[2019-03-21] Blockchains Have Merit, But Cryptocurrencies Won’t Take Over - page 2.

cr1776

legendary

Activity: 4214

Merit: 1313

Quote from: bbc.reporter on March 20, 2019, 10:28:45 PM

...
According to IMF economist Antoine Bouveret and assistant director Vikram Haksar, virtual coins do not fulfill basic functions of money, such as being a store of value, means of exchange, and unit of account.
...

IMF and economist don't belong together. In fact most of the economists are just guessing anyway or serving their globalist masters who are scared to death that money outside their control (and portable) will thrive.

Harlot

hero member

Activity: 1806

Merit: 672

As far as I know the IMF and the World bank have a strict loan structure that only a few countries capable can even lend in them. That is why most under developed countries tend to borrow money from other countries. That is why we are seeing China as the number one suspect for doing "debt traps" in which the Chinese government knows that this under developed countries don't have the ability to pay that their main goal really is for them taking over their assets. So far the countries who fell victim recently are Uganda and Zambia.

riritsurya1202

jr. member

Activity: 89

Merit: 6

Quote from: Lucius on March 21, 2019, 06:10:56 AM

We should not underestimate the big players like IMF or World Bank, power is on their side and bitcoin is currently poses no threat for them.

Yep, they've made some countries gone from bad to worse. I'm not surprised they'll pull this act sooner or later. I still believe Bitcoin will survive if they start the crackdown. We've lots of tools to survive, VPN, etc.

Quote from: Wicarne on March 21, 2019, 06:15:09 AM

to be honest, I did not really understand what the essence of this news. And especially I do not believe in the growth of the market in the next 6 months. So we just have to wait..... Grin

In essence: IMF does not like Bitcoin.

Wicarne

newbie

Activity: 18

Merit: 0

to be honest, I did not really understand what the essence of this news. And especially I do not believe in the growth of the market in the next 6 months. So we just have to wait..... Grin

Lucius

legendary

Activity: 3234

Merit: 5637

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Quote from: bbc.reporter on March 20, 2019, 10:28:45 PM

In any case, this is what the IMF and the World Bank do. They lend 3rd world countries money, so much money that they know it will not have the ability to pay them back. Once this is achieved, they will have full control of that country's policies on governmental and financial matters. They will own that country.

What would occur if that country's citizens begin holding a currency which cannot be controlled? Who will have the last laugh?

This is how they work, and this is not nothing new. Money is one of the most powerful tools for IMF to control the world or to shape it as they wish, with the cooperation of the World Bank. It is almost the same situation when you as person need some money, and you can not just go to bank and get bank loan. You take money from people who have very high interest rates and they do not require any paper work. If you can not pay back what you take, they will own you and everything you have.

I am not sure that bitcoin can solve this problem, at least as far citizens are involved only. Governments could possibly switch to bitcoin, but I doubt they will do that (maybe some third world countries). We should not underestimate the big players like IMF or World Bank, power is on their side and bitcoin is currently poses no threat for them.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: figmentofmyass on March 21, 2019, 02:55:19 AM

bitcoin still has a very binary future---it's probably going to be worth quite a lot (millions of $$) if mass adoption happens, or otherwise very very little (~$0)

That made sense as a prudent statement in 2008 (when Satoshi said it), I'm not convinced it makes sense now. The tech has demonstrated how resilient it is, and how attractive that is. It's one big positive feedback loop, and it's difficult to see how that can be disrupted now.

Quote from: figmentofmyass on March 21, 2019, 02:55:19 AM

Quote

According to IMF economist Antoine Bouveret and assistant director Vikram Haksar, virtual coins do not fulfill basic functions of money, such as being a store of value, means of exchange, and unit of account.

give it 10-20 more years. Wink

No need. Bitcoin is objectively storing value, being exchanged in trade, and used as a unit of account today.

It's unstable in all those respects. All currencies are unstable in all those respects.

Bitcoin is less stable, but increasing in value; fiat currencies are more stable, but decreasing in value
Trade involving Bitcoin is increasing; trade involving fiat is declining (or at best static)
The number of people using Bitcoin to account for their wealth is increasing; price inflation in fiat denominated goods/services/assets implies that using fiat to account for wealth is in decline

It's difficult to see how Bitcoin's momentum can be stopped. The design was very carefully conceived precisely to make it difficult to stop, and attractive to users.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: bbc.reporter on March 20, 2019, 10:28:45 PM

In any case, this is what the IMF and the World Bank do. They lend 3rd world countries money, so much money that they know it will not have the ability to pay them back. Once this is achieved, they will have full control of that country's policies on governmental and financial matters. They will own that country.

What would occur if that country's citizens begin holding a currency which cannot be controlled? Who will have the last laugh?

it's a high risk/high reward bet. bitcoin still has a very binary future---it's probably going to be worth quite a lot (millions of $$) if mass adoption happens, or otherwise very very little (~$0). a government would be foolish to invest everything, but i think those governments/central banks that start building bitcoin reserves first will probably profit the most, and it could certainly have an effect on geopolitical affairs.

Quote

According to IMF economist Antoine Bouveret and assistant director Vikram Haksar, virtual coins do not fulfill basic functions of money, such as being a store of value, means of exchange, and unit of account.

give it 10-20 more years. Wink

bbc.reporter

legendary

Activity: 3010

Merit: 1460

They are spinning the issue to be suitable for their own goals.

In any case, this is what the IMF and the World Bank do. They lend 3rd world countries money, so much money that they know it will not have the ability to pay them back. Once this is achieved, they will have full control of that country's policies on governmental and financial matters. They will own that country.

What would occur if that country's citizens begin holding a currency which cannot be controlled? Who will have the last laugh?

The International Monetary Fund published a report on cryptocurrencies. Within the report titled ‘Back-to-Basics’, the Finance & Development experts explain some regular economic terms and concepts that readers encounter on a daily basis. The topic of cryptocurrency has become the first to be discussed by the Fund’s experts after a long hiatus.

In the report, the Fund attempted to provide a basic description of what cryptocurrencies are and how they function. However, it is hard to stay unbiased when it comes to the thorny concept of virtual money.

Even though we are nowhere near what could be considered mass adoption yet, digital assets are subjectively gaining in popularity. Many traditional financial institutions and tech companies are currently experimenting with blockchain technology and looking for ways to get engaged in the industry.

However, the International Monetary Fund officials are not on the same page in regards to the general excitement about this new budding concept of money. According to IMF economist Antoine Bouveret and assistant director Vikram Haksar, virtual coins do not fulfill basic functions of money, such as being a store of value, means of exchange, and unit of account.

Read in full https://beincrypto.com/imf-blockchains-have-merit-but-cryptocurrencies-wont-take-over/

IMF report https://www.imf.org/external/pubs/ft/fandd/2018/06/what-are-cryptocurrencies-like-bitcoin/basics.htm

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