proTECH77
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February 12, 2019, 07:55:33 PM |
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Ok, if you are right, then bitcoin should be accepted in global.
Adoption and acceptability of Bitcoin globally is gradually creeping in because according to OP analysis Bitcoin seem to actually does that based on the fact. Sooner than later as i believe Bitcoin will actualize it purpose and usability. When this happen the world will feel the potentials behind the said project.
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Reid
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February 12, 2019, 08:02:57 PM |
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Thank God I am using cash from the start. I didnt realize this though. I just really hate banks and how they are getting profit from those loans and also investing it with other types of investment like mutual funds and equities. They give their clients like below 1 percent annually for those who keep their money with them. This is too unfair. Once I saw thru that I stop savings money with those banks.
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tenakha
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February 12, 2019, 08:07:48 PM |
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Ok, let's forget for one moment that Banks are also getting money from thin air, when Reserve Banks are printing money. Let's just concentrate on the millions of deposits that are deposited into Banks on a daily basis and that most of this money is borrowed to other people with interest. This money is channelled to loans <Short-term and Long-term> and people pay interest on those loans, resulting in higher debt. So, when people remove their money from Banks and they invest in Bitcoin, they actually reduce the amount of money that Banks can loan to other people, effectively reducing global debt. This is why we always tell people not to buy bitcoins with credit cards or loans, because you are borrowing money from Banks to invest in Bitcoin and that increase debt levels again. Hoarding Bitcoin also stimulate a saving habit and that helps to counter increasing debt levels. On the other hand, after the person who sells Bitcoin gets USD in exchange for and he does what buyer should not do, because the purchase/sale of Bitcoin is possible with USD. Also, I do not think that credit debts can be reduced by the arrival of Bitcoin. As a result, if everyone has enough money, they do not need credit. Even today, there are dozens of digital money belonging to the loan.
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Denton
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February 12, 2019, 08:53:08 PM |
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It is a good idea. But I don't think it matters to people. Especially those who do not take any loans. But using bitcoin as a means of saving is good, but it can be dangerous because crypto is volatile.
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cellard
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February 13, 2019, 04:29:19 AM |
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I don't see how the debt fiat spreadsheet lowers when people buy and hold Bitcoin. The debt of fiat didn't change with this action, money just moved from A to B and that's all. The debt is the same, in fact it increases since your money is no longer available for the state to confiscate when needed to pay for it.
If anything the more people buy and hold and never go back from BTC the faster fiat bankruptcy goes. Similar to how banks would crash if everyone went at the same time to withdraw their funds. However as soon as you buy property or anything that can be confiscated it will be capital that's available for them to cover debt.
Just stop thinking about it, fiat works through debt, there's no escape from debt ever in a fiat world, however you now have Bitcoin as an hedge.
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Kakmakr (OP)
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February 13, 2019, 06:54:31 AM |
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Very interesting point of view, but I'm afraid in the end the bank still wins. People withdrawing their money from banks will likely lead to one of the following scenarios:
a) Central banks will allow banks to run on smaller fractional reserves and / or print more money lend more money to banks. b) Banks will charge higher interest rates on what little money they can lend to people due to supply and demand.
Neither of which would be a pretty sight. Let's keep in mind that debt is inherent to the way our current economy runs, so it's unlikely to go away easily.
The point I am trying to make is not the elimination of all debt, but rather the reduction of global debt levels. Yes, the Reserve Banks will never stop printing money and dishing it out to Banks and interest rates hikes are under their control, but we can do our best to counter some of this, by not giving it to them on a plate. Governments control every aspect of fiat currencies and they even control the value of that currency, so we are fighting to protect our wealth. <Interest rates / Inflation / fractional reserve practices etc.> Our only tool to fight back, is not to support them and by shifting our wealth into financial instruments that are not under their control. <You can still pay your taxes, but you do not have to vote for them or support their manipulated fiat system.> I am happy with every single fiat currency that are removed from that corrupt system. <Fiat and Banks>
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tetyulfania
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February 13, 2019, 08:01:22 AM |
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Bitcoin could help each other when price is grow up, but when bitcoin price still lower impossible could help to reduce global debt, many time bitcoin never growing up last one year and price always lower, will bitcoin grow up at the last of this year or not.
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talkbitcoin
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February 13, 2019, 09:00:41 AM |
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anything that can cut the tyranny of the corrupted banks shorter can also be doing dozens of good things to the global economy and a part of that is the global debt . i haven't actually thought about it the way OP explained but that is an interesting thing to consider. i believe in a few years we are going to see a much better economy as the control of the banks reduces thanks to bitcoin and decentralization.
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HeRetiK
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February 13, 2019, 01:24:20 PM |
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The point I am trying to make is not the elimination of all debt, but rather the reduction of global debt levels. Yes, the Reserve Banks will never stop printing money and dishing it out to Banks and interest rates hikes are under their control, but we can do our best to counter some of this, by not giving it to them on a plate. I think most of the debt belongs to countries and cooperations though, not to private individuals. Accordingly I believe that any attempt of debt reduction via private individuals is just a drop in the bucket, globally speaking. I don't have numbers on the global debts of private individuals and cooperations, but I do believe it's hard to top the debt levels of countries: https://en.wikipedia.org/wiki/List_of_countries_by_external_debtLooking at the debt per capita I get a feel that most of us are more in debt by proxy of being a citizen, rather than as private individuals. And that's just external debt. Governments control every aspect of fiat currencies and they even control the value of that currency, so we are fighting to protect our wealth. <Interest rates / Inflation / fractional reserve practices etc.> Our only tool to fight back, is not to support them and by shifting our wealth into financial instruments that are not under their control. <You can still pay your taxes, but you do not have to vote for them or support their manipulated fiat system.> I am happy with every single fiat currency that are removed from that corrupt system. <Fiat and Banks> Here I wholeheartedly agree with you and I feel that this aspect of crypto has been criminally neglected by most people in the last few years. Kids these days seem to care more about lambos than about freedom.
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RivAngE
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February 13, 2019, 02:27:14 PM |
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lol that OP was so deep! But in reality I'm sure it doesn't help any more than changing fiat money to stocks, precious metals and other commodities. Exchanging your money for Crypto won't destroy the banknotes, it'll only reduce their buying power. Very interesting point of view, but I'm afraid in the end the bank still wins. People withdrawing their money from banks will likely lead to one of the following scenarios:
a) Central banks will allow banks to run on smaller fractional reserves and / or print more money lend more money to banks. b) Banks will charge higher interest rates on what little money they can lend to people due to supply and demand.
Neither of which would be a pretty sight. Let's keep in mind that debt is inherent to the way our current economy runs, so it's unlikely to go away easily.
About your point (B), I can see it going the other way too. I mean, banks offering higher interest rates in order for more people to save fiat currencies in banks.
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HeRetiK
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February 13, 2019, 03:49:57 PM |
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Very interesting point of view, but I'm afraid in the end the bank still wins. People withdrawing their money from banks will likely lead to one of the following scenarios:
a) Central banks will allow banks to run on smaller fractional reserves and / or print more money lend more money to banks. b) Banks will charge higher interest rates on what little money they can lend to people due to supply and demand.
Neither of which would be a pretty sight. Let's keep in mind that debt is inherent to the way our current economy runs, so it's unlikely to go away easily.
About your point (B), I can see it going the other way too. I mean, banks offering higher interest rates in order for more people to save fiat currencies in banks. Good point, there would be definitely bidirectional market forces at play. Either way, the interest rates banks charge their debtors will still be profitably higher than the interest rate that they offer their depositors. Banking is a business after all.
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pawanjain
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February 13, 2019, 04:39:03 PM |
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All of this would make sense when bitcoin is legalized throughout the world and is globally accepted. Banks have been doing this from a long time and will probably continue with the same. Bitcoin is here to stay until we keep using it. It would be really hard for it to be globally accepted since it will cause a direct damage to the banks environment. But once it is globally accepted then there would be no stop to the opportunities that it would bring to us.
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Ezenwanyi1
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February 24, 2019, 06:57:02 AM |
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I agree completely with your logic, I have never for once thought of it this way. On a second thought, what would be the gate of those enterprenuers who wouldn't be able to secure a credit facility from the banks because the banks has no money to lend? Don't you think ,this can decrease standard of living and increase unemployment rate too? Thanks
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nellakarisma
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February 24, 2019, 07:16:04 AM |
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that's really true bro. that bitcoin is one of the best systems available today. which can make many investors come to make bitcoin their investment place. some of them even use bitcoin as a transaction and payment tool
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Kakmakr (OP)
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February 24, 2019, 08:46:25 AM |
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I agree completely with your logic, I have never for once thought of it this way. On a second thought, what would be the gate of those enterprenuers who wouldn't be able to secure a credit facility from the banks because the banks has no money to lend? Don't you think ,this can decrease standard of living and increase unemployment rate too? Thanks
Well, we will have to provide for a solution for that at a much lower interest rate than Banks are charging at the moment. Nothing stops people from lending bitcoins to other people and they can use Smart contracts and Escrow services to accomplish this. We do not need Banks to loan money or to provide credit cards, you can do the same with individuals loans. <Obviously local regulations would have to change in some countries to enable this.> We already saw how ICO's were used to fund bigger projects, so even crowd funding could help to solve this.
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bitfocus
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February 26, 2019, 04:18:39 AM |
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that's a different and great point of view, I mean BTC reducing global debt, really great one.
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malikusama
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February 26, 2019, 05:17:14 AM |
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So, when people remove their money from Banks and they invest in Bitcoin, they actually reduce the amount of money that Banks can loan to other people, effectively reducing global debt. Only if the entity you bought Bitcoin from didn't deposit the money you used into one of their bank accounts lol. I see what you're saying, but I'm pretty sure the cash flow isn't as straightforward as that, considering the money you spent ends up elsewhere, which, again, could be directly into a different bank account. True. A significant number of people currently involved in Bitcoin are speculators who are attempting to grow their national currency holdings. That indeed doesn't help in reducing the quantity of IOUs the banksters get to play with. But if there ever comes a time in future where things change and lots of people receive their income in BTC and then spend their BTC back into the economy for goods and services, then it would help reduce global debt. But if this is going to happen, it probably won't be for some time yet. That's the point. Along with speculators (according to you) still majority of the BTC users have to convert their assets in paper currency (e.g USD) for regular use. There will be no significant effect on global money until BTC is directly used in the market, like for buying (of goods/services) and salaries etc.
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Kakmakr (OP)
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Leading Crypto Sports Betting & Casino Platform
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February 26, 2019, 06:02:20 AM |
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So, when people remove their money from Banks and they invest in Bitcoin, they actually reduce the amount of money that Banks can loan to other people, effectively reducing global debt. Only if the entity you bought Bitcoin from didn't deposit the money you used into one of their bank accounts lol. I see what you're saying, but I'm pretty sure the cash flow isn't as straightforward as that, considering the money you spent ends up elsewhere, which, again, could be directly into a different bank account. True. A significant number of people currently involved in Bitcoin are speculators who are attempting to grow their national currency holdings. That indeed doesn't help in reducing the quantity of IOUs the banksters get to play with. But if there ever comes a time in future where things change and lots of people receive their income in BTC and then spend their BTC back into the economy for goods and services, then it would help reduce global debt. But if this is going to happen, it probably won't be for some time yet. That's the point. Along with speculators (according to you) still majority of the BTC users have to convert their assets in paper currency (e.g USD) for regular use. There will be no significant effect on global money until BTC is directly used in the market, like for buying (of goods/services) and salaries etc. People are not really bothered with "direct" Bitcoin payments anymore, because payment processors have hijacked the technology and simply absorbed them into their business as a new payment option. The advantage of this is the accessibility of more merchants, but the disadvantage is the fact that Bitcoin is not used in the way that it was designed to be used. <P2P payment option> The impact is still the same, because fiat currency are converted into Bitcoin to enable the payment via Payment processors.
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kaya11
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SOL.BIOKRIPT.COM
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February 26, 2019, 06:12:54 AM |
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The impact is still the same, because fiat currency are converted into Bitcoin to enable the payment via Payment processors. Exactly the same! Unless the whole world uses BTC as their prime currency (a universal money for all), but I guess that is still far away from reality for now. I guess there is no other things we can do but to go with the flow and use Bitcoin however possible we can make money most out of it.
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Bitcoindigger02
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February 26, 2019, 07:05:13 AM |
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In fact, the scale of global debt is also accelerating. Recently, a new study by the International Finance Association (IIF) shows that the level of global debt rose again by $500 billion last year, reaching a record high of $217 trillion, which is now equivalent to 327% of global annual economic output.
From the value of money, when the central bank printing money to dilute the value of money, the value of virtual currency such as Bitcoin is rising, because once people can recognize Bitcoin, its value is innate. Despite the Federal Reserve's planned downsizing, the recent poor economic data, weak economic recovery, interest rate hikes and downsizing are beginning to be suspected by the market.
The essence of money is credit. When the credit of the local currency weakens, it is when the credit of Bitcoin strengthens. Because of the recognition of everyone, and the foundation of Bitcoin is the international network, the intervention of a government in Bitcoin only creates a market fluctuation, although in the short run, Bitcoin and others will suffer another major setback.
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