Are The World's Finances That Bad, Is It Good for Bitcoin?

[seafarer124]

Have just read the following article and others recently and wonder if this is good for Bitcoin.



"The news this morning tells us that Thailand is in recession. Indonesia is in a bear market.

India’s currency is plunging so rapidly that the government is desperately implementing capital controls. Japan’s trade deficit was the third worst on record last month.

Here in Italy, unemployment is at a record high, and financial-related suicides have increased 40% over last year (which itself was a record).

Adding insult to injury, the Italian government has banned cash transactions above 1,000 euros and rolled out a new army of tax police to seize people’s assets in a guilty-til-proven innocent system.

One of the bankers here, who hails from a boutique firm in Austria specializing in physical gold products, asked very plainly during lunch today: “Is there any good news?”

You bet.

The good news is that this fraudulent system of unchecked, unbacked paper currency is finally coming to an end."

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[knight22]

Of course the whole fiat system crashing is good for bitcoin. This is why most of us are here.
People are looking for alternatives like bitcoin.

[steelboy]

Adding insult to injury, the Italian government has banned cash transactions above 1,000 euros and rolled out a new army of tax police to seize people’s assets in a guilty-til-proven innocent system.[/b]

Have you got a link for this?

[FeedbackLoop]

Indians have long loved gold for a reason. Actually a great crowd in terms of alternatives to currency for Bitcoin to expand into. Especially so with all the controls the Indian  government as been putting on gold imports.

 

[JonHolmquist]

Look up the civil forfeiture cases in the U.S.

There was just an article the other day about it being abused.

It certainly showcases some degree of corruption and maybe desperation in the U.S... But your question is whether it is good for Bitcoin...

Maybe.

The best thing for Bitcoin right now would be for the government to allow self-regulation inside the Bitcoin industry.

They'd only do that if they didn't feel threatened, right?

[seafarer124]

Adding insult to injury, the Italian government has banned cash transactions above 1,000 euros and rolled out a new army of tax police to seize people’s assets in a guilty-til-proven innocent system.[/b]

Have you got a link for this?

I read it here:

https://www.facebook.com/BitCoinThailand

[seafarer124]

Adding insult to injury, the Italian government has banned cash transactions above 1,000 euros and rolled out a new army of tax police to seize people’s assets in a guilty-til-proven innocent system.[/b]

Have you got a link for this?

I read it here:

https://www.facebook.com/BitCoinThailand

Interesting you asked, I could not find anything to substantiate the report on the net.  Strange there is not more reports on the limit.

I have just found this link:

http://www.globalblue.com/corporate/news/italys-policy-on-cash-payments-limits-sales/

[steelboy]

Over 6% fees is ridiculous. As if you would use anything other than cash if that was the case. 

[seafarer124]

Over 6% fees is ridiculous. As if you would use anything other than cash if that was the case.  

Could use Bitcoin

Just found France is doing the same.

[Singlebyte]

You should see Argentina's economy.  Bitcoins are exploding there.

From today's Washington Post
http://www.washingtonpost.com/blogs/the-switch/wp/2013/08/21/five-surprising-facts-about-bitcoin-2/

[Gabi]

Adding insult to injury, the Italian government has banned cash transactions above 1,000 euros and rolled out a new army of tax police to seize people’s assets in a guilty-til-proven innocent system.[/b]

Have you got a link for this?

I can confirm there is a 1000€ top, there was a proposal to lower it to 500... and i can also confirm about the new "anti tax evasion" thing.

[steelboy]

Adding insult to injury, the Italian government has banned cash transactions above 1,000 euros and rolled out a new army of tax police to seize people’s assets in a guilty-til-proven innocent system.[/b]

Have you got a link for this?

I can confirm there is a 1000€ top, there was a proposal to lower it to 500... and i can also confirm about the new "anti tax evasion" thing.

Bitcoin is exactly what Argentina need. It is the right thing at the right time over there. I can't wait to see how it develops.

[shark32]

Generally I share the opinion that weak fiat leads to strong BTC

BUT there is a common believe the next popping bubble will be of biblical size. This may lead to an temporary infrastructure breakdown, which includes the absence of energy to run computers.

thats pretty much it

[Fallen666]

Adding insult to injury, the Italian government has banned cash transactions above 1,000 euros and rolled out a new army of tax police to seize people’s assets in a guilty-til-proven innocent system.[/b]

Have you got a link for this?

I can confirm there is a 1000€ top, there was a proposal to lower it to 500... and i can also confirm about the new "anti tax evasion" thing.

Bitcoin is exactly what Argentina need. It is the right thing at the right time over there. I can't wait to see how it develops.

Situation in Italy is very bad, if you want to prove you're innocent you also have to pay big money otherwise they just take all you got....plain madness

[p2pbucks]

yes . Bad monetary system will pump bitcoin market .

[steelboy]

yes . Bad monetary system will pump bitcoin market .

And if the amount of products and services available to use with Bitcoin increases then people will be even better off.

[Swordsoffreedom]

Bad money will be spent good money will be kept or so I have heard several times

[pennywise]

Generally I share the opinion that weak fiat leads to strong BTC

BUT there is a common believe the next popping bubble will be of biblical size. This may lead to an temporary infrastructure breakdown, which includes the absence of energy to run computers.

thats pretty much it

I, for one, consider your scenario quite plausible and worth being scared the shit from.

If this happens, I should better own a gun and lots of fish cans.

[domob]

Bad money will be spent good money will be kept or so I have heard several times

This concernes mainly two "types" of money that have equal value by law even though their value is not perceived equal by the people.  Think of "old" silver coins with 90% silver content and "new" ones with only 50% content, even though both are labelled as "1 Dollar".  Then whenever you want to pay a dollar, if you have a new and an old coin, you would probably spend the new one and keep the old one for yourself because it is actually worth more (for its silver content).  For Bitcoin and fiat this means that people who are into Bitcoin and believe that fiat will crash at some point are going to try to buy things with fiat as long as they still have it and save in Bitcoin.

[xxjs]

India rupi going down quickly, but obviously it is too early for bitcoin to mean much in India. If they can bail the boat for one more year, that would be nice for bitcoin.