Only 1 Global Currency? Oh no! No more currency trading? So what?

European Economic News
Greater Intl Stability Requires Overhaul Of Monetary, Financial System: UNCTAD
9/8/2009 7:36 AM ET

The role of the U.S. dollar as the main reserve currency should be given to a new global currency, overseen by a new global bank, the Geneva-based UN Conference on Trade and Development said on Monday.

According to the UN body, the dollar has significantly lost its value and a country like the United States that has current account deficit is under no obligation to adjust to growing unbalance in the current account.

"The current international monetary system, with flexible exchange rates between the major currencies, the dollar as the main international reserve currency, and free international capital flows, has failed to achieve the smooth adjustment of payments imbalances," the UNCTAD said in its Trade and Development Report 2009.

The report said no country is obliged to hold reserves in dollars; indeed, central banks have been increasingly diversifying their reserve holdings in other currencies, in particular the euro, in order to reduce the exchange-rate risk in a world of financial and currency instability.

Nevertheless, since the dollar serves as the main currency for settling international transactions, it has continued to be the preferred choice.

Hi Everyone,

there is a new global commodity / currency emerging that is rising strongly: BITCOINS (BTC).

Before repeating all what has been written about it, here 2 links so you get the background:

http://www.bitcoin.org/
http://www.bitcoin.org/smf/index.php?topic=1493.20


Here is a snapshot on trading bitcoins:
1) There are 4 online exchanges:
(1) MtGox http://mtgox.com: This is the biggest exchange wth highest turnover. Average daily USD turnover volume in the last 20 days was 15,000. This exchange works really very well. Transcation fees at 0.65% on every transaction.
Best way to get funds in was Paypal USD before scammers caused some limited fraud and MtGox moved to liqpay, than libertyreserve. No fraud since then and it is all up and running. I know MtGox is looking for better ways to allow fund inflows. If this can be done, prices will skyrock as there are loads of people who want to buy bitcoins.

(2) Bitcoinmarket https://www.bitcoinmarket.com/ : This allows liberty reserve USD, Paypal USD and Pecunix GAU. Because of the scammers, the owner stopped taking new registrations. However, for the ones who are in it functions perfectly. And the owner also takes new traders / investors who are known as honest folks from a longterm history on the bitcoin forum http://www.bitcoin.org/smf/index.php .

(3) Btcex https://btcex.com/?language=en :This works for Russian Rubles RUB. And it has started to accept also WMZ, WMR, WME. (I am not sure what this exactly is).
The positive is that this exchange accepts bank wire (but in RUB).

(4) Bitcoinexchange https://www.bitcoinexchange.com/ : This is an exchange that allows EUR funds. Also here, bank wire is working greatly and it also allows sms or phone call payment.

There are also some bitcoin / cash exchangers https://www.bitcoin4cash.com/
and
http://bitcoin2cash.com/.

Bitcoin charts are really great here: http://bitcoincharts.com/charts/

Bitcoin Analysis is available here, on the technical analysis forum and on http://mtgox.com/blog/

There are some folks working on opening more exchanges (it's a race who is first..), particularly making it simple and safe for even your grandma to purchase bitcoins. If this happens, I am sure 1) BTC/USD prices will skyrock and 2) a bitcoin-accepting-business economy will flourish.

15 The second beast was given power to give breath to the image of the first beast, so that the image could speak and cause all who refused to worship the image to be killed. 16 It also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, 17 so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name. 18 This calls for wisdom. Let the person who has insight calculate the number of the beast, for it is the number of a man.[a] That number is 666.

So someone decides to create it's own currency and make money by market making? Why didn't I come with that idea?

That's nearly 100% because the Chinese currency should be an economically important currency with flexible exchange rates (2nd biggest GDP), but it isn't because of their hypermercantilist policies.

This is not the fault of the USA.

Sounds like an elaborate counterfeiting scheme.

Hypothetically speaking how would you value this single global currency?

Actually this sounds more like a screwy semi barter system......

Or even more like some MLM scam....... you know, Become a bit con broker now....... get in on the ground floor.... blah blah blah.....

.. we already sorta have this... World bank already uses something like this forget the name..

compared to whats coming over the next couple of years ,, a single currency are going to be the least of your worry,s .. we are so blinded by our desire for profit we cant see what is all around us .. what we participate in , we of all the people out there should have this figured out , Its all one big ponzie scheme ,, a fractional reserve system , printing money out of thin air ... just where do you think this all goes .. most of you fellow trader,s are sharp fellow,s ... use your minds , or dont
peace
hempster
Auc,Kan ,Ahau

Don't worry there will be always somewhere to profit from....
Once you know how the system works, just copy-paste ....
And here comes a new game of fear....
That goes SELL, SELL security..
In an insecure world....

ex. How much money do TSA suppliers in americ. earn?
Print money...

Tag, You're it!

or perhaps someday we'll heard that world bank uses GOLD as main currency?

In the case with bitcoins, the value is determined depending on REAL value and what people are prepared to pay for it.
And the benefit is that there is no way to inflate the amount of available bitcoins, as there is no central authority issuing it.

These Bitcoins seem to be interesting.

Can you explain more? I have googled it and seen that price is already above 1 $ per bitcoin (tripled in the past 2 months)

Almost $90 right now. Wish i listened

Bro are you talking about BRICS.

If not the dollar, then what?