A country that embraces bitcoin early will have a lot of rich people later - page 2.

theta

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Quote from: dan123 on December 18, 2013, 11:49:07 AM

Take this case.
Rich country A buys $2 Billion in Bitcoin (Or how every much). Gives $1 Billion to poor small country B.
Country B announces that Bitcoin is it's official currency.
This $1 Billion is now 10 to $100 Billion because of the news.

Rich County A who kept the $1 Billion in bitcoin just did some legal insider trading and made a ton of money.

Then poor country B is bankrupt because they won't be able to afford to pay for their obligations that will have skyrocketed in real terms compared to the country's GDP and therefore tax revenue.

dan123

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Take this case.
Rich country A buys $2 Billion in Bitcoin (Or how every much). Gives $1 Billion to poor small country B.
Country B announces that Bitcoin is it's official currency.
This $1 Billion is now 10 to $100 Billion because of the news.

Rich County A who kept the $1 Billion in bitcoin just did some legal insider trading and made a ton of money.

poblico

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Quote from: Lethn on December 18, 2013, 04:36:33 AM

Oh no the 'trickle down' economists have arrived.

He has a point though first country to use will have its citizens stock up on bitcoin.

Siegfried

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Quote from: beetcoin on December 18, 2013, 04:51:36 AM

that or they could end up losing a lot of money. it's high risk and high reward.. you forgot to mention the other side of the coin.

That's why is makes sense for a resource-rich country like UAE or Qatar to do this, because they will always be wealthy from oil no matter what happens to bitcoin. Or a country which is already in dire fiscal straits, like Greece, which really has nothing to lose.

PGPpfKkx

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i was actually thinking of a day that a ruined country like idk syria makes bitcoin their official currency. that would get things crazy

the only prob is that everyone will need a pc for that .. maybe some other way... Huh

crazy_rabbit

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RUM AND CARROTS: A PIRATE LIFE FOR ME

Denmark seems to have embraced it!

beetcoin

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that or they could end up losing a lot of money. it's high risk and high reward.. you forgot to mention the other side of the coin.

Lethn

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Oh no the 'trickle down' economists have arrived.

Paladin69

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Quote from: dan123 on December 18, 2013, 03:54:09 AM

All it takes is a couple of countries to realize this for bitcoin to really take off. Yeah it might be hard to tax now, but you'll eventually get some of it taxed and there will be a trickle down effect on the economy.

You mean a trickle down effect for Government employees.

dan123

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All it takes is a couple of countries to realize this for bitcoin to really take off. Yeah it might be hard to tax now, but you'll eventually get some of it taxed and there will be a trickle down effect on the economy.

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