The collapse of central banks...Inevitable?

[Zanab247]

I guess government will never allow such thing to happen to their central bank to die or collapse from the country because that is where their fiat money is coming from before the government can make some budget that will eliminate inflation. 

Central Bank is the source of income to the government, which every government use to make their dreams to come to reality by using it in a positive way to help the country to grow higher to fulfill her destiny.

I don't think Central Bank are the causes of inflation or collapse of economy, if the government have potential leaders who know how to use the money printed from the central bank to establish many industries in the country, it will make their economy stronger in a way, it will boost their economy to make people feel the impact of Central Bank in their country.

[dansus021]

The collapse of central banks...Inevitable? For Now, I don't this gonna possible I mean one country owns its own fiat and they believe in their currency. Just take a look at the Zimbabwe fiat it has lot of zero like million in a hand but the currency still active there and it happens on every high inflation country they still believe with their own fiat.

do you think Bitcoin will become the currency of the world? Dunno maybe yes maybe no but there is already a country that adopts Bitcoin as their currency and CBDC or central bank digital currency is being analyzed all over the world even in US Europe and Asia 

[MainMan79]

It's amazing what Biden's government is doing.

If you look at the charts, the inflation and the money printing is unprecedented. And it's only continue to 'get worse'. I don't think I'll live to see a major MAJOR bank collapse, but I think I'll need more skills to be able to constantly raise prices for my services. Getting paid $20/hour was great 10 years ago for me, is ok today but won't be nearly enough in 10 years.

I'm just lucky to be in a situation where my rent *only* goes up 7% every year.

[Taskford]

The collapse of central banks...Inevitable? For Now, I don't this gonna possible I mean one country owns its own fiat and they believe in their currency. Just take a look at the Zimbabwe fiat it has lot of zero like million in a hand but the currency still active there and it happens on every high inflation country they still believe with their own fiat.

do you think Bitcoin will become the currency of the world? Dunno maybe yes maybe no but there is already a country that adopts Bitcoin as their currency and CBDC or central bank digital currency is being analyzed all over the world even in US Europe and Asia 

Don't also see if its possible to happen since first they are holding strong power towards economic changes in the world  and they can eliminate thru law and by the help of the government whatever things that compete or what they see a threat on their organization. That's why sometimes I really like what current situation have since we have freedom to use it and government just think about that this is an alternative rather than a competitor. Also if fiat will fail in certain country the government will resort to find another strong currency and what common things used by them is USD since they think this is their safe haven and they can use it anywhere they like.

I think its still far to happen that Bitcoin will became the main currency in the world since there's a lot of debate will happen and to many legal battles it need to go thru before this will pass and became legal to happen. They introduce CBDC so maybe this maybe got the higher chances to be used by government and for sure bitcoin will be less in their priorities.

[Abiky]

Replacing your current with a foreign nations while in alot of debt wont work out too well as Greece discovered after it hosted the Olympics and joined the Euro; it was about to be bankrupted.  They lied to join the Euro while unable to sustain their progress positively; their only advantage was being small enough their former leaders actions were an embarrassment more then any real burden nominally to the large EU bloc.

Argentina is already using the dollar and other currencies in effect.  Part of Bitcoins usage I think comes from countries with failed economic systems, its the currency of last resort to some.

Ironically Dollar is in shortage in some parts of the world, liquidity that comes from that international market might be lacking.  I believe Argentina might find its not an easy solution to use someone else's currency solely.  If they had feasible targets to recovery, massive exports especially shared with Dollar and also USD was very easy policy I guess its possible.

Basically Argentina needs to be an oil exporter on the level of OPEC and they arent.   I cant think of anything they might use instead just as good and in demand in exchange for dollars.


Collapse is the not wording I would use, slowed descent a parachute of sorts is in deployment by all indebted banks.  Not just Greece the majority are bargaining in hopes to delay touch down and reset, I would accuse ECB itself of not out lasting any commodity backed currency or strong export economy FIAT or not.

The world often behaves in strange and mysterious ways. Even though the global economy is collapsing, central banks aren't showing signs of fragility. They will remain in power as long as governments support them. And people can't do anything about it.

Bitcoin was once thought to be Fiat's replacement. But so far, it has failed. Especially when many consider it to be a store of value than a currency. Using BTC on top of Fiat is only a pipe dream. At least, we have a choice. As long as BTC remains decentralized, there should be nothing to worry about. Who knows what measures central banks will take to protect the economy in the future? 

[skarais]

~~~

The world often behaves in strange and mysterious ways. Even though the global economy is collapsing, central banks aren't showing signs of fragility. They will remain in power as long as governments support them. And people can't do anything about it.

Bitcoin was once thought to be Fiat's replacement. But so far, it has failed. Especially when many consider it to be a store of value than a currency. Using BTC on top of Fiat is only a pipe dream. At least, we have a choice. As long as BTC remains decentralized, there should be nothing to worry about. Who knows what measures central banks will take to protect the economy in the future? 

It is too far-fetched to expect central banks to collapse and be replaced by other systems such as blockchain. Bitcoin is an alternative for humanity who no longer believes in a centralized financial system, but Bitcoin cannot necessarily replace a centralized financial system because of government interference and all its regulation.

Everyone we can say anything, but in reality we cannot go against the rules that have been established. The community does not have power over the government, but I am still grateful that we still have options that are so far reliable. Bitcoin for me is an alternative that can be utilized at any time, but bitcoin is not to replace the existing financial system.

[philipma1957]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

I think a full collapse of the central banks will kill off millions of people. It would be a disaster beyond anything we have ever seen. I also thank god that all my kids are dead. Just me and the wife plus we are 67 and 68 years old and will likely die before the collapse happens. I feel deep sorrow for those under 50 and they will likely live long enough to suffer a lot when the collapse happens.

[0t3p0t]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

I don't think government would choose Bitcoin as a reserve currncy if cental bank will collapse because they don't have full control of it. They might use precious metals if ever that will happen and I think some of them make it as a  reserve so yeah it all depends on what will be the governments decision.

[MissNonFall9]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

I don't think government would choose Bitcoin as a reserve currncy if cental bank will collapse because they don't have full control of it. They might use precious metals if ever that will happen and I think some of them make it as a  reserve so yeah it all depends on what will be the governments decision.

Yes regulation is very important to prevent central banks from collapsing. Man on earth loves power, and to be powerful requires the strength and skill to control. When the central banking system collapses and cryptocurrency or bitcoin becomes the only currency, there will be no governing body and anarchy may result.

[lixer]

Don't also see if its possible to happen since first they are holding strong power towards economic changes in the world  and they can eliminate thru law and by the help of the government whatever things that compete or what they see a threat on their organization. That's why sometimes I really like what current situation have since we have freedom to use it and government just think about that this is an alternative rather than a competitor. Also if fiat will fail in certain country the government will resort to find another strong currency and what common things used by them is USD since they think this is their safe haven and they can use it anywhere they like.

I think its still far to happen that Bitcoin will became the main currency in the world since there's a lot of debate will happen and to many legal battles it need to go thru before this will pass and became legal to happen. They introduce CBDC so maybe this maybe got the higher chances to be used by government and for sure bitcoin will be less in their priorities.

I do agree that it is not that easy to make all of this happen all that easily, but I also believe that no central bank will switch to bitcoin at all, they are going to keep using their own currency. Even CBDC will not get the main stay, they will make it as an alternative but that is about it nothing more. This should be quite obvious for all the people who are aware of the situation because it is going to end up with something that will take a while and we need to make it work one way or another.

I am sure that it is going to cost a lot of people a lot of time, but the reality is that we are going to see something changing eventually. What we need to focus on right now is that we could probably make some money when the time is right, and because of that we just need to calm down and let the central banks make their own mistakes and we will profit from it.

[mv1986]

The world often behaves in strange and mysterious ways. Even though the global economy is collapsing, central banks aren't showing signs of fragility. They will remain in power as long as governments support them. And people can't do anything about it.

Bitcoin was once thought to be Fiat's replacement. But so far, it has failed. Especially when many consider it to be a store of value than a currency. Using BTC on top of Fiat is only a pipe dream. At least, we have a choice. As long as BTC remains decentralized, there should be nothing to worry about. Who knows what measures central banks will take to protect the economy in the future? 

Was it? I did a quick check and couldn't find the word "replace" in the Nakamoto white paper. I bring this up because I think this is one of these catchphrases that some people (or many) quickly fell for and propagated it themselves. If you asked some people what they know about Bitcoin, this is probably one of the most provided answers while they couldn't explain the technology in any further detail let alone provide the core principles that Bitcoin is based on.

If anything, Bitcoin drove the price up for the legacy system to remain shitty. Remember how long it took for fiat transactions to be settled between banks? No need to discuss intercontinental transfers... Only after Bitcoin emerged, they began introducing 24h guaranteed settlements, then upgraded to instant settlements within the same currency unions.

Now they are embracing Bitcoin because the risk is high to not do it. One bank did the first step, others followed. First they didn't want to be the fool who has been the first, now they don't want to be the fool who missed the boat completely.

A lot of things are happening and this idea that Bitcoin will replace all cash in the world is nonsense to begin with. Bitcoin can become a decentralized geopolitical financial tool in a very complex world and countries might be competing for domination of this geopolitical financial tool. But they also want a tool where they can plan or with some certainty anticipate the effects of their financial political actions. Giving up national fiat currency means that the player either probably has sufficient power over Bitcoin, but that would imply other countries wouldn't be well advised to give up theirs.

It is hard to imagine that Bitcoin will be so uncontestedly powerful as a financial system that countries start rushing one after another into it, abandoning their currencies and make Bitcoin the one and only currency.

But it's an interesting idea to think about and it is not like I would say no per se because I don't know. But saying that "Bitcoin was once thought to be Fiat's replacement" is something that some people might have thought without understanding Bitcoin, and I doubt that it was the opinion of the majority of Bitcoiners, and I doubt that Satoshi thought he is about to kill Fiat once and forever. But he saw the need for an alternative system that can exist outside of the Fiat realm.

[philipma1957]

The world often behaves in strange and mysterious ways. Even though the global economy is collapsing, central banks aren't showing signs of fragility. They will remain in power as long as governments support them. And people can't do anything about it.

Bitcoin was once thought to be Fiat's replacement. But so far, it has failed. Especially when many consider it to be a store of value than a currency. Using BTC on top of Fiat is only a pipe dream. At least, we have a choice. As long as BTC remains decentralized, there should be nothing to worry about. Who knows what measures central banks will take to protect the economy in the future? 

Was it? I did a quick check and couldn't find the word "replace" in the Nakamoto white paper. I bring this up because I think this is one of these catchphrases that some people (or many) quickly fell for and propagated it themselves. If you asked some people what they know about Bitcoin, this is probably one of the most provided answers while they couldn't explain the technology in any further detail let alone provide the core principles that Bitcoin is based on.

If anything, Bitcoin drove the price up for the legacy system to remain shitty. Remember how long it took for fiat transactions to be settled between banks? No need to discuss intercontinental transfers... Only after Bitcoin emerged, they began introducing 24h guaranteed settlements, then upgraded to instant settlements within the same currency unions.

Now they are embracing Bitcoin because the risk is high to not do it. One bank did the first step, others followed. First they didn't want to be the fool who has been the first, now they don't want to be the fool who missed the boat completely.

A lot of things are happening and this idea that Bitcoin will replace all cash in the world is nonsense to begin with. Bitcoin can become a decentralized geopolitical financial tool in a very complex world and countries might be competing for domination of this geopolitical financial tool. But they also want a tool where they can plan or with some certainty anticipate the effects of their financial political actions. Giving up national fiat currency means that the player either probably has sufficient power over Bitcoin, but that would imply other countries wouldn't be well advised to give up theirs.

It is hard to imagine that Bitcoin will be so uncontestedly powerful as a financial system that countries start rushing one after another into it, abandoning their currencies and make Bitcoin the one and only currency.

But it's an interesting idea to think about and it is not like I would say no per se because I don't know. But saying that "Bitcoin was once thought to be Fiat's replacement" is something that some people might have thought without understanding Bitcoin, and I doubt that it was the opinion of the majority of Bitcoiners, and I doubt that Satoshi thought he is about to kill Fiat once and forever. But he saw the need for an alternative system that can exist outside of the Fiat realm.

Bitcoin is the founding reason for zelle.

zelle is pretty much perfect for sending money instantly at no cost. it has limits but it is so easy to send 1000 bank to bank in the US using it and I am pretty sure it came into existence to fight btc and crypto in general.

[STT]

Bitcoin was once thought to be Fiat's replacement.

BTC cannot be a replacement and also completely different in a multitude of ways and literally non physical is enough to say it wont replace FIAT.  The replacement for failed FIAT is even more FIAT just as flawed as the standard it replaces but a brand new iteration, thats the history of what has happened on prior failures and will happen again on the almost annual failure of FIAT somewhere globally.

We can say the balance of power will alter alot, at the moment alot of the world leans on USD as if exists without flaws.    Clearly even the most ardent admirer of US dollar knows its not without flaws & as those flaws fracture it will cause a great deal of change.

   Some will say Dollar will disappear but I dont presume that exactly, its certain alot of value will be lost to holders though; also in YEN and ECB this loss of value is written in today but not yet played out.

[Abiky]

It is too far-fetched to expect central banks to collapse and be replaced by other systems such as blockchain. Bitcoin is an alternative for humanity who no longer believes in a centralized financial system, but Bitcoin cannot necessarily replace a centralized financial system because of government interference and all its regulation.

Everyone we can say anything, but in reality we cannot go against the rules that have been established. The community does not have power over the government, but I am still grateful that we still have options that are so far reliable. Bitcoin for me is an alternative that can be utilized at any time, but bitcoin is not to replace the existing financial system.

Exactly. It's the government who has the final say on what goes in and what goes out. Even if Bitcoin is decentralized, that doesn't mean everyone is permitted to use it. If the government declares it "illegal", people will be afraid to use it because of the consequences of doing so (jail time, fines, etc). Central banks and the corrupt Fiat money system will continue to rule the world as long as governments exist.

On the other hand, BTC will remain an alternative currency for people who want true financial freedom. It's now being treated as Gold, especially with the low supply and high network fees. Inflation on Fiat will end once central banks reset the global economy. It should only be a matter of time before this happens. The question is: Are we prepared for the launch of CBDCs?

[skarais]

~~~

Exactly. It's the government who has the final say on what goes in and what goes out. Even if Bitcoin is decentralized, that doesn't mean everyone is permitted to use it. If the government declares it "illegal", people will be afraid to use it because of the consequences of doing so (jail time, fines, etc). Central banks and the corrupt Fiat money system will continue to rule the world as long as governments exist.

On the other hand, BTC will remain an alternative currency for people who want true financial freedom. It's now being treated as Gold, especially with the low supply and high network fees. Inflation on Fiat will end once central banks reset the global economy. It should only be a matter of time before this happens. The question is: Are we prepared for the launch of CBDCs?

Like it or not, we may be forced and perhaps society must be ready to accept the reality that the government has hit the hammer to introduce CBDC to the world. The government will not want to be left behind when civilization and the way society uses money has shifted to something digital. CBDC is not a rival to bitcoin, but it is a government financial product that is as centralized as the existing financial system and would clearly be legalized by government for real use cases compared to bitcoin and thousand of other altcoin.

Any of us can still use bitcoin and altcoin as an alternative, but whether to use it legally of course really depends on government regulation. Everyone will definitely consider the bad consequences if they violate existing regulation, so no one can completely oppose regulations even though financial freedom is actually hoped for.

[NewRanger]

I guess government will never allow such thing to happen to their central bank to die or collapse from the country because that is where their fiat money is coming from before the government can make some budget that will eliminate inflation. 

Of course, it is true as you said that the central bank will not just collapse without special reasons, unless there is the most fatal error and untenable thing for one reason or another, and that is also one of the government's remote controls in running the wheels of government, it's just that currently policies are needed in terms of economics that are considered able to answer and solve matters that are pleasing to the current issue wisely and wisely, especially for them relevant stakeholders so that people are more calm and safe to carry out their normal lives without being burdened anymore by the high prices of their basic daily necessities, for example.

[tygeade]

It's the government who has the final say on what goes in and what goes out. Even if Bitcoin is decentralized, that doesn't mean everyone is permitted to use it. If the government declares it "illegal", people will be afraid to use it because of the consequences of doing so (jail time, fines, etc). Central banks and the corrupt Fiat money system will continue to rule the world as long as governments exist.

On the other hand, BTC will remain an alternative currency for people who want true financial freedom. It's now being treated as Gold, especially with the low supply and high network fees. Inflation on Fiat will end once central banks reset the global economy. It should only be a matter of time before this happens. The question is: Are we prepared for the launch of CBDCs?

That doesn't really matter though, is it? I mean it is also illegal to do drugs, look how many people make and sell and use drugs in the world, it is also illegal to gamble but we all gamble even at places that are illegal, to be fair tax evasion is the biggest one to name, there are hundreds of billions evaded from IRS every year, and think about the global scale and you will be shocked.

Basically, people do not care about illegal as much as we may think, sur ethe price may go down because there will be less people using and investing into it, but we were here when it wasn't legal as well. I mean technically it wasn't illegal as well, but it wasn't legal too, governments didn't say anything about it for a long time before they put a law into it.

[enwi]

I guess government will never allow such thing to happen to their central bank to die or collapse from the country because that is where their fiat money is coming from before the government can make some budget that will eliminate inflation. 

Of course, it is true as you said that the central bank will not just collapse without special reasons, unless there is the most fatal error and untenable thing for one reason or another, and that is also one of the government's remote controls in running the wheels of government, it's just that currently policies are needed in terms of economics that are considered able to answer and solve matters that are pleasing to the current issue wisely and wisely, especially for them relevant stakeholders so that people are more calm and safe to carry out their normal lives without being burdened anymore by the high prices of their basic daily necessities, for example.

The circulation of money in the central bank is very good and the money support it has is of course very strong, so this is what makes the Central Bank not easy to bring down. The Central Bank is usually also the place appointed by the government to print a lot of money which is used for the country's finances. So their business is also supported by the government and is unlikely to collapse.

[Minor Miner]

It's the government who has the final say on what goes in and what goes out. Even if Bitcoin is decentralized, that doesn't mean everyone is permitted to use it. If the government declares it "illegal", people will be afraid to use it because of the consequences of doing so (jail time, fines, etc). Central banks and the corrupt Fiat money system will continue to rule the world as long as governments exist.

On the other hand, BTC will remain an alternative currency for people who want true financial freedom. It's now being treated as Gold, especially with the low supply and high network fees. Inflation on Fiat will end once central banks reset the global economy. It should only be a matter of time before this happens. The question is: Are we prepared for the launch of CBDCs?

That doesn't really matter though, is it? I mean it is also illegal to do drugs, look how many people make and sell and use drugs in the world, it is also illegal to gamble but we all gamble even at places that are illegal, to be fair tax evasion is the biggest one to name, there are hundreds of billions evaded from IRS every year, and think about the global scale and you will be shocked.

Basically, people do not care about illegal as much as we may think, sur ethe price may go down because there will be less people using and investing into it, but we were here when it wasn't legal as well. I mean technically it wasn't illegal as well, but it wasn't legal too, governments didn't say anything about it for a long time before they put a law into it.

LOL, do you dare to openly use or sell drugs, do you dare to publicly and encourage people to become criminals without fear of being caught by the authorities? Don't say people don't care about breaking the law, people are afraid of breaking the law and no one wants to become a criminal like you said.

Between choosing to use bitcoin openly and freely, and using bitcoin secretly, using it in fear. Which option will you choose? Up to now, the government is still considered the biggest barrier preventing bitcoin from becoming popular globally. Many people do not dare to use bitcoin because of fear of the government, that is true.

[mv1986]

~

Bitcoin is the founding reason for zelle.

zelle is pretty much perfect for sending money instantly at no cost. it has limits but it is so easy to send 1000 bank to bank in the US using it and I am pretty sure it came into existence to fight btc and crypto in general.

Yes I can guaranteed pin down how it was back at the time. I lived in Switzerland and needed money / someone owed me money from abroad. It was a pain in the ass because they deduct a hidden fee giving you a wrong foreign exchange value, and they charge a fee. It is double against you. I thought this sucks, and searched around and came across transferwise back at the time. But then I got other reasons to look for decentralized solutions, mainly because of my academic interests, and Bitcoin is still the answer.

It is impressive how out of a sudden lethargic banks began to facilitate transactions within single days. It is a very interesting development that Bitcoin took until now. Central banks are an artificial roof on an unstable building. But I want to be honest: I don't know what the ultimate solution is. I just know that alternatives won't weaken the system we have.