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Theb

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Quote from: DashingAgent on March 02, 2021, 02:39:05 AM

If banks are disabled to transfer money then rest of the world will not find any other solution to transfer their money in the US except using Bitcoin or USDC/USDT, to buy USDT or USDC they will be forced to create their own cryptocurrency because they would need to pay much more if they do not create their own currency or stable coin. It is because if you buy crypto like USDC with fiat, you pay $120 or more to buy $100 worth of cryptocurrency or stable coin so they will be forced to create their own.

This isn't true, in our world today we don't only have bank transfers and crypto wallets as means of sending and receiving cash. Since even before Bitcoin was invented there other businesses such as remittance centers like Western Union which is a good alternative for banks during that time, I believe this was the preferred option by friends and relatives who want to send money overseas. Other than remittance centers there are now wallets apps from big companies like Samsung and Apple and also Paypal which also have a global presence with their service so if you are thinking that bank transfers being banned theoretically will boost the price of Bitcoin then think again because there is a lot of alternatives that will come in mind first for these people rather than seeking cryptocurrencies as a alternative.

DashingAgent

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If banks are disabled to transfer money then rest of the world will not find any other solution to transfer their money in the US except using Bitcoin or USDC/USDT, to buy USDT or USDC they will be forced to create their own cryptocurrency because they would need to pay much more if they do not create their own currency or stable coin. It is because if you buy crypto like USDC with fiat, you pay $120 or more to buy $100 worth of cryptocurrency or stable coin so they will be forced to create their own.

Quote from: avikz on March 01, 2021, 01:21:01 PM

Quote from: DashingAgent on February 28, 2021, 10:51:21 AM

If the US disable bank transfers then all other region will be forced...

If the US disable bank transfers then all other region will be forced to create its cryptocurrency or stablecoin as because the transfers will only be done using cryptocurrency. It will sky-rocket the price of Bitcoin. Do you think it will happen?

What is the context? Creating a cryptocurrency or a stablecoin is actually easier said than done! Why US will disable bank accounts?

If I assume that USA disables bank accounts or bring in absolute vigilance for whatsoever reasons, Bitcoin price will definitely appreciate because bitcoin's demand will be increased. That's simple math! But I still would like to know the context!

roosbit

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Quote from: DashingAgent on February 28, 2021, 10:51:21 AM

If the US disable bank transfers then all other region will be forced...

If the US disable bank transfers then all other region will be forced to create its cryptocurrency or stablecoin as because the transfers will only be done using cryptocurrency. It will sky-rocket the price of Bitcoin. Do you think it will happen?

Just the imagination itself paints an impossible picture! How does a working government with technocrats arrive at such a decision ?come on people this is not possible and why should the USA be seen to be the people to dictate what must and mustnt go???

These are some of the reasons that have given birth to the satoshis of this world because they understood centralization doesn't work in favour of everyone.

stomachgrowls

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Quote from: AB de Royse777 on February 28, 2021, 02:38:25 PM

Quote from: DashingAgent on February 28, 2021, 10:51:21 AM

If the US disable bank transfers then all other region will be forced..

I wonder is US the country who are the governor of the rest of the countries in the world? There are China, Russia, India, Australia, UK. US is not the world.

PS: There were no need for such huge font formatting.

Why people do always have that kind of perception towards US? Where it seems that it is only the place where everyone should really be relying upon or dependent on it without

even realizing or thinking wayback that this doesnt only circulate nor talks about a single country basing off on numbers then its really easy to presume out that this wont be a problem
just in case.

I dont even believe that bank transfers would be disabled would be on that easy manner.If it happens then its either on other countries government if they would be following or not.

avikz

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Quote from: DashingAgent on February 28, 2021, 10:51:21 AM

If the US disable bank transfers then all other region will be forced...

If the US disable bank transfers then all other region will be forced to create its cryptocurrency or stablecoin as because the transfers will only be done using cryptocurrency. It will sky-rocket the price of Bitcoin. Do you think it will happen?

What is the context? Creating a cryptocurrency or a stablecoin is actually easier said than done! Why US will disable bank accounts?

If I assume that USA disables bank accounts or bring in absolute vigilance for whatsoever reasons, Bitcoin price will definitely appreciate because bitcoin's demand will be increased. That's simple math! But I still would like to know the context!

palle11

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Quote from: DashingAgent on February 28, 2021, 10:51:21 AM

If the US disable bank transfers then all other region will be forced...

If the US disable bank transfers then all other region will be forced to create its cryptocurrency or stablecoin as because the transfers will only be done using cryptocurrency. It will sky-rocket the price of Bitcoin. Do you think it will happen?

I don't think that will cause other regions to follow such. If US disable there bank service to customers, it won't matter because that is just the policy of there government and not a world order or rule, so it won't be mandatory to follow them in there own policy. Cryptocurrency is a freedom to people to use for convenient and not a force and no government can force it on the other.

tbct_mt2

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Quote from: DashingAgent on February 28, 2021, 10:51:21 AM

If the US disable bank transfers then all other region will be forced to create its cryptocurrency or stablecoin as because the transfers will only be done using cryptocurrency. It will sky-rocket the price of Bitcoin. Do you think it will happen?

What did make you think of this?

Disable all bank transafers is impossible and unrealistic step. Governments can ask central banks to disable, freeze bank accounts that have any crypto related activities. There is no convincing reasons to disable, freeze or ban accounts that don't have any crypto tradings.

Bank transfers can gradually switch from fiat transfers to CBDC transfers but they will exist in human civilization.

The day when people only use cryptocurrency is far ahead and might never come. I see the benefits for the co existence of fiats, CBDCs and cryptocurrencies.

mk4

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Paldo.io 🤖

Quote from: DashingAgent on February 28, 2021, 12:43:50 PM

Disabling bank transfers for some time won't stop to trade or buy sell anything with usdc. If banks are disabled to transfer money then payments apps can do nothing

It depends if you meant bank transfers being disabled for literally everyone, or if it's disabled only for retail. because you do realize that centralized stablecoins like USDT and USDC also heavily relies on banks right? And their valuation pegs(and the trust that people give it) might end up being be shaky if their banking would be affected.

AB de Royse777

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Quote from: DashingAgent on February 28, 2021, 10:51:21 AM

If the US disable bank transfers then all other region will be forced..

I wonder is US the country who are the governor of the rest of the countries in the world? There are China, Russia, India, Australia, UK. US is not the world.

PS: There were no need for such huge font formatting.

konflikkastil

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We really need to get some thing straight, USA is a states on her own. And I do not see why what USA done to their banks has to do with other countries, though they have claimed to be the world leader now, but the truth of the matter is that every country is on their own. Do you think USA will disable their banking system because of the adoption of cryptocurrency? That's not going to ever happen. Though USA economy has a major role to play in determining the price of btc which we all know. I heard of what happened in Nigeria where the apex bank instructed all the banks to closed all accounts relating to cryptocurrencies. Does that has any effect on btc or other coin? No, because this blockchain is never run or depends on any banking system.

DashingAgent

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So many books, so little time

Disabling bank transfers for some time won't stop to trade or buy sell anything with usdc. If banks are disabled to transfer money then payments apps can do nothing.

Quote from: ?? on ??

Quote from: DashingAgent on February 28, 2021, 10:51:21 AM

If the US disable bank transfers then all other region will be forced...

If the US disable bank transfers then all other region will be forced to create its cryptocurrency or stablecoin as because the transfers will only be done using cryptocurrency. It will sky-rocket the price of Bitcoin. Do you think it will happen?

I think you are getting this all wrong; If USA likes, they should disable all banks; they would be the one to suffer for it because economics is not based on try and error. The world would not adopt bitcoin because USA disable banks.

An operational bitcoin is dependent on a willing sender, and a willing receiver; not some disable or sorts. It will not happen and USA would never sacrifice their heritage currency dollars for any coins. What is realistic is adoption of bitcoin

Theb

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We are talking about crypto related cash transactions here like what they did before in India and right now in Nigeria right? If that is just the case then I don't think it will have a ripple effect on other countries not unless it is some kind of summit of countries into an agreement on doing so as definitely the US Government even though has some kind of influence in other countries won't make an influence regarding this one. But if you are talking about bank transfers being disabled entirely I don't think it will happen as transfers of money is one of the basic elements of a banks purpose and without the transfer function then I don't think people will really need banks in the first place.

mk4

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If platforms such as Cash App, PayPal, and Venmo are also disabled, then sure, they'd probably try out cryptocurrencies. Not sure why regions would be forced to create their own cryptocurrencies though, it's not like they suddenly can't use their local currency and existing cryptocurrencies.

DashingAgent

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So many books, so little time

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