If bitcoin ever goes mainstream

[knircky]

[/quote]

Debt is a form of slavery. It will be great to see it die a slow death.
[/quote]

I agree and i think its fine to not have debt. its just a result of the structure of bitcoin. i just believe people don't understand because most people don't understand fiat = debt = inflation = more debt etc.

due to inflation it makes sense for both parties to have debt. the bank needs to have interest in order to not lose value and the creditor has an advantage of taking future money into the present

but with deflation it makes no sense beecause these forces are opposite.

[Ron~Popeil]

Debt is a form of slavery. It will be great to see it die a slow death.
[/quote]

I agree and i think its fine to not have debt. its just a result of the structure of bitcoin. i just believe people don't understand because most people don't understand fiat = debt = inflation = more debt etc.

due to inflation it makes sense for both parties to have debt. the bank needs to have interest in order to not lose value and the creditor has an advantage of taking future money into the present

but with deflation it makes no sense beecause these forces are opposite.
[/quote]

It really is revolutionary isn't it? I think lending in some capacity will continue but not fractional reserve lending. Debt backed currency is an awful system.

[NEM minnow]

If bitcoin gets a huge market share, some government or large financial institution will find a way to make debts.  Maybe through colored coin bitcoins. 

[Trading]

You can rest assure that there will be debt and bitcoin fractional reserve lending.

There are already sites paying interest for bitcoin deposits and lending them.

And this might help saving the economy from deflation. Without debt, it would be hard to have high amounts of investment and without investment the economy is dead.

[CtrlAltBernanke420]

if it becomes like the major world currency, it will enrich the lives of about 3billion people, for the rest of us living off fiat, a lot of us in the middle will force us to be competitive and to live frugally, as there will be first world prices and 2nd world prices. 3 world will be mostly eliminated.

A handful, a few thousand, maybe 10,000 people will become wealthy from bitcoin, but nothing major. For some it will be major uber wealth, for the majority it will be one nice nest egg. for the rest it will be a currency and that depends on your skills, shit like being an electrical contractor, elevator repairman, certain 'skills' will enrich you, as long as you are active you should be okay,

However, once this current system implodes, a lot of very unskilled, unwise, unexamined people may perhaps vanish and no longer live. The government will be unable to help the populations. The populations will suffer, likely.

Wait until the darkwebs are used to secure food, or perhap ammos, etc etc.. Reputation will perhap determine if and or which level of existence you get.

It may not all be doom and gloom, the fact we might be able to add 3 billion people to global economy may just be the kick in the rear our economy needs right now to beat deflation, atleast for the next 10-25 years, and then at that point, bitcoin could be the main currency and much of the bubble economics we know today will be largely gone as the markets will operate based on exact numbers, speculation might become a thing of the past, eliminating the need for greed, fear, etc to drive the markets. No more animal spirits. <-- that sounds like a great idea, animal spirits, who in the fuck thought of that!

Bitcoin is math based protocol, it was sent here from the heavens to be apart of the shift of 2012... Idk now im ranting and connecting invisible dots, but somewhere in the middle of all that is the answer to what i think is going to happen.

 

[cccarnation]

If bitcoin goes mainstream will it continue to reflect our interests? We aren't a big group.

"our interests" ?
I don't think my interests fit in with the normal users of this sub these days...

[picolo]

Debt is a form of slavery. It will be great to see it die a slow death.


I agree and i think its fine to not have debt. its just a result of the structure of bitcoin. i just believe people don't understand because most people don't understand fiat = debt = inflation = more debt etc.

due to inflation it makes sense for both parties to have debt. the bank needs to have interest in order to not lose value and the creditor has an advantage of taking future money into the present

but with deflation it makes no sense beecause these forces are opposite.


It really is revolutionary isn't it? I think lending in some capacity will continue but not fractional reserve lending. Debt backed currency is an awful system.

Lending is not a problem if it happens freely and the responsability is in the hands of the borrower and the lender

[Nawaytes]

Bitcoin has grown old, even managed to fall, Bitcoin prices rise again. bictoin never goes mainstream.

[Trading]

It seems that even central bankers are starting to believe that bitcoin may become the premier form of money: http://www.coindesk.com/new-zealand-central-banker-cryptocurrencies-supplant-cash/

Actually, bitcoin already is the premier form of money, most people just don't know how to use it yet.

This doesn't mean that the volatility isn't a problem. It's a serious problem that, as I wrote in the first post, won't go away for years, even if it might be slowly reduced. Anyone jumping in on the wrong moment can lose up to 90% of its capital, at least for some months, until bitcoin starts going up again.

[Beliathon]

Care to elaborate? I am curious how bit coin could make us less free. Anything that takes power from governments and gives it to the people makes us all more free.

Freedom is a completely abstract notion. You are technically taking power away from the government by promoting Bitcoin, however you are in turn giving power to a select handful of people who have large holdings of coins.

You've got it all wrong - there is nothing abstract about this situation. Freedom ultimately comes down from freedom from violence and coercive force.

Nation-state governments back the value of their money with violence and deception. Bitcoin's value is backed in reason, truth, mathematics.

By taking away the power of money from governments and giving it to Bitcoin (or any sovereign crypto), you are quite literally making the world a less violent, more reasonable place.

Understand?

[picolo]

Care to elaborate? I am curious how bit coin could make us less free. Anything that takes power from governments and gives it to the people makes us all more free.

Freedom is a completely abstract notion. You are technically taking power away from the government by promoting Bitcoin, however you are in turn giving power to a select handful of people who have large holdings of coins.

You've got it all wrong - there is nothing abstract about this situation. Freedom ultimately comes down from freedom from violence and coercive force.

Nation-state governments back the value of their money with violence and deception. Bitcoin's value is backed in reason, truth, mathematics.

By taking away the power of money from governments and giving it to Bitcoin (or any sovereign crypto), you are quite literally making the world a less violent, more reasonable place.

Understand?

Bitcoin is also a very usefull technology in the sense that it is a worldwide currency with low fees, irreversability and no risks of too many bitcoins being created

[jubalix]

big error

takeing away the inefficient in the current Government/Banking/exclusion by state licensing via higher "education" system, will see the biggest liberate of wealth ever.

[IIOII]

Nation-state governments back the value of their money with violence and deception. Bitcoin's value is backed in reason, truth, mathematics.

True.

By taking away the power of money from governments and giving it to Bitcoin (or any sovereign crypto), you are quite literally making the world a less violent, more reasonable place.

True regarding violence from governments. But people will still use violence in competing against each other - for example to obtain wealth (= Bitcoin).

Bitcoin going mainstream will harm all those who do not adapt to changing rules by holding on to fiat. But that is something I would call "general risk of life, because similar risks exist in many realms of life. During the course of your life you have to adapt to changing conditions multiple times. In the longterm however there is no harm, because all transactions happen in bitcoin and all people will use it.

[Trading]

Another central bank official (irish) admits that bitcoin may create problems on tax collection, central bank monetary policy, regulation and economic analysis: http://www.coindesk.com/irish-central-banker-envisions-hybrid-bitcoin-fiat-future/

[Mightycoin]

Just give me a one definite example or clue that the bitcoin will replace fiats,I just take it as a topic of fantasy

[Bigbear8]

 I think it'll be mainstream if merchants like amazon and ebay accept it along with many more and various  shops around the globe. It has started getting on track...but slowly.

[homm88]

Everyone knows whats going on out there. Bitcoin is already ruling over the world. New world=New law. 

[Trading]

The Bank of England arrives at the same conclusions about the problems that bitcoin can create to public monetary policy it it goes mainstream and the negative consequences that a deflationary currency could have on the Economy:
http://www.coindesk.com/bank-of-england-bitcoin-disrupt-monetary-policy/

And Russia seems to be considering a ban on bitcoin:
http://www.cryptocoinsnews.com/russia-plans-bitcoin-ban-2015/

As usual, cryptocoinsnews mixes news and opinion. And seems to take seriously the stated reason for the eventual ban: the use of bitcoin for illegal activities. However, clearly, Russia is concerned with the competition between bitcoin and the ruble. And it has good reasons for that.

As stated in the OP, States with weak currencies (because of inflation and/or precedents of rupture) will be the first to have problems with bitcoin similar to the problems they have with foreigner hard currencies (Zimbabwe and Ecuador already don't have national currency and use foreigner currencies, mainly the US dollar). Their citizens prefer to buy foreigner fiat than having the national currency. Therefore, we should expect the first bans or heavy regulation on these States (already, Ecuador, Bolivia) and, also, it's precisely on these countries that we should see more general adoption.

As long as we see stable fiat currencies on western economies, we shouldn't expect to see general adoption of bitcoin there. But that might slowly happen in countries with problematic currencies, even if most of its people still prefer to keep hard fiat currencies, because of limited knowledge or bitcoin volatility.

Of course, a positive volatility will help a lot. It's possible that 2014 will be a very negative year to bitcoin, with even lower prices ahead. But in that case, it is to be expected that 2015 will be an extraordinary year. That will bring many new users.

[Mudd]

Just give me a one definite example or clue that the bitcoin will replace fiats,I just take it as a topic of fantasy

What do you mean? There's no evidence of it happening yet because it hasn't happened, but it could replace a smaller countries fiat in the future, especially if it collapses.

[Rub3n]

Check out www.arnhembitcoinstad.nl. Its a city that has a group of ppl that try to explain and set up BTC support for everyone. Just scroll down on the site and check out the map, they are doing a great job.
Now imagine, all medium/large city's like this, only untill then, it can go mainstream. It takes more then just online company's to support it.