I am surprised how some people mistakenly understand Bitcoin which was created as an alternative not to actually take over fiat currency not to take of collapse Central Bank and if some companies now use it as their reserve currency it doesn't explain the true purpose of Bitcoin. However, the IMF has advised the government to limit printing of currency and they use integrate national digital currency why didn't they do that before some companies use Bitcoin as a reserve.
The government and the Central Bank officials are those that trigger Central Bank collapse, not Bitcoin.
Topic: Bitcoin to trigger central bank collapse - page 9. (Read 1751 times)
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Pre-Bitcoin, individuals were all trapped in a system where the Federal Reserve and other central banks around the world could create money at will and force people to purchase assets and consumer items so they would avoid inflation. When fiat is saved, the velocity of money slows and economic activity grinds lower - for this reason the planners wished to encourage spending, and not saving, through quantitative easing.
What is the big difference now, cryptocurrency market is yet to make any major changes as they are viewed as a speculative market and if you are talking about the price then i could agree with it but you are talking about getting trapped in a system 
.If you like it or not you are living in a centralized system and the government will look after the monetary structure and everything revolves around it, if you are telling that all the shops in your locality started accepted bitcoin then you can get rid of your federal reserve currency.
Another factor is that bitcoin is not created to get rid of the central banks nor it is created to replace fiat currency, we are seeing similar topics for a very long time and till now there is no instance where in which we could very well tell that bitcoin will replace fiat simply because of the volatility and the transaction delays.
As of the moment we can see bitcoin coexisting with fiat currencies. Something we weren't even sure about happening last 2017. We're either going for bitcoin toppling fiat or Fiat toppling bitcoin. But it looks like life found a way to make them both happen. So no, it's very unlikely that bitcoin will be the death of fiat or central bank for that matter, as it needs fiat to be relevant for it to be relevant too.
I don't believe Bitcoin to be the trigger for central bank collapse, because until now there is no solid evidence that shows Bitcoin
will trigger central bank collapse. In my opinion, the government will not allow the central bank to collapse, so don't take too far
into this. I believe we all still need fiat, so there's no way central bank collapse.
will trigger central bank collapse. In my opinion, the government will not allow the central bank to collapse, so don't take too far
into this. I believe we all still need fiat, so there's no way central bank collapse.
Its nice becouse the old system gona die anyways.
Just take from this as much you can !!
Make yourself rich
Just take from this as much you can !!
Make yourself rich
IMO, probably we need to stop the perspective of Central Banks being limited to issuing Fiat/money papers because it’s not.
If in case that cryptocurrencies already dominated the market. Central banks have their choice to move to digital, as well.
Your individual rights for having cryptocurrency is way less than a central bank as an entity or in other words, we can freely have cryptos as much as we can. They can still dominate it stronger, the bottom line, central banks will never collapse and in fact, Bitcoin isn't a threat for them.
If in case that cryptocurrencies already dominated the market. Central banks have their choice to move to digital, as well.
Your individual rights for having cryptocurrency is way less than a central bank as an entity or in other words, we can freely have cryptos as much as we can. They can still dominate it stronger, the bottom line, central banks will never collapse and in fact, Bitcoin isn't a threat for them.
As you said there i don't think it can bitcoin has the power to trigger central bank to collapse since , central bank is the one who supporting countries who needed financial funds as they one who give them money as debt to pay every month and it will be taxed it to the people of one country , If central bank has an eye for bitcoin maybe it can adopt to be a part of blockchain and it will be evolved as one or they can be use to transact money faster without big taxes, But i don't think government will not take that idea coz they have full authority with central bank which they can easily manipulate money and if you compare fiat into currency they always choose fiat where they have a full control to it.
Central banks do not collapse, even in nations that has superbly high inflation like Zimbabwe or Venezuela, central banks still manage to get rich somehow. You want to know why? Because, they are the central banks and they can print as much money required as they want, if their money worths nothing, they will use all the paper in the nation to print money if they need to in order to pay off their own debts and their own expenses, whereas everyone else will be screwed and food will be a million fiat instead of a few cents.
What we are trying to achieve with crypto is that when central banks take over and only cares for themselves and screw everyone else, regular people could put their money into crypto and hope that when their nation is doing horrible job running the economy, they could simply get richer thanks to their money being in crypto instead of being in fiat.
What we are trying to achieve with crypto is that when central banks take over and only cares for themselves and screw everyone else, regular people could put their money into crypto and hope that when their nation is doing horrible job running the economy, they could simply get richer thanks to their money being in crypto instead of being in fiat.
Well this is just another absurd theory to be very frank. Let me tell you why:
1.
No major Investment bank has until now decided to invest a major chunk in Bitcoin and trust me not many really care about the inflation matrix what most of the wealthy investment banks think about is the opportunity cost of capital or the cost of Debt while making their investment decision. Even though Inflation does play a role in it indirectly sole purpose for investment in Bitcoin is higher returns. But isn't this merely hoarding of a utility less asset? I say utility less because if the top players are merely using it as their wealth storage mechanism it's merely going to become a manipulated speculative asset.
2.
How does fiat leaves the system? When you purchase bitcoin fiat isn't getting burned or is converted magically to ashes. When you buy bitcoin you are buying it from someone who might have brought it or mined it now you are merely exchanging it therefore the fiat still remains in the system with him. In turn if we imagine your kind of scenario it means that the demand for dollars would go down as people would be willing to buy bitcoin and give up dollar. In which case no central bank prints more money what they do is taking out money from the system to create equilibrium so why would they print more of it?? Instead inflation would grow and for bringing down this inflationary situation such measure of taking back some fiat from system would be pretty excellent. And 1 trillion dollars handed over isn't to buy bitcoin for Christmas instead it's for providing up a boost to an already dead economy.
3.
1.
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Now we are seeing the wealthy, investment banks and treasury departments of companies OPTING OUT of this monetary riddle by taking their money "out of the matrix" and hiding it in Bitcoin to send their value into the future. They do this because the value of assets today is too high, yet their cash and bonds are being eaten by fiat printing so they have to invest in something, anything.
No major Investment bank has until now decided to invest a major chunk in Bitcoin and trust me not many really care about the inflation matrix what most of the wealthy investment banks think about is the opportunity cost of capital or the cost of Debt while making their investment decision. Even though Inflation does play a role in it indirectly sole purpose for investment in Bitcoin is higher returns. But isn't this merely hoarding of a utility less asset? I say utility less because if the top players are merely using it as their wealth storage mechanism it's merely going to become a manipulated speculative asset.
2.
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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.
To throw gas on the fire, this disappearing act of fiat into Bitcoin is starting to accelerate since the 2020 halvening event in May. Not a day goes by when we don't hear of multiple billions being sunk into Bitcoin by a new financial institution, and much fewer Bitcoin are being sold than bought. The Federal Reserve is seeing weakness in the economy and Congress announced they are printing another 1 trillion dollars to hand out to Americans; on the same day Bitcoin skyrocketed to all time highs. At a certain point, the exponential flow into Bitcoin will begin to affect the fiat money supply by reducing it significantly. This will cause deflation and the central bank will print orders of magnitude more fiat, which encourages ever more panicked Bitcoin purchases to preserve wealth, and the cycle continues.
To throw gas on the fire, this disappearing act of fiat into Bitcoin is starting to accelerate since the 2020 halvening event in May. Not a day goes by when we don't hear of multiple billions being sunk into Bitcoin by a new financial institution, and much fewer Bitcoin are being sold than bought. The Federal Reserve is seeing weakness in the economy and Congress announced they are printing another 1 trillion dollars to hand out to Americans; on the same day Bitcoin skyrocketed to all time highs. At a certain point, the exponential flow into Bitcoin will begin to affect the fiat money supply by reducing it significantly. This will cause deflation and the central bank will print orders of magnitude more fiat, which encourages ever more panicked Bitcoin purchases to preserve wealth, and the cycle continues.
How does fiat leaves the system? When you purchase bitcoin fiat isn't getting burned or is converted magically to ashes. When you buy bitcoin you are buying it from someone who might have brought it or mined it now you are merely exchanging it therefore the fiat still remains in the system with him. In turn if we imagine your kind of scenario it means that the demand for dollars would go down as people would be willing to buy bitcoin and give up dollar. In which case no central bank prints more money what they do is taking out money from the system to create equilibrium so why would they print more of it?? Instead inflation would grow and for bringing down this inflationary situation such measure of taking back some fiat from system would be pretty excellent. And 1 trillion dollars handed over isn't to buy bitcoin for Christmas instead it's for providing up a boost to an already dead economy.
3.
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I see a very uncomfortable future for those who don't own Bitcoin. The transition to the new system is going to impoverish many of the middle class that weren't impoverished before. The price of a whole coin is accelerating away from the financial reach of the middle class now and will continue to do so ($24,000 USD per coin as of today). As Bitcoin appreciates higher and higher, the US dollar and other currencies continue to debase themselves trying to catch up in overall value, the planners fill the gas tank faster as it continues to pour out onto the road.
Once again makes no sense. do you have any idea about the scaling issues? we already have a pretty hefty fee and pretty high transaction times at $24000 which are merely going to shoot up with increased value and adoption and so far we have no solutions. This means the utility of being an "CURRENCY" is itself finished. Why would people want to shift to such a currency? Yeah many people might miss a roller coaster ride of 200-300% gains but it's not that they are going to lose on something extraordinary. I think you should look at it from a more macro economic standpoint.
So you mean that the Central banks were well off on a good road to ever increasing wealth in the first place ? NO ! They are just in a bind and causing numerous problems, not just for the people but for themselves too. The government is the one which is responsible for their stability, if the government cuts off the funds and decides to close them then we will reach a moment when these bodies can start disappearing. Right now I do think that it will take 10 more pandemics to make it happen. The banks might be weak , might be based on a bubble but at the same time they are far from getting collapsed they are more or so funded by the government.
- Bitcoins and other cryptocurrencies are actually dependent on the trading between the Cryptos in fiats and thats how people use them everyday.
Bitcoins won't make them collapse if anything they are actually helping the banks to actually increase their range of customers. They might as be codependent in the future.
***Not always we have to look at things negatively.***
- Bitcoins and other cryptocurrencies are actually dependent on the trading between the Cryptos in fiats and thats how people use them everyday.
Bitcoins won't make them collapse if anything they are actually helping the banks to actually increase their range of customers. They might as be codependent in the future.
***Not always we have to look at things negatively.***
Banks is under government authority that's why it's difficult to collapse as long as government support is there. Bitcoin is decentralized which is no single authority controlled which caused the government not accepting it.
Bitcoin still has a good purpose for the world's future to access with no limiting hour which is already tested to make a bridge to any transaction fast and reliable. I think it is unfair if the central bank government collapsing it will be a big loss too many.on the other hand, Bitcoin has no connection for what is the situation with fiat. Right away I also respect this kind of speculation, and presently it is normal but obviously, on the previous record there is a piece of evidence that many countries hate fiat currency and burn it when the pandemic was spreading, additionally, I believe also that both transactions are spending more effort to live forever.
I am curious about a country that burns fiat money during a crisis in a pandemic, can you name one of those countries?
The reason is, it is unfortunate that many around us are not familiar with bitcoin and only rely on fiat money to meet their daily needs for survival in the face of a pandemic. Of course this sounds very sad for the people who do not receive assistance from the government.
Bitcoin still has a good purpose for the world's future to access with no limiting hour which is already tested to make a bridge to any transaction fast and reliable. I think it is unfair if the central bank government collapsing it will be a big loss too many.on the other hand, Bitcoin has no connection for what is the situation with fiat. Right away I also respect this kind of speculation, and presently it is normal but obviously, on the previous record there is a piece of evidence that many countries hate fiat currency and burn it when the pandemic was spreading, additionally, I believe also that both transactions are spending more effort to live forever.
I think anyone who believes such an article to be somewhat delusional or naive. Bitcoin is an asset, it has valuable and it is apparently useful as a form of currency - as we can see from the popularity of it's recent rise. However at a fixed amount of 21 million units, with however many satoshi's and to however many decimal places. Bitcoin can barely cope with the capacity demands of speculators and a small fraction of all the people who would need access if it became the sole global currency unit. Bitcoin has its place, and that place is a small portion of a diversified portfolio and it certainly has its limits. It would never be able replace something like the US dollar in its current form.
At least If we talk about the vitality and future prospects of the banking system, then first of all it is necessary to say that banks are, first of all, an organization or structure that provides specific services. Based on this, the banking system will be able to adapt to new realities. And if the cryptocurrency will have mass adoption all over the world, then the banks will provide all kinds of services not with the dollar, but with the cryptocurrency. Although the dollar Apparently is not going anywhere either.
This wall of text was completely boring to read and I didn't get any new information or value for reading it.
Congratulations,you have successfully managed to waste a few minutes of my life.
Bitcoin can't trigger anything and the central banks are still strong.Actually the stimulus checks and money printing are the main reason why the cryptocurrency markets are on a bull run.
Actually the central banks are helping the crypto industry(which isn't intentional,but who cares),so why would we want the central banks to collapse.
Congratulations,you have successfully managed to waste a few minutes of my life.
Bitcoin can't trigger anything and the central banks are still strong.Actually the stimulus checks and money printing are the main reason why the cryptocurrency markets are on a bull run.
Actually the central banks are helping the crypto industry(which isn't intentional,but who cares),so why would we want the central banks to collapse.
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.
I see a very uncomfortable future for those who don't own Bitcoin. The transition to the new system is going to impoverish many of the middle class that weren't impoverished before.
Sure, but fundamentally we're just talking about a transfer of wealth from one group (or class) to another. Smart money will hedge accordingly, dumb money will lose their wealth. That's how the world works. Markets are cruel, always have been, always will be.
So much middle class prosperity since the 90s has been built on unsustainable monetary policy-fueled growth. Maybe the middle class ought to be shaken out.
The haves and the have nots are reordered, into the early adopters and the late comers, those with Bitcoin and those without.
Basically, yeah. I am however open to a more moderate scenario. I am not convinced it will be so sudden and drastic. I foresee governments rebooting their currencies in a new financial paradigm in the coming years, much like Bretton Woods at the end of WWII after the erosion of the gold standard. This may involve a return to partially backed currencies, and down the road, I could see BTC potentially comprising part of the typical reserve asset basket.
In that context, it won't be total doomsday for nocoiners, but things will be chaotic and confusing for a while and BTC holders will definitely become the new "haves."
When you successfully convince 50% of all your friends in your social network profile, that might increase the odds by 1%, yup, you would still need another 99% to overturn the central bank. That’s how difficult, no need a wall of text of why and why.
Absolutely agree! No matter how long he will write the reason why, we already know the answer to this - no, not in the very near future. Just be grateful that bitcoin adoption is growing, but triggering to collapse the central bank, not a chance. The government will not let that situation to happen for many reasons.
Government would simply not allow Bitcoin to replace fiat. They tolerate it for now because there's no consumer adoption. If they saw that people actually use it and it comes together with tax evasion, money laundering or just hiding your transactions, they would just ban it. Without centralized exchages, Bitcoin will trade for 1-3% of the current price. It's also naive to think that just because Bitcoin is rising, it would keep rising forever. Even now a lot of investors understand that this is a bubble.
Until now, even though there are many very good developments from Crypto, there are still many countries that still do not accept Crypto. And this is of course a reason why crypto is still not able to replace fiats. And I think it will be very difficult and even seemingly impossible for crypto to replace fiats.
why should it be replaced? I don't think there is a need to replace fiat money with crypto. and it is not only difficult, but will not be realized. here we cannot forget people who are still alive without needing bitcoin. we will always be side by side. So in my opinion, bitcoin is not a good idea to replace fiat money. let bitcoin be an asset to invest in, and fiat money remains a means of transaction in general.
digital fiat will come replacing the cash/bills we are using and this would mean that central banks are still going to be here in the form of CBDC. central banks will be relevant in cashless society now that we are going in that direction.
they are not collapsing but they were seeing cryptocurrency as threat when they couldn't control cryptocurrency despite the mandatory kYC documents. the anon coins are still a problem to them.
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