Topic: Bitcoin is Still Economically Useless = Economist (Read 1239 times)

Yes I agree with you that Bitcoin does not have much effect on a country's macro economy. It is possible to leverage the positive influence at the individual or institutional level and its wide potential to affect the overall economy of a country, such as by increasing holdings of Bitcoin, which a country's government or FED can take as a hedge in alternative ways such as through commodity trading, even if it is not integrated into that country's economy. Also CBDC is a digital form of fiat and if Bitcoin can be used instead it can be a huge opportunity for the economic progress of that country.

Bitcoin was created and developed until today and is trusted by many people, which means it is bringing benefits to them, otherwise no one would need it.

When it comes to the impact of bitcoin on individuals and organizations, it is almost undeniable, many people have changed their lives thanks to investing in bitcoin. But when it comes to its impact on the economy of a country or the world, that is another matter. So far, have you seen it impact any country's economy or the world economy? And what role does it play in that economy?

Do people who improve their lives through bitcoin investments pay enough taxes? Do they have any impact on the economy or are they trying to boost the economy or are they just using bitcoin for their own purposes? Not to mention, how many people have improved their economy by investing in bitcoin out of 8 billion people in the world?

Therefore, we need to be clear that bitcoin has a strong impact on the individual and institutional economy, but when it comes to the macro economy like the country or the world, it has no significant impact.

Bitcoin is certainly a life changer. Like I've stated before, some people express negative comments of Bitcoin out of pure hate. Or simply because they don't know anything about it. The economist mentioned by the OP is completely wrong. With crypto being institutionalized, its legitimate use cases will expand over time. Criminals are vary of BTC's transparency and lack of efficiency compared to traditional Fiat. Nothing beats good-old cash (paper money), right?

Perhaps, privacy coins like Monero and Grin would be more appealing to criminals for money laundering, tax evasion, and whatnot. But not, Bitcoin. Illegal activity on the BTC blockchain will be virtually non-existent for as long as it lives. Think of Bitcoin's transparency as a feature. Not a bug. Satoshi did well in doing this. Why do you think nothing can beat the real thing?

Issac Asimov was a science fiction writer, and a scientist. Among his sci-fi stories was the Foundation series. The series included something that he and a publisher came up with called "psychohistory." Psychohistory is or has to do with mass beliefs of groups of people of certain time periods... or something like that.

That's all that Bitcoin really is dependent on. It's all how people think, what they believe, and what they think other people believe. Bitcoin, itself, has no value.

Thank you for your advice. I'm doing it, but for now the only platform that I use to talk to people from different country is this forum and reddit, but it seems like in every topic there will always be a fight between Republicans and Democrats which is quite hard to have a civilized discussion when both are in the same room. Fortunately I managed to stay objective amidst their conflicts.

People who say that bitcoin is economically useless, do not live the lives that we live and that is why they find it useless. Nothing that bitcoin can do for me can be done with anything else, which makes it the most useful thing in my entire life economically, if they really want to ignore that fact then they can, it's their life and I do not care what they think, but the reality is that it is the most economically strong and useful thing ever for me, and it will continue to be so. If they really want to provide a proof, contact me, and I will tell you how I use it and then let me know what I can do to do the same things without putting crypto in my life.

I guarantee you that my life would never be the same if crypto wasn't around. I would live a terrible life right now, probably much worse and because of this I am really in love with the fact that crypto exists because it has already enhanced my life by a large margin and that is why I love it.

The advice you get from this forum also comes from the internet, and what I mean is join different social platforms and find the answers yourself. Don't tie yourself to a single place if it's only filled with Democrats or Republicans. Talk and discuss directly with many people, consider it a survey and it will give you the most accurate view of what is going on in the US.

Watching news from government media channels is for reference only, I am not saying you should completely believe that news if it is not verified. Because those media channels are also controlled by the parties.

We are no longer in the stone age or underdeveloped technology, we are in an era where the internet, technology and social media have developed by leaps and bounds. It is true that there will be a lot of misinformation and false information being spread but if you are knowledgeable and wise enough, you will be able to differentiate between reliable news and fake news.

It is difficult to please everyone because human nature is greedy, selfish and jealous. So I don't feel sad or hateful when there are still many people who hate bitcoin even though it has been legalized by the government and recognized by the world. But what's scarier is that the people who spread Fud and badmouth bitcoin every day are secretly investing in bitcoin. Simply because there are many people who are very selfish, they do not want to share their wealth with others and by that they want people to stay away from it but themselves secretly buy it.

That's why I don't believe when banks, celebrities talk bad about bitcoin, I don't believe what they say and I just look at what they do. I wouldn't be surprised if this guy is secretly accumulating bitcoins too  .

I'm doing it for the sake of listening to various people's voices, directly from the one who live In America and experiencing it firsthand.

Thanks for tour suggestion, buddy.  Looking for the information which is available on the internet, for me, feels different compared to listening to people opinions and experiences. Don't worry buddy, I'm not here to pick a side and won't get indoctrinate by one side only. It's always good to see others perspective than my own after doing my own research. I still keep my skepticism in America's politic since I believe it will give some impact to Global economy while  I'm trying to find some opportunities in making profits amidst the political chaos.

After thinking about this, my main advice to non-US residents wanting to weigh in on US politics is... DO NOT DO IT .

It's just impossible to understand the context we Americans have, and what the issues are from the outside. We get political news every single day and have for years, and we all are given tons of information that we've learned over the years.

If somebody from outside tries to learn about US politics in 10 minutes, they are, as you said here, just going to get a one-sided explanation. And I think "do your own research" won't really work either.

US politics is about things far, far removed from Bitcoin and our business. And as I've said in other threads, it's really bad business to limit yourself to 50% of a country's market by picking one political side or another.

Why not figure things out for yourself when most of the information is available on the Internet? Why do you think someone can enlighten you? I mean , if you meet a Democrat, you'll hear all the good things about the Democratic Party. They will spend all day praising the Democratic Party and badmouthing, criticizing, and even making up bad things about the Republican Party . Or vice versa , if you meet a Republican, they will only talk bad about Democrats .

In my opinion , if you are really interested in the election and its impact on bitcoin . You should understand everything yourself because that way you will have the most correct perspective according to your understanding instead of being imposed by other people's thoughts .

Economically, Trump is an isolationist and a racist: he believes that the USA should not trade with other countries, and that the US should make everything here. He also sides with white supremacists in the USA who believe the White Race is superior to all others.

Specifically, Trump is calling for the immediate deportation of 11 million Americans residents starting the day he is elected. This will be the largest mass-deportation in the history of the world, and will require a gigantic new police force (Trump says he will use the US Army to do it).

Trump is also calling for tariffs on China that will effectively eliminate them as a trading partner with the USA, meaning that there will be thousands of goods it the USA we will not be able to get, or the cost of them will skyrocket, including most electronic goods which are now made in China.

And Trump's economic policies will make the USA go from the strongest economy in the world to the weakest one since we will be the one country that does not freely trade with others.

Harris is easier to understand: she is not offering anything new, but basically a continuation of the same policies the US has had under Biden. She is talking about higher taxes for rich people, but even that is mostly fluff.

Non-American here. I don't know what's going on with all the democrat vs republican things there, what are their key differences in how they view economy and in this case bitcoin.

I need someone who understand very well about this to enlighten me, since this political view might play a big role in economy and cryptocurrency regarding of which side would win the presidential election in America.

Haters are always going to hate Bitcoin. And there's nothing we can do about it. Regardless of some negative comments by wealthy people and mainstream media, Bitcoin continues to grow at a non-stop rate. Its legitimate use cases are expanding each day. Such is the case that now institutional investors are deeply interest in Bitcoin. Do you think they'd be interested in it if it was a "criminal's coin"? I don't think so.

This is nothing more than pure FUD. I've said this many times already. It's time to ignore these "jerks" and continue to buy and "hodl" BTC as usual. Don't be surprised if BTC goes as far as replacing Gold in the future. It's the next big thing.

I hope you can read this again and point out your faults yourself. Did you mean that the fact you are investing in Bitcoin, you do not care about your investment anymore and losses are nothing? C'mon!!! I wonder what many of you think about investments. Bitcoin is not a certainty but an asset, and if it is an asset, it should be dynamic. This means that you might not know what it would do at all times no matter how you think you know its market psychology and one may lose if care is not taken. Talking about asset loss, it is worse with Bitcoin and other cryptos compared to traditional assets, particularly the fiat currency which the world still relies on as their national reserve. Are you telling me that an asset (Bitcoin) that could reduce the national reserve worth to lower than 4 times the value it was purchased will not be worrisome to the nation? If you do, then you are joking. The management of the national resources is not a child's play that you will just view shabbily.

To be fair, so far bitcoin has not had any significant or notable impact on a country's economy, let alone the world economy. Bitcoin is still very new, too small and has not been used much outside of investment purposes. So it is not wrong to say that bitcoin's impact on the economy is insignificant but this may change in the future.

But I will disagree with you if you say that bitcoin is only used for money laundering or terrorism. Money laundering and terrorism have existed for hundreds of years, while bitcoin has only appeared in the past 15 years. So what did criminals use before bitcoin was invented? So, accusing bitcoin of being just for money laundering is just an accusation based on the jealousy and envy of those who missed out on the bitcoin revolution. They speak ill of bitcoin because they feel jealous and cannot accept the fact that there are many bitcoin owners who are becoming richer than them.

What you and those who like to slander bitcoin should do is join the bitcoin revolution instead of spending time slandering bitcoin or spreading false news about it, because that won't make you better.

So you're saying that you agree with the economist that Bitcoin is used for money laundering and tax evasion? I'd suggest you do your own research and see for yourself whenever that's truly the case or not. Based on facts alone, most criminals prefer Fiat for illegal activities because of its versatility. They try to avoid Bitcoin because of its transparency. Would they be dumb enough to use a public chain like BTC to get caught by the authorities? I guess not.

The comments made by the economist are nothing more than pure FUD. It's an attempt to try to lure people away from Bitcoin. But it won't work. Especially when BTC is open to anyone. It has been marketed as the "next digital Gold", so don't expect it to go anywhere soon. Set yourself forward 10 years from now, and Bitcoin will be bigger and stronger than ever. Who wants to use Fiat when its purchasing power will diminish over time (inflation)? If you want to remain a slave, use Fiat. But if you want freedom, choose Bitcoin instead. We, Bitcoiners will be the ones laughing at the end. Just you wait and see.

The most interesting part of the comment is "Bitcoin is still economically useless and useful just for money laundering and extortion", tell me the regularly used fiat isn't used for the same too. Is it therefore necessary to put away the use of fiat simply because of the negative uses it's involved in?

People often give negative views on the use of crypto generally but in no distant time we get them changing their stance and apologizing, this wouldn't be any different, I am patiently waiting for him to do the same.

He's not totally wrong. I get where his coming from as an Economists. Economically, Bitcoin has actually only served as a means of money laundering, and terrorism. But to individuals, ( and for some corporation these days) it is used as a means of investment. Not totally though as most of these corporations still try to find illicit activities and hoarding of currencies through Bitcoin.

Bitcoin though may have actually helped alot of economies, but that is because of the individuals investments and adoption not through the government.

Just want to point out this is not a good argument - the bitcoin as part of the nation's reserves thing. Nobody would care that Bitcoin price temporarily dropped. Do people freak out that the US owns hundreds of billions of dollars of Gold when the Gold price drops? Nope. These are permanent national reserves. US won't care one bit about the volatility of Bitcoin. The point of putting it in the national reserve is that it is hard money and is a useful asset, like Gold, for the nation to hold, simply in order to increase the value of the nation's permanent resources.

Your argument makes it sound like you think the US is gonna be trading Bitcoin or something haha. That is not what anyone is talking about.

Anyway, Trump is a corrupt traitorous deranged lying idiot criminal so nobody should put any stock in anything he says. He's just trying to buy votes from gullible people with his suddenly crypto-friendly talk. Best thing for Bitcoin is going to be a United States that still functions and remains a free country, so we need Trump behind bars for his crimes, definitely not in the White House again.

As far as Krugman goes, he clearly hasn't bothered to research what Bitcoin actually is. It's pretty dang common among economists to just assume Bitcoin is some sort of scam because it isn't part of the traditional financial system, and so they just write it off and never put any effort into understanding what it is.