Bitcoin Forum

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand  it

So what do you think about tha

It really seems to be true. The US government has the world's largest public debt. About 20 trillion. If all who have dollars will present them for payment then America will be bankrupt. It is logical to assume that bitcoin will collect all those dollars and then go bankrupt. It is possible that bitcoin was invented and implemented by us intelligence agencies.

Then we are talking about very long term IMO.
I don't know. Fiat money will survive for a very long while, I cannot picture a world with only cryptos. The average Joe will shop with his dollars, or euros, or yen, you name it. Bitcoin however will be very convenient to buy cars, houses, etc.

I believe this is coming from the view that more common people are investing in digital currencies and using it further for other trading purposes. At this rate, fiat could become overvalued all of a sudden and usage of digital payment systems even for micro-trades could become a possibility. This causes a situation where a government's own money starts slipping out of their hands and they can do nothing about it (other than taxing cryptocurrencies which would be chaotic)

I dont really understand the context of the statement, but I would imagine they are saying its like pulling money out of the economy, but thats not true, its like trading two currencies.

Ask yourself this, when were the pundits on CNBC right about anything important? The dot com bubble? The 2008 housing crisis? Enron? Nope, nope, nope. Ignore them, you will improve your health.

This is exactly my thoughts. Around the world the same economists experts that didn´t see the Dot.com, the housing crises, that would advise clientes to go with MADDOF, that endorsed Goldman sachs while they were hidding many countries public debts and so on are the same ones who still advising on TV. this time against BTC. They can be right or wrong, we don´t know , all we know is that they are very incompetente:)

For me, burning money is having it in a bank doing nothing as you slowly lose purchasing power over the years. Just look at how much purchasing power fiat currencies have lost in the past decades due inflation and negative interest rates.

It's pretty stupid to leave your money in the bank, and bitcoin is becoming a solid hedge to increase your purchasing power. Forget about the bureaucrats and enjoy the ride to the moon.

It is the first time I am hearing the term "burning of money" in economics which I suspect that CNBC just created the term in order to have a news article or something. It is something common now in which they will put up a so-called economist for an interview about what their views on something in an economical standpoint. Of course these kinds of news affects the price of Bitcoin negatively as it makes people sell or makes gives the players a catalysts to take profit.

It would be better if OP could put the link of the news for everyone to understand the context in which the term is being used rather than speculation which quite a number of people are doing here. Quite a number of people might be taking it literally which is obviously not the case here. I have also not heard about the term before in economic sense but would appreciate to add to my knowledge base via the link if provided.

What answer are You waiting for on this forum? Really, It's the worldwide center of crypto billionaires. Or You ask for reasons to buy first bitcoin?  

Maybe OP meant that bitcoin is a pyramid which attracts money and then vanish into thin air. If so then I am not sure that it can be regarded as "burning money." In bitcoin invested a lot of money. Such money do not burn. They always leave a trail and if that ever happens it will be impossible to hide such amount.

There are a lot of lies over bitcoin, i dont understand why does financial assesors or those professionals are trying to spread fud over bitcoin. But anyway, it doesnt make sense, if you are going to withdraw your bitcoin earnings you are going to get paid on fiat, that is logical, and that money doesnt came from air, because someone did use that cash before, it is all a cycle.
Anyway, i am tired of those kind of people who thinks that they have the entire power over everything.

Burning means losing in other easy terms. Those economists in CNBC you have watched are really exposing themselves to stop people for investing in bitcoin simple as that. Jamie Dimon did helped the price to be at dip and that's the time his company bought a lot of it. And these economists knows the real stand of bitcoin and they don't want to expose it yet because it's either they have personal agenda to buy a lot of it at dip just like the strategy of Jamie Dimon.

Actually Bitcoin is burning a lot of money. With the current price of 1BTC nearly 6000 $, it takes a lot of money to own 1BTc. So, in the future, when there are no fiat, can people use BTC or not? Or will there be a hundred times smaller units?

OP, I would suggest that if you want to spark a discussion about something you
heard or saw on CNBC (or any other source), you really should provide a link to
whatever it is you're referring to.   This here is just lazy, and I don't have a clue
what you're talking about with the 'burning money' reference.   But the MSM gets
things wrong all the time, and their opinions are to be taken with an enormous
shaker of salt.  They report on bitcoin because of the bull market, not because they
have anything useful to say.   Bear that in mind for the future.

Maybe they are saying this in reference to what Keynes said once about burying money in order to combat inflation, however the only reason that could be considered as such at the moment is because bitcoin is not being used as a currency and most of the people that invest in it do not withdraw their money immediately, but as soon as that changes bitcoin is going to be like any other currency.

I agree with you that Bitcoin  is actually burning bitcoins and money because when you even consider the amount of microbits left in wallets all over the world which cannot even fund themselves out of their respective wallets then you'll understand that it's indeed burning off money gradually.

Not really but according to me it means the value and the importance of the bitcoin is now increasing then the money and the cash so it is the best time for the cash to use as he saving and the value of the bitcoin is increasing, it is the best income of the bitcoin and the profit of the bitcoin will be very high so get the profit and try to buy the more bitcoin so you will be able to use it as the money but to be honest this is my own thinking not the post one.

If we're discussing money burning. No one burns more money than governments. Examples.

-The united states burned more than $6.5 trillion dollars on a war in the middle east that accomplished nothing. A case could be made for war in the middle east increasing the number of terrorists in the world which in turn made the world a more unstable and violent place.

-The united states burned more than $1 trillion on an economic stimulus plan which created 1 job at a cost of between $150,000 to $300,000 to taxpayers.

-The united states burned more than $1 trillion on its affordable care act program which were funded by 20 tax hikes that ultimately made healthcare far more expensive and unaffordable.

-NASA burns billions of dollars only to accomplish less than Elon Musk and Space X which had near to 100x smaller budget.

-The per student cost of some public schools in the USA rivals the tuition cost of Harvard tuition.

There are many real cases of money being burned in the world & the media never mentions any of them.

It's not bitcoin is burning money, a market cap of $98,000,000 is burning money? They are the ones that are burning their money to fiat and doesn't have a chance to bought when the price are on dip. I don't know what's on the mind of these "economists". They don't really understand what bitcoin is if they told that bitcoin is burning money, it's a big no, a big mistake. By the way, what's the link for this?

I don't get what they mean by burning money. I suppose they lean that investing money in bitcoin is basically throwing your money out of the window? That really isn't the case. Bitcoin is based on a fundamental basis of consensus making it one of the most legitimate mediums of value in my opinion. I'd rather have 1 bitcoin than 5000 dollars.

This economist doesn't know anything about it and only see's bitcoin as a ponzi scheme because they are heavily invested it fiat currency that's why they make one sided comments about bitcoin for people to fear it and turn people away from it but is it really burning money when the price is increasing, demands are getting higher and many people has become millionaires because of or has some steady income because of this ponzi schem they say.

It is possible in some cases that bitcoin can make people or a whole counrty bankrupt. But I will not happen i think as most of the people are turning to digital currency. And this will protect bitcoin from ending.

They simply want to say that investing to bitcoin is waste of money and I don't know what are they thinking to say these things. They think that we are just throwing money to bitcoin so they are stopping those new investors to invest to bitcoin as if they are saying that if they'll invest to bitcoin they will only burn their money. They are crazy, these economists should again with what's happening on the economy.

Well for me "burning money" is literal meaning to burn ones money. I don't know how it can be applied to bitcoin though? Maybe they are referring to investors putting a lot of money in the ecosystem in hope of getting a good returns. I only heard money to burn though in a land based casino that I used to play. hahahaha. But seriously though, if we are putting money on the market, its our decision and there is no money burning in there because they are little chances that you are going to lose your investments specially if you are really in it for the long haul of it. You only burned your money if you have lost it in the market. And it is really up to you on how to play our investment, short or long term. But I advise you go long term specially in bitcoin market.

Maybe this means that people have been using up - "burning" - money to buy bitcoin or invest on it. We've heard about how some people would go to certain extents just so that they could buy some bitcoins. Some would even sell their properties or belongings for bitcoin. I have even heard of people who would use up all of their savings and this could probably equate to the term "burning" of money. This is just a personal opinion as I have not heard nor read anything from CNBC.

There is no need to take these mainstream private news-entertainment media houses  so seriously. It becomes apparent when person who has sufficient knowledge of a field hears their discussion/analysis. As far as bitcoin is concerned how much do their so called experts know about the crypto currency in first place? Very less. Anyone who has better understanding of what is happening around the bitcoin world, will easily recognize that these news-entertainment media channels are nothing but spreading a propaganda. Creating fear, confusion, doubt in the mind of people about bitcoin and crypto currency. There are many financial institutes and companies which have seen Bitcoin as negative force for their establishment and some as missed train by long. Thus the sour grape situation.
If you want to understand about the bitcoin then focus on bitcoin forum and various threads, people who are analyzing the situation, events and their effect on bitcoin pricing.

The problem is that people see people on TV and they immediately think that person is an authority in the subject, how many times you have seen a pop artist being described as a great musician, when most of the time they cannot even sing without computer aid and they do not compose their own music, but people buy it, people are that gullible that is why traditional news networks are losing the trust of the people.

Yes, lol

Bitcoin is here to say, and a lot of people are going to get burned.

Same as any other new technology.  Tons of people got burned by dot-com stocks, biotech, personal computers, and railroads.

You need to understand that an economist is not really that smart, any person that completes college education in a hard subject like math and physics are way smarter than them and a person like satoshi is a genius compared to most people on the planet so they do not understand what bitcoin is about, they see bitcoin and they do not understand it and think there is something wrong with it when in fact what is wrong is the fiat system.

it's an opinion that dislikes bitcoin, but I do not think so, because I have more money than before there is bitcoin, my life is better than ever

bitcoin can burn our lust. lust of thing in world ;D
you can get what you want with bitcoin. and you need fund to get bitcoin. instant or long time. instant you must pay some money, long time you must join in bounty program.

its not burn our money, its burn our eyes. everyday look at screen, its hurt you know

Hahahaha that is really funny. Bitcoin is not burning our money rather it makes a constant or variable growth to our amount. You only have to decide what will be the most suitable option for you, and if you found bitcoin for you as best option, believe me just go for it. Don’t waste time and don’t listen to people who are saying like you are bringing you money, rather burn their bottom.

People are being burned everyday by investing in icos, how many icos become successful? Very few but everyone is chasing profits and so they invest in some projects that have a very doubtful roadmap, however those that invest in bitcoin and solid alts are going to have a bright future since it is very unlikely bitcoin is going to disappear anytime soon.

The people who are using Bitcoin are shining brightly, because the cost of Bitcoin is very high. In Zanuari, one of the few known corners of the Internet, people have been bittacquiring. The price of digital currency has been sold anywhere from $ 16 million to $ 2 million, and a website called Counterparty has dug coal. Run by a group of anonymous developers, Counterparty is distributing a new created digital coin in exchange for Bitcoin.

In all cases there must be pros and cons, including in the bitcoin world, the news I think is only made to lower the price of bitcoin, then they make large purchases of magnitude, so they have a lot of bitcoin for them to sell when the price is expensive.

Basically, as long as money is being used by tge majority it wont be burned by bitcoin. Bitcoin is just a small percentage of thereal money. Money will only be burned once people start adapting bitcoin as main form of payment. Money is really just like a paper, it has value simoly because people decide to see it  as something valuble. But if people woukd turn to bitcoin, money would become a useless paper just like what happened in zambabwe.

Why will the US government let it happen ? Can not they just ban their citizens from investing in bitcoins ? It should not be that hard for them.

I think for an individual like me, Bitcoin is a money maker because base on my experience I did not put some capital but I earned big already, you just need to utilize bitcoin well to be able to earn profit. But for the economy, I think bitcoin really is causing negative effect because many businessman are putting or investing their money now on bitcoin instead of putting up a business firm which can help to improve or increase the economy of a country.

You are just an inspiration for those who are spreading these kind of rumors that bitcoin is the burning of money, as for me too bitcoin is the generator of money instead of burning of money, as I have a jo b I do my job and after job I use bitcoin to generate money and I do have a lot of extra income and saving because of bitcoin so I am not agree with those who are saying bitcoin is money burner, it is money maker for sure.

Those are just some of the ideas, and if it attracts all the money in the world and goes bankrupt, we can not fail because theoretically someone loses money and someone does not disappear. Those who go after and put all their trust in them are the losers and become the losers, and the forward ones are smart enough to be the last winners.

Destroying bitcoins and other cryptocurrencies may sound like one of the worst ideas possible. However, destroying, or burning, cryptocurrencies has actually been happening on a frequent basis and it’s not as crazy as it sounds.

It's nothing like burning money. The paper money is anyway not going anywhere any soon. Cryptos will evolve as an alternate method of transactions and possibly a more secure method as well.

And this won't wipe out the regular currency at all because its rooted to thousands of years and will remain for plenty more. However, bitcoin or cryptocurrency is not extracting money from the already available monetary forms. It is gaining its own value which brings this fear that one day the whole money available will be short of exchanges for bitcoins.

Well, thats not the case. Because only a limited number or amount of bitcoins will be ever produced, which would require some more decades, but it has a limit anyways which would never create an inflation in cryptomarket as compared to paper money. Once the limit is reached, maybe some more forks might be frequent, or the division of one bitcoin into multiple satoshis will occur and hence will check any possible inflation.

You are right many of us here in our place think bitcoin is a money maker. Many of us make a lot of money through bitcoin. Now we can produce the needs of our family and we improve our way of living.

Every one has separate opinion and the only thing which will change with bitcoin is the use of paper money the people will less use paper money and many people will use this money for cash transaction may be So it is good to say this to every one that with the bitcoin many unemployed people get employees with this currency and hope that if the bitcoin is used for many other things then the employment through bitcoin will be high.

the information circulating is so true, it's just that until i ni i have not gotten the truth about this real news, if friends have strong proof of the accuracy of this news, please give that information to me, thank's

I agree because without Fiat Currency Bitcoin or any other cryptocurrency won't have any value. Fiat currency is still there and is still serving the main purpose as the medium of exchange for majority of the population. Bitcoin even if its the most popular cryptocurrency won't have the necessary means to defeat Fiat currency. The most realistic reason out there is because Fiat currency is more practical to be used physically when buying goods.

Indeed they say things that are quite logical and it is also their right to say it for a reason quite logical, I do agree with them and I understand a bit of the government's opposition to bitcoin for legal payments.

I think it is not a bitcoin fault if you suffer a loss, in a tradinh world or an investment there is always a risk of always being present every chance it comes back to us to make good use of both, if bitcoin is considered to burn your money I think it is just a trick to lower the price so they can buy bitcoin in large quantities

Do you really think so? :D
I wanted to ask, before whom does the US government have such a huge debt? From your words it turns out that they have created secret services bitcoin, now they want to regulate it?

I don't know about bitcoin is burning money but I am earning them with BTC. I don't know much about the math of the total amoun of money and it's relation to bitcoin but what I do know is that people pay money to get bitcoin and they also make money from it.

What is so logical about what they are saying and how does that even have anything to do with bitcoin? It has already became obvious right from time that dollar has been crashing in its value, so to me, bitcoin is not burning the money, but money burning itself, and moreover, I still do not see how fiat or physical cash will still not stay relevant, so at the end, bitcoin will only serve more as a safe haven for those who believe in holding it more than the crappy fiat.

Realistically, it is not even something that can even happen. The government will always want fiat to stay relevant and they will always do everything in their power to make that happen. Bitcoin on the other hand will serve as digital currency for global exchange, so the idea of burning of money or any term anyone wants to call it does not sound reasonable at all.

Paper money is going nowhere, at least not anytime soon. If it is by that, cashless policies would have ridden physical cash by now.

However, we cannot let people keep thinking what they want to think, as they are all entitled to their opinion but I am not seeing how bitcoin is going to get fiat out of the system at all and in as much as bitcoin is here to stay and remain, fiat will always in one way play alongside with it. So, burning of money or whatever anyone calls it does not make any sense.

There are somethings we really should not be bothering listening to or reading and that is one of them. Physical cash and fiat cannot be wiped out, if US is owing debt, that is for their pocket, but someone assuming that bitcoin is created by US central intelligence and assuming it to be controlled sounds pathetic.

If anyone feels safer to keep bitcoin instead of cash, so be it, we will always have those who believe otherwise, and so the idea of bitcoin burning money once again is pathetic.

if many people turn to bitcoin it is certain that many people assume that because indirectly bitcoin able to beat the value of the currency.
but that will never happen because the majority of people trust the currency they hold rather than bitcoin whose value is unpredictable.

If everything happens as you say then where does the capitalization of bitcoin come from? Now this value is still very small, about 450 billion dollars. But it is also money. In fact, the demand for Fiat decreased by this amount. This is just the beginning. This process will not stop. If will begin the second wave of global crisis the she can bury Fiat.

Hi,

I don't really think so...

Most fiat currencies are currently... Well made up out of nothing. The gold standard has long gone.. I guess that in Western countries, authorities would like things to remain as they are. They see that the system is on the verge of collapsing because it relies on nothing.

Bitcoin may be one of the tool that will make all the system blow. But I'm convinced it is not the only one and actually it is the only option I see allowing people to manage a financial authority by themselves, without any control authority leading it.

I think they say truely because bitcoins are really sinking the fiats by slowly taking over it globally

NO way it is doing so. Because there are still many people infact the number is more than that using bitcoins in the fiats economy

I'm a noob at this. Do you mean that people will start to transfer their fiat into cryptos, which the government cannot tax?

I do not believe bitcoin will now replace fiat money. It is too difficult though. They will be used together. Bitcoin is a digital currency and to be used to other transactions will be converted to cash. So the term "burning money" is impossible.

I dont think so because both the currencies are different from different aspects and they are going to co-exist forever

No the opposite is happening. and it should burn the btcs. Btcs are a hell of threat to fiats and the global people

Yes, we have heard different stories related to bitcoins. The first response to this thread that US intelligence agencies might be behind bitcoins might be true in some context. I mean there may be a particular business group or political party behind bitcoins. It is hard to assume that this could be designed and implemented by a single person. Only thing that works against this logic is that bitcoin has survived for last 8 years. I mean it has grown consistently over the last few years and this could not be possible just by manipulation.

Bitcoin did not made to burn money instead made to let money in active position. Although not all investors who put money on bitcoin become successful some end up in loses because of taking the risk without any idea how risky this business in the world of crypto that always changes.

economists are hell right because they know that the craze of btcs nowadays is more than even fiats so they may end blindly :)

bitcoin prices not only burn the finances, but make them surprised by the bitcoin and the technology. not just the price but its superiority until now some countries want to learn about bitcoin system. because they hope to implement a blockchain system, it will make the country's economy better in terms of finance.

Bitcoin is a example of a future currency. Economist saying that Bitcoin is burning money but they should understand this thing that we can't stick to paper money.
Even when the Mobile phone came to the existence the old telephones got diminished. We people need to understand that bitcoin is our new future.

I think they say truely because bitcoins are really sinking the fiats by slowly taking over it globally