Bitcoin to trigger central bank collapse - page 7.

darewaller

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Quote from: Karartma1 on February 02, 2021, 04:36:07 AM

Quote from: Tomoko Kawagushi on December 19, 2020, 09:58:40 PM

Crypto exchanges become our new economic pillars that control transfer into and out of the financial matrix as people desperately attempt to secure a handful of Satoshis, as the price of a full Bitcoin moves completely out of sight.

If that is the scenario of the future, where DEXes will not play a central role in crypto trading and exchanging I'd rather be out of the game. I already try to rely less than zero on centralized exchanges. I simply don't trust them anymore with my precious coins and I hope for always better decentralized exchanges to solve this nasty middleman problem. I want to be able to use my coins as freely as possible while retaining the possession of my keys.
I am sorry but I can't see a future where we still rely on crypto exchanges when we can do without.

I understand that you may not be feeling secure and safe with the centralized exchanges, that is totally understandable, however the reality is that we are not going to be seeing that kind of super increases and changes in crypto world once again, it is CEX and they are now very good specifically at the top.

Binance for example has been around for over 3-4 years now and they have been very good, they never really hurt any customer and always found a very good way to keep supporting people. Obviously you can still pick DEX, in the future in a world where central banks are not favored and people all moved to crypto mainly and deal with that, we are going to have DEX and CEX all working together, people will be using both of them, there is no scenario where people use only CEX or only DEX, they will go together and become a lot bigger for sure.

Yaunfitda

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Quote from: OpenCryptoSystem on December 27, 2020, 12:38:31 PM

Everybody knows central banks created btc.

You meant about the bitcoin being created by central bank. how is it possible? you are joking about that dude. Bitcoin can be a threat for centralized system but it's not for its entities who have been using the centralized system. do you know about the defi coin? it has made the centralized system became obsolete.
Bitcoin can be considered as a truly decentralized system that become a threat for centralized system.

No proof that bitcoin was created by any ABC government's agency here.

In any case though, I don't think that bitcoin could also be the trigger of a central bank collapse. It will not be a world currency. And I'm sure government will not allow it, specially US government. So it won't be a threat, but instead will just be a new options for average joe. And if ever players like those rich and wealthy goes full bitcoin, they still banking system, just saying.

Kittygalore

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Quote from: eth9888 on February 02, 2021, 04:12:45 AM

I personally do not want to expose bitcoin to the risk of being a collateral damage in some sort of war against central banks.
Don't underestimate the power of governments

That's what I have been saying to the friends of mine that are overhyping bitcoin, knowing that there is a limitation, I just accept the fact that there are some things that are unachievable to bitcoin, like what OP says about the collapse of central banks, it will be difficult for bitcoin to suddenly fill the void of a central bank collapse, it is not just possible, it is like pulling out a Red Wood tree and replacing it with a sapling hoping to create the same shade. I do agree with you regarding the power of governments but I would like to correct it to fit the situation, do not underestimate the power of the 1%, the people that pulls the string behind the curtain. They know how to subdue something that will threat their seat of power and the only thing that can defeat them is if all the puppets have turned against the puppet master.

Princejebs

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Quote from: eth9888 on February 02, 2021, 04:12:45 AM

I personally do not want to expose bitcoin to the risk of being a collateral damage in some sort of war against central banks.
Don't underestimate the power of governments

We share the same opinion buddy.
No one joke with a government in power and that's why even a revolution is treated with force. They have immunity to power, hence they can do and undo and there is absolutely we can do about it.
True decentralization comes naturally, not a body to intimidate others. When you push government to the wall, they do the unexpected.

chrisculanag

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For me bitcoin is not like that because many businesses that accept bitcoin in transaction to pay bills and more . Thats why i think someday many banks are want to accept bitcoin as an online currencies for payment and many services. The popularity of bitcoin and the use of this is the one key to recognize in world bank even there are many people that don`t want this.

Karartma1

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Quote from: Tomoko Kawagushi on December 19, 2020, 09:58:40 PM

Crypto exchanges become our new economic pillars that control transfer into and out of the financial matrix as people desperately attempt to secure a handful of Satoshis, as the price of a full Bitcoin moves completely out of sight.

If that is the scenario of the future, where DEXes will not play a central role in crypto trading and exchanging I'd rather be out of the game. I already try to rely less than zero on centralized exchanges. I simply don't trust them anymore with my precious coins and I hope for always better decentralized exchanges to solve this nasty middleman problem. I want to be able to use my coins as freely as possible while retaining the possession of my keys.
I am sorry but I can't see a future where we still rely on crypto exchanges when we can do without.

eth9888

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I personally do not want to expose bitcoin to the risk of being a collateral damage in some sort of war against central banks.
Don't underestimate the power of governments

Argoo

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Quote from: DrBeer on December 20, 2020, 02:37:08 PM

Never, centralized financial institutions will not hand over the management of financial flows into the hands of technologies such as blockchain! Never - because this is contrary to their survival! They will create the appearance of "freedom", but centralized control will remain - through regulators, financial monitoring, rules for exchanges, etc. Just look at the scale of the crypto market - it's DUST against the backdrop of the daily turnover in the financial / fiat market! Banks and the financial sector can use TECHNOLOGICAL solutions based on the blockchain, but the financial system itself will never become decentralized, in accordance with the blockchain ideology. The state and power is the control of financial flows, therefore, as long as the state exists, the financial system will be controlled and dependent.

As long as states exist, there will be no collapse of central banks. Banks are part of the state government and are protected by the state. Therefore, states will not allow a serious threat to their banking system. States have enough leverage to destroy anyone who encroaches on their power. States have not yet taken measures with regard to cryptocurrency, because they do not see it as a threat to the stability of their financial system.

South Park

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Quote from: Ken_terrance on December 26, 2020, 04:51:02 AM

I'm dreamt about a world where by all useful digital currencies will co exist with fiat and banks at the same time, one don't need to kill other off to stay alive, all these can all work together, bitcoin can't do shit alone, it's just like trying to eradicate every centralized projects in crypto space when we know how helpful is the existence of USDT is in crypto space

As you say bitcoin does not really need to destroy central banks it just needs to make them irrelevant for the bitcoin holder and that is more than enough, if I can use my bitcoin in the future in any store and not have to go through KYC just because I wanted to buy some groceries and I can exchange it in decentralized markets and do whatever I want with it then bitcoin would have succeeded since I will not care anymore if central banks are printing more of their currency as that cannot affect me negatively anymore.

bryant.coleman

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Quote from: AndySt on December 27, 2020, 07:44:09 PM

Bitcoin is not a trigger, but an indicator. Even a recession should not lead to the collapse of Central banks, because according to any laws of the market economy, economic growth cannot continue indefinitely and must necessarily be replaced by a recession, but if the government tries to delay this process by all sorts of artificial measures, then in the future it can lead to unpredictable consequences, including collapse. Therefore, it is quite clear that smart people want to protect their savings and more and more people are beginning to see this protection in bitcoin.

People who want to protect their savings will refrain from investing in overpriced assets. Look at the stock markets now. The P/E ratios for many of the stocks are at unsustainably high levels. And this is one of the reason why investors want to put some of their money in assets that can't be manipulated, such as cryptocurrency. But it needs to be seen whether the government is comfortable with this idea or not. They need to keep the stock markets afloat and diversion of funds to the cryptocurrency market will make that task difficult.

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Quote from: error08 on December 27, 2020, 06:42:39 PM

Bitcoin doesn't trigger central bank collapse, it's the recession as the main reason that may cause it. As long as the country standing still despite having a lot of debt, the central bank still has the power to print fiat currencies. Bitcoin is an alternative digital currency that is gradually changing its role towards hedge funds. Institutional investors, high net worth individuals and others who have so much money want to preserve their financial value as the result of fiat currency depreciation, hence switch to bitcoin as a reserve asset but it won't cause central bank collapse either way.

Bitcoin is not a trigger, but an indicator. Even a recession should not lead to the collapse of Central banks, because according to any laws of the market economy, economic growth cannot continue indefinitely and must necessarily be replaced by a recession, but if the government tries to delay this process by all sorts of artificial measures, then in the future it can lead to unpredictable consequences, including collapse. Therefore, it is quite clear that smart people want to protect their savings and more and more people are beginning to see this protection in bitcoin.

error08

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Quote from: FlightyPouch on December 20, 2020, 07:40:07 PM

Quote from: Tomoko Kawagushi on December 19, 2020, 09:58:40 PM

The difference now is printing fiat does not encourage people to spend their money, the reverse is actually true when that lever is pulled, it encourages purchasing and HOARDING of Bitcoin in much the same way people hoarded cash during the great depression. The more central banks print fiat, the more popular Bitcoin becomes as the smart money escapes the legacy monetary system, but it also works the other way around: the more Bitcoin that is bought, the more central banks are forced to print due to fiat leaving the system for Bitcoin, and a negative feedback loop ensues.

It is for the better of bitcoin if that continue to happen. The thing though is that despite all of this massive printing of fiat, means that all of the people will come running to bitcoin hoping and begging for their forgiveness, no. People would still use fiat, bitcoin might be regulated by countries but it will never replace them. There are a lot of things that happened and can happen to trigger central bank collapse but in my opinion, bitcoin is not on that list.

Bitcoin doesn't trigger central bank collapse, it's the recession as the main reason that may cause it. As long as the country standing still despite having a lot of debt, the central bank still has the power to print fiat currencies. Bitcoin is an alternative digital currency that is gradually changing its role towards hedge funds. Institutional investors, high net worth individuals and others who have so much money want to preserve their financial value as the result of fiat currency depreciation, hence switch to bitcoin as a reserve asset but it won't cause central bank collapse either way.

Twentyonepaylots

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Moat banks are dependent on a country's stability and stature. If a bank collapses, more likely than not the government will collapse too. And bitcoin wouldn't trigger it, the hype arounf it, not so much. As of not banks are wprking in great harmony with their respective governments so I don't see a gap or an opportunity for one tp live when one dies off.

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Quote from: MCobian on December 26, 2020, 12:13:11 AM

The development of Bitcoin has continued to increase, moreover, the price of Bitcoin continues to rise, making many people interested
in buying Bitcoin. But that doesn't mean Bitcoin has triggered a central bank collapse, because there are still a few merchants that accept
Bitcoin payments and there are still a few countries that allow Bitcoin as payment. This means that Bitcoin is still not optimally used as
a currency, the conclusion is that fiat is still needed to buy the necessities of our life and may not collapse.

and in the first place, the govt will not allow such thing to happen. also, consider the percentage of population who are into crypto, still very small as compared to global population. and most of these crypto users are still relying on their banks. crypto is one alternative, but will not really create a situation for the collapse of central bank. not gonna happen in our lifetime. as crypto usage cant be fully controlled by the govt, they will just make a regulation when it comes to crypto.

OpenCryptoSystem

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Quote from: SamTheRecordMan on December 27, 2020, 05:05:20 AM

Bitcoin will not destroy central banks anymore than gold or penny stocks have destroyed central banks.

Lets not forget that governments control the gateways into and out of bitcoin and if bitcoin was a real threat they would have choked it to death already.

If bitcoin is the future then central banks will simply create their own version of bitcoin (ie a national digital currency with limited supply) or use bitcoin itself to back their currency (perhaps this is what smaller nations will do).

I don't think central banks are evil but they do tend to take the path of least resistance unfortunately.

Everybody knows central banks created btc.

SamTheRecordMan

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Bitcoin will not destroy central banks anymore than gold or penny stocks have destroyed central banks.

Lets not forget that governments control the gateways into and out of bitcoin and if bitcoin was a real threat they would have choked it to death already.

If bitcoin is the future then central banks will simply create their own version of bitcoin (ie a national digital currency with limited supply) or use bitcoin itself to back their currency (perhaps this is what smaller nations will do).

I don't think central banks are evil but they do tend to take the path of least resistance unfortunately.

Ken_terrance

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I'm dreamt about a world where by all useful digital currencies will co exist with fiat and banks at the same time, one don't need to kill other off to stay alive, all these can all work together, bitcoin can't do shit alone, it's just like trying to eradicate every centralized projects in crypto space when we know how helpful is the existence of USDT is in crypto space

MCobian

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The development of Bitcoin has continued to increase, moreover, the price of Bitcoin continues to rise, making many people interested
in buying Bitcoin. But that doesn't mean Bitcoin has triggered a central bank collapse, because there are still a few merchants that accept
Bitcoin payments and there are still a few countries that allow Bitcoin as payment. This means that Bitcoin is still not optimally used as
a currency, the conclusion is that fiat is still needed to buy the necessities of our life and may not collapse.

exstasie

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Quote from: philipma1957 on December 25, 2020, 06:49:51 PM

Norway has started this by buying 2 usd worth of btc for all of its citizens for retirement purpose.

So what happens if many countries copy this. They simply absorbed btc into central banks.

You mean the Norwegian Oil Fund? They aren't directly investing in BTC or BTC instruments. They own a stake in Microstrategy, so there was a big story circulating in September about their indirect investment in Bitcoin.

Microstrategy has actually bought more BTC since then (and the price has gone up) so the Oil Fund's investment is probably significantly larger than $2 per citizen now.

Regardless, I do think you're onto something. I also expect that central banks will eventually be holding BTC reserves just like they hold gold reserves today. We could still be decades away from that, but it's coming.

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Quote from: crypticj on December 20, 2020, 01:51:06 AM

Central banks will rather adopt blockchain and evolve. Bitcoin solely is not enough to solve global problems

You got it.

Norway has started this by buying 2 usd worth of btc for all of its citizens for retirement purpose.

So what happens if many countries copy this. They simply absorbed btc into central banks.

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