How Will More Financial Freedom on a Global Scale Influence Geo-Politics?

[thirsten]

The development of cryptocurrency will inevitably lead to more economic freedom, and subsequently, more financial freedom among individuals. Places where people never would've even had a chance at a decent life are now no longer sentenced to lives ridden with poverty.

However, this will definitely shake up the global economic arena.

People will be relocating to places to avoid taxes (such as Puerto Rico). http://theconversation.com/bitcoin-rich-kids-in-puerto-rico-crypto-utopia-or-crypto-colonialism-91527

Millions of citizens who have found wealth in poorer countries will be demanding high-quality goods and services, meaning they will become even more valuable and their prices will go up. 

Is this sustainable?

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[HeRetiK]

[...]

People will be relocating to places to avoid taxes (such as Puerto Rico). http://theconversation.com/bitcoin-rich-kids-in-puerto-rico-crypto-utopia-or-crypto-colonialism-91527

So the fear is wealthy people relocating to tax havens? What else is new?

I doubt many Bitcoiners will fully relocate to save on taxes -- and even if, their economic impact will be infinitesimal compared to what wealth is already hidden off-shore both by private individuals and international cooperations. Not to finger-point, but rather to show that there's a deeper underlying problem that has nothing to do with crypto.

Millions of citizens who have found wealth in poorer countries will be demanding high-quality goods and services, meaning they will become even more valuable and their prices will go up. 

Is this sustainable?

I doubt that "millions of citizens" in poorer countries will find wealth by speculating with cryptocurrencies. On the other hand if that wealth comes as a side-effect of increased economic output due to increased economic freedom than that wealth increase is merely a reflection of aforementioned output increase.

It's an interesting way to point out though that the current way of living in most developed nations seems to require some parts of the global population to live in poor conditions. It all boils down to winning the geolocal lottery. A kinda shitty system, is it not?

[Harlot]

It can be but I doubt it will, financial freedom is probably done independently by a person and I doubt that another kind of market will help them if they stayed the same. Even before the cryptocurrency market there are a lot of investment vehicles to choose from, it can be the stock market or the foreign exchange market or even real estate all of the people have the chance to enter one but still not all people are wise and try to invest that is why they are still stuck to what they have without any improvements to their life.

[dothebeats]

Trust me, even without cryptocurrencies, wealthy people have been relocating their assets into tax-free havens longer than anyone have known about it. The new wealthy people cryptocurrencies are creating doesn't even make a dent on what is already established. It could poke on the global economic markets but it surely wouldn't affect it that much compared to the wealthy elites of before. Also, only a handful of cryptocurrency users would have a chance on getting the financial freedom they have always wanted, and the rest will surely wait for their turn or not get rich at all.

[BartS]

The development of cryptocurrency will inevitably lead to more economic freedom, and subsequently, more financial freedom among individuals. Places where people never would've even had a chance at a decent life are now no longer sentenced to lives ridden with poverty.

However, this will definitely shake up the global economic arena.

People will be relocating to places to avoid taxes (such as Puerto Rico). http://theconversation.com/bitcoin-rich-kids-in-puerto-rico-crypto-utopia-or-crypto-colonialism-91527

Millions of citizens who have found wealth in poorer countries will be demanding high-quality goods and services, meaning they will become even more valuable and their prices will go up. 

Is this sustainable?

Even if bitcoin was adopted by the majority of the population it doesn't seem to me as if it is going to have an effect as big as most people are predicting, tax evasion is something that is incredibly common among the rich, if anything the only change that bitcoin is going to bring is that now even middle class people could use a tool like cryptocurrencies to try to do the same thing, this can be dangerous for the government because that means that the taxes they get out of people will get lower and they will need to find a way to avoid this or to try to survive with lesser taxes.

[hatshepsut93]

Just because some people will be more free, it doesn't mean that the global economy will be affected. For that to happen, crypto adoption must be high, we'd need at least 20% of humanity as very active crypto users. At this moment I don't see this happening, cryptocurrencies are popular as investment vehicles, but not as payment methods. But if adoption was high, it would look like a crisis for banks and payment companies as they would lose millions of customers.

[kryptqnick]

The development of cryptocurrency will inevitably lead to more economic freedom, and subsequently, more financial freedom among individuals. Places where people never would've even had a chance at a decent life are now no longer sentenced to lives ridden with poverty.

However, this will definitely shake up the global economic arena.

Crypto market gives young people from developing countries a chance for the better future. They can earn money, learn to store it (since in many of these countries they didn't really get a chance to use banks). I think that this could be a way out of always being behind the giants of economy. Surely companies will flee to tax-free crypto-friendly countries, and that can help those countries to become renowned and grow economically by gathering human and financial capital. As for 'rich crypto kids' from the article - well, if the mining impact is truly significant, it should be allowed in limited amounts or taxed, but I bet there are a lot bigger problems there, so it's unfair to accuse some smart people that manage to make money of wasting electricity resources.

[Renaldi blackspadeteam]

of course Cryptocurrency can be a good alternative place to avoid taxes, I once heard news about rich people hiding their money using electronic money like paypal, and indeed PayPal does not impose tax on its users,

[drgomez89]

I like the way le think if u guys. Im a middle income men . Un a countrie Which os hace polítical problems just like puerto Rico did few years agosto Me the crypto world has open for Many people like me being able to do descentrelize my Money im still able to earn so.in countries like mine the crypto world its like And oasis un a dessert

[fasdorcas]

Probably will allow small business and all those non wealthy people to just use the same currency all together and any politician that would try to ban or at least intervene with global levels of money exchange for small people will probably lose votes and if we know anything about politicians that they do not like to lose votes and would do anything to not lose votes, even if its bad for the country if they can get couple more votes they will do it, which is why I honestly believe if the global adoption rate goes high than we will see a lot of good governmental support to bitcoin and other crypto all around the world connecting people together and helping payments to be made much easily since politicians will support it to get some more votes out of the situation.

[horrifiedx1]

of course Cryptocurrency can be a good alternative place to avoid taxes, I once heard news about rich people hiding their money using electronic money like paypal, and indeed PayPal does not impose tax on its users,

this happened because the government had not ratified it, thus making people look for loopholes to secure their assets. the story will be different if the government has legalized it, of course there are rules that must be obeyed