Bitcoin Forum

The IMF (International Monetary Fund) said a few days ago that bitcoin is very dangerous because it can disrupt global financial stability. What do you think about the IMF's response ?

They are afraid  ;D ;D ;D

Nobody dont care about what International Monetary Fund said, while bitcoins giving profit people will use them till the end, so many organisations already said same words but still all is ok, just need work and what will be in the future we cant know.

Rather naive thing for them to say, giving Bitcoin far more importance than it currently has.  Whats the market cap, ~$100bn, about the same as one large US company.  Due to its nature it has no systemic risk to financial markets or banking sector, where any real risk to global financial stability will come from.  If Bitcoin bombs today, a lot of geeks, entrepreneurs, ASIC manufacturers and many some power companies will take a hit, but 99%of business would be unaffected.

so is this a fear of bitcoin impact? according to my knowledge, the IMF is not a fair institution, meaning there is a monopoly that benefits certain parties.

I agree with u. LOL

IMF is still unclear about the future of bitcoin, they just monitor it, maybe if bitcoin penetrate $10000 IMF will start thinking hard again.

but if one day they accept bitcoin to be legal, I think they also will not be able to manage bitcoin. They will only be silenced when bitcoin reaches the price of thousands of dollars.

Indeed.They knew it and every other financial organisation knows about it.If people stop believing in fiat,that is the end of economy,end of banks which regulate the world.Unfortunately,the government is a bitch,they would never let that happen.Once it starts scaling,they will simple ban bitcoin or on the use of bitcoin by shutting exchanges and levying charges on users for using bitcoins.

I expected the same from an institution like IMF. Organized financial sector has already identified bitcoin as a threat to their business and IMF is nothing but a lending authority. Banks lend to public, Government backed Central bank lend to commercial banks and IMF lends money to the governments. So it is a chain of business and IMF is worried for the same reason like any other commercial banks. However, I am sure, bitcoin's full potential has still not reached and it has a long way to go. Soon IMF and other commercial banks will have to re-think their strategy about virtual currencies like bitcoin.

If that's the case I think they can handle it, it's very easy to find someone who knows about bitcoin.

The only financial stability it will disrupt is the bank accounts of bankers who control fiat. :D

The IMF is right. But there is a way out. Reduce taxes, remove restrictions on the movement of capital and people, liberalize the financial and other systems - and the outflow of funds into bitcoin will cease. But no one will do it.

IMF does sometimes indicates unfair actions by their movement and decisions. There are even various controversies regarding this, but they are just assumptions. About Bitcoin, I don't think IMF has any policies that can harm Bitcoin, they can just monitor it as of now. The statement is result of fear and yes it may affect the economy, but I hope as time will pass by, situation will adapt and the fears would be handled, if such fears come true.

Countries will issue all their cryptos very soon and buy buy coins like Bitcoin. The only coins will survive are those who do a real job, like ethereum, neo etc..

I mean, they're not wrong when it comes to disrupting the stability of the global economies, since it is an asset that is essentially completely out of the control of governments and similar institutions. If it was just another government-controlled item, they wouldn't say this because there would be no possibilities for people to get out of the fiat system. Being able to get out of inflation and enter an economy which is essentially completely deflationary and has your assets appreciate in value is a massive threat to a system that relies on devaluing work.

I think the is right, it can disrupt it but I don't think in a dangerous way. I think its the other way around, bitcoin will disrupt it in a positive way. Look at how it affect the lives of others, specially third based country, we found bitcoin as other way to earn money. They don't want it because their business of giving loans to third world country will diminished, that's why we see another entity attacking bitcoin because they are being threaten. And besides, they have not business whatsoever to attack something they don't believed or fully understand.

The current head of the International Monetary Fund, Christine Lagarde, is a convicted criminal (http://www.independent.co.uk/news/world/europe/christine-lagarde-convicted-imf-head-found-guilty-of-negligence-in-fraud-trial-a7484586.html) who is guilty of fraud.  Another former IMF head, Rodrigo Rato, is facing allegations of fraud as well (http://www.bbc.co.uk/news/world-europe-37470509).

I'm not saying that criminals are necessarily incapable of making good points.  In fact, if the IMF was providing a very detailed and reasonable argument, I would treat them pretty similarly to how I would treat anyone else making reasonable points.  I'm just saying that when the foundation of an argument is assertions, the most important thing about the argument is the credibility of the group making it.  And the IMF has a lot less credibility than some people think.

They are afraid that they are afraid of losing their influence. Their influence gives their power and that's generates profit for them, so they're afraid about losing their money at the end. They have too many people in very good jobs and if bitcoin becomes widesread, a lot of things change and that will cause them problems. If bitcoin becomes an accepted method of payment in the third world, monetary systems will face serious problems. They want to stop this this is why they speak of bitcoin in negative terms.

They only fear that their control in the financial market will be lost.
They will do whatever needed in order to keep holding and controlling our money.
And that is why Bitcoin is around.BTC

I agree with what you say. They have started to panic because they have not been able to control the current from bitcoin. Because according to them if bitcoin develops without under their control this can create big losses for themselves. The point is if the bitcoin they hold, they can control the benefits for certain parties.

I want to put a different view from all the posts in the thread and in support of IMF statement here.

How can a speculative currency with high volatility can sustain global economy?

Whether people like it or not but economic growth is highly dependent upon liquidity and leverage from banks. you can't exclude banks from the financial system and have a stable economy. Bitcoin doesn't even have any intrinsic value then why you expect economist to trust it. If something is growing without any intrinsic value and is backed by nothing, the chances of collapse intensifies. I don't think anyone who calls Bitcoin a bubble or find it riskier for economy is wrong. If in future people find a better return giving asset or any better option than cryptocurrencies, demand will turn 0, then what gonna sustain the value? and how this isn't risky? and who guarantees the definite future growth of cryptocurrencies? I believe no one here. Then how can it will be a better option for economic growth?

that is right, could disrupt global financial stability and its dangerous.
but everything will be fine, treat it like a gold and take much profit could be better than eat that news  ;D
may they late to buy bitcoin hahaha are you with me ?  ;D

I just read a recent article from the chief of International Monetary fund , Lagarde to get serious about the crypto currency platform and there is a possibility that they will come out with a crypto currency of their own  ;D and i am sure the chief is impressed with the technology and rules out what JP Morgan was crying out for a long time because those bankers are the ones who will get affected by this revolution.

IMF is worried because it is disruptive, when government and its' directly/indirect agencies don't have power over most influential tool, obviously they are worried.

They are scared as F* , I think they are afraid of bitcoin because they cannot control it. Not like the traditional ways where as they said it is legal but the thing is it is legal alright but down under there are things that happen without the average people knowing. This is something like a manipulation on their part. With bitcoin they cannot do that, I think that some ICO's are created by these same people just to disrupt the crypto market so that people will stay away from it.  It is not the disruption of the financial stability that they are afraid of, it is about the control that will be lost because of bitcoin.

sounds to me like they're getting scared of what bitcoin can become in the future and what it represents to society, they (big corporations) know that bitcoin can put in jeopardy their shady business, and they won't have the power to control the public anymore. JPMorgan, big banks, international finantial groups, and now they've started moving people inside these international crooked organization to go out and spread FUD. We're entering the cryptocurrency era, little by little, people are opening their eyes and realize that bitcoin offers a window of opportunity for those who got tired of bureaucracy and don't want to keep paying taxes in banks.
Bad news for the banks and multinational corporations: Bitcoin is unstoppable (:

I would be surprised if IMF would think differently. they are aware that crypto currencies will be reshaping the current financial markets.

global financial stability can also be destroyed by mining asteroids for Gold, Iron, Nickel, etc., which is exactly what several people have stated they want to do in the coming few decades.  Soooo what about that?  :-\

IMF are loosing dominance.
China loans more money than the IMF.....At a political price.

Of course they will said like that, they will not allow their control of the world's economy to switch to any individual holding money. I am not said that they have full control but they have role in world's economy.  Many claim that bitcoin is bad thing,  but their real reason is because they do not like anything that interferes with their business.

What the IMF implies with that instability is the fact that local governments are manipulating their local Fiat to create a sense of stability and when Crypto currencies are introduced, then the power of manipulation is out of their control and the real status of the chaotic financial system would be exposed.

A lot of things are done by Reserve Banks to create a false sense of stability in the global economy and Bitcoin are chipping away those mirrors and exposing the truth.  ;)

To them BTC is going to be dangerous but to the people its not. Of course they are afraid they may never cope up with crypto since the power isn't with them anymore when it comes cryptocurrencies. Central banks and authorities had been trying to kill BTC for years but how successful they were after doing so is just going prove how fearful they are to BTC.

The IMF operates under the Chicago school of economy, which fears deflation and promotes people (and nations) getting in debt to "solve" their problems "quick" and then spend the rest of their lives paying their eternal debt (often in misery).

There is no way Chicago school will ever accept Bitcoin, and this is the dominant school of economy ruling the world today.

If you break with the Chicago school teachings, and switch to the Austrian school ideas, a future becomes clear. The IMF and the World Bank cannot stay quiet while everything that made their reason of existence crumbles away.

If you get rid of fractional reserve banking and go with full reserve, you don't need a central bank. If you don't need a central bank, you also don't need a world bank. All of them exist to sustain the legalized ponzi scheme known as fractional reserve, because they themselves operate with such.

If your money keeps its purchasing power over time, or even increases it, there is no reason not to keep it (yourself) for as long as you can, and only spend whats needed. The opposite to consumerism...

No, it is not bitcoin that is dangerous to global financial stability, it is the fact that people will discover the truth behind fractional reserve banking. This is made easier when a deflationary coin exists, as before everyone remained intoxicated with the fantasy of State manipulated fiat.

Why risk your money in banks that can go bankrupt, when it can be preserved safely in a cold wallet for decades? Why risk your savings with money that can be made worthless by an executive decision overnight, when you can exchange it for a deflationary coin that will keep its purchasing power and even increase it, thanks to its design in code that cannot be changed on a whim for any reason whatsoever (unlike what politicians can do to national currencies).

What the economists of the school of Chicago, who happen to be in charge of these institutions fear most, is that people are finally learning about that other school they themselves rejected for a century or more, because under Austrian school, growth is slower (but steadier). Chicago is more about fast and fragile, endless growth / shrink cycles.

Remember how learning economy was something only for economists? What with internet knowledge gets spread this is coming to an end.

It only takes the voluntary decision for 10% of the money in the planet to be withdraw from banks at the same time, to make the whole thing collapse and crash, exactly like a MLM scheme would, because that's what modern banks doing fractional reserve are.

While this truth is unrelated to Bitcoin, Bitcoin provides an effective escape route, for those few that learn about it in time and manage to seek refuge there before the whole thing collapses. Once the collapse is imminent, it will be too late. Only now (when it appears unnecessary) you can do it.

If the world does this, all fiat coins will plummet and the apparent price of bitcoin will go moon. In reality, bitcoin remains to more or less the same value, it is the fiats that are collectively failing. Well you can instead compare its purchasing power, ie. "how many cans of tuna can this amount buy". Those of us who have lived under hyperinflation, have been forced to do so.

I think those living in "perfect" fiat societies (ie. USD and EUR) are potentially the countries that will suffer the most, because it will take them by surprise. Always expecting their almighty State and economists to save them... Oh, why bail out the banks and not the people? Because if they don't, their scheme collapses...

iMF didn't only see the risks that bitxoin has, they also saw the good side in it, that bitcoin and. its underlying technology offers benefits to the economy. But what IMF is being really concerned about is that, this major cryptocurrency could be a vehicle for major money laundering because of its untraceable, distributed and decentralized feature. Well, I highly understand that they want to harness cryptocurrency but can't allow it to be a safe haven for illegal activities. Governments are hardly battling with economic issues especially about money laundering causing governments money to the wasted over some schemes.

IMF international financial institutions and Economic Nobel laureate Joseph Stiglitz remind, the public to beware of speculation about the emergence of Bitcoin digital currency transactions in the international market lately.

IMF just reminds. Not against him.

Source (https://economy.okezone.com/read/2017/12/04/278/1824734/imf-ingatkan-bahaya-bitcoin-masyarakat-diminta-berhati-hati)

yeah, actually we dont care about it. what make easy people life, they will do it. life must be go on, no one know about the future.

people will always careful, and never  listen what they said.

Of course, IMF is just being honest about Bitcoin. It is not because they are afraid but this is showing us that at the end of the day, institutions like IMF and the governments can go hand-in-hand in minimizing the influence of Bitcoin if there is a threat posed by it. So far, they are not seeing Bitcoin as a present threat but a possible one. Right now, there is no need to do anything but just being watchful. I am sure these guys are good in analytics, they are aware that Bitcoin is having a big problem in mass adoption and they are aware that it can really take years or decades before anything can be adopted on a global basis. People who are so sure that traditional financial institutions and governments can not do anything on Bitcoin are people who are so blind. Just look at China. In between Bitcoin and the government, would you listen to Bitcoin or the government who has the power to make your life miserable?

Well, for me it is quite true because some countries have already developed their financial stability and economy through their fiats. And we are to incorporate cryptocurrency to their system, the market value of different crypto and its volatility might affect their funds, but it could be possible for me if it will be executed for a long time, meaning to say that the development and transition of cryptocurrency from fiat should be slow so correction of market prices will not impact too much.

Indirectly, this is indeed a bit of a hassle for the IMF because cryptocurrency is decentralized.
Which is difficult for them to control, but on the other hand they try to seize or stop cryptocurrency.
I am sure there are some parties from the IMF who are trying to put pressure on the circulation of cryptocurrency through everything

The IMF is like a shell company banking cartels utilize to fund and push various political agendas. One political campaign the IMF pushes is climate change. A keyword search for "climate change IMF" should show a listing for multiple "studies" conducted on climate change being funded by the IMF, which is in turn funded by banks. I think climate change is real. But a large segment of it is political science which is distributed with the intent to further political agendas all over the world.

We know the IMF is funded by banks. And banks have seemed willing to say anything to disrupt the mass adoption of cryptocurrencies like bitcoin, due to them fearing competition.

The biggest danger to global financial stability has historically been banks who engage in bad investments and poor decision making threatening the stability of economies worldwide.

IMF is a specialize in leading third world nations and developing nations to financial crises by giving the nations loan they don't actually want, knowing that the nation's leaders will mismanage it and they will start dictating those nation's economic plans that lead to further destruction. IMF must repent from their wicked hypocrisy.