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Author Topic: Two ways to take over FRNs, higher BTC price and people paying off loans  (Read 456 times)
Elwar
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May 19, 2013, 11:29:14 PM
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The current market cap for Bitcoin is around $1.3 billion. When you buy bitcoin, your dollars are not converted to bitcoin. You are trading your dollars value for value with someone else who has bitcoin. So even if everyone in the world bought one Satoshi at the current price, the money would just be switching hands.

But, when the price rises, those mined bitcoins have just replaced more dollars than previously, displacing dollars thus having less demand for that equivalent amount.

But the biggest thing that could hurt the federal reserve is if people not only switched to bitcoins for their every day purchases...but they also essentially send their federal reserve notes back to the federal reserve by paying off their debts. If the federal reserve is sitting there with a bunch of dollars with very little demand they will have to resort to practically giving it away in the hopes that people will use it. Interest rates would go negative, the spiral of dollar value to bitcoins would begin.

Quote
and then asked one of them to produce a Roman coin that would be suitable for paying Caesar's tax. One of them showed him a Roman coin, and he asked them whose name and inscription were on it. They answered, "Caesar's," and he responded:"Render therefore unto Caesar the things which are Caesar's;

Who's name is on the dollar? The Federal Reserve....Render therefore unto the Federal Reserve the things which are the Federal Reserve's.

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