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[Knit tie]

Okay, that article was really stupid, my bad.

Bascally, oil trading nowadays is done exclusively in USD. This creates a huge artificial demand for the dollar and allows the USA to accumulate enormous debts without defaulting and causing the oil exporting countries to accumulate large surpluses of dollars. Now, said countries are getting rid of the dollar surplus and establishing a dollar-free oil trade system, which will do a whole lot of bad things to the European and especially to the American economies.

[Mictlantecuhtli]

That article is not about that subject.

To be fair, the writer of the article is rather clear about what the point of the article is, which is selling people his 'service';

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Also; Knit Tie, if you want the answer to my question I asked you, here you go. And further actual information.

[mainiac]

snip

Again, no.  The point is not the actual currency used in transactions.  The point is that the global oil industry in aggregate has gone from a situation where currency is flowing out to one where currency is flowing back in.  It is a question of interest to those who follow global interest rates.

[Knit tie]

snip

Again, no.  The point is not the actual currency used in transactions.  The point is that the global oil industry in aggregate has gone from a situation where currency is flowing out to one where currency is flowing back in.  It is a question of interest to those who follow global interest rates.

Hey, thanks! I've been trying to get the point of that article myself. Tried searching for the word "petrodollar", found a bunch of "economic collapse" preachers and some leftist blogs that were just patting each other on the back.

[mainiac]

The overall size of the outflow is small enough that nobody really needs to be worried.  It's about the equivilent to the Federal Reserve or ECB delaying a policy shift by about a month, too small for anyone not a financial analyst to notice.  However predatory stock advice sales services will try to pretend that it's the knowledge that is key towards understanding the whole universe and retiring a billionaire.

[Mictlantecuhtli]

Hey, thanks! I've been trying to get the point of that article myself. Tried searching for the word "petrodollar", found a bunch of "economic collapse" preachers and some leftist blogs that were just patting each other on the back.

You've now found the mysterious place of the internet we call 'gold bugs' who use anything to try and justify the US dollar being worthless in their eyes. The petrodollar falling apart may be reality one day, but the people who preach it currently are the same people who tell you to buy gold or bitcoin.

I'm actually pretty sure Death of the Petrodollar is one of the most common titles ever. And entirely misleading when used in every case.

[Knit tie]

BTW, does anyone know what bitcoin is? Been wondering that as well.

[mainiac]

A brilliant ponzi scheme that passed itself off as a currency to stay legal.

[Mictlantecuhtli]

I just typed a bit of a rant about how bitcoin is a ponzi scheme and then deleted it. Suffice to say, if you buy a bitcoin your money is better off burned in the street. It's akin to buying money to spend that money [hopefully in the future]. If you even believe you're buying bitcoin on the 'markets' you can 'buy' them from anyway.. It's all probably made up exchanges. The only money to be made is daytrading it. But I also say that is something to stay about 10,000,000,000 lightyears away from for the aforementioned reason, it being a made up exchange to trade it on.

[Knit tie]

I get that bitcoin's bad, but what exactly is it?

[Mictlantecuhtli]

A digital 'coin' you buy for hundreds of dollars, and hopefully see in your 'wallet' which is a server ran by a certain someone who has the ability to steal your funds whenever they want.

[Knit tie]

A digital 'coin' you buy for hundreds of dollars, and hopefully see in your 'wallet' which is a server ran by a certain someone who has the ability to steal your funds whenever they want.

Why the hell would you want to buy currency that can be stolen at a moment's notice? Who would accept that as payment?

[Mictlantecuhtli]

It's the same mentality as gold bugs, but even further disconnected from the real world. If the dollar falls apart, then.. bitcoin! Will be the world currency. Buy it now! Aka <Please buy my bitcoins I spent 1,000$ on..>


Atleast gold is actually worth something..

Then there's the people who legitimately say it is an alternative currency, and that's arguably even more misguided than thinking it'll take over as the main currency. I'm sure retail would love to charge people 2 or 3 times the price of objects in actual terms if they want to go ahead and pay in funny money which is a pain in the ass to deal with on an actual business level.

[mainiac]

A digital 'coin' you buy for hundreds of dollars, and hopefully see in your 'wallet' which is a server ran by a certain someone who has the ability to steal your funds whenever they want.

Why the hell would you want to buy currency that can be stolen at a moment's notice? Who would accept that as payment?

As a general rule the more skeptical someone is about institutions like governments the more naive they are for stuff like bitcoins.

[Knit tie]

Who manages the bitcoin system, anyway? From what I'm reading, it appears to be some sort of wierd commune thingy.