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Problem: Bitcoin credit with Bitcoin interest rates
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Topic: Problem: Bitcoin credit with Bitcoin interest rates (Read 891 times)
mz
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Problem: Bitcoin credit with Bitcoin interest rates
July 04, 2012, 07:22:49 PM
#1
I was wondering if there is a simple answer:
If I would need Bitcoins and therefore take out a loan of of 100 Bitcoins with an interest rate of 10% per annum, I would have to pay back 110 Bitcoins after 12 months. Ok. But as far as I know as Newbie, there will not be more than 21 Mio. Bitcoins in a few years. May be I can pay back my 110 Bitcoin credit including interest rates. But if there are in future many many credit users in the future - how can all this credit users pay back their credits including interest rates if there will remain this 21 Mio Bitcoin Limit? Example: If 10 Mio. Bitcoins are lent and the last 11 Mio Bitcoins are not availlable for financial business there will be needed 1 Mio ADDITIONAL Bitcoins! Where will this 1 Mio Bitcoins come from?
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drakahn
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Re: Problem: Bitcoin credit with Bitcoin interest rates
July 04, 2012, 07:35:56 PM
#2
simplyfy... there are 5 people and 10 coins
5 people have 2 coins each
Adam buys socks from Betty for 2 btc
Craig borrows 2 from Darren at 10% and also buys socks from Betty
Betty sells 4 to Ernie for USD
Ernie loses 3 btc on Craigs gambling site
Craig pays back debt
Adam has 0 and socks
Craig has 1.8 and socks
Betty has 2 and USD
Darren has 2.2
Ernie has 3
As long as there are socks, we'll be right.
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
RHA
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Re: Problem: Bitcoin credit with Bitcoin interest rates
July 04, 2012, 10:52:10 PM
#3
Don't worry. No one suppose all loanees (credit users) to return lent Bitcoins at once, in the same moment of time.
Part of them will return the Bitcoins earlier and the other will return later. To return later they will have to buy the Bitcoins from lenders, who will have Bitcoins from the first loanees.
Another possibility is to pay in rates - earlier rates go the circulation (market) and you get them (buy or earn) again to pay next rates.
mz
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Re: Problem: Bitcoin credit with Bitcoin interest rates
July 05, 2012, 07:43:47 AM
#4
@ drahahn:
sure, if there would be a better world with an equal initial position for all market players and always balanced businesses. But this wont be so. Most likely some people and organizations will own pretty much Bitcoins and many will not own any Bitcoins.
And there will be most likely a bank system and private loans from very (bitcoin-) rich to the (bitcoin-) poor. And there will be a significant amount of interest to pay but where to take from? I think all over the world today with normal money this problem is solved with inflation (money printing and loss in value of money). But this impossible with Bitcoin.
May be a solution is the simultaneously use of Dollar, Euro ... (I'm not sure). But this means: Bitcoin system depends on the existence of regular, traditional money.
@ RHA:
"To return later they will have to buy the Bitcoins from lenders, who will have Bitcoins from the first loanees." Ok. but if the lender don't sell the Bitcoins and only lend this? Then you have to lend additionally Bitcoins to pay the Bitcoin interest rates - and next year there are more Bitcoins you don't havo for paying back.
"Another possibility is to pay in rates - earlier rates go the circulation (market) and you get them (buy or earn) again to pay next rates."
Ok, and if the lender don't sell the Bitcoins ...
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