Comments by "SAL" (@SAL-fs1mr) on "What would it take to replace the U.S. dollar as reserve currency?" video.

  1. Any attempt to make a new currency backed by gold is still going to have the same limitations of having to trust the institution holding the gold to not debase the currency. Bitcoin was invented to solve the limitations of having to trust any institutions. I would recommend giving The Bitcoin Standard by Saifedean Ammous a read to really understand this.
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  2.  @etishbite456  Bitcoin really is the only cryptocurrency that has any potential to act as a new global standard.
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  3.  @boof_itall3898  for bitcoin mining, there is a dynamic process to always keep it incentivized - this is known as the bitcoin mining difficulty adjustment algorithm. As less profitable miners drop out, then the reward share increase for those miners who continue mining more efficiently. This means there will always be an equilibrium to keep bitcoin mining going. Bitcoin being power hungry is the basis of the security model. Hopefully soon bitcoin consumes more power than the largest countries. The base blockchain layer is optimized for security. Calling bitcoin "slow" is relative. For transactions moving billions of dollars worth of value, it is actually extremely fast. For instant payments for small purchases, that is already achieved on second layer protocols such as the bitcoin lightning network. So speed really isn't an issue. Bitcoin is the only crypto network that is decentralized enough to continue working without access to the internet. By using shortwave radio, meshnetworks, and satellite waves, practically all the world's bitcoin users will be on the most proof of work chain in events where internet is disrupted, any possible forks will quickly be orphaned.
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  4.  @boof_itall3898  bitcoin is the only crypto that has any chance of being a global money system. It isn't a simple matter of popularity, there are definitely more nuanced specifics that favor bitcoin. For example, all the altcoin projects you mentioned have drastically weaker guarantees when it comes to having a fixed monetary policy. Only bitcoin has demonstrated an ability to resist hardfork changes, which gives it credibility of monetary policy remaining unchangeable.
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