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Topic: Bitcoin Burning of Money - page 4. (Read 973 times)

hero member
Activity: 798
Merit: 503
October 23, 2017, 10:56:33 AM
#10
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.
hero member
Activity: 1680
Merit: 655
October 23, 2017, 10:47:57 AM
#9
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.
legendary
Activity: 1610
Merit: 1183
October 23, 2017, 10:42:38 AM
#8
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.
sr. member
Activity: 686
Merit: 250
October 23, 2017, 10:29:24 AM
#7
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:)
legendary
Activity: 1540
Merit: 1029
October 23, 2017, 10:13:41 AM
#6
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.
sr. member
Activity: 378
Merit: 250
October 23, 2017, 08:07:25 AM
#5
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.
sr. member
Activity: 602
Merit: 252
October 23, 2017, 06:38:30 AM
#4
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)
full member
Activity: 196
Merit: 109
October 23, 2017, 05:04:29 AM
#3
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.
sr. member
Activity: 630
Merit: 263
October 23, 2017, 04:51:41 AM
#2
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.
full member
Activity: 294
Merit: 102
October 23, 2017, 04:36:33 AM
#1
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
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