With sound money in place (BTC, Gold,...) all consumer credit is gone

[w00t]

Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone (credit cards) that are now handed out like samples by drug dealers.

How many that you know would survive such wake up call? Not being able to finance themselves by debt but only with money on the table. I think at least half the medium and up sized businesses would go bust in 1 month, about individuals - really no idea...

[Shiroslullaby]

The world is built on debt.
Every major countries financial system depends on being able to borrow money.

Most people live paycheck to paycheck with huge loans from school, credit cards etc.
It would be a disaster with most people in financial ruin if they weren't able to get consumer credit.

[ImHash]

How would you consider bitcoin as a physical valuable item like gold? there are in main markets of every country some merchants that just by saying a few words people trust millions of dollars to them and that's how the things are done in grand scale.
And your questions are confusing you jump from speaking about consumer credit and then wtf is about drug dealers?

[w00t]

How would you consider bitcoin as a physical valuable item like gold? there are in main markets of every country some merchants that just by saying a few words people trust millions of dollars to them and that's how the things are done in grand scale.
And your questions are confusing you jump from speaking about consumer credit and then wtf is about drug dealers?

The analogy is that since credit is currently extremely cheap for banks so they can hand out credit cards that are even unsolicited - the same way operate drug dealer - first shot is free - once you're hooked, well

[odolvlobo]

Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone

Why couldn't someone borrow bitcoins?

[w00t]

Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone

Why couldn't someone borrow bitcoins?

The easy credit is currently based on money borrowed that they don't have. If Bitcoin is in place and then the actual Bitcoins would have to change hands the interest rate won't be what is it today but at least double.

[asriloni]

How would you consider bitcoin as a physical valuable item like gold? there are in main markets of every country some merchants that just by saying a few words people trust millions of dollars to them and that's how the things are done in grand scale.
And your questions are confusing you jump from speaking about consumer credit and then wtf is about drug dealers?

The analogy is that since credit is currently extremely cheap for banks so they can hand out credit cards that are even unsolicited - the same way operate drug dealer - first shot is free - once you're hooked, well

Bitcoin = be your own bank = privacy = nothing to do like the credit card(it can't). The credit card isn't only cheap but everyone can have once for their self with just fill all of the forms have brought by the bank.

[odolvlobo]

Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone

Why couldn't someone borrow bitcoins?

The easy credit is currently based on money borrowed that they don't have. If Bitcoin is in place and then the actual Bitcoins would have to change hands the interest rate won't be what is it today but at least double.

So then you don't actually believe that "all consumer credit is gone", it would just be more expensive like it was 20 years ago.

Also, there is no reason why there couldn't be fractional reserve banking with Bitcoin. I think it is inevitable.

[w00t]

Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone

Why couldn't someone borrow bitcoins?

The easy credit is currently based on money borrowed that they don't have. If Bitcoin is in place and then the actual Bitcoins would have to change hands the interest rate won't be what is it today but at least double.

So then you don't actually believe that "all consumer credit is gone", it would just be more expensive like it was 20 years ago.

Also, there is no reason why there couldn't be fractional reserve banking with Bitcoin. I think it is inevitable.

right but if there is fraction reserve banking with Bitcoin why not stay with the current system? There is no change, no progress.

[Slark]

It is impossible, if fiat would be gone then people would invent other forms of borrowing money. They would use gold, precious stones, bitcoin, anything goes.
If suddenly all debt evaporated then it would mean only a clean start for everyone willing to lend others 'new money'.
Because we live in a world where disproportion of wealth is reality, there will be always people with not enough of money looking for help.

[susila_bai]

Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone (credit cards) that are now handed out like samples by drug dealers.

How many that you know would survive such wake up call? Not being able to finance themselves by debt but only with money on the table. I think at least half the medium and up sized businesses would go bust in 1 month, about individuals - really no idea...

Ya it is true that almost from small individual to small businessman to big businessman, everyone is running their business on credit not all of them are using their own money, so it is sure that who ever is holding the gold and bitcoin they will be surviving and then it will start of they are issuing the credit to all. So i think it wont die but btc and gold will take place of credit to others who are not holding them and they wanted to survive.

[Mometaskers]

The world is built on debt.
Every major countries financial system depends on being able to borrow money.

Most people live paycheck to paycheck with huge loans from school, credit cards etc.
It would be a disaster with most people in financial ruin if they weren't able to get consumer credit.

Sadly, that's how things are. I suppose even being prudent on loans is not going to help.

[cellard]

Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone (credit cards) that are now handed out like samples by drug dealers.

How many that you know would survive such wake up call? Not being able to finance themselves by debt but only with money on the table. I think at least half the medium and up sized businesses would go bust in 1 month, about individuals - really no idea...

Debt in itself is good, it allows business to grow. Being able take a loan, grow a business and pay back, that in itself is not bad... what's bad is when the money keeps getting created out of thin fucking air to pay back exiting debt which ends up in the inflationary spiral we are at, with the US having 20+ trillion in debt and growing forever.

BTC based debt where everything is tracked and nothing is cheated would be the solution.

[A L I E N]

Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone (credit cards) that are now handed out like samples by drug dealers.

How many that you know would survive such wake up call? Not being able to finance themselves by debt but only with money on the table. I think at least half the medium and up sized businesses would go bust in 1 month, about individuals - really no idea...

Debt in itself is good, it allows business to grow. Being able take a loan, grow a business and pay back, that in itself is not bad... what's bad is when the money keeps getting created out of thin fucking air to pay back exiting debt which ends up in the inflationary spiral we are at, with the US having 20+ trillion in debt and growing forever.

BTC based debt where everything is tracked and nothing is cheated would be the solution.

and the Truth shall set you free!!

[HabBear]

Fool!

You think bitcoin can remove consumer credit? If you think that, you're a fool.

Why do people need credit? Because they decide to or have to spend more than they make in a month or a year. Bitcoin doesn't change that. Bitcoin doesn't solve people's inability to save money.

It's not the sound money that we need. It's the sound use of money that will change the need for consumer credit. It doesn't matter whether the money is Bitcoin, Dollars, or Salt.

[wxa7115]

Hi,
I was wondering, did anyone of you ever thought about that if there were only sound money in place such as (BTC, Gold,...) all consumer credit is gone (credit cards) that are now handed out like samples by drug dealers.

How many that you know would survive such wake up call? Not being able to finance themselves by debt but only with money on the table. I think at least half the medium and up sized businesses would go bust in 1 month, about individuals - really no idea...

That is not exactly what will happen, if there was only sound money then governments will be unable to spend beyond their means by turning on the printing press but they could still ask for credit the difference is that you will need to pay in sound money too and the same will apply to people too.