It's over for now
But the topic should remain open for a few months whistle
http://in.reuters.com/article/2013/10/16/us-markets-global-idINBRE96S00E20131016
Topic: Be Honest- who hopes the USA defaults so BTC skyrockets? - page 2. (Read 4306 times)
It appears that there are many assumptions going on here, and to be honest I'm not certain exactly what the consequences of a default would be, but some posts here assume that a Government default is the same as the US Dollar collapsing.
These are two very different events, with very different ramifications.
The US Government defaulting would most likely cause as huge decrease in value of the US Dollar, but that in itself is not a complete collapse of the currency. The default would cause interest rates on the US Debt to increase, probably to the point where the US would not be able to pay all its debts which would eventually result in a collapse of the dollar, since the Federal Reserve would simply print more and more currency. (they are already doing that at the rate of $800 Billion a month).
The US Dollar collapsing completely is a far more significant situation, with far reaching ramifications. If you've followed other country's currency collapse, typically they issue a new currency, with some buy back of the old currency at some % of value towards the new currency. The problem is that the US Dollar is the world trade currency, and most other FIAT currencies are valued off the US Dollar. So this would be a world affecting event, extremely bad for all countries involved. (I am certain that the world banking organization, WBO, already has plans in place for handling this situation, and I guarantee bitcoin isn't going to be part of that plan).
I believe that something like BTC, which is not controlled by any government is eventually the proper way to go. But there isn't currently, and never will be, nearly enough BTC in circulation. Not to mention that making BTC valid currency for world trade would make a lot of ppl on here insanely wealthy, which the WBO will not allow.
These are two very different events, with very different ramifications.
The US Government defaulting would most likely cause as huge decrease in value of the US Dollar, but that in itself is not a complete collapse of the currency. The default would cause interest rates on the US Debt to increase, probably to the point where the US would not be able to pay all its debts which would eventually result in a collapse of the dollar, since the Federal Reserve would simply print more and more currency. (they are already doing that at the rate of $800 Billion a month).
The US Dollar collapsing completely is a far more significant situation, with far reaching ramifications. If you've followed other country's currency collapse, typically they issue a new currency, with some buy back of the old currency at some % of value towards the new currency. The problem is that the US Dollar is the world trade currency, and most other FIAT currencies are valued off the US Dollar. So this would be a world affecting event, extremely bad for all countries involved. (I am certain that the world banking organization, WBO, already has plans in place for handling this situation, and I guarantee bitcoin isn't going to be part of that plan).
I believe that something like BTC, which is not controlled by any government is eventually the proper way to go. But there isn't currently, and never will be, nearly enough BTC in circulation. Not to mention that making BTC valid currency for world trade would make a lot of ppl on here insanely wealthy, which the WBO will not allow.
I can't wait to see USA burn. The more you know about this country, the more you realize how hopelessly F***ed up it is.
What the price of bitcoin does is secondary to me.
What the price of bitcoin does is secondary to me.
+1 ecactly that
i dont hate America, its a beatiful country. but their politics really sucks
True that, while the US and UK govs need to up there game, it also has to be with help from these tax loophole country's. Good to see this today: http://www.bbc.co.uk/news/business-24542794
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It's jusst a pity that it won't make a bind bit of differencce as they'll just nominate Bermuda or Cayman Islands or somewhere else with 0% rate instead.
The only thing this will do is make them think twice about it. By that i mean the corporations and other governments and durastictions. It may begin the long slow process of tightening the net.. but unless you get all countries to agree on taxation, there will always be somewhere for them to go.
On topic, I think they should default but whether right now is the time I don't know. But their debt is rising at an alarming rate and at some point you have to say "enough is enough" and actually do something about it.
It utterly amazes me how a country cant get something as simple as balancing how much it spends and how much income it gets from taxes. Sure it's done on a huge scale, but mega corporations do their accounts and seem to make profits.
Speaking of corporations making profits, its about time that the USA and other countries like the UK really get to grips with these big companies that are avoiding paying their fair share of taxes by jumping through hoops and exploiting loopholes.
It utterly amazes me how a country cant get something as simple as balancing how much it spends and how much income it gets from taxes. Sure it's done on a huge scale, but mega corporations do their accounts and seem to make profits.
Speaking of corporations making profits, its about time that the USA and other countries like the UK really get to grips with these big companies that are avoiding paying their fair share of taxes by jumping through hoops and exploiting loopholes.
Completely agree. I think a default would be a serious wake up call and the event to initiate change.
True, but most company's don't blow billions on wars and secret research and on spying on its employees, etc. Plus companys books are audited so eventually they will come unstuck. Who audits the government's books, another government department? Or a ratings agency...the same ones that told us 10,000 sub prime mortgages where AAA!
True that, while the US and UK govs need to up there game, it also has to be with help from these tax loophole country's. Good to see this today: http://www.bbc.co.uk/news/business-24542794
On topic, I think they should default but whether right now is the time I don't know. But their debt is rising at an alarming rate and at some point you have to say "enough is enough" and actually do something about it.
It utterly amazes me how a country cant get something as simple as balancing how much it spends and how much income it gets from taxes. Sure it's done on a huge scale, but mega corporations do their accounts and seem to make profits.
Speaking of corporations making profits, its about time that the USA and other countries like the UK really get to grips with these big companies that are avoiding paying their fair share of taxes by jumping through hoops and exploiting loopholes.
It utterly amazes me how a country cant get something as simple as balancing how much it spends and how much income it gets from taxes. Sure it's done on a huge scale, but mega corporations do their accounts and seem to make profits.
Speaking of corporations making profits, its about time that the USA and other countries like the UK really get to grips with these big companies that are avoiding paying their fair share of taxes by jumping through hoops and exploiting loopholes.
In a post apocalyptic country, maybe those Monsanto GM crops won't be so bad after all 
Not funny.
Whats wrong with being reliant on a mega corporation bent on profit at all costs?
Like 99% of Americans and the Government then?
The more you know about this country, the more you realize how hopelessly F***ed up it is.
Unless your an American, in which case you just want things to continue on the way the are. (Or so is the consensus I get from posts on here)
All aboard the gravy train, whoop whoop!!!!
I can't wait to see USA burn. The more you know about this country, the more you realize how hopelessly F***ed up it is.
What the price of bitcoin does is secondary to me.
What the price of bitcoin does is secondary to me.
In a post apocalyptic country, maybe those Monsanto GM crops won't be so bad after all
Not funny.
Whats wrong with being reliant on a mega corporation bent on profit at all costs? Also there is certainly nothing wrong with using crops that are infertile or that you legally can't harvest the seeds from for next year without a lawsuit.
/sarcasm
FU OP. Semi-Retired here, depend on that Social Security.
And I contributed for 20 years u young punx.
And I contributed for 20 years u young punx.
The difference between you and the younger generation: the younger generation knows they will not recieve the benefit they paid for, but your generation still expects to recieve it. How does it feel to be on the wrong end of the greatest ponzi scheme ever concocted?
wasn't bitcoin created because of big crisis's and incompetence of governments? Nothing surprising in expecting that people who invested in bitcoin wants governments to not stop their behaviour.
In a post apocalyptic country, maybe those Monsanto GM crops won't be so bad after all
Not funny, in my opinion.
FTFY
In a post apocalyptic country, maybe those Monsanto GM crops won't be so bad after all
Not funny.
Guys the Tea Party Idiots gave in obamacare is coming, the crisis is more or less resolved because the troublemakers lost credibility.
They gonna raise the debt ceiling and have another war after Obamas term is over and a new mainline republican president is in office.
You REALLY believe this?They gonna raise the debt ceiling and have another war after Obamas term is over and a new mainline republican president is in office.
I think we won't know for sure until at least 6:00 PM on Wednesday. due to how Senate rules work.If Senator Ted Cruz has his way and the tea party in the House forcing Boehner's hand all the time[Hastert rule] it is very likely there will be a US default and the House GOP loosing a House that was Gerrymandered just for them come the next election.A lot of people aren't saying it but their fuming about this concerning the Republicans.
Well, first there isn't a fixed deadline, the 17th is just an estimation, with some safety margin. Estimations without the margins are somewhere around the 22nd, 23d, 24nd.
Second, you'd be surprised how many people will switch camps when it is about actually winning an election.
Oh, I make no secret of wanting the US to default. However, the reason isn't because i want to see the BTC price rise.
The whole American economic and monetary model is broken. Artificially inflated by Bernakes reckless and relentless printing of billions of dollars a month. Little to no clue as to what Wall St is up to and 17.5 Trillion+ in Debt...and you want this gravy train to keep on rolling?
It has come to the point where this tincan can no longer continue being kicked down the road.
While the global financial fallout from a default would be big, complete lose of faith in the dollar isn't the be all and end all. The British Pound, and to some small degree the Euro, Yuan and Yen could all be used as viable alternatives. Regardless though, a US default is the only way we are ever going to see a change!
This event is inevitable imho. Maybe this default will be averted until February, but what happens then, raise the debt ceiling again and just continue doing that and printing more money to buy your own bonds to keep the market afloat? Why not lobby to just completely remove it now if your so happy for the current system to continue on the way it is?
To believe that Bitcoin will one day become a powerhouse in the world of global finance and revolutionize the way the world transacts with each other, then you can't seriously believe that averting a default is the best course of action to bring about this change? Especially when the biggest opponent to BTC right now is the US!
From the sites I frequent, there has definitely been a noticeable rise in the number of Americans going 'back to basics'. Many have seen that this is coming and have become a lot more self sustainable. If your so worried about food shortages maybe this is an option you should explore?
In a post apocalyptic country, maybe those Monsanto GM crops won't be so bad after all
The whole American economic and monetary model is broken. Artificially inflated by Bernakes reckless and relentless printing of billions of dollars a month. Little to no clue as to what Wall St is up to and 17.5 Trillion+ in Debt...and you want this gravy train to keep on rolling?
It has come to the point where this tincan can no longer continue being kicked down the road.
While the global financial fallout from a default would be big, complete lose of faith in the dollar isn't the be all and end all. The British Pound, and to some small degree the Euro, Yuan and Yen could all be used as viable alternatives. Regardless though, a US default is the only way we are ever going to see a change!
This event is inevitable imho. Maybe this default will be averted until February, but what happens then, raise the debt ceiling again and just continue doing that and printing more money to buy your own bonds to keep the market afloat? Why not lobby to just completely remove it now if your so happy for the current system to continue on the way it is?
To believe that Bitcoin will one day become a powerhouse in the world of global finance and revolutionize the way the world transacts with each other, then you can't seriously believe that averting a default is the best course of action to bring about this change? Especially when the biggest opponent to BTC right now is the US!
From the sites I frequent, there has definitely been a noticeable rise in the number of Americans going 'back to basics'. Many have seen that this is coming and have become a lot more self sustainable. If your so worried about food shortages maybe this is an option you should explore?
In a post apocalyptic country, maybe those Monsanto GM crops won't be so bad after all
I hope it defaults now, because the alternative is a multi-year long slide into totalitarianism, complete with concentration camps.
That's why the world is fucked up. Because many are willing to trade their fellow for profit.
Oh really? Hoping that some diabetic dude living in a trailer in US gets even poorer so bitcoin price will rise. What a waste of brain matter on economics and all since a 10 yr old kid can see that we have sufficient resources for everyone but egocentrically managed. Some too poor, some too rich.
Careful what you wish for and what toys you play with.
Oh really? Hoping that some diabetic dude living in a trailer in US gets even poorer so bitcoin price will rise. What a waste of brain matter on economics and all since a 10 yr old kid can see that we have sufficient resources for everyone but egocentrically managed. Some too poor, some too rich.
Careful what you wish for and what toys you play with.
Anyone who voted yes doesn't even begin to realize the consequences of a default. Trust me, you wouldn't even care what happens to BTC because it would be absolute chaos.
I wonder if this is actually true. It seems like since 2008 the world has been gradually getting used to the idea that America is not the 'center of all things' anymore. I'm sure it would be drastic, but I wonder how drastic- after all it's not like Greece where they actually just don't have the money, but more like we were CHOOSING not to pay our bills. I think plenty of people would realise eventually we would cover our debts just a matter of time for the politicians to get it right.
I think this is the area for which it would be good for bitcoin, as at least a few years ago, we were still talking about how we wanted a money free from politicians stupidity.
Anyway, Encrypted Money Baby!
FU OP. Semi-Retired here, depend on that Social Security.
And I contributed for 20 years u young punx.
And I contributed for 20 years u young punx.
In before those young whipper snappers
Except that darn youngun elwar XD
As for the OP, take into account how many BTC you have right now. The bottom will drop out and you will be relying upon your current Bitcoin net worth to live on. That Bitcoin will buy just about what you can buy now with Bitcoin no matter what the value of the dollar is. A loaf of bread per Bitcoin will still be worth the same loaf of bread per Bitcoin price even if Bitcoin is worth $1,000 and the bread costs $50.
The only benefit is if you are in debt. You will be able to pay off your house and other debt with a few BTC. Your income will be shit.
The only benefit is if you are in debt. You will be able to pay off your house and other debt with a few BTC. Your income will be shit.
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