Bitcoin Forum

The Old money system is done people who are informed and educated can confirm that.
There is no way to go back to normal until the Old debt Fiat system remaining with us.

But my question is:
Are the World rulers just keep the old fiat system on and economy down to prevent fatal collapse. Until they Come Up with new system

They have Solution?  The solution new money system wich system they will use it?
Isit  bitcoin?  Ethereum?  Or defi?  Or usdt or usdc Pax?  Or they own  cbdc   Central bank digital currency
And how they are going to Control supply of the New currency?  
Can we prepare us for this to get airdrops so if new currency comes?

How Long they keep locked down Everything?  
How they tell us Now we have new currency?  

Its common to frame financial topics in with me or against me terms. In an absolutist sense. "The old money system is either with us, or against us. Fiat is pro bitcoin or anti bitcoin."

https://i.imgur.com/V0lIvib.jpg

Its also common to create a crisis around many issues. To manufacture an excuse to push an agenda.

Rather than divide and alienate. Could fiat and crypto work together to create a brighter and better future for all?

Some rely on fiat to run their business, support jobs, pay bills. Some rely on crypto and digital currencies for the same things. We don't need to deprive anyone of the capacity to live their life by shunning fiat, crypto or any system of monetary exchange people rely upon for bread. Am I right?

Mike Tyson is famous for saying "everyone has a plan, until they get punched in the face". Certainly many have plans or agendas. The plan appears to adapt and change as time passes. Even the original architects may not know the outcome or final evolution of the monster they created.

Im asking what are the Next solution?
We need to know that

If its CBDC  then how the supply is controlled? 
And how the value and sustainebility Come?

Or another idea the crypto will stay and many merchants will use btc and eth as their free will to avoid exchanging in to fiat currency :)  and paying fees... I guess so :)

We are still in the middle of the economic recession from the corona pandemic. I don't think countries will go for a new currency at the moment. This could lead to a full collapse of countries. Once word gets out that there will be a new currency than the value of the old one will go down very fast. In my opinion there won't be any new currency during the lock down.

If no new money system we will not get out from the Lock down!
Government knows people can not handle this lockdown for too Long so they will make asap new money system.

Or maybe we dont see this they just  change the debt based money Creation into Something More sustainable perhaps... 

Probably the banks buying bitcoin to use it as the tool to create and hold new kind of system

We can guess what the solution will be by reading old articles published by the economist 50 years ago, leading up to the present. Over time it has adapted and evolved to best suit circumstances. It is difficult to say what its final form will be. A lot can change.

Initially, the solution appeared to oppose crypto and bitcoin. As time passed bitcoin and crypto became more integrated, central banks experimented with their own blockchains.

Fiat currencies are historically defined as lacking intrinsic value. Blockchain offers potential advantages of intrinsic value coupled with lacking disadvantages of gold and precious metals. There is an opportunity to leverage the best of both worlds by hybridizing fiat and crypto. If your goal is to create an optimal currency, a crossbred hybrid may be the best platform for the job. But who knows what the future holds. It all depends on what the end goals are. That falls into a realm of "conspiracy theories" which most find distasteful to discuss.

Ok If no cash then?
One day You to shop there is some problems with
Electronic or tech... so how this issue will be solved?  Hackers and this kind of problems
And how Our elderly will use it? 

And cbdc how its measured value supply?

I don't think it is about implementing a new monetary system because lockdown will ease once they start distributing vaccines and the infected people started decreasing. And I also don't think governments will be having a new monetary system.

Other countries may start adopting to CBDC but I doubt they will eliminate the use of paper money. Also, CBDC will still be the same as how they measure and balance the amount of money circulating.

If they will build a new system they will not use a currency that we already have they will create a new one. They can adopt blockchain and make a new coins that they have a control that they can mint or add supply anytime they want. And of course it will not work for everyone so we still need paper money if they plan to make an online money they need to also make alternative to those people who don't understand how to use it.

The world hasn't gone through many changes of the monetary system. I mean from bartering we went directly to precious metal coins and then went off the Gold Standard (big mistake IMO). That's when the decline has begun. We're in a totally different era now then we were even 30 years ago. Technology is booming everywhere you look. I don't know how the governments and Central Banks will handle the transition but it's going to be either a lightning-fast transition that will shock the whole world or the more likely scenario they will adopt/accumulate Bitcoin and then make it mainstream.

Even if they do make a digital currency, that's still no solution for inflation.

It seems to me that we hear the words that the system has come to an end from year to year, but the system continues to work and crush everything around.
Banks are the main monetary system on the planet, and before they crash, they will create something to keep them in the game.

Central bank cryptos are going to be the new norm once China and the US jump on the ship, I am quite confident about that.

But note that even though these are nominally "cryptocurrencies", they are NOT decentralised in any way. The blockchain in this sense is simply providing a framework for settling transactions and nothing more. There is going to be arguably even greater control by the central banks over the monetary system as negative retail interest rates will become feasible.

So no, I don't think that the 'old system' of trust-based fiat currencies are going to be replaced any time soon. As Hydrogen said, we shouldn't be dealing in absolute terms here. As we are seeing now, bitcoin serves its own niche quite well even with fiat operating alongside it.

What purpose decentralised cryptos serve will ultimately depend on political and economic climates, as it is very hard to envision the government pushing them as a solution to the existing system.

China is now a leader in financial reform. It is China that is currently actively testing CBDC.  At the same time, you should understand that CBDC is essentially a digital concentration camp.  CBDC involves the abolition of deposit accounts and cash.  

Cash is freedom and privacy, digital money is slavery and addiction.  

Today I talked to a very interesting and intelligent girl.  Her name is Olga.  She expressed a very interesting thought - in the near future we will see a slowdown in technical progress, and the social society will be divided into castes.  I completely agree with her.  

The rise in the price of Bitcoin and Ethereum is not accidental.  It is an alternative to CBDC.  In the future, we will see these two platforms battle.

I don't know who will win.

Not all Governments can let their bank or system to crash unless there is no more support can get from other countries or their system can't no longer provide the needs of their people. They will surely try to find more ways to use what they traditionally do to make their system work. Only new governments or countries who already lose the value of the monetary is open to the idea of new money system since they need options to wake up their economy like in Venezuela, if crypto will be accepted throughly in more countries that's the only time new system can truely exist in many countries as long as their government is open in the idea and access of crypto and there is unity between all countries that approves it.

You need to understand that despite their power governments cannot change something as important as a currency, as long as the system remains in place they will not change fiat currencies because if they did then they will be blamed completely for the collapse of the economy, so they are waiting and seeing how long they can keep things going on and only once a currency crisis strikes then replacing fiat with something else will be over the table, but make no mistake whatever system they are thinking on implementing will be more oppressive than what we have now.

Yes they will try and get themselves going. In fact whatever that will replace the bank will still be within the banking pattern with little change maybe because of the modern kind of operation and cryptocurrency adoption. However, it will still have a level of centrality, housed under a roof with known physical address and controlled by the government.

There are two aspects to Fiat replacement.

One is USD dominance and correspondingly the overwhelming effect of Feds policies to the world economy, considering that the Fed itself is a puppet of its most prodigious capitalist sons. The other is people coming to the self-realization that simply holding Govt issued currency is a risk and choosing to diversify into Bitcoin.

Bitcoin cannot make much of a difference in the first aspect towards devaluation of fiat and hence, the "old rulers" will continue to hold power. Surely though, people themselves can weaken it by choosing the second way and it seems, they are already doing it forcing regulators to reconsider how they deal with Bitcoin.

Most probably just send blockchain based money through public distribution systems where individuals are easily identifiable through their SSN etc. There aren't gonna be any exclusive airdrops, that is for sure.

This is unrelated and like Hydrogen pointed out:
Very aptly put. It all depends on the end goals. Yet, it all turns out fine when there is not a sole authority deciding on that "end goal". The "end goal" is always a complex amalgamation of disagreements, negotiations, compromises such that it keep everyone satisfied to some extent but no single party feels that it got everything that it wanted.

Err I don't think you should worry much about issues regarding security and whatnot if ever the world goes towards a cashless society, since you're simply limited by the current mindset that our tech has. Security and Technological issues that would arise now wouldn't be much of an issue (I believe so, since technology doesn't really stagnate imo) after a few decades lets say, and only then would the system of cashless society be fully implemented. Simply speaking, it's all trial and error.

As for value supply, well I'm not an economist but a suitable formula should come up one way or another.

Doubt that they are even considering using cryptocurrencies as payments for the new monetary system. They can't trust a decentralized system unless it's like the Tether or any centralized cryptocurrencies that they control which they've been building up through CBDC.

Sort of stimulus? LOL.

I hope that they'll also give that to us but no hope with that.

I Think CBDC are just the nice names nothing behind that.

We have all ready nice stable coins we can start use usdc and usdt easy!!  No need other coins more we got then all ready.

Many countries are hesitant to switch to cryptocurrency due to the fact that it is rather difficult to control, almost impossible. What about taxes? Countries are likely to start taxing citizens. But so far these are just rumors, no one knows what will happen next.

It will happend what need to happend.

In my opinion, China is not acting rashly.  If the Central Bank of China is actively testing CBDC, then this makes sense. 

China has a strategic plan for the development of its economy (roadmap).  China is not interested in technology for technology's sake.  China is interested in technology as a tool for economic and geopolitical expansion. 

Moreover, finance is the circulatory system of any economy. 

Other countries will also be forced to develop the CBDC system.  Otherwise, they will face a technological lag.

CBDC can be named the uadc and usdt easy
We have usdt ready... All what it takes Central bank will start control the USDT 

There is no need to waste time to create new
Stable coins are ready

Actually, there is no sign that the old fiat system is about to fall. Even though it is obsolete, we still depend on it a lot. And I believe that the system is doing everything quite well up to now although the rich-poor distance keeps increasing.

You don't need to worry. Everything changes rapidly almost every day and new ideas can come up in just a few hours. New economic theories will soon be invented and you can see that people try to imply a new monetary system that is believed to enhance our society. Though we don't know when everything will be added, but remember, our world is getting better and better without any doubt.

CBDC can be a good strategy. But whether it gives people the power, or it will become a dictator. Different payment methods exist and we have many choices upon them. In term of a decentralized system, bitcoin and other cryptocurrencies give people a lot of hope.

Take time to know the real meaning behind CBDC and you'll get to understand what really it is. Stable coins and CBDC can co-exist and just bitcoin with many altcoins are.

As much as we want to have currency that will be used by most and don't have to use any other alternative then the idea of bitcoin won't come. Then CBDC took the example and IIRC, it's been an idea since last year and made for sole purpose and that is to make the government join the crypto saga having their own control to their own crypto.

Hey hey hey can you give some precedents what are you referring to? I mean there is absolutely zero connection between a lockdown and cryptocurrencies even if our primary currencies would have been cryptocurrencies there are 100% chances that lockdown would still have taken place. If lockdown would have taken place there are 100% chances that it would have led to a economic slump due to zero production in the Economy. I am unable to understand that how are we trying to interpret this as end of CBDC? Apart from a small economic crash why can't I see a significant effect on lives of common people?

The governments don't want to give us a new system. They want to keep the old one going as long as they can so they can benefit from it.

Even if they one day make a new one it will be based on total control. They will want something they can use against you if you one day decide you no longer want to be their slave ;)

IT relates to the regulation of the government of each country. However, I personally believe that old fiat system may still exist even during this technology period. However, they are also developing, by using more advanced technology, creating new digital money and systems in order to follow the progress of the global technology era. But it doesn't mean that they will remove the old systems. Because this may relate to the regulation and also how their society is into it. Money and still money whatever the systems

There will be no new money system maybe the government will change the banking system but the controlled fiat money is what make the economy of every government alive, only people may consider using the decentralized cryptos which makes the paper money to go worthless. Will there be such a scenario in the next 50 years?

There will be no new monetary system.Governments will stick to the fiat money system until the end.
They might create CBDC or implement some new technologies,but those will be only cosmetic changes and the core principles of the fiat system will remain.The governments really want to keep their control over the ability to create new money out of thin air and to create more debt.
The monetary system has nothing to do with the lockdowns.People can still shop online,inside their homes,by using credit/debit cards.

why are you always concerned of airdrops , if im not mistaken your last post do also mention if you can get airdrops but they arent a typical airdrop  ,

anyway old monetary system is not done yet because we still use them but it is up to you if you wont because we have so many alternatives now and some can be better than them but dont worry because government will announce it formally if you cant use the old system anymore but if ever they will i think that wont be a crypto

Money supply control means legal money counterfeiting. In order to create an entirely new monetary system, people should deprive central bankers of the power of control of the money supply. Otherwise, our new system is going to be no different from what we have today. Bitcoin and other decentralized currencies are the solution to the problem of money counterfeiting.

You think that's enough?
Also, the names identifies only one country. US?
Just like you I want "change" to be faster but it should be supported by each government.
Without that, it cannot move forward. Let's say there are offers being handed over but I bet they are all turned down.
We always vote for an old man to handle one country. Maybe we could wait for someone who is open for change.

I think one could argue that airdrops could be like bribes, and that is the dangerous part of it. Not that every airdrop is like that, but sometimes "working and earning money" is not like "promoting scam" so there are differences. When you get airdrop for free, that is good, you should be getting it, like for example when you held bitcoin and got bitcoin cash, that is fine because you just had bitcoin and that is it, nothing major happened.

Same goes for all the same ideas, if you however liked a tweet, retweeted, followed on facebook and all those type of things to get airdrop, that is where things start to change a bit. Why it changes? Well, if it is a legit project than you have nothing to worry about, but if it is a scam, there are people who spend their own hard earned money on it, and you are promoting a scam in that situation, even without knowing. Hence why airdrops could be seen dangerous time to time.

If you need a "new financial system" - then make up the necessary criteria for it and then think again whether it will be able to work as well and at the same distance as the classic fiat system.
Why do you need it? What is your goal? What do you want to achieve with this? What would be the benefit to everyone around you?
Too many questions and no answers, isn’t it?

Forget about "Public" Crypto currencies replacing "Fiat" currencies, because that is not going to happen. Governments use "Fiat" because it gives them full control... so they will not relinquish that power over people.

They might contract developers to develop their own "Private" coin, so that they have full power over the supply and demand and also changes to the protocol and code.  ::) (A digital version of their Fiat currency)

I do think they may like a new system that it is even more intrusive and it gives them more control, look at the war on cash that is happening all over the world, governments want to know exactly in what you are spending your money and cash gives you too much privacy so they are limiting what you can do with it, there is no doubt they see in centralized cryptocurrencies a way to get even more power but in order for those currencies to work they first need to get rid of bitcoin, something not easy to do at all.

The CBDC will give them control over what will happen. I think most countries will eventually have one for their people China being the first could really take advantage of the situation for them to be the center of trade. The old system will be replaced obviously and the closest that could work for governments is CBDC.

This is the number one reason why the institutions switch to cryptocurrency (BTC) now and I hope they remain loyal to the system not to only take advantage of it.

BTC, ETH etc will be accepted as CBDC by the government but before now (when the world was not hit by the pandemic which led to the famine in some country) the International Monetary Fund group have come up with a solution and have advised the world rulers to integrated National Digital Currency/Central Bank Digital Currency but they choose not to listen maybe because they were able to indirectly steal the country money through printing of new fiat currency.
Below is part of the IMF statement

It is obvious. All states are tied to financial systems. None of them can afford the collapse of the banking system because complete chaos will begin.
But it's not just a matter of desire. When banks collapse, this process can be called a natural disaster. As practice shows, even financial support from the state does not always help banks get out of this.

I do not think there will be any serious changes in the monetary system of states. Only one thing is clear: states will never switch to the use of a decentralized cryptocurrency. For now, they will actively issue central bank national stablecoins, as China does. In fact, these are the same national currencies, only in digital form. Depending on how they take root and how actively they will be used by the population, the states will decide what to do next.

That is the worst kind of crisis and unfortunately I think that is where we are headed, in 2008 we had a massive crisis and governments rescued banks despite how unpopular it was as the whole economy was at risk, but the system was never reformed and banks can still make incredibly risky bets for the sake of profits and the next time they get in trouble the governments are not going to have enough money to save them, and if they try to print it the inflation will be so massive that the backlash they will receive from their population will be massive, fortunately for us we will be holding bitcoin and we will be protected from those effects.