Topic: Can a debt addicted generation survive with technologies like Crypto currencies? (Read 334 times)

I must say that bitcoin is no doubt the best thing for all of us and it is like a savior for us and it will help us in so many ways. Like you said, it is not possible for the government to control this bitcoin. It is very much true because of the decentralized nature of bitcoin. I think it will be really a tough challenge for the government to control this bitcoin once they declare it to be legal.

Ok, so this seems very unlikely, at least right now, but as an exercise in thought, what would happen if "the majority" decided to increase the bitcoin supply?  Everyone assumes that everyone else agrees that the bitcoin cap should remain at ~21M coins.  But given how centralized bitcoin mining has become, it wouldn't be too hard for a few large miners/mining pools to agree that the cap should be higher and then change it.

You're making a lot of assumptions here without even explaining why you've come to that conclusion.
You can't be sure that the price is going to decline at the same rate as it is growing now.

I mean, for all we know, Bitcoin could stick around for decades and keep increasing in price, we just don't know yet.

It seems to me that you are mistaken. Bitcoin will not grow always. It does not happen. Someday the price will start to decline at the same rate which is now increasing. Then the people who took out a loan to buy bitcoin lose your money twice. It's more like a bubble. I never take out loans and don't advise it to others.

A person who is suffering a lot of debt in fiat can survive and clear out his debt using cryptocurrencies because the cryptocurrencies are a fast profiting way which a person can grab and work hard on that and make a lot of money from it that will help him to survive and pay all the debts without anything left. Cryptocurrencies are so awesome that it can help you to become better even within 1 year only.

The debt addicted generation OP referring is all of us who are using fiat since it's value is commonly springs from debts. I dont think crypto currencies will die in this debt addicted generation, because some of us gets money here to earn for a living. Technologies like crypto will only be meant as a substitute to credit cards and the likes to pay on the counters easily instead of using traditional fiat. Therefore it will not die in this current generation.

Ummm, actually Bitcoin and the government do go together. If the government wanted, they could destroy Bitcoin and crypto by simply shutting down the internet.

I am not addicted to debt. Cannot speak for everyone else, but I plan to stay debt free my entire life unless it makes sense.

Bitcoin does not aim to control the economy of the state. Any economy requires manual control. Lending to the economy is a good mechanism for its development but at the same time is a dangerous mechanism. In the mid-2000s, the government stimulated the demand to heat up the economy and this has led to the crisis. Bitcoin will not allow this to be done.

And bitcoin and the government cant go together. But they could work together. But i dont think that is the reason why government cant regulate bitcoin. Most common issue is that bitcoin is virtual and it could be used by anyone with anonymity. The government fears that it would fund anti government groups thus they are trying to control bitcoin bitcoin also to help them economically with it being in the hands of wrong people.

That is why Bitcoin is the solution for the continuously increasing rate of inflation. Because Bitcoin's cap is immutable. So there is a limit. Unlike our fiat today wherein government prints and prints money that causes hyperinflation. And that is the reason why Government is having a hard time adopting Bitcoin because they can never change the Bitcoin's supply. They can never control Bitcoin.

If you want to see how bad it is, just browse on over to http://www.nationaldebtclocks.org/ How can this be sustainable at all?
Can you imagine what a global Crypto currency coin cap must be to drive a debt driven global economy like that? The only thing that can stop this is a World War III scenario, where whole countries are wiped out and debt obligations destroyed.

Our world leaders know this and we are quickly moving towards this solution. ^grrrrrr^

I think its a bit like the internet.. allot of folks don't know and never want to learn because they consider themselves to old.
Allot of folks will have to learn because corporations they work for use it.
Newer generations like millenials won't have a problem at all.

I'm not sure about government though as its rather tricky with crypto. But maybe we come up with something that's the biggest revolution to governmental powers since democracy got implemented.

But I don't actually think a debt addicted generation can survive anyway. At some point it has to stop, wether that be trough hyper inflation, economical shifts or else.
Printing money and loaning it out on debt, negative interest rates.. it doesn't work..

This is correct if govt has incapable finance dept. Finance dept who knows how to handle inflation will take preventive measures against it in first place. It is true that Govt will find it difficult to adopt the public blockchains, however some countries are acknowledging bitcoin officially. Like Japan for that matter has given many positive steps towards bitcoin adoptions on govt level.

This is happening already. Some banks and governments are finding this blockchain technology pretty attractive and they have started working on it. Interestingly they are working in collaboration with each other. that is govt owned banks and private banks are collaborating on blockchain. Interestingly some govt are thinking about introducing their own digital currency as well.

Debt ridden economy will remain in practice till govt is there to bail out them. The moment govt stop or refuses to bail out these irresponsible banks this debt-oriented economy will crash for good and new better alternative economy will start to flourish. At this moment this is a distant dream though.

Bitcoin and other Crypto currencies are developed with limited supply in mind, because it adds to the scarcity over time. You know what the fixed supply cap will be and this can only be changed with a majority consensus. So in theory governments will never be able to adopt a currency that are based on a "Public" Blockchain where consensus is needed to increase the supply cap of the "currency" token.

They have to develop a "Private" Blockchain where they can change the Coin Cap at will to feed the constant debt demand and to artificially stimulate their economy with that debt.

Bitcoin should steer clear from any debt based economy and focus specifically on being a alternative Cash payment solution or a commodity to trade with. These "Private" Blockchains will only be a copy of their Fiat currencies, with the only difference being that the Coin supply can be changed with the change of a few parameters in the protocol/code.

This will be no different than the system they have in place now and the debt will just increase even further. Bitcoin or "Public" Blockchains are based on a open consensus and people will not increase the supply, because it will decrease the value of their current coins. < The people decide, not some government >

"Private" Blockchain currencies will destroy themselves, because it is based on the failures of the current monetary systems of infinite money supply.