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Author Topic: Bitcoin could destroy economy  (Read 1380 times)
KingsGambet19
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October 27, 2020, 12:11:07 AM
Last edit: October 27, 2020, 03:26:34 AM by KingsGambet19
 #1

You are not allowed to go outside in the country bringing lots of money. It should only be limited on the intention of your visit. This is why government had task authorities to manange some interviews before they will accept your application to travel outside the country. This include t limit you in bringing lot of money. But what if you are using bitcoin?

Government are unaware of people using bitcoin or maybe aware but has not taking actions in this to avoid making some losses especially in terms of the asset that determine the value of the economy represented by fiat currency.

If fiat currency will be transfer outside the country through bitcoin then it is just like we are selling our asset to other people and that may leave that the countries economy will slowly will going to die. I think this is why the reason that government are requiring known exchanges to do KYC so that they can tract people who are doing this. Besides there are other things that bitcoin could be
getting abuse by the criminals like

* funding terrorist,
* money laundering,
*kidnap for ransom using bitcoin, and etc,

Other than that bitcoin is considered as an asset why?Because Bitcoin is being bought by fiat currency which derive its value like gold. The sad part that I am making some point in my other posts is that

* when you buy bitcoin cheap you earn, while others buy bitcoin which is expensive they lose.
* The rich people could earn more in investing bitcoin while poor people could lose more. (vice versa the rich people may lose more and poor people can earn more)
* the use of bitcoin to travel spending outside in the country is more like selling your country asset and that could destroy the economy of that certain country.

This could be the reason why bitcoin is being ban in other countries because they are protecting their economy against bitcoin.

US dollars had been bought through bitcoin and exchange it with dollars. There is a news that the US government had limit the community the use of cryptocurrency because there are some country that are eyeing to use cryptocurrency to extend their purchasing powers of dollars and that US government does not allowed or make it happen. The US asset is somehow being sold by people who buy cryptocurrency and that is why KYC is being implemented and other altcoins project are not accepting US community to invest in their project because they can get penalized by the US government law I guess.

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October 27, 2020, 01:27:11 AM
 #2

What's the point though? How. can bitcoin destroys economy when on the contrary it is helping people survived in harsh economic condition such as:

(1) Why are Venezuelans seeking refuge in crypto-currencies?

(2) Zimbabwe’s Battle To Control Currency Inadvertently Boosts Bitcoin Profile

As for the reasons why several countries ban maybe, yeah maybe they think that bitcoin is being used by criminals, however, there are also nations who think otherwise. Besides, those countries that are against bitcoin are those who don't want to lose control of their population. So there are pros/cons, but I believed pros outweigh the cons by ten fold.

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October 27, 2020, 01:56:18 AM
 #3

* funding terrorist,
* money laundering,
*kidnap for ransom using bitcoin, and etc,
Bitcoin has always been pointed out to have used ONLY for these criminal acts.

What do you say about fiat? is it an exception for these activities were in fact even bitcoin was launched, these acts have been always there. And they were funded and made done through fiat/cash.

Bitcoin is money and the same as fiat could be used for good and bad. Let's remove this idea that bitcoin was only made solely for these acts.

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October 27, 2020, 02:29:51 AM
 #4

People should be able to move money over borders as they wish to and not have it restricted by governments.

Bitcoin improves the economy by promoting a more open and fair system of trade that is free from government regulation and consfication. Money laundering shouldn't be a crime as it just means someone is trying to keep their own money, and the most terrorism/war is funded by governments using fiats and involuntary taxation that cryptocurrency can further free us from. The trillion dollar war in the middle east didn't come from Bitcoin, it came from the US governments and governments around Europe directly financing terrorism themselves.

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October 27, 2020, 02:39:22 AM
Merited by vapourminer (1)
 #5

This is obviously exaggerated.

Even without Bitcoin, money is always flowing in and out of countries. The commercial market has exponentially expanded ever since the advent of the internet. With the online universe catering to almost everyone all over the world, even a 5-year old kid could cause a certain amount of money to transfer from one country to another.

Bitcoin is playing but a very minimal role in this. Large international trades don't use Bitcoin. The largest online stores in the world don't use Bitcoin. Large domestic companies purchasing raw materials from other countries don't use Bitcoin. High rollers don't bring Bitcoin with them to gamble in Las Vegas or Macau or Singapore or Monte Carlo.  

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October 27, 2020, 02:43:04 AM
 #6

People should be able to move money over borders as they wish to and not have it restricted by governments.
You can move money across the borders although there is a certain amount that is allowed. I think having a fixed amount to be moved across borders is reasonable enough because this can be a cause for wide scale money laundering.

Bitcoin improves the economy by promoting a more open and fair system of trade that is free from government regulation and consfication. Money laundering shouldn't be a crime as it just means someone is trying to keep their own money, and the most terrorism/war is funded by governments using fiats and involuntary taxation that cryptocurrency can further free us from. The trillion dollar war in the middle east didn't come from Bitcoin, it came from the US governments and governments around Europe directly financing terrorism themselves.
I think money laundering should be a crime, that is one twisted way of saying that you do not want to pay your taxes. The reason that money laundering is illegal is because government's lifeline is the taxes that is payed by the people. The so called war has been going on even before the inception of bitcoin, I think using the reason that bitcoin did not fund this war does not prove anything.
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October 27, 2020, 02:50:13 AM
Merited by cr1776 (1)
 #7

I think money laundering should be a crime, that is one twisted way of saying that you do not want to pay your taxes. The reason that money laundering is illegal is because government's lifeline is the taxes that is payed by the people. The so called war has been going on even before the inception of bitcoin, I think using the reason that bitcoin did not fund this war does not prove anything.
Money laundering shouldn't be a crime because it does not have any victims. Taxation is a form of theft and used to fund wars and all types of human rights abuses. That war has been going on before Bitcoin was my point, that it isn't Bitcoin that is the main funder of terrorism or crime, it's the governments around the world.

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October 27, 2020, 03:10:38 AM
 #8

Bitcoin is just a small part compared to the other parameters that contribute to the economy of a country. There is more money getting laundered and used on hawala transactions. If a country take that into account and create a solution to overcome it, then there is possible chances of economy to move forward.

Each and every government depend on the taxation, but in return of collecting the taxes government doesn't do the needful to the community. This is where people look for ways to escape taxation. Any country economy can gat affected, if there happens improper and corrupt governance. Even the country's facing the worse money inflation is out of the improper governance. Bitcoin destroying the economy is unacceptable.


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October 27, 2020, 03:20:06 AM
Merited by vapourminer (1)
 #9

It's the classic old "bitcoin for criminals" argument again.

Knives are used mostly for cutting food but are also used to stab people. Cars are used as means of transportation but are also used as getaway vehicles. Phones are used for communication but are also used for triggering bombs and for cyber crime. Guns are mostly used for self defense but are also used for murder.

And ultimately, the USD and other fiat currencies are also being used to fund terrorists and for other nefarious activities. The list goes on and on and on and on. What's your point?

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October 27, 2020, 03:31:43 AM
 #10

<snip>
I am new in the forum and I am only analyzing things here with bitcoin? You may think that this discussion may be old but what about to us the newcomers? I think there is no need to reply off topic by presenting other data which is irrelevant to the discussion about bitcoin destroying economy. I had edited my post highlighting the US government on why they had restricted their community to invest in cryptocurrency for other reason that include scam but it is more than that because they are likely selling their dollars to other countries and that will dollars being represented by fiat currency as the value of their economy will give chance others to extend their purchasing power to obtain dollars. isn't it destroying US economy?
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October 27, 2020, 03:45:24 AM
 #11

No. How can bitcoin destroyed the economy where in fact it helped a lot of people especially during this strange time? Maybe, I can say that it will make the economy grow. More and more people are earning in crypto world and once bitcoin and other digital currencies were converted into fiat/physical money, we can use it to our daily spending, buying all the life necessities and will be able to support our local vendors and other industries in the country.
However, bitcoins easiest ways of transmitting funds are often used by criminals to implement their evil deeds and we can't really avoid it. I guess, its just the perk of being highly digitalized world, everything can be done with just one tap of our own hands together with the smart gadgets that surrounded us. But, despite this advantages and disadvantages of bitcoin, we can't really deny the great benefits, profits and easiest ways of managing finances and payments through it.
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October 27, 2020, 03:45:48 AM
 #12

We can say the governments and the banks make the rules of the game. But bitcoin came as a new player to the field with its own rules, a group of rules made by the community in a fair way for all.

Bitcoin doesn't come to destroy the economy, it comes to change the rules and give to people a new opportunity to manage their money.
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October 27, 2020, 03:50:07 AM
 #13

I am new in the forum and I am only analyzing things here with bitcoin? You may think that this discussion may be old but what about to us the newcomers?
It is heavily heavily recommended here and everywhere else to do research first before creating criticism.

I think there is no need to reply off topic by presenting other data which is irrelevant to the discussion about bitcoin destroying economy.
How was my reply off-topic though. It's literally a counter-argument to your "criminals" statements.

I had edited my post highlighting the US government on why they had restricted their community to invest in cryptocurrency for other reason that include scam but it is more than that because they are likely selling their dollars to other countries and that will dollars being represented by fiat currency as the value of their economy will give chance others to extend their purchasing power to obtain dollars. isn't it destroying US economy?
"There is a news that the US government had limit the community the use of cryptocurrency because there are some country that are eyeing to use cryptocurrency to extend their purchasing powers of dollars and that US government does not allowed or make it happen."

You might want to give us sources to this so we know what you're specifically talking about.

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October 27, 2020, 04:01:37 AM
 #14

The first reason why it's not allowed to bring a lot of cash is to restrict money laundering. That is also a reason that there is no bigger denomination of bills within different countries. This depends on the value of the country's currency as well. You answered this already. I'm just making another point about what they are doing to prevent it.

You cannot fully impact your country of origin's economy unless you have the majority of it. It's not going to be beneficial for the country and exchange your current money, too, unless you have big stacks again. The same goes for any other kind of asset. If you are talking about small amounts, it isn't imperative. It's not the main reason it's being banned, but it could be a part of it. The majority is still that those countries that do not influence Bitcoin don't like the idea to have their citizens using this non-taxable thing if not declared.

I'm not sure how Bitcoin could destroy the economy with your reasons, but what I can see is that it's improving the financial aspect when Bitcoin was born. It influenced cashless transactions all over the world with a click and made it easier. It's the start of a great improvement.

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October 27, 2020, 04:46:26 AM
 #15

* funding terrorist,
* money laundering,
*kidnap for ransom using bitcoin, and etc,
Long ago the three factors above had been done, before Bitcoin was created in 2009.

Since the end of the 19th century which coincided with World War I, terrorism has existed, with substantial funds, and also with money laundering which is often carried out by the authorities, as well as the kidnappings that have occurred.
It's all done in secret and in secret.

Why is Bitcoin associated with crime while Bitcoin only appeared in this century 2009, with identities detected in all local and international banks, inappropriate and unreasonable to me Bitcoin is declared to support evil, that's ridiculous propaganda.

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pooya87
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October 27, 2020, 04:48:27 AM
Merited by cr1776 (1)
 #16

this is total nonsense.
anybody should be free to do with their own money as they choose. if a country is so worried about money exiting its boarders then they should try to change their country and create the incentive to keep the money inside and also attract foreign investment. by placing restrictions they will be erasing the problem instead of solving it.

as for your "abuse cases", don't worry bitcoin is not used for any of them since fiat is dominating in that area since it provides both ease of use and a lot higher anonymity. there is also gigantic US banks that help them launder their money in trillions of dollars so the criminals have no incentive to look for alternatives!

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October 27, 2020, 05:08:53 AM
 #17

What's the point though? How. can bitcoin destroys economy when on the contrary it is helping people survived in harsh economic condition such as:

(1) Why are Venezuelans seeking refuge in crypto-currencies?

(2) Zimbabwe’s Battle To Control Currency Inadvertently Boosts Bitcoin Profile

As for the reasons why several countries ban maybe, yeah maybe they think that bitcoin is being used by criminals, however, there are also nations who think otherwise. Besides, those countries that are against bitcoin are those who don't want to lose control of their population. So there are pros/cons, but I believed pros outweigh the cons by ten fold.

This issue is very ambiguous, the only one that could destroy the economy is the radical democrat of the US who, in his desire to achieve his new world order, have led the US in crisis and all governments to implement the old PROBLEM REACTION SOLUTION the BTC alone It is a means in which we shield ourselves and it is clear that anything can be used for good and for evil, that is known as free will, so if things go well as Qanon says we should not worry but if the state deep returns to power we will continue armored so if baiden wins better it is time to take the btc to cold wallet
Alucard1
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October 27, 2020, 05:16:18 AM
 #18

All the criminals you have stated above using bitcoin can also happen using fiat currency, I have seen many topics about it and they are exaggerating the cryptocurrency in good ways and bad ways well in fact both fiat currency and cryptocurrency can do the same thing, they seem explaining it like the only cryptocurrency can be.
Quote
* The rich people could earn more in investing bitcoin while poor people could lose more. (vice versa the rich people may lose more and poor people can earn more)
What's the point with comparing both rich and poor people if both can do the same thing, no matter how rich or poor you are you may earn and lose your money from investing
 

xSkylarx
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October 27, 2020, 05:48:32 AM
 #19

Why is Bitcoin associated with crime while Bitcoin only appeared in this century 2009, with identities detected in all local and international banks, inappropriate and unreasonable to me Bitcoin is declared to support evil, that's ridiculous propaganda.

Maybe it is because how many illegal things its possible to do using bitcoin. Over the years, criminals are also evolving on how they use bitcoin. Here in our country, it is often used by illegal companies who offers a huge return of money when you invest to them. After a month, they disappear without a trace leaving people with a bad impression about bitcoin.

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davis196
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October 27, 2020, 06:00:03 AM
 #20

Quote
You are not allowed to go outside in the country bringing lots of money. It should only be limited on the intention of your visit. This is why government had task authorities to manange some interviews before they will accept your application to travel outside the country. This include t limit you in bringing lot of money. But what if you are using bitcoin?

This rule is only about cash.You can send fiat money without big limits in other ways.Bank transfers aren't limited by the governments.Services like Western Union and Moneygram exist.

Quote
* funding terrorist,
* money laundering,
*kidnap for ransom using bitcoin, and etc,

Fiat has been used for funding such activities way more than Bitcoin.

Quote
* when you buy bitcoin cheap you earn, while others buy bitcoin which is expensive they lose.
* The rich people could earn more in investing bitcoin while poor people could lose more. (vice versa the rich people may lose more and poor people can earn more)
* the use of bitcoin to travel spending outside in the country is more like selling your country asset and that could destroy the economy of that certain country.

The same applies to any financial asset.In financial markets the profit of one trader is the loss of another trader.That's how financial markets work.Cryptocurrency markets aren't different.

Dude,I'm sorry to say that,but your opinions are ignorant.Educate yourself more,before posting BS on the forum.

 




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