy when it's below peg and vice versa. OP could probably clone one of those projects and run an SDR price feed instead of a USD one. The problem is that you need to have enough liquidity to bootstrap the system (i.e. open CDPs with corresponding SDR tokens available to trade). $1000 is microscopic compared to what you would actually need to get this off the ground.
I like the idea of a token pegged to SDR. Unfortunately $1000 isn't going to cut it. You need regular auditing to establish the users trust that the issuer (you) owns the SDR or the corresponding basket of currencies.
You can’t control the price of a token on the open market. If you want it to be “pegged” then it would actually need to be worth an SDR. For example, It could be redeemable for an SDR from your reserves at any time.
Bretton Woods agreement took most world currencies off the gold (and sometimes silver) standard and moved to USD as the reserve currency. This gave the US enormous economic sway and power, as it became the foundation for forex and secondary currency holdings the world over. Most of the world moved to its rhythm. US geopolitical, political, and economic rivals have been pushing against this for decades. Some have tried to use economic alliances to uphold and empower their own currencies and commodities (BRICS and OPEC), some saw the immense economic leverage and manipulation the US could utilize with this role and sought to make alternatives for various reasons (Satoshi's Bitcoin and the IMF's SDR), and others doubled down hard on previously used currencies as stores of value like precious metals and built up colossal reserves (e.g. China and Russia). As the USD loses relevance as a store-of-value of US debt acting as the reserve currency of the world and as a unit of international power as a medium-of-exchange, a lot of groups stand to benefit tremendously. Bitcoin and cryptocurrency in general is a little too small a piece of the puzzle to look at directly and use inductive reasoning to figure out the geopolitics of the rest of it. Its traits as an alternative store-of-value to USD, semi-transparency with a public ledger but no regulatory measures like USD that made money laundering a colossal industry, and the frequent grifting within the space based on the last feature might give some hints though with the rest of the geopolitical context.
Satoshi has finally announced a SDR. Now all bitcoin will be backed by US Dollars meaning, finally, bitcoin has underlying value and trust built in. Today is a momentous day.
After threatening, now imposing import tariffs on every non usa country, all stock markets in every time/economic zone shrinking by 2%, Bitcoin dropped from 100k€ downto 91k€. DOGE Coin -36% Trump Coin -63% Melania Coin -80% Musk Trump are allowed to balance the power of the Federal reserve by crypto, but the BRICs and any other country face 100% tariffs if they'd set up an alternative=correct the finance interbanking system by putting the SDR's Special Drawing Rights back in the centre? https://en.wikipedia.org/wiki/Special_drawing_rights Special drawing rights (SDRs, code XDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF).
SDR's rely on Sovereign Banking, moreover...due to it's wide fluctuation, not suitable. Remember thsi: SNO sane government will ever agree to peg it's economy currency to a swinging asset. So forget about that... Reserve? Maybe..as in diversification, but even that highly questionable.
they'd want bitcoin reserve for the same reason they want gold reserve. so that they can have a better chance at controlling (suppressing) gold prices if they and other major nations have it. & just like FDR they will come after your crypto by some sneaky means or other. their ultimate goal is to keep control of fiat and money issuing capability but that wont be if a single crypto asset proliferate w/o their involvement. I can even bet they might start a bitcoin based fractional reserve fiat as some form of international SDR alternative.
It’s a giant IF, but one day I could see BTC serving as an international reserve currency like the IMF SDR and gold. When fiat currencies collapse due to massive debts and inflationary monetary printing, I could see this happening. Under those conditions the sky is the limit for BTC.
What about application for GHBV to be able to comply with SDR ahead of new KTR regulations for BFDD vendors?
I am definitely thinking of the gold standard changes. The recovery from hardship part you mention is noble. It looks like the baskets of SDR currencies is up to 5 now and is a useful asset/nations savings account.
Peter’s gooch here. According to the website of the people who did the thing a 1944 Breton woods agreement ended and SDRs were rolled out in 1969 which started an inflationary rip from peehole to butthole. “The SDR (Special Drawing Right) is a reserve asset created and distributed by the International Monetary Fund to supplement the reserves of its member countries. SDRs were first created in 1969 to supplement other reserve assets (convertible currencies and gold) used in foreign trade and other international transactions. SDRs cannot be used in payment by private individuals. They exist only as electronic accounting balances and are either retained as reserves or exchanged to settle payments between the [IMF](https://www.imf.org/external/np/exr/center/mm/eng/mm_gls_3.htm#sdr)and its members or between member countries themselves.”