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Title: This is how bitcoin will turn the world into better place I believe! Post by: cuddaloreappu on July 17, 2014, 01:26:44 AM The deflationary nature of bitcoin which will appreciate in value so much say a million dollars per coin and beyond, that it discourages spending and encourages saving..
Every merchant across the globe will wish to have some bitcoin and hence offer their services for bitcoins to the point that they accept only bitcoins for their products and services. So ultimately any hardcore Hodler cannot continue Hodling forcing to spend to get daily bread as well as luxury things, but will think before spending twice! Those merchants who offer lowest price will survive in the market. all these leads to responsible spending, efficient market dynamics and above this the democracy and Goverment will become open as all their transactions will be available in public, this roots out corruption. Thus the world will be a better place and everyone will live happily ever after. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: pedrog on July 17, 2014, 01:31:26 AM Because there aren't any frauds in Bitcoinland...
Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: cuddaloreappu on July 17, 2014, 01:37:58 AM Because there aren't any frauds in Bitcoinland... execpt mt.gox and butterfly labs and , and... Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: slaveforanunnak1 on July 17, 2014, 01:51:44 AM Because there aren't any frauds in Bitcoinland... execpt mt.gox and butterfly labs and , and... To be fair, he didn't say anything about outright theft! I will quote his important point however. Quote Those merchants who offer lowest price will survive in the market. all these leads to responsible spending, efficient market dynamics and above this the democracy and Goverment will become open as all their transactions will be available in public, this roots out corruption. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: Kayex on July 17, 2014, 01:54:27 AM Because there aren't any frauds in Bitcoinland... You can't fraud btc. (Not that I know of)However, similar to any paper currency or online currency, it can be stolen. So in a sense, it can be the same as any currency out there. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: Coinfan on July 17, 2014, 02:15:05 AM A deflationary economy will be a tragedy.
As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression. Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: jbreher on July 17, 2014, 05:24:55 AM A deflationary economy will be a tragedy. Yeah - that's exactly why nobody buys computers or cell phones. If they wait three months, they'll get twice as much for the same cost. Accordingly, nobody buys computers or cell phones, driving the entire industry towards bankruptcy. Damn deflation ruins everything. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: Cicero2.0 on July 17, 2014, 05:27:59 AM A deflationary economy will be a tragedy. As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression. Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead. Deflation is a bad thing with fiat currency. In a bit coin universe currency is constantly accumulating more purchasing power so people can spend less and have a higher standard of living. Back when the dollar was actually worth something people did not stop spending it. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: salmondance on July 17, 2014, 01:51:52 PM Those merchants who offer lowest price will survive in the market. This is the rule of extraction which is common for all types of economic system. And I can't understand why you decided to mention that. But if you want to talk about bitcoin future I must to admit that price competition will not be so tough according to bitcoin idea. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: pawel7777 on July 17, 2014, 02:14:17 PM A deflationary economy will be a tragedy. As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression. Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead. Deflation is a bad thing with fiat currency. In a bit coin universe currency is constantly accumulating more purchasing power so people can spend less and have a higher standard of living. Back when the dollar was actually worth something people did not stop spending it. Yeah right, and why would anyone invest their BTC (creating new products, services, jobs) instead of just holding and watching their BTC getting more purchasing power? Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: Eotnak on July 17, 2014, 02:23:05 PM A deflationary economy will be a tragedy. As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression. Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead. Deflation is a bad thing with fiat currency. In a bit coin universe currency is constantly accumulating more purchasing power so people can spend less and have a higher standard of living. Back when the dollar was actually worth something people did not stop spending it. An inflationary economy is a tragedy. No one retires, and people die working. More old people driving cars to get to work killing everyone else on the road. Only old people are left and their dusty wombs cannot continue the human race. Cockroaches and invasive plant species inherit the Earth. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: cuddaloreappu on July 17, 2014, 03:24:07 PM A deflationary economy will be a tragedy. As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression. Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead. Deflation is a bad thing with fiat currency. In a bit coin universe currency is constantly accumulating more purchasing power so people can spend less and have a higher standard of living. Back when the dollar was actually worth something people did not stop spending it. An inflationary economy is a tragedy. No one retires, and people die working. More old people driving cars to get to work killing everyone else on the road. Only old people are left and their dusty wombs cannot continue the human race. Cockroaches and invasive plant species inherit the Earth. https://i.imgur.com/qTin8Lh.jpg Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: Coinfan on July 17, 2014, 11:33:11 PM The sarcasm was great, pity the content hadn't the same quality.
Try to make an effort to avoid that your love for bitcoin blind you about the consequences to others of its general adoption. For instance, read: https://bitcointalk.org/index.php?topic=180798.0 Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: DjPxH on July 18, 2014, 12:08:31 AM I've got to say, your premise does actually sound more like the worst nightmare straight out of a textbook about the perils of deflation :-\
People should be at least somewhat encouraged to spend their money and not only hold on tight to it! Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: acs267 on July 18, 2014, 12:24:56 AM I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million.
Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: BADecker on July 18, 2014, 01:08:18 AM I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million. Of course, in sales, you go for the BIG goal. That way you just might get something. :) Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: BADecker on July 18, 2014, 01:14:38 AM People forget one major thing about Bitcoin. Bitcoin doesn't have any mercy.
If you make a mistake using Bitcoin, you pay. That is point blank that. If you happen to win in Bitcoin by accident, then the mercy part has to be yours. Bitcoin is built on solid math. Math doesn't break. It doesn't even bend. This isn't necessarily a bad idea. But it is something to keep in mind. You need to take responsibility for your life with Bitcoin. Bitcoin won't screw you like the banks do, but it doesn't have any mercy like the banks do at times either. :) Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: acs267 on July 18, 2014, 01:17:18 AM I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million. Of course, in sales, you go for the BIG goal. That way you just might get something. :) Yes, but sometimes going big allows you to make reckless decisions. Why do you think scammers scam? Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: BADecker on July 18, 2014, 01:41:32 AM I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million. Of course, in sales, you go for the BIG goal. That way you just might get something. :) Yes, but sometimes going big allows you to make reckless decisions. Why do you think scammers scam? You sold me. And you didn't even go for the big goal! :) Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: mooncake on July 18, 2014, 01:43:13 AM I believe we should not be spending for the sake of stimulating the economy. We should only spend what we need. The idea of spending in excess for the sake of maintaining a vibrant economy is short-sighted and fails to consider long term consequences.
To create a good, we need inputs like land, human capital, financial capital and natural resources. The more we spend, the more the demand of a good, the more the goods will be produced, the more the inputs will be consumed. Instead of having more factories, the land can be set aside as nature reserves for plants and animals to live in and humans to enjoy. The less the human capital is required, the less the motivation to increase human population, thus a less crowded planet. Financial capital can be channeled to more meaningful causes like helping our less fortunate fellow human beings. Using less natural resources means having more forests, a less polluted ocean and air, and less climate change. The short term consequence is an upheaval in society caused by high unemployment rate which is unacceptable to governments. For the long-term sake of our planet and humanity however, the current trend of economic growth regardless of cost must be reviewed. Our children deserve a better environment. Bitcoin is a step towards creating that vision. In the current state, bitcoin encourages savings, not spending. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: Erdogan on July 18, 2014, 01:45:23 AM A deflationary economy will be a tragedy. As stated, people think twice before spending, they are always expecting that prices will go down. That will contract aggregated demand and create a depression. Besides, a deflationary economy means that if you borrow money you will have to pay interest, plus deflation, therefore it's very hard to invest, only very profitable investments would survive. That limits investment and without it the economy is dead. I suppose you prefer that nonprofitable ventures get the scarce investment money. </sarc> Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: BADecker on July 18, 2014, 01:51:32 AM I believe we should not be spending for the sake of stimulating the economy. We should only spend what we need. The idea of spending in excess for the sake of maintaining a vibrant economy is short-sighted and fails to consider long term consequences. To create a good, we need inputs like land, human capital, financial capital and natural resources. The more we spend, the more the demand of a good, the more the goods will be produced, the more the inputs will be consumed. Instead of having more factories, the land can be set aside as nature reserves for plants and animals to live in and humans to enjoy. The less the human capital is required, the less the motivation to increase human population, thus a less crowded planet. Financial capital can be channeled to more meaningful causes like helping our less fortunate fellow human beings. Using less natural resources means having more forests, a less polluted ocean and air, and less climate change. The short term consequence is an upheaval in society caused by high unemployment rate which is unacceptable to governments. For the long-term sake of our planet and humanity however, the current trend of economic growth regardless of cost must be reviewed. Our children deserve a better environment. Bitcoin is a step towards creating that vision. In the current state, bitcoin encourages savings, not spending. The next thing to do is to use things like Mastercoin, Counterparty, and MaidSafe when it is ready, to actually tie the various commodities of life into binding contracts that sit on the Bitcoin blockchain. :) Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: FunnyHat43 on July 18, 2014, 01:52:10 AM I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million. Of course, in sales, you go for the BIG goal. That way you just might get something. :) Yes, but sometimes going big allows you to make reckless decisions. Why do you think scammers scam? You sold me. And you didn't even go for the big goal! :) Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: BADecker on July 18, 2014, 02:09:41 AM I get that optimism is important, but I'm so sick of people saying 'one million dollars' just like that when Bitcoin hasn't even hit a thousand dollars again yet. Can we go for a smaller goal, and then work our way up to a million? Even if we can get to one million. Of course, in sales, you go for the BIG goal. That way you just might get something. :) Yes, but sometimes going big allows you to make reckless decisions. Why do you think scammers scam? You sold me. And you didn't even go for the big goal! :) World population is expected to be something over 9 billion by the year 2050. At that rate, what will the population be in 2140 when all the bitcoins have been mined? Let's guess that it might be 21 billion, just to make calculations easy. That means that on average there will be a thousandth of a bitcoin for each and every person on earth... if the bitcoins were spread out evenly, that is. A $million per bitcoin isn't anything. Probably a $billion, and maybe a $trillion per bitcoin isn't big enough. :) Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: oceans on July 18, 2014, 03:55:29 AM I really like the way the future looks for bitcoin, but only time will tell. I think the price is pretty stable, and most people wont sell their bitcoin for less than they paid.
Even if they mined it, it took power, and or an investment. Thats my opinion anyway. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: Eotnak on July 18, 2014, 01:55:08 PM I believe we should not be spending for the sake of stimulating the economy. We should only spend what we need. The idea of spending in excess for the sake of maintaining a vibrant economy is short-sighted and fails to consider long term consequences. To create a good, we need inputs like land, human capital, financial capital and natural resources. The more we spend, the more the demand of a good, the more the goods will be produced, the more the inputs will be consumed. Instead of having more factories, the land can be set aside as nature reserves for plants and animals to live in and humans to enjoy. The less the human capital is required, the less the motivation to increase human population, thus a less crowded planet. Financial capital can be channeled to more meaningful causes like helping our less fortunate fellow human beings. Using less natural resources means having more forests, a less polluted ocean and air, and less climate change. The short term consequence is an upheaval in society caused by high unemployment rate which is unacceptable to governments. For the long-term sake of our planet and humanity however, the current trend of economic growth regardless of cost must be reviewed. Our children deserve a better environment. Bitcoin is a step towards creating that vision. In the current state, bitcoin encourages savings, not spending. It's like you're in my brain, man...Awesome post. Title: Re: This is how bitcoin will turn the world into better place I believe! Post by: cuddaloreappu on July 18, 2014, 04:52:56 PM I believe we should not be spending for the sake of stimulating the economy. We should only spend what we need. The idea of spending in excess for the sake of maintaining a vibrant economy is short-sighted and fails to consider long term consequences. To create a good, we need inputs like land, human capital, financial capital and natural resources. The more we spend, the more the demand of a good, the more the goods will be produced, the more the inputs will be consumed. Instead of having more factories, the land can be set aside as nature reserves for plants and animals to live in and humans to enjoy. The less the human capital is required, the less the motivation to increase human population, thus a less crowded planet. Financial capital can be channeled to more meaningful causes like helping our less fortunate fellow human beings. Using less natural resources means having more forests, a less polluted ocean and air, and less climate change. The short term consequence is an upheaval in society caused by high unemployment rate which is unacceptable to governments. For the long-term sake of our planet and humanity however, the current trend of economic growth regardless of cost must be reviewed. Our children deserve a better environment. Bitcoin is a step towards creating that vision. In the current state, bitcoin encourages savings, not spending. It's like you're in my brain, man...Awesome post. So bitcoin also promotes a greener world |
