Be Honest- who hopes the USA defaults so BTC skyrockets?

[cryptoanarchist]

I can't wait to see USA burn. The more you know about this country, the more you realize how hopelessly F***ed up it is.

What the price of bitcoin does is secondary to me.

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[TheEmperor]

In a post apocalyptic country, maybe those Monsanto GM crops won't be so bad after all 

Not funny.

Whats wrong with being reliant on a mega corporation bent on profit at all costs?

Like 99% of Americans and the Government then?

The more you know about this country, the more you realize how hopelessly F***ed up it is.

Unless your an American, in which case you just want things to continue on the way the are. (Or so is the consensus I get from posts on here)



All aboard the gravy train, whoop whoop!!!! 

[Shermo]

On topic, I think they should default but whether right now is the time I don't know. But their debt is rising at an alarming rate and at some point you have to say "enough is enough" and actually do something about it.

It utterly amazes me how a country cant get something as simple as balancing how much it spends and how much income it gets from taxes. Sure it's done on a huge scale, but mega corporations do their accounts and seem to make profits.

Speaking of corporations making profits, its about time that the USA and other countries like the UK really get to grips with these big companies that are avoiding paying their fair share of taxes by jumping through hoops and exploiting loopholes.

[TheEmperor]

On topic, I think they should default but whether right now is the time I don't know. But their debt is rising at an alarming rate and at some point you have to say "enough is enough" and actually do something about it.

It utterly amazes me how a country cant get something as simple as balancing how much it spends and how much income it gets from taxes. Sure it's done on a huge scale, but mega corporations do their accounts and seem to make profits.

Speaking of corporations making profits, its about time that the USA and other countries like the UK really get to grips with these big companies that are avoiding paying their fair share of taxes by jumping through hoops and exploiting loopholes.

Completely agree. I think a default would be a serious wake up call and the event to initiate change.

True, but most company's don't blow billions on wars and secret research and on spying on its employees, etc. Plus companys books are audited so eventually they will come unstuck. Who audits the government's books, another government department? Or a ratings agency...the same ones that told us 10,000 sub prime mortgages where AAA!

True that, while the US and UK govs need to up there game, it also has to be with help from these tax loophole country's. Good to see this today: http://www.bbc.co.uk/news/business-24542794

[kehtolo]

True that, while the US and UK govs need to up there game, it also has to be with help from these tax loophole country's. Good to see this today: http://www.bbc.co.uk/news/business-24542794
[/quote]

It's jusst a pity that it won't make a bind bit of differencce as they'll just nominate Bermuda or Cayman Islands or somewhere else with 0% rate instead.
The only thing this will do is make them think twice about it. By that i mean the corporations and other governments and durastictions. It may begin the long slow process of tightening the net.. but unless you get all countries to agree on taxation, there will always be somewhere for them to go.

[Xer0]

I can't wait to see USA burn. The more you know about this country, the more you realize how hopelessly F***ed up it is.

What the price of bitcoin does is secondary to me.

+1 ecactly that

i dont hate America, its a beatiful country. but their politics really sucks

[ranmn7]

It appears that there are many assumptions going on here, and to be honest I'm not certain exactly what the consequences of a default would be, but some posts here assume that a Government default is the same as the US Dollar collapsing.

These are two very different events, with very different ramifications.

The US Government defaulting would most likely cause as huge decrease in value of the US Dollar, but that in itself is not a complete collapse of the currency. The default would cause interest rates on the US Debt to increase, probably to the point where the US would not be able to pay all its debts which would eventually result in a collapse of the dollar, since the Federal Reserve would simply print more and more currency. (they are already doing that at the rate of $800 Billion a month).

The US Dollar collapsing completely is a far more significant situation, with far reaching ramifications. If you've followed other country's currency collapse, typically they issue a new currency, with some buy back of the old currency at some % of value towards the new currency. The problem is that the US Dollar is the world trade currency, and most other FIAT currencies are valued off the US Dollar. So this would be a world affecting event, extremely bad for all countries involved. (I am certain that the world banking organization, WBO, already has plans in place for handling this situation, and I guarantee bitcoin isn't going to be part of that plan).

I believe that something like BTC, which is not controlled by any government is eventually the proper way to go. But there isn't currently, and never will be, nearly enough BTC in circulation. Not to mention that making BTC valid currency for world trade would make a lot of ppl on here insanely wealthy, which the WBO will not allow.

[freedomno1]

It's over for now
But the topic should remain open for a few months whistle
http://in.reuters.com/article/2013/10/16/us-markets-global-idINBRE96S00E20131016

[RodeoX]

High BTC prices are great and all, but the damage done to the U.S. economy could be far more damaging to my finances than any gain from bitcoin.

[notme]

It's over for now
But the topic should remain open for a few months whistle
http://in.reuters.com/article/2013/10/16/us-markets-global-idINBRE96S00E20131016

Debt deal talk != Debt deal

However, it is likely to be voted on tonight.

[notme]

High BTC prices are great and all, but the damage done to the U.S. economy could be far more damaging to my finances than any gain from bitcoin.

Buy more bitcoin?

[Habeler876]

High BTC prices are great and all, but the damage done to the U.S. economy could be far more damaging to my finances than any gain from bitcoin.

pretty much this. i need some time before a US default! namely to gradually move more assets into bitcoin.

[Zakryze]

Since this would hurt many people living in the US that are part of my trust network this would hurt me too (not materialistic but when they suffer i do too).
I don't think its a fun thing to watch economies crash as we're all interconnected in one way or another.

[ranmn7]

Have to duck, to avoid being hit by the can they are kicking down the road.

[RodeoX]

High BTC prices are great and all, but the damage done to the U.S. economy could be far more damaging to my finances than any gain from bitcoin.

Buy more bitcoin?

Maybe. Unless my business closes. 

[niothor]

High BTC prices are great and all, but the damage done to the U.S. economy could be far more damaging to my finances than any gain from bitcoin.

+1

Let's compare how many jobs are lost worldwide if US defaults , and how many jobs are created if bitcoin goes to 1000.

[Zakryze]

High BTC prices are great and all, but the damage done to the U.S. economy could be far more damaging to my finances than any gain from bitcoin.

+1

Let's compare how many jobs are lost worldwide if US defaults , and how many jobs are created if bitcoin goes to 1000.

I think if the bitcoin goes to 1000 many people will be selfemployed investors/devs/webdesigners and offer their service for Bitcoin on their own. I havent seen many regular fulltime jobs paid in Bitcoin so far and I think it won't change too much. How would you do proper accounting that way anyway?

[niothor]

High BTC prices are great and all, but the damage done to the U.S. economy could be far more damaging to my finances than any gain from bitcoin.

+1

Let's compare how many jobs are lost worldwide if US defaults , and how many jobs are created if bitcoin goes to 1000.

I think if the bitcoin goes to 1000 many people will be selfemployed investors/devs/webdesigners and offer their service for Bitcoin on their own. I havent seen many regular fulltime jobs paid in Bitcoin so far and I think it won't change too much. How would you do proper accounting that way anyway?

And what stops them doing that now?
Who will employ them and why aren't they doing now?
Those people are already working right now , if they haven't got a job please explain me WHY would somebody hire them if bitcoin price will be 1000.

One reason per second please , don't overwhelm me

[Erdogan]

It appears that there are many assumptions going on here, and to be honest I'm not certain exactly what the consequences of a default would be, but some posts here assume that a Government default is the same as the US Dollar collapsing.

These are two very different events, with very different ramifications.

The US Government defaulting would most likely cause as huge decrease in value of the US Dollar, but that in itself is not a complete collapse of the currency. The default would cause interest rates on the US Debt to increase, probably to the point where the US would not be able to pay all its debts which would eventually result in a collapse of the dollar, since the Federal Reserve would simply print more and more currency. (they are already doing that at the rate of $800 Billion a month).

The US Dollar collapsing completely is a far more significant situation, with far reaching ramifications. If you've followed other country's currency collapse, typically they issue a new currency, with some buy back of the old currency at some % of value towards the new currency. The problem is that the US Dollar is the world trade currency, and most other FIAT currencies are valued off the US Dollar. So this would be a world affecting event, extremely bad for all countries involved. (I am certain that the world banking organization, WBO, already has plans in place for handling this situation, and I guarantee bitcoin isn't going to be part of that plan).

I believe that something like BTC, which is not controlled by any government is eventually the proper way to go. But there isn't currently, and never will be, nearly enough BTC in circulation. Not to mention that making BTC valid currency for world trade would make a lot of ppl on here insanely wealthy, which the WBO will not allow.

The cash increases at a rate of about 7 billion USD per month currently, credit created at Fed about 85 billion per month. Existing cash is 1200 billion USD, existing credit (M2) 10000 billion USD.
From random website http://www.data360.org/graph_group.aspx?Graph_Group_Id=1315

Cash inflation 7*12/1200 * 100 = 7%
Credit inflation 85*12/10000 * 100 = about  10.2 % (This number can not be accurately defined).

I agree that when credit expansion start to fail, printing (M0 ) will start to increase limited only by  the capacity of the literal printing presses. So price reductions over all when the credit is rejected due to risk, price increases restored after literal printing has been going on for some time, then after price inertia is exhausted, excessive price hikes. It's at least a possibility, but we also have unpredictable politicians.

[Erdogan]

Destruction of the real economy is not from an eventual default, it comes from the general fucking with the markets including interest rate, and that has been going on for a long time.