Bitcoin has no practical use and could be damaging to the economy!

[crazymelons12]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

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[joniboini]

It's just another generalization fallacy. No need to respond it seriously. One single fact is enough to rebut this.

Pretty sure this is another click bait article from mainstream media.

[The Sceptical Chymist]

I don't even know what EY is, but from reading the article I'm assuming they're some sort of huge accounting firm...?  Anyway, the guy from EY does state that

Most people and companies earn their revenue and spend their money in local currency

And I agree with this, which is why I've always said that bitcoin works much better as an investment than it does as a currency, and that's not going to change unless people start getting their paychecks in bitcoin and items at the grocery store start getting priced in bitcoin.  He also said bitcoin is a currency without a country--that's true, and it's one of the best things about it.  You could send bitcoin from any country to a family starving in Venezuela, and chances are they could figure out a way to use it to eat.  Then again, you could also use PayPal to do the same thing since they can convert currencies on the spot.

Anyway, none of what is said here downplays the popularity of bitcoin.  Even if it never gets adopted as a currency, it'll probably always have a use for people who don't want to use banks (or can't) and want at least some anonymity when buying something online. 

[CryptopreneurBrainboss]

can only give damage to the global economy.

This is where their fear is at, not that it'll spoil the economy generally but it will expose their scammy practice. They're just scared of bitcoin because it has the power to disrupt their businesses and the scam called fiat currency. I bet this was a paid article with an intention to creation FUD to their readers. He speaks about bitcoin been a currency without a country, Is he forgetting about gold or oil  we're in the information ages where the world is now connected you don't have to own anything before you can use them (just like the internet)

[TheCoinGrabber]

How is it damaging to the economy when it's value came from all the fiat used to buy it and it's not even made out of thin air? It's just basically money, just more easy to send across countries.

Just looking at the link, this seems to be a hit piece, especially since we know the Indian gov't is somewhat hostile to bitcoin.

[Kakmakr]

How can a deflationary model be bad for the economy? People are not getting poorer after every inflation increase every year, so they have more disposable income to spend on the economy. The people who are saying this have no clue or they have not lived in a country like Zimbabwe or Venezuela where hyperinflation nearly destroyed their country and their economy. 

A lot of the people are getting some advantage from a system that are based on inflation, so they want to stop Bitcoin with a deflationary model. <People who rent accommodation and use inflation as an excuse to increase rent> 

[Beerwizzard]

One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...

What features of Bitcoin allowed those people to buy a house? Maybe blockchain? Fiat money are so centralized that people refuse to sell property in exchange for it?
The answer is simple: some people just got lucky and became wealthier because they earned some BTC by doing some simple online stuff (it is mostly about India). Money gave then an opportunity to buy a house and not a bitcoin by itself.

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy.

I would be very glad if some Indian genius will show how deflationary economy will work.
BTC is not dangerous for the global economy just because it will not play an important role in monetary supply of any country.

[wuvdoll]

From the current political scenarios happening right now in India, they are not interested in bringing a conclusion about cryptocurrencies and its regulation due to their upcoming elections. Still, the current government is notifying to their judicial people that they are about to finish up their regulations for the case filed by exchange operators on issue of their federal bank closed banking operations for Indian crypto exchanges last June 2018. It is very clear that their government is taking time by delaying things like forming committee to study cryptos but nothing more.

Hey OP, kindly edit the subject line of this topic. It is clearly misleading. At least add something like "Indian guy/analyst say.." or anything relevant to that. Thanks for understating and for your time.

[ralle14]

How can a deflationary model be bad for the economy? People are not getting poorer after every inflation increase every year, so they have more disposable income to spend on the economy. The people who are saying this have no clue or they have not lived in a country like Zimbabwe or Venezuela where hyperinflation nearly destroyed their country and their economy.  

A lot of the people are getting some advantage from a system that are based on inflation, so they want to stop Bitcoin with a deflationary model. <People who rent accommodation and use inflation as an excuse to increase rent>  

They think it's bad because when a certain currency deflates the amount of people that wants to spend will reduce since they expect the value to increase just like with Bitcoin. In general I don't see Bitcoin damaging the economy since it's given a lot of people ways to make money but nothing is perfect there will be losers on the other side including fiat.

One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...

What features of Bitcoin allowed those people to buy a house? Maybe blockchain? Fiat money are so centralized that people refuse to sell property in exchange for it?
The answer is simple: some people just got lucky and became wealthier because they earned some BTC by doing some simple online stuff (it is mostly about India). Money gave then an opportunity to buy a house and not a bitcoin by itself.

Eventually if Bitcoin becomes popular enough we can directly buy a house (in most country) using Bitcoin. Few weeks ago there was a thread or article about people selling their properties for Bitcoin.

[poptok1]

How is it damaging to the economy when it's value came from all the fiat used to buy it and it's not even made out of thin air? It's just basically money, just more easy to send across countries.
Just looking at the link, this seems to be a hit piece, especially since we know the Indian gov't is somewhat hostile to bitcoin.

Classic economy has this argument, that deflationary currency is making market to slow and even to stop developing.
Funny thing is that is was never proven, it's a stupid dogma created by shills of the current banking systems.
As India is without a doubt a developing country, they don't want to stop this process prematurely, however relying on false premisses of market theory makes them hostile towards crypto, because it is deflationary in nature.
Inflation based development is usually very slow and gradual, easy to predict while deflation makes markets to jump, spike in huge leaps up. Ruling class can't allow for the status quo to change at all, that's how.

[Beerwizzard]

Eventually if Bitcoin becomes popular enough we can directly buy a house (in most country) using Bitcoin. Few weeks ago there was a thread or article about people selling their properties for Bitcoin.

It doesn't matter for what currency we can buy a house.
The only thing that matter is that someone became wealthier. And this happened not directly due to any "special features" of Bitcoin.
The general point of OP sounds like: "Earlier I had no money to buy a house and now I have money. Bitcoin is so cool". And this statement is retarded. I am not surprised that is  used mostly by Indians.

[dothebeats]

They fear that the economy 'might' be damaged by bitcoin simply because they know so well that they couldn't control bitcoin in any way unlike what they can do with their precious fiat currencies. While he does make a point in stating that bitcoin doesn't excel so much being used as a currency, I don't think using bitcoin in some transactions would be detrimental to the world's economy per se. It does help some countries from serious hyperinflation issues such as what's currently happening in Venezuela, and I guess it wouldn't stop there too.

[avikz]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

Lol! That is a two faced game payed by EY. Few days back EY announced that have created a tool called "CAAT" to help enterprises for cryptocurrency reporting and compliance and now this! I understand EY has a lot of banking clients those who are not happy with bitcoin and cryptos in general. So to balance both boats EY has to post such comments. However, I see that the comment has come from an executive of the company and nothing is updated in their newsroom. So I will consider it as a personal comment rather than considering this as an official statement from EY.

New CAAt tool for crypto reporting and compliance:
https://www.ey.com/us/en/newsroom/news-releases/news-new-ey-caat-technology-facilitates-cryptocurrency-reporting-and-compliance

[Lumi3004]

Another opinion, when bitcoin like this all negative thoughts / ideas come out when fear arises in the mind,
Try if bitcoin is in the position of $ 20,000, everyone says bitcoin, yes, yes, yes, yes.
I take one positive thing from your altiker, positivity is more to take us to the place of glory when bitcoin rises.

[elda34b]

Another opinion, when bitcoin like this all negative thoughts / ideas come out when fear arises in the mind,
Try if bitcoin is in the position of $ 20,000, everyone says bitcoin, yes, yes, yes, yes.
I take one positive thing from your altiker, positivity is more to take us to the place of glory when bitcoin rises.

That's not really true. Haters (publicly showing they hate Bitcoin) is gonna hate it still and calling it a bubble. But what happens behind, nobody really knows. I think it's better if we just leave news or argument like this to die with time unless they have some facts or argument which is worth rebutting.

[ethereumhunter]

I cannot believe that bitcoin is only damaging the economy of the world because I think what Satoshi Nakamoto did is only wants to make a better financial transaction. There must be something behind that article that might give an effect to the market.

I agree with the OP saying, bitcoin help many people who wants to get involved in the crypto world and we cannot deny that. Although the market now still not in good progress, we still have many times to see the cryptocurrency market especially bitcoin to rise again.

[1Referee]

Although the market now still not in good progress, we still have many times to see the cryptocurrency market especially bitcoin to rise again.

For actual use, the current stable range is perfect. Bitcoin being stable right now means that it allows people to comfortably utilize its currency utility. It's amazing when you receive $100 worth of Bitcoin and the next day the value is more or less still the same. This is what Bitcoin needs in order to be money.

Volatility and an increasing market are elements just speculators and investors care about, and they aren't here to actually use Bitcoin. They just wait for the right moment to buy and sell. People in Venezuela looking for an alternative to their rubbish fiat currency for only seek stability and something that works as a currency. Bitcoin. 

[Pab]

Bitcoin is only 10 years old .Bitcoin is still evolving
I think that bitcoin still has good chance to be internet global money
Look gold what is gold practical use .Gold is not so much in use

[n0ne]

Bitcoin is only 10 years old .Bitcoin is still evolving
I think that bitcoin still has good chance to be internet global money
Look gold what is gold practical use .Gold is not so much in use

Agreed, bitcoin is very young with comparison to the gold's history of existence. It is to go long, as of now bitcoin is getting used as a global money with its conversion possibility to any of the currency. Gold has a physical state and the rare availability from mines make it valuable, and bitcoin being technology backed vary from it on the practical usage.

[Naida_BR]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

Yes it is damaging THEIR economy and this is why it bothers them.
Bitcoin is here to change this rotted economic model that banks have created. Cryptocurrencies have saved the economic condition of many people as many of them found a way to fund and supplement their current income.