More Debt, Buy Bitcoin

[tenakha]

The whole world is saddled with gargantuan debt. Countries right now are using debt facility to cover up their inefficiencies and inability to meet their financial needs due to rising number of programs yet decreasing stream of revenues. Aside from the printing of money, borrowing money from anywhere has become the accepted norm. The more money they can hoard from many sources inside and outside their country, the better they feel secured and safe.

But is debt a very secured thing to enter into? Debt can be a big trap and many countries are now starting to feel the heat...soon this on and off heat can be transforming into a fire and an explosion that can engulf not their own country's economy but also can be spreading to neighboring countries as well, just like what we witnessed in the 2008-2009 USA recession.

In the USA alone, national debt is now over $23 trillion, according to website U.S Debt Clock. The milestone has been pointed out on Nov. 1 by Bitcoin advocate Twitter personality Rhythm, who also said that every dollar of U.S. national debt is, in fact, a reason to buy Bitcoin (BTC). Another user presented another interesting take adding: “That’s more than $1,000,000 debt per 1 Bitcoin.”

Indeed, we will soon witness this whole thing explodes right before our eyes. And with this as the backdrop, we should be looking at cryptocurrency seriously as one of the many possible ways we can be protected.

Do we already value crypto with that money? If there is a crypto that has value in itself, lets do it, but it is very difficult to establish such a system for now. In my opinion, the current situation of crypto is not available for this, while we can not use it as a method of payment still. 1 BTC=1 BTC for the future (for now too) yes, but if you exchange all your money to BTC, what are you going to do now?

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[JC btc]

Nowadays it is hard for humans to avoid debt, because debt is now considered normal. This is wrong in my opinion. The proof is that a person
with a lot of debt has a difficult life and the economy is ruined. Same thing with a country that has a lot of debt, its people life is difficult and
poor. Actually debt is not a financial or economic solution, but debt is a disaster. So from that now banks are becoming more advanced, because
they are increasingly creative in offering various types of loans with high interest. In the same cryptocurrency world, lots of trading capital comes
from debt, that's an unhealthy life. My advice is to avoid it whose name is debt or loan. Bitcoin can be a solution to pay debt but not instant, but in
the long run. Because getting profit from bitcoin needs to be processed.

Having debt has a good advantage as well as disadvantage, if you will learn about the secret of those who become successful, they took the risk for them to have and build their own business, as their monthly income cannot cover their monthly expenses, so what they did is they lend some money from lending services, start a small business, then little by little they made it bigger and bigger, so having debt is good if this is our purpose, but if will have debt just to buy a brand new cellphone just to please everyone and just to make look good and impress other people then it is not good.

[dothebeats]

That's why most banks have halted or prohibited people from buying bitcoin using credit cards because they know that it'll only add to the problems that they have created themselves together with the governments. While I believe that it's high time that we deviate from using dollars and at the least stock up on some important assets, we do know that banks losing money in their vaults would mean lots and lots of troubles than we already have, so we're kinda in a stalemate situation wherein we're just waiting for the implosion and would just try to pick ourselves from the dirt after all is said and done. That debt isn't going to clear itself; there has to be a catalyst before it's wiped clean on the slate.

[skarais]

~Skip
I don't know how the government deal with national debt but is increasing the tax a way to pay debt?

There are many ways that the government can use to pay off debt, such as taxes. Tax is one of the government is options to get income from every citizen that can be used to pay off debts. But they seem to have failed to do so because every country has many corrupt officials. This will certainly have an impact on unstable state finances, but I still dont think that the government can use bitcoin as an alternative to paying off debt.
What about their gold supply, can the gold supply be used to pay off debts ?
This is 2017 data, I just don't know the latest data for now.

Launching from the World Gold Council, here are 10 countries whose central banks have the most gold reserves in December 2017.
1. United States: 8,133.5 Tons (74.9% of total Foreign Reserves)
2. Germany: 3,373.6 Tons (68.9% of total Foreign Reserves)
3. Italy: 2,451.8 Tons (67.3% of total Foreign Reserves)
4. France: 2,435.9 Tons (64.9% of total Foreign Reserves)
5. China: 1,842.6 tons (2.3% of total foreign exchange reserves)
6. Russia: 1,801.2 Tons (17.3% of total Foreign Reserves)
7. Switzerland: 1,040 Tons (5.3% of total Foreign Reserves)
8. Japan: 765.22 tons (2.5% of total foreign exchange reserves)
9. Netherlands: 612.45 Tons (66.3% of total Foreign Reserves)
10. India: 557.79 Tons (5.7% of total Foreign Reserves)

[hello_good_sir]

Nowadays it is hard for humans to avoid debt, because debt is now considered normal. This is wrong in my opinion. The proof is that a person
with a lot of debt has a difficult life and the economy is ruined. Same thing with a country that has a lot of debt, its people life is difficult and
poor. Actually debt is not a financial or economic solution, but debt is a disaster. So from that now banks are becoming more advanced, because
they are increasingly creative in offering various types of loans with high interest. In the same cryptocurrency world, lots of trading capital comes
from debt, that's an unhealthy life. My advice is to avoid it whose name is debt or loan. Bitcoin can be a solution to pay debt but not instant, but in
the long run. Because getting profit from bitcoin needs to be processed.

Having debt has a good advantage as well as disadvantage, if you will learn about the secret of those who become successful, they took the risk for them to have and build their own business, as their monthly income cannot cover their monthly expenses, so what they did is they lend some money from lending services, start a small business, then little by little they made it bigger and bigger, so having debt is good if this is our purpose, but if will have debt just to buy a brand new cellphone just to please everyone and just to make look good and impress other people then it is not good.

Your terminology here is pretty incorrect. I would agree that having the option for loans and debt is a good idea, otherwise there would be no people in the world that would be able to afford a house.

Although, I would never say being in debt is a good idea, your opportunities are all restricted and you are forced to make decisions just to be able to pay the debt off quicker.

It is a huge issue, especially for the US, and does need to be addressed by the government ASAP.

[teosanru]

The whole world is saddled with gargantuan debt. Countries right now are using debt facility to cover up their inefficiencies and inability to meet their financial needs due to rising number of programs yet decreasing stream of revenues. Aside from the printing of money, borrowing money from anywhere has become the accepted norm. The more money they can hoard from many sources inside and outside their country, the better they feel secured and safe.

But is debt a very secured thing to enter into? Debt can be a big trap and many countries are now starting to feel the heat...soon this on and off heat can be transforming into a fire and an explosion that can engulf not their own country's economy but also can be spreading to neighboring countries as well, just like what we witnessed in the 2008-2009 USA recession.

In the USA alone, national debt is now over $23 trillion, according to website U.S Debt Clock. The milestone has been pointed out on Nov. 1 by Bitcoin advocate Twitter personality Rhythm, who also said that every dollar of U.S. national debt is, in fact, a reason to buy Bitcoin (BTC). Another user presented another interesting take adding: “That’s more than $1,000,000 debt per 1 Bitcoin.”

Indeed, we will soon witness this whole thing explodes right before our eyes. And with this as the backdrop, we should be looking at cryptocurrency seriously as one of the many possible ways we can be protected.

The thing is this system actually won't explode like this. The internal debt of the country is nothing but a myth the money is never going to flow back again it would only increase with time. The bubbles burst when either their is an excessive increase in debt or there is a failure in repayment of debt. Both of them aren't happening anytime soon which ensures that system remains intact. Only problem is the international debt which too is sort of based on understanding and countries are pretty happy to defer repayments of such debt based on goal of mutual development.

[Darooghe]

The US government either can print more money to pay off their debt or default which in either case produce more problems in the long run. I agree that with cryptocurrency, most citizens would be able to avoid poverty. But I think what people really need is a stable coin for those who doesn't want to invest in a high volatility coin like Bitcoin. Like for example, euro, yen, or even gold.

Yes, print more money to pay off debt will be an option, but in the end it will fail. when you own the printing press and largest military in the world you can always print more money. They'll print them-trillions of dollars and will repay the debt in full. Problem is the resulting inflation will kill the US and EU economy, and China,Russia and Japan will switch to bitcoin as reserve currency to save their economies. And that's exactly why you should be saving your wealth in bitcoin, not FIAT in the long-term. Even stocks can not save you. it might rise a bit initially, but once inflation hits high enough people won't be able to afford to consume anymore. Wages never rise as fast as the price of goods. you get lowering production and hence slashing profits. Bitcoin will be the only safe haven if we hit significant inflation.

[bittraffic]

The US government either can print more money to pay off their debt or default which in either case produce more problems in the long run. I agree that with cryptocurrency, most citizens would be able to avoid poverty. But I think what people really need is a stable coin for those who doesn't want to invest in a high volatility coin like Bitcoin. Like for example, euro, yen, or even gold.

Yes, print more money to pay off debt will be an option, but in the end it will fail. when you own the printing press and largest military in the world you can always print more money. They'll print them-trillions of dollars and will repay the debt in full. Problem is the resulting inflation will kill the US and EU economy, and China,Russia and Japan will switch to bitcoin as reserve currency to save their economies. And that's exactly why you should be saving your wealth in bitcoin, not FIAT in the long-term. Even stocks can not save you. it might rise a bit initially, but once inflation hits high enough people won't be able to afford to consume anymore. Wages never rise as fast as the price of goods. you get lowering production and hence slashing profits. Bitcoin will be the only safe haven if we hit significant inflation.

They don't print money to pay debts, they print money for inflation to devalue their money making their debts lower in value as well. That's how government manipulates the the prices and the economy. This could be healthy if they balance the goods and importation of products in the country but if they over supply the paper money, the value will be lesser resulting for gas prices to spikes.  If governments sees BTC as reserves, this could be resolve.

[santiagomaicon]

Debt is not a problem then country have enough money to pay for it

[alrose]

The whole world is saddled with gargantuan debt. Countries right now are using debt facility to cover up their inefficiencies and inability to meet their financial needs due to rising number of programs yet decreasing stream of revenues. Aside from the printing of money, borrowing money from anywhere has become the accepted norm. The more money they can hoard from many sources inside and outside their country, the better they feel secured and safe.

But is debt a very secured thing to enter into? Debt can be a big trap and many countries are now starting to feel the heat...soon this on and off heat can be transforming into a fire and an explosion that can engulf not their own country's economy but also can be spreading to neighboring countries as well, just like what we witnessed in the 2008-2009 USA recession.

In the USA alone, national debt is now over $23 trillion, according to website U.S Debt Clock. The milestone has been pointed out on Nov. 1 by Bitcoin advocate Twitter personality Rhythm, who also said that every dollar of U.S. national debt is, in fact, a reason to buy Bitcoin (BTC). Another user presented another interesting take adding: “That’s more than $1,000,000 debt per 1 Bitcoin.”

Indeed, we will soon witness this whole thing explodes right before our eyes. And with this as the backdrop, we should be looking at cryptocurrency seriously as one of the many possible ways we can be protected.

Really very good theme!Just yesterday talked with a friend on this topic among themselves.The thing is that all countries have public debt without exception.And that's okay!It must be!But the problem is that this debt is constantly growing(as you said).Therefore, those countries whose national debt is growing need to either raise taxes or reduce spending.But apparently no one wants to do it.Therefore, only those countries that are weaker and less developed will suffer.(buy bitcoin)

[shoreno]

Debt is not a problem then country have enough money to pay for it

lol . only if a country is not corrupt and only if a country is rich enough on resouces . they can pay any debts they have  . there are also personal debts which can only be repayed by your own self .  buying bitcoin is not the solution for debts but it will only make your debts more bigger if you loan money to buy btc if ever you dont have a. money .  the solution to debt is to not loan at all if you think you cant spend the money wisely or if there is no emergency occasion to used with

[Edraket31]

The US government either can print more money to pay off their debt or default which in either case produce more problems in the long run. I agree that with cryptocurrency, most citizens would be able to avoid poverty. But I think what people really need is a stable coin for those who doesn't want to invest in a high volatility coin like Bitcoin. Like for example, euro, yen, or even gold.

Yes, print more money to pay off debt will be an option, but in the end it will fail. when you own the printing press and largest military in the world you can always print more money. They'll print them-trillions of dollars and will repay the debt in full. Problem is the resulting inflation will kill the US and EU economy, and China,Russia and Japan will switch to bitcoin as reserve currency to save their economies. And that's exactly why you should be saving your wealth in bitcoin, not FIAT in the long-term. Even stocks can not save you. it might rise a bit initially, but once inflation hits high enough people won't be able to afford to consume anymore. Wages never rise as fast as the price of goods. you get lowering production and hence slashing profits. Bitcoin will be the only safe haven if we hit significant inflation.

They don't print money to pay debts, they print money for inflation to devalue their money making their debts lower in value as well. That's how government manipulates the the prices and the economy. This could be healthy if they balance the goods and importation of products in the country but if they over supply the paper money, the value will be lesser resulting for gas prices to spikes.  If governments sees BTC as reserves, this could be resolve.

Yes, indeed, they are supposed to do that, but they refused too, they preferred making decisions at their own interest only, for their business and not to really help poor people, so people who are poor remains poor or becoming poorer while rich person are becoming more richer.

So, cryptocurrency is here to balance everything, but it is not that too easy to make it as the global currency as it is controlled by those powerful people.

[Hamphser]

Debt is not a problem then country have enough money to pay for it

lol . only if a country is not corrupt and only if a country is rich enough on resouces . they can pay any debts they have  . there are also personal debts which can only be repayed by your own self .  buying bitcoin is not the solution for debts but it will only make your debts more bigger if you loan money to buy btc if ever you dont have a. money .  the solution to debt is to not loan at all if you think you cant spend the money wisely or if there is no emergency occasion to used with

The debt will continue to grow if a certain country is still corrupted with officials who's serving the country. I don't know why some country don't like to stop those people whose not contributing for the betterment of their country. I agree that loaning money to invest in bitcoin is not a good idea because it will going to get worse with those corrupt officials.

[Meowth05]

The US government either can print more money to pay off their debt or default which in either case produce more problems in the long run. I agree that with cryptocurrency, most citizens would be able to avoid poverty. But I think what people really need is a stable coin for those who doesn't want to invest in a high volatility coin like Bitcoin. Like for example, euro, yen, or even gold.

It is impossible for a country to print more money just to pay off their debt this will have a huge impact on the economic status of one country. As printing press sped up, prices will grow faster that would cause hyperinflation or worse their currency might ended up worthless. This is already happened in Zimbabwe and Venezuela. Hence, for me it is much better if they will use cryptocurrency to reduce their debt.

[qiman]

This is why we are trying to get more and more involved in Bitcoin for the simple reason of getting out of debt slavery. Now what do we mean by this? Well every time the central banks and the federal reserve print more Fiat, it takes away our purchasing power and makes people much poorer over the generations, if they are not compounding their wealth or thinking about generating generational wealth. Bitcoin is finite in supply and the bigger the demand for it over time, the rarer it will be as a store of value asset and people will begin to get their power back by purchasing and storing Bitcoin long term.

[ChrisPop]

Or.. more fiat = more debt. Over 23 trillion dollars is an amount most people cannot even imagine. I agree with the OP and I think an imminent crisis is upon us. First the college and the mortgage debt are going to crack down then the stock market will follow.

IMO the next crisis is going to.be the biggest one we had so far and it could have major repercussions on the world power shift. Pay attention to the signs and try to diversify your holdings.

[BitHodler]

It is impossible for a country to print more money just to pay off their debt this will have a huge impact on the economic status of one country.

Not impossible at all.... it has been happening for decades globally, and yes, it has an impact on the economy because it decreases the purchasing power of the ordinary people.

Money printing is only a good thing relatively short term speaking, because it gives the economy an artificial boost, but when the effect of the printed money runs out, you'll need to print even more to reach the same effect.

It's like a drug addict that has an amazing high the first time, but needs more of it just to feel good while the first euphoric high will never be replicated again.... all you can do is use more in the hope that you can replicate it.

[serjent05]

Bitcoin and a lot of other crypto-currencies are definitely good enough to help prevent inflation, but debt? That would be extremely hard to accomplish, and I'm not sure how bitcoin would fit in here.

Well I think OP is trying to say that cryptocurrency will protect our money from devaluation or inflation since cryptocurrecny especially Bitcoin have finite supply, we are rest assured that 1 Bitcoin will always be 1/21million of the supply, though I am more concern about the high volatility of BTC than the continuous deflation of fiat currency.

[TRONTON]

It is impossible for a country to print more money just to pay off their debt this will have a huge impact on the economic status of one country. As printing press sped up, prices will grow faster that would cause hyperinflation or worse their currency might ended up worthless. This is already happened in Zimbabwe and Venezuela. Hence, for me it is much better if they will use cryptocurrency to reduce their debt.

That applies to the US, they use it to close gaps and play very neatly. But in the long run this will end in mistrust, especially during a recession. Venezuela has not been able to reduce anything from petro because their government is corrupt with high public distrust, and most other countries anticipate an open-close system and limit their import activities. Bitcoin does look like it will have price protection in the future, because it is not involved with various macro interests.

[mazdafunsun]

I dont see debt as the main problem in potential economical crisis. IN the recession you mentioned US gov paid off the private sector and possibly it added to their own debt. The whole system is sick. The debt is one of the problems and is connected to economical system, but it alone is not the whole problem.