Cryptog’s recent post got me thinking. Greece is currently going through some serious problems. Lots of economies around the world share similar financial problems. It has been suggested by @JordanLee that if the USD ever suffered from a total collapse, NuBits could be re-pegged to a different more stable currency. Seeing as how all these economies are so interconnected though, what if the problems in Greece or another country triggered a chain reaction, which led to the collapse of most major currencies, USD, Euro, etc…
I don’t know how realistic such a scenario is, but let’s just say it happened and because of this systemic crash, there was no other stable currency left to re-peg to. In a situation like this, wouldn’t NuBits have to transition from maintaining a peg to a role more similar to the Federal Reserve and its main objectives? Shareholders would need to maintain a global digital currency and make decisions about when to increase or shrink the money supply. The concern for shareholders instead would be worrying about whether the supply of NuBits was growing fast enough to match the economy and the people that needed to use it.
Hopefully that made sense. If not, I’ll just restate my main question. If all major fiat currencies failed because of a worldwide systemic economic crash and there was no stable currency left to re-peg to, could NuBits find another way to survive without its main role of maintaining a peg?
