Bitcoin Burning of Money - page 4. | Bitcointalksearch.org

olubams

hero member

Activity: 798

Merit: 503

Quote from: Theb on October 23, 2017, 11:47:57 AM

It is the first time I am hearing the term "burning of money" in economics which I suspect that CNBC just created the term in order to have a news article or something. It is something common now in which they will put up a so-called economist for an interview about what their views on something in an economical standpoint. Of course these kinds of news affects the price of Bitcoin negatively as it makes people sell or makes gives the players a catalysts to take profit.

It would be better if OP could put the link of the news for everyone to understand the context in which the term is being used rather than speculation which quite a number of people are doing here. Quite a number of people might be taking it literally which is obviously not the case here. I have also not heard about the term before in economic sense but would appreciate to add to my knowledge base via the link if provided.

Theb

hero member

Activity: 1680

Merit: 655

It is the first time I am hearing the term "burning of money" in economics which I suspect that CNBC just created the term in order to have a news article or something. It is something common now in which they will put up a so-called economist for an interview about what their views on something in an economical standpoint. Of course these kinds of news affects the price of Bitcoin negatively as it makes people sell or makes gives the players a catalysts to take profit.

pereira4

legendary

Activity: 1610

Merit: 1183

For me, burning money is having it in a bank doing nothing as you slowly lose purchasing power over the years. Just look at how much purchasing power fiat currencies have lost in the past decades due inflation and negative interest rates.

It's pretty stupid to leave your money in the bank, and bitcoin is becoming a solid hedge to increase your purchasing power. Forget about the bureaucrats and enjoy the ride to the moon.

amaral1977

sr. member

Activity: 686

Merit: 250

Quote from: allthingsluxury on October 23, 2017, 11:13:41 AM

Quote from: whisee on October 23, 2017, 05:36:33 AM

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand it

So what do you think about tha

Ask yourself this, when were the pundits on CNBC right about anything important? The dot com bubble? The 2008 housing crisis? Enron? Nope, nope, nope. Ignore them, you will improve your health.

This is exactly my thoughts. Around the world the same economists experts that didn´t see the Dot.com, the housing crises, that would advise clientes to go with MADDOF, that endorsed Goldman sachs while they were hidding many countries public debts and so on are the same ones who still advising on TV. this time against BTC. They can be right or wrong, we don´t know , all we know is that they are very incompetente:)

allthingsluxury

legendary

Activity: 1540

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Quote from: whisee on October 23, 2017, 05:36:33 AM

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand it

So what do you think about tha

Ask yourself this, when were the pundits on CNBC right about anything important? The dot com bubble? The 2008 housing crisis? Enron? Nope, nope, nope. Ignore them, you will improve your health.

andrew24p

sr. member

Activity: 378

Merit: 250

I dont really understand the context of the statement, but I would imagine they are saying its like pulling money out of the economy, but thats not true, its like trading two currencies.

13abyknight

sr. member

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Merit: 252

Quote from: whisee on October 23, 2017, 05:36:33 AM

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand it

So what do you think about tha

I believe this is coming from the view that more common people are investing in digital currencies and using it further for other trading purposes. At this rate, fiat could become overvalued all of a sudden and usage of digital payment systems even for micro-trades could become a possibility. This causes a situation where a government's own money starts slipping out of their hands and they can do nothing about it (other than taxing cryptocurrencies which would be chaotic)

junoreactor

full member

Activity: 196

Merit: 109

Quote from: whisee on October 23, 2017, 05:36:33 AM

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand it

So what do you think about tha

Then we are talking about very long term IMO.
I don't know. Fiat money will survive for a very long while, I cannot picture a world with only cryptos. The average Joe will shop with his dollars, or euros, or yen, you name it. Bitcoin however will be very convenient to buy cars, houses, etc.

Lancusters

sr. member

Activity: 630

Merit: 263

It really seems to be true. The US government has the world's largest public debt. About 20 trillion. If all who have dollars will present them for payment then America will be bankrupt. It is logical to assume that bitcoin will collect all those dollars and then go bankrupt. It is possible that bitcoin was invented and implemented by us intelligence agencies.

whisee

full member

Activity: 294

Merit: 102

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand it

So what do you think about tha

Topic: Bitcoin Burning of Money - page 4. (Read 933 times)