|
Coyster
Legendary
Offline
Activity: 2114
Merit: 1284
Play Poker on Telegram
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 15, 2021, 10:42:11 PM |
|
The policies employed to control the pandemic were no doubt inflation-bound, such as lockdowns, printing more money etc, but I consider most of those policies to be inevitable as at when they were implemented. The effects of the pandemic generally was always going to cause economic struggle, especially in the form of inflation and hyperinflation. The thing is, diverse economies will react to this situation differently, Bitcoin serves as a hedge to inflation/devaluation in fiat currencies, but imo being a Bitcoin user doesn't mean we'll celebrate inflation, cause we're all citizens/residents of a particular country and if inflation gets worse, it'd definitely affect us all.
Having said that, I don't think countries with a really functioning economy, especially prior to the lockdown will face inflation constantly for a very long time, measures will definitely be put in place to curtail it sooner than later, underdeveloped countries would face most of the brunt of this pandemic, I mean, for some of them their economic situation was already in the mud before the pandemic kicked in, it has made things a whole lot worse, and they may have to cope with inflation for quite a long while.
|
|
|
|
stompix
Legendary
Offline
Activity: 2982
Merit: 6518
Exchange 250+ Coins With 0% Fees
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 15, 2021, 10:56:16 PM |
|
The respondents on average now expect a widely followed measure of inflation, which excludes volatile food and energy components, to be up 3.2% in the fourth quarter of 2021 from a year before. They forecast the annual rise to recede to slightly less than 2.3% a year in 2022 and 2023. I imagine the disappointment if people from Venezuela/Iran/Tukey are reading this! The inflation will reach 3.2% YTD in Q4. A full 3.2 % percent, guess it's time to pack up the shotgun and head for the woods as it's clear no economy would be able to survive this. Just to understand the magnitude of the disaster, 3.2% means in 100 years we will experience the same inflation Venezuela had in 2020 (alone) just before they were wiped out from the surface of the earth by that. Or did they survive?
|
| | TheChange | | | | |
░░░░░░░░░░██▄ ▄▄▄▄▄▄▄▄▄▄▄███▄ ▀▀▀▀▀▀▀▀▀▀▀███▀ ░░░░░░░░░░██▀ ░░░▄▄ ▄██▀ ███████████████ ▀██▄ ░░░▀▀ | | | | +250 COINS | | ..Crypto Exchange.. | │ | ▄▄▄▄ ▄▄▄███▀▀███▄▄▄ ▄█████▀▀░▄▄▄▄░▀▀█████▄ ██▀░▄▄▄████████▄▄▄░▀██ ██░████████████████░██ ██░████████████████░██ ██░▀██████████████▀░██ ██░▀████████████▀░██ ▀██░▀██████████▀░██▀ ▀██▄░▀██████▀░▄██▀ ▀██▄▄░▀▀░▄▄██▀ ▀▀██▄▄██▀▀ ▀▀▀▀ | | | │ | |
|
|
|
|
davis196
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 06:51:10 AM |
|
The global financial elite wants to devalue all debts by increasing inflation. Nobody wants low inflation,because sooner or later the banks and governments with high debt rates/high budget deficits will go bankrupt.Increased money printing will give more fiat money in the hands of governments with big deficits/debt.This will postpone the upcoming financial disaster,but the standard of living of the working and middle class will go down in the next few years. Keep on buying BTC.
|
|
|
|
Obito
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 07:06:24 AM |
|
It's not going to be that case for years, it's just there's a pandemic that there's a high inflation rate, read the basics of inflation to know that your claim isn't true, yes there's inflation for years but if that is maintained at a lower point like 1 or 2 percent, it's actually a good thing for the economy since it stimulates economic activity.
|
|
|
|
Lucius
Legendary
Offline
Activity: 3332
Merit: 5918
Crypto Swap Exchange🈺
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 12:53:30 PM |
|
A full 3.2 % percent, guess it's time to pack up the shotgun and head for the woods as it's clear no economy would be able to survive this. Just to understand the magnitude of the disaster, 3.2% means in 100 years we will experience the same inflation Venezuela had in 2020 (alone) just before they were wiped out from the surface of the earth by that. Or did they survive?
When we look at things from that perspective then maybe we can try to understand how bad the situation is in some countries, compared to what is happening in the US or the EU. Of course, it should be borne in mind that we cannot compare people in Venezuela who are accustomed to an extremely difficult life, and say the countries of Western Europe that have a standard of living unimaginable to people living in third world countries. It is a question of survival and whether someone will be able to go on a luxury vacation or will not be able to buy a new car every 5 years. I believe they have a much better chance of surviving there despite all the challenges - anything like this in the western world would turn into a nightmare from which most would never wake up. And who else can say that money does not grow on trees? Source
|
|
|
|
Kittygalore
Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 868
Merit: 63
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 01:09:48 PM |
|
Hate to disagree with you but I don't think so, yes inflation will stay forever but high inflation won't last for a long time unless they do something stupid or disregard the issue altogether, I think that's the only time we are going to see high inflation rate stay but governments all over the world no matter how crooked they are, they will always find a way to alleviate inflation to get it back to a normal level.
|
|
|
|
mu_enrico
Copper Member
Legendary
Offline
Activity: 2422
Merit: 2182
Slots Enthusiast & Expert
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 02:16:38 PM |
|
It would need hyperinflation (not just "high" inflation) for fiat to fail. How much? hyperinflation is rapidly rising inflation, typically measuring more than 50% per month Source.That said 3.2% annually is a child play. With constant inflation, over a long period of time, the government can simply erase one digit (zero), called re-denomination. And our life will be as usual, the poor will be poorer, the rich will be richer lul.
|
| │ | ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███▀▀▀█████████████████ ███▄▄▄█████████████████ ███████████████████████ ███████████████████████ ███████████████████████ █████████████████████ ███████████████████ ███████████████ ████████████████████████ | ███████████████████████████ ███████████████████████████ ███████████████████████████ █████████▀▀██▀██▀▀█████████ █████████████▄█████████████ ████████▄█████████▄████████ █████████████▄█████████████ █████████████▄█▄███████████ ██████████▀▀█████████████ ██████████▀█▀██████████ ▀███████████████████▀ ▀███████████████▀ █████████████████████████ | | | O F F I C I A L P A R T N E R S ▬▬▬▬▬▬▬▬▬▬ ASTON VILLA FC BURNLEY FC | | | BK8? | | | . ..PLAY NOW.. |
|
|
|
Ucy
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 03:28:35 PM |
|
A good Store of Value and a good hedge against inflation and uncertainty, due mainly to its ideals. Best for storing values long-term rather than short-term, and the values also benefits from its "inflation-proof/deflationary" feature especially long-term. You can also use it to exchange value with peers short-term. It should be used for what it was made for rather than to get rich quick.
|
|
|
|
stompix
Legendary
Offline
Activity: 2982
Merit: 6518
Exchange 250+ Coins With 0% Fees
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 03:31:38 PM |
|
When we look at things from that perspective then maybe we can try to understand how bad the situation is in some countries, compared to what is happening in the US or the EU. Of course, it should be borne in mind that we cannot compare people in Venezuela who are accustomed to an extremely difficult life, and say the countries of Western Europe that have a standard of living unimaginable to people living in third world countries.
You're just like me from this side of Europe and even without thinking twice I'm 100% sure you've had at least 2 years of inflation over 100%, so what we should know indeed is that 3% or even 10% is nothing compared to what some have experienced but at the same time that even if this inflation doubles it doesn't mean the end of the world and suddenly everybody will dump the fiat currency and embrace some other kind of monetary policy. I believe they have a much better chance of surviving there despite all the challenges - anything like this in the western world would turn into a nightmare from which most would never wake up.
Maybe or maybe not. Venezuela and even Salvador are still clinging just above full caveman style poverty because there is still a lot of cash flow from other countries like remittance and a bit of tourism, if the US goes dark that last lifeline is also cut, what will happen then? Besides, Mexico and Brazil didn't go through a ww1 and ww2 with two atomic bombs on top of that, yet... https://www.nationmaster.com/country-info/stats/Economy/GDP-per-capita-in-1950Some have gone through worse times and ended up far better than others. Anyhow, we all knew inflation was coming, even without the money printing it was clear it would happen simply because of the lack of goods, taking lumber, for example, that spike of 400% didn't happen because of money printing, it happened because of the whole manufacturing and logistic chain was almost destroyed. Inflation is here to stay, especially if we're going to experience the 4th wave with lockdowns but it's nowhere near the point of making a country collapse.
|
| | TheChange | | | | |
░░░░░░░░░░██▄ ▄▄▄▄▄▄▄▄▄▄▄███▄ ▀▀▀▀▀▀▀▀▀▀▀███▀ ░░░░░░░░░░██▀ ░░░▄▄ ▄██▀ ███████████████ ▀██▄ ░░░▀▀ | | | | +250 COINS | | ..Crypto Exchange.. | │ | ▄▄▄▄ ▄▄▄███▀▀███▄▄▄ ▄█████▀▀░▄▄▄▄░▀▀█████▄ ██▀░▄▄▄████████▄▄▄░▀██ ██░████████████████░██ ██░████████████████░██ ██░▀██████████████▀░██ ██░▀████████████▀░██ ▀██░▀██████████▀░██▀ ▀██▄░▀██████▀░▄██▀ ▀██▄▄░▀▀░▄▄██▀ ▀▀██▄▄██▀▀ ▀▀▀▀ | | | │ | |
|
|
|
Gozie51
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 04:05:47 PM Last edit: July 16, 2021, 04:17:52 PM by Gozie51 |
|
It's not going to be that case for years, it's just there's a pandemic that there's a high inflation rate, read the basics of inflation to know that your claim isn't true, yes there's inflation for years but if that is maintained at a lower point like 1 or 2 percent, it's actually a good thing for the economy since it stimulates economic activity.
This is a good suggestion to bring inflation down to 1% or 2% but this has not been possible to different government. In Africa for example, the inflation is over on 2 digit for the last 5years. In Nigeria, the government is talking tough on cutting inflation down as price of goods keep rising, the challenge for inflation is corruption. Paying leap service to policies contribute to lead to bad pricing.
|
|
|
|
Ucy
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 04:47:37 PM Last edit: July 16, 2021, 05:01:01 PM by Ucy |
|
When we look at things from that perspective then maybe we can try to understand how bad the situation is in some countries, compared to what is happening in the US or the EU. Of course, it should be borne in mind that we cannot compare people in Venezuela who are accustomed to an extremely difficult life, and say the countries of Western Europe that have a standard of living unimaginable to people living in third world countries.
Anyhow, we all knew inflation was coming, even without the money printing it was clear it would happen simply because of the lack of goods, taking lumber, for example, that spike of 400% didn't happen because of money printing, it happened because of the whole manufacturing and logistic chain was almost destroyed. Inflation is here to stay, especially if we're going to experience the 4th wave with lockdowns but it's nowhere near the point of making a country collapse. Prices of things would have been worst where I live, if not for people going against unreasonable lockdown to do their businesses and help keep prices of local products from going through the roof. If not for the regular business people here, prices of things would have gone above 30-50%. I was actually surprised that bag of stable food like local rice remained pretty thesame. The hardworking small and medium scale business men/women pretty much saved the situation. Thanks be to the CREATOR for doing it all.
|
|
|
|
Sterbens
Sr. Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 1848
Merit: 341
Duelbits.com
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 04:50:01 PM |
|
whether the inflation that will occur or that has occurred in various countries is deliberately designed to restore the economic system from zero and try to restore something that is gradually being updated.
During the pandemic, everyone was aware that big inflation was waiting, but besides that, reformers of the economic system began to be heralded and changed the conventional order to a newer system.
|
| | | . Duelbits│SPORTS | | | | ▄▄▄███████▄▄▄ ▄▄█████████████████▄▄ ▄███████████████████████▄ ███████████████████████████ █████████████████████████████ ███████████████████████████████ ███████████████████████████████ ███████████████████████████████ █████████████████████████████ ███████████████████████████ ▀████████████████████████ ▀▀███████████████████ ██████████████████████████████ | | | | ██ ██ ██ ██
██ ██ ██ ██
██ ██ ██ | | | | ███▄██▄███▄█▄▄▄▄██▄▄▄██ ███▄██▀▄█▄▀███▄██████▄█ █▀███▀██▀████▀████▀▀▀██ ██▀ ▀██████████████████ ███▄███████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ▀█████████████████████▀ ▀▀███████████████▀▀ ▀▀▀▀█▀▀▀▀ | | OFFICIAL EUROPEAN BETTING PARTNER OF ASTON VILLA FC | | | | ██ ██ ██ ██
██ ██ ██ ██
██ ██ ██ | | | | 10% CASHBACK 100% MULTICHARGER | | │ | | | | │ |
|
|
|
Silberman
Legendary
Offline
Activity: 2604
Merit: 1360
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 08:05:47 PM |
|
When you read something like this is in a mainstream media website then you know this has already been happening for some time and they are just catching up with the reality of the situation, I think the real question is if the inflation is going to get out of control during the short term? And while I do not think this is going to be the case, the economy is frail, if another black swan came and hit us I doubt the economy is going to have enough strength to resist it.
|
|
|
|
Upgrade00
Legendary
Offline
Activity: 2128
Merit: 2253
Playgram - The Telegram Casino
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 08:48:35 PM |
|
In Nigeria, the government is talking tough on cutting inflation down as price of goods keep rising, the challenge for inflation is corruption. Paying leap service to policies contribute to lead to bad pricing.
Living in Nigeria, I can ascertain that the situation is quite bad and has been for a number of years. The naira has been losing value long before the pandemic and with a widening gap between the elite and lower class, there has been a drop is SMEs and lack of opportunities for businesses leading to higher inflation. Corruption plays a major factor in this as fiscal policies to rescue the economy are non existent and while some Nations would recover from the effects of the pandemic, some others would not and may experience hyper inflation for a much longer time.
|
|
|
|
▄▄███████▄▄███████ ▄███████████████▄▄▄▄▄ ▄████████████████████▀░ ▄█████████████████████▄░ ▄█████████▀▀████████████▄ ██████████████▀▀█████████ █████████████████████████ ██████████████▄▄█████████ ▀█████████▄▄████████████▀ ▀█████████████████████▀░ ▀████████████████████▄░ ▀███████████████▀▀▀▀▀ ▀▀███████▀▀███████ | ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ Playgram.io ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | ▄▄▄░░ ▀▄ █ █ █ █ █ █ █ ▄▀ ▀▀▀░░
| │ | ▄▄▄███████▄▄▄ ▄▄███████████████▄▄ ▄███████████████████▄ ▄██████████████▀▀█████▄ ▄██████████▀▀███▄██▐████▄ ██████▀▀████▄▄▀▀█████████ ████▄▄███▄██▀█████▐██████ ██████████▀██████████████ ▀███████▌▐██▄████▐██████▀ ▀███████▄▄███▄████████▀ ▀███████████████████▀ ▀▀███████████████▀▀ ▀▀▀███████▀▀▀ | | │ | ██████▄▄███████▄▄████████ ███▄███████████████▄░░▀█▀ ███████████░█████████░░█ ░█████▀██▄▄░▄▄██▀█████░█ █████▄░▄███▄███▄░▄██████ ████████████████████████ ████████████████████████ ██░▄▄▄░██░▄▄▄░██░▄▄▄░███ ██░░░█░██░░░█░██░░░█░████ ██░░█░░██░░█░░██░░█░░████ ██▄▄▄▄▄██▄▄▄▄▄██▄▄▄▄▄████ ███████████████████████ ███████████████████████ | | │ | ► | |
|
|
|
arallmuus
Legendary
Offline
Activity: 2632
Merit: 1421
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 09:25:09 PM |
|
That said 3.2% annually is a child play.
With constant inflation, over a long period of time, the government can simply erase one digit (zero), called re-denomination. And our life will be as usual, the poor will be poorer, the rich will be richer lul.
The effect would differ depending on the countries that got affected by it. The most common effect of inflation would be unemployment and in this case, a 3.2% inflation rate for a higher income country would be a child play but for a lower income country the effect would be huge. Aside from that, there could be other numerous effect that may affect the country as well. The naira has been losing value long before the pandemic and with a widening gap between the elite and lower class, there has been a drop is SMEs and lack of opportunities for businesses leading to higher inflation.
All other currencies has been suffering from the pandemic effect as well though. The whole world needs to go back to normal or else the economy would be declining
|
R |
▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
|
|
|
verita1
Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 1358
Merit: 81
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 10:00:26 PM |
|
Totally agree! The price of Bitcoin a year ago was at $ 9,203.37 and the consumption of my basic basket has remained the same when compared to the price of bitcoin today $ 31,816.34. At least bitcoin was able to save me from inflation and allow me to buy the same groceries. I think that most of us need several sources of income in order to save a little money for the future. Every day we can see that we need cryptocurrencies as alternatives to FiAT in order to sustain inflation. I live in Venezuela and my testimony is the contrast of a person who supports a family of four and who eventually has to support two older adults with food. It is a tough battle but the power of God is great. Inflation of Venezuela (Reuters) - Venezuelan consumer prices rose 28.5% in May, more than the 24.6% rate reported in April, central bank data showed on Wednesday, as the crisis-stricken OPEC nation struggles to contain inflation. The price increases in May brought the annual inflation rate to 2,719%, according to Reuters calculations based on central bank data. Venezuela's monthly minimum wage is now equivalent to just over $ 3, meaning many in the poverty-stricken nation depend on remittances from relatives abroad or side gigs to survive. https://www.reuters.com/article/venezuela-inflation-idUSL2N2NY2I5
|
|
|
|
jaysabi
Legendary
Offline
Activity: 2044
Merit: 1115
★777Coin.com★ Fun BTC Casino!
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 10:05:41 PM |
|
Inflation of 3% over the next several years compared with the extreme volatility of bitcoin isn't even a question. The dollar wins hands down. Your bitcoin could be worth $40,000 next month or $20,000. That's not protection from inflation. To actually protect against inflation, you need something that holds a steady and predictable value. Not that I think people shouldn't own bitcoin, but they definitely need to not delude themselves into thinking they're protecting themselves from what is ultimately still a low inflation rate by doing so.
|
|
|
|
Coroline
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 16, 2021, 11:22:46 PM |
|
Inflation of 3% over the next several years compared with the extreme volatility of bitcoin isn't even a question. The dollar wins hands down. Your bitcoin could be worth $40,000 next month or $20,000. That's not protection from inflation. To actually protect against inflation, you need something that holds a steady and predictable value. Not that I think people shouldn't own bitcoin, but they definitely need to not delude themselves into thinking they're protecting themselves from what is ultimately still a low inflation rate by doing so. yes I agree with you, but in my opinion bitcoin is a store of value. Store of value itself is something that does not depreciate over time. Usually this medium store of value is rare and cannot be easily devalued. This is what causes Bitcoin to be categorized as a store of value. The best thing you can do with bitcoins is store them so you can protect yourself from inflation. Even though bitcoin is volatile, if it is withdrawn over a longer period of time (logarithmic chart), the value of bitcoin has remained or even increased drastically in the last 10 years.
|
|
|
|
|