A simple question to the forum - I hope that people can provide sensible answers, since it would be way too easy to preach rather than to reason.

It has been mentioned many times in the forum that banks can be killed by bitcoin and that crypto is a threat for central banks, etc... One of the reasons that make me doubt about that possibility is the worldwide need of having a strong lending and borrowing system. I think that currently DeFi does not offer a realistic solution and that lending eventually has to rely on an intermediary. That, in some way or under a different name, is a bank.

How is this problem addressed currently and how could it be solved at large scale without a "bank" of shorts?

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For OPSEC reasons I don't (personally) want to go in to this topic too heavily myself, but this is already happening.

I have known about Venezuelans for years using BTC (and Dash) as a partial substitute for their worthless currency and hard-to-get US dollar fiat.  Apparently these efforts have been quite helpful to those in Venezuela in a position to use cryptos to make their lives better.

Now Cuban-Americans are sending BTC to embattled Cuba.  I do not know the amounts though.

These really ARE excellent use-cases in which BTC is helping to add value to the lives of those under oppression.  This is clearly a good thing.

we certainly hear a lot of people whose their lives change 180% because of Bitcoin

based on https://www.livebitcoinnews.com/venezuelans-turn-to-bitcoin-and-online-gaming-to-survive/

when government policies make them miserable, they find ways to survive.

Do you agree with Bitcoin is one of the saviors and are there any of us who have saved their economic lives since focusing on Bitcoin?

Honestly, I'm one of the people whose economic needs have survived because of Bitcoin  

Just wondering, ang cryptocurrencies ba ay may tax? Ayon sa Taxation Law ng Pinas, kapag kasi ang isang freelancer ay lumagpas ang kinita sa PHP250,000 sa loob ng isang taon ay may kaukulan na itong tax.

This case might be sensitive pero matanong ko lang, wala pa bang kumatok sa mga bahay sa inyo ayon sa usaping ito? I mean tax evasion.
Share your thoughts and experiences, hirap kasi na parang ilegal tong ginagawa natin dahil wala naman talagang batas ukol dito

Only young and naive guy believe in high risk high return

In the world wars, young and naive people go to battle field and fight each other to death, they take risk to protect the war that they can never win, while they’re being manipulate by the other group of elite who do not like to take such risk. These elite tell the young people to take the risk despite they know it’s risky and they don’t want take the risk but want someone else to take such risk. Many people died and sacrificed in the war that can’t be won. The elite do not take the risk, not only they didn’t take risk they also profit a lot from the war, for the people who love to advocate high risk high return, NOPE you’re wrong, they take no risk while they can make the maximum profit that those of you who take risk can only dream of.

Since the war is over, it’s not profitable for the elite anymore. They know what is their next move after the war. Yup, money, they’re now looking at money, they know money has the same properties to a world war, they also know they do not like to take risk, so now they tell all you idiot to take risk that they don’t want to take and deceive you to believe high risk high return, you’re real idiot if you didn’t learn from the previous lesson, you’re idiot if you didn’t learn from the world wars, you’re idiot to take risk that they tell you to take while they making maximum profit taking no risk at all.

the reason why i keep collecting bitcoins and i keep holding is for long term investment. When I am old I want to fully enjoy my old age with my family without being burdened with work responsibilities. I strongly believe the price of bitcoin will continue to increase just as it did in 2010 until now. the limited number of supplies and the increasing number of investors make me even more convinced that investing in bitcoin is the best investment right now.

I prefer to invest than trade where I often feel pressured when the coins I have are sold an  price a coin go high
if i invest i just  wait for the right time  when i take profit without any stress

My thoughts is that bitcoin is just a medium to help you become rich or financially stable, in the end you are the one that needs to utilize those tools given to you, what I mean by that is you do have bitcoin but you don't know what to do next so you are just stuck into hodling only which isn't helpful if you want to get financially stable. I do agree that bitcoin can return the power back to the working class but we all know that bitcoin is for everyone so even the ruling class can get in like what they are doing now.

We often notice rich people become rich day by day. It's no different for Bitcoin as well. Because we can see the most benefited person from Bitcoin is big investors, mean definitely they are rich. If you agree with me then why do you think most big investors are gainers and why most small investors can't gain.

For me, I think financial stability works behind our success in life. So same goes for Bitcoin investors as well. The rich person could invest for a long time. He doesn't have problems even he doesn't sell his holding even during very bear markets. A financially stable person even could hold 10 years. But like us who are small investors, we aren't stabled financially. As a result, we don't when we have to sell our holding for need. That's how we become losers even we intend to hold for a long time. I am a real example of that recently.

Do you think financial stability is mandatory to be a gainer in Bitcoin investments?

Ngayong nakamit at nahigitan na naman ang naitakdang value noong 2017, maaasahan kaya natin ang pagsulpot ng mga taong maaakit sa Bitcoin? Dadami kaya ang magiging investors ngayong malalaman nila na isang malaking asset ang BTC.

(Aasahan na din ba natin ang pagtaas ng bilang ng mga scammers ngayon kung magkakaroon ng posibilidad sa pagdami ng mga papasok sa crypto?)

The answer is simple - no, bitcoin will not kill banks!
Why? Because governments will never allow an uncontrolled entity to replace a government-controlled, formal payment mechanism. The only thing that bitcoin, as a technology, can influence, is to push banks to use part of blockchain technologies in banking technologies.

This is a sentence I recently heard on a TV series I was watching that made me think of my own stance in life. Am I striving to become the master of slaves?  Perhaps those who climb the corporate ladder think in those terms? Are we creating our own cryptocurrency just to be our own masters or are we actually seeking to become the new masters of the new slaves? BTW I am very interested in knowing if this is a quote from anyone famous or just part of the script.

What are the things differ from mindset of common man with investor,please share your thoughts.

IMO,investors never want to take loans for their consumption like home loan,car loan,etc then just save money and will buy the things for their needs but common man like you and me will buy the things immediately when we get the desire of it using loans but we are paying 20% of interest to those kind of loans.

November 2019 is the month where corona virus started at Wuhan China and now it's already one year has past. This Covid pandemic killed a lot of people all over the world, many people lost their job and it affect too much on the lives of everyone and also in every countries  economy.

After all the sufferings caused of this virus, we are still striving to overcome and go back to our normal daily lives. But sadly that everything has change and we are currently in a new normal where all are still taking some health protocol in order to avoid the spreading of virus and become affected of it.



Now that there is already a vaccine , could it be the end of covid- 19 virus? How are you after one year of covid-19 pandemic?

There is a saying," Behind the Clouds the Sun is still Shining".

I hold bitcoin for the main reason of appreciation. I believe that BTC's price right now is still small that it could potentially rose to a 10x in the future. Another thing is it solves inflation. Instead of saving my money in bank, I put it in BTC and watch it grow as it goes.

Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else. In contrast, bitcoin relies solely on cryptography and software between computers.

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country? 

Central banks will rather adopt blockchain and evolve. Bitcoin solely is not enough to solve global problems

In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.

the primary role of government is to provide a regulatory framework in an economy, Government sole responsibility is to provide a guideline on how thing are to be done within their jurisdictions.

this is not different with cryptocurrency although cryptocurrency is created with high anonymous the truth remains that cryptocurrency co-exist with other factors in the economy such as the bank and the traditional currencies, for crypto to become a full flesh currency it need to under go government regulation because that is the only way cryptocurrency will be considered a legal currency.

questions:

will government regulations on cryptocurrencies undermined crypto decentralized nature?