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Author Topic: Bitcoin Deflation and Its' problems  (Read 328 times)
hachiman13
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September 10, 2018, 01:28:01 PM
 #41

I believe bitcoin deflation is normal because it is decentralized.Meaning,it's not controlled by government.People should not worry about bitcoin deflation because, surely there will also be an inflation.
Being a deflationary currency means that more people will tend to hold it since its value increases over time--hindering its capabilities of becoming an actual currency. A currency that is not circulated well is not a good currency.

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September 10, 2018, 01:29:17 PM
 #42

I believe bitcoin deflation is normal because it is decentralized.Meaning,it's not controlled by government.People should not worry about bitcoin deflation because, surely there will also be an inflation.
Being a deflationary currency means that more people will tend to hold it since its value increases over time--hindering its capabilities of becoming an actual currency. This actually focuses less in its aspect as a currency since a currency that is not circulated well is not a good one.

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September 12, 2018, 06:10:18 AM
Merited by wuvdoll (2)
 #43

I like the blogs published by Bitmex. One of the awesome sources to gather knowledge around cryptocurrency.

In this blog they discuss problem and benefits of deflationary economics. https://blog.bitmex.com/bitcoin-economics-part-3/

To quote from this:
Quote
However, even if Bitcoin has solved this economic problem, perhaps it’s naive to think Bitcoin would result in a more prosperous economic system. Bitcoin is a new and unique system, which is likely to cause more economic problems, perhaps unexpected or new ones. After all there is no perfect money. It just may not be correct to apply the traditional economic problems of the past, to this new type of money. Although it may be more difficult, identifying Bitcoin’s potential economic problems may require more analysis and a stronger understanding of the underlying technology.

I agree that it's a new kind of monetary system and it would have it's own problem when it becomes well adapted. but economically speaking do we need this system adding to the complexity already existing financial system.
Whenever you ask people why they need cryptocurrency they say it’s because of debt and that’ usually sounds stupid to me they just forget that everything that has an advantage also has a disadvantage. Cryptocurrencies itself has its own disadvantage and might even be worst than our current monetary system.

So I’m not in support of having cryptocurrency as a replacement, I’m okay with what we have now cause the devil you know is better than the angel you don’t know.

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gambitcoin53
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September 12, 2018, 06:22:35 AM
 #44

I like the blogs published by Bitmex. One of the awesome sources to gather knowledge around cryptocurrency.

In this blog they discuss problem and benefits of deflationary economics. https://blog.bitmex.com/bitcoin-economics-part-3/

To quote from this:
Quote
However, even if Bitcoin has solved this economic problem, perhaps it’s naive to think Bitcoin would result in a more prosperous economic system. Bitcoin is a new and unique system, which is likely to cause more economic problems, perhaps unexpected or new ones. After all there is no perfect money. It just may not be correct to apply the traditional economic problems of the past, to this new type of money. Although it may be more difficult, identifying Bitcoin’s potential economic problems may require more analysis and a stronger understanding of the underlying technology.

I agree that it's a new kind of monetary system and it would have it's own problem when it becomes well adapted. but economically speaking do we need this system adding to the complexity already existing financial system.

what really scares most of us is the unknown, in business, every move is feasible, it is true that bitcoin is new and a unique system, that makes it more dangerous for some newbies, the qoute is true and legit in way how it describe bitcoin, but it doesn't make bitcoin less of a machinery to improve the financial status of our economy. this quote is only a sort of an advisory for those interested investors to be cautious in jumping into crypto world.

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September 12, 2018, 07:24:44 AM
 #45

Bitcoin has decreased seriously and it has been major problem that most investors face this time around which makes  most lose interest
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September 12, 2018, 07:53:51 AM
 #46

every next step in development will face new challenges, this is the basis of philosophy. in the case of cryptocurrencies, this root lies in the trust between people, because transactions can not be withdrawn

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September 13, 2018, 06:48:08 AM
 #47

I like the blogs published by Bitmex. One of the awesome sources to gather knowledge around cryptocurrency.

In this blog they discuss problem and benefits of deflationary economics. https://blog.bitmex.com/bitcoin-economics-part-3/

To quote from this:
Quote
However, even if Bitcoin has solved this economic problem, perhaps it’s naive to think Bitcoin would result in a more prosperous economic system. Bitcoin is a new and unique system, which is likely to cause more economic problems, perhaps unexpected or new ones. After all there is no perfect money. It just may not be correct to apply the traditional economic problems of the past, to this new type of money. Although it may be more difficult, identifying Bitcoin’s potential economic problems may require more analysis and a stronger understanding of the underlying technology.

I agree that it's a new kind of monetary system and it would have it's own problem when it becomes well adapted. but economically speaking do we need this system adding to the complexity already existing financial system.
Whenever you ask people why they need cryptocurrency they say it’s because of debt and that’ usually sounds stupid to me they just forget that everything that has an advantage also has a disadvantage. Cryptocurrencies itself has its own disadvantage and might even be worst than our current monetary system.

So I’m not in support of having cryptocurrency as a replacement, I’m okay with what we have now cause the devil you know is better than the angel you don’t know.
About having disadvantage, there is no doubt about that as certainly everything with an advantage will definitely have some lapses as well. The way people will over time keep perceiving bitcoin would be one of its disadvantages. The idea of simply just an investment, and a lot of people trying to want to hoard it just to be able to get rich over time, would make the whole idea seem more like less supply, more demand, but without an equilibrium in a way, it would always not lead well and would make the idea of it as a currency be jeopardized as people tend to shift to the asset perspective instead.

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geopolisch
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September 17, 2018, 10:58:31 AM
 #48

I like the blogs published by Bitmex. One of the awesome sources to gather knowledge around cryptocurrency.

In this blog they discuss problem and benefits of deflationary economics. https://blog.bitmex.com/bitcoin-economics-part-3/

To quote from this:
Quote
However, even if Bitcoin has solved this economic problem, perhaps it’s naive to think Bitcoin would result in a more prosperous economic system. Bitcoin is a new and unique system, which is likely to cause more economic problems, perhaps unexpected or new ones. After all there is no perfect money. It just may not be correct to apply the traditional economic problems of the past, to this new type of money. Although it may be more difficult, identifying Bitcoin’s potential economic problems may require more analysis and a stronger understanding of the underlying technology.

I agree that it's a new kind of monetary system and it would have it's own problem when it becomes well adapted. but economically speaking do we need this system adding to the complexity already existing financial system.

what really scares most of us is the unknown, in business, every move is feasible, it is true that bitcoin is new and a unique system, that makes it more dangerous for some newbies, the qoute is true and legit in way how it describe bitcoin, but it doesn't make bitcoin less of a machinery to improve the financial status of our economy. this quote is only a sort of an advisory for those interested investors to be cautious in jumping into crypto world.
Apparently, the fear of the unknown has always been one of the major challenges for anything new and most especially when it comes to technology as people cannot really tell what the adoption and the perception of the technology would be like in the long run, and how that is going to end up affecting certain things related to the development of the technology.

People right now tend to focus so much on holding due to the deflationary asset nature of bitcoin and then forgetting what the currency aspect is like. However, it is what it is and only time can really tell how this whole thing will eventually turns out.
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October 10, 2018, 12:39:35 PM
 #49

I think it has happened before and even tho the situation is not exactly the same it is still an amazing thing that we are going thru same things over and over again and still get surprised every time it happens.

Bitcoin sometimes just drops in price and stays there for a long time, look at bitcoin prices when mt.gox happened even tho it seemed like it was early days it was still quite late stage with coinbase and cryptsy giving people trading options so it was still not like it was 2009 when it happened. Also when we reached 1.400 dollars or so it dropped to 250 and stayed there for years. Do not be worried, in the end it goes back up, stronger than ever.
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October 10, 2018, 01:01:38 PM
 #50

Deflationary currencies discourage spending.  This is no secret but Bitcoin will act as the store of value similar to gold.  Then we will use other cryptocurrencies for daily transactions that have lower fees and are faster.

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October 10, 2018, 01:42:38 PM
 #51

Deflationary currencies discourage spending.  This is no secret but Bitcoin will act as the store of value similar to gold.  Then we will use other cryptocurrencies for daily transactions that have lower fees and are faster.
indeed, bitcoin is now more useful for investment means. but indeed the main goal is to transact. As time goes by, I think it will happen later, that BTC will be used throughout the world

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October 10, 2018, 01:48:47 PM
 #52

I believe bitcoin deflation is normal because it is decentralized.Meaning,it's not controlled by government.People should not worry about bitcoin deflation because, surely there will also be an inflation.
Being a deflationary currency means that more people will tend to hold it since its value increases over time--hindering its capabilities of becoming an actual currency. This actually focuses less in its aspect as a currency since a currency that is not circulated well is not a good one.
it is true that bitcoin is no longer used as a transaction tool, even though bitcoin was created to be used as a substitute for money, but with a limited amount and increasing prices continuously cause bitcoin to become an investment object like gold

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October 10, 2018, 05:10:04 PM
 #53

Because BTC is one of the main and most valued currencies of the moment. It helps people to have a better and happier life. I think it should not be too worrying because the BTC is self-governing, unregulated by the government. It will increase or decrease depending on the belief that people in the world have for it.

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November 05, 2018, 07:03:52 AM
 #54

I think another option is always way better than having no choice at all. Besides, taking away the volatility of crypto currencies, crypto currencies are actually way better than fiat all the sense. Besides the transparency of blockchain technologies it is also instantaneous and secured (unless you lose your own access). 

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Today at 03:41:04 AM
 #55

True, i think that Bitcoin along with other Crypto currencies could be considered new money and traditional economic understanding about this could not be applied the same way. But since we don't understand it yet, we couldn't use it to it's full potential. Therefore we could look forward to things we could do woth crypto currency and blockchains.

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