Can Bitcoin even work in our current system? - page 6.

Dondont

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Quote from: Indamuck on October 13, 2018, 07:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

I'm not sure if for example we use bitcoin, it can't eliminate the nature of the loan interest, the use of bitcoin here can still have bank interest. so actually only changing names is not the value or internal factors. The problem with capitalism is the interest on loans from the bank which strangles customers

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Quote from: Indamuck on October 13, 2018, 07:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

The society will have to change because the economic model will change as well if bitcoin is adopted, loans are going to be a lot more scarce but people forget that was the way the economy worked for thousands of years, now you can get a loan for anything while in the past the only loans that were given were for productive activities and now most of the loans are given just because people want to buy something.

wuvdoll

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Maybe it won't ? Maybe the system needs to change to make people more reliable with the blockchain system ? Maybe the fact that there are more debts in the world than there is money is already stupid enough and this way people can take back the system instead of some banks running the show ?

I do not think bitcoin was created because it wanted to apply to the current system. I think it was created because it was suppose to kill the old system and create a new one. With bitcoin there could be so much things that could change and if people only stopped caring about what the price is and started to care about what could possibly happen if they just used bitcoin and stopped using fiat all together only than we can see the true potential of bitcoin.

We don't need the current system at all, it is obvious that its not working as intended, so maybe bitcoin will be the new system.

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Quote from: Indamuck on October 13, 2018, 07:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

I have a theory that maybe the world economy would become better if all financial operations were performed with Bitcoin only. In case of replacing all the money in the world ($80 trillion) 1 BTC would cost around $4 million, and there would be enough satoshis to cover all the transactions. Yes, banks wouldn't be loaning money that doesn't exist, and maybe that would be a good thing, maybe big financial crisis would stop happening periodically in that case.

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Quote from: Indamuck on October 13, 2018, 07:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

I don't think it's possible that all people will be using Bitcoin as a sole currency to be used for transactions. We know that Bitcoin has a limited supply which make it unproportional to the population in the world.

erikoy

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No because there is no absolute rulings of decentralized currency like bitcoin. This could not work at all because there are circumstances that centralized system is useful. THere is no absolute centralized system also for currency to work because there are times that one could be effective in decentralized way. In short, the decentralize and centralized currency should make a balance for it could not stand on its own if it will be implemented absolutely.

trauchot

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Bitcoin, blockchain and cryptocurrency technologies are still incomprehensible to us and we may face many problems because of this if we now fully will switch to them, even the market is manipulated by big players, and this suggests that it is necessary to explore all the possibilities of cryptocurrency and something to do with those who manipulate woth the market, or then governments will nevern make bitcoin the global payment system. Fiat money will not disappear anywhere in my opinion, because it is much easier and more familiar to work with them.

Indrawan77

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No, bitcoin itself won't be able to work in our system, although we really like decentralised system but it won't work for us, if we used decentralised system then the rich will get richer by monopoly most of the money and control the price, when it happen all the economic stability will be shaken, so it's a bad idea to make bitcoin into main currency, but bitcoin will be very useful as sub currency

spongegar

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Let us say that crypto currency is as stable as Fiat. Theoretically, a stable priced crypto currency used exclusively worldwide to be exchanged forngoods and services (also considering that everyone can use it anywhere and everywhere) will simply function like Fiat only that we can track any and every transactions.

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Quote from: iamlds08 on November 09, 2018, 10:38:42 AM

it that is the case then the world will be more advanced and better. payment transactions will be easier across the globe.but for now it is hypothetical.

i think it is not optimal to work at this time, of course it still needs further preparation, because there are still many countries whose communities are not yet modern, so that it would be difficult to follow the development of this technology

cryptokingdom

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Let us just imagine it as fiction because Government will not allow it to happen easily. Bitcoin can perfectly offer lending services, with blockchain technology it will be transparent and trustworthy.

iamlds08

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it that is the case then the world will be more advanced and better. payment transactions will be easier across the globe.but for now it is hypothetical.

thirsten

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This is why cryptocurrency will revolutionize the world economy and end inflation. If a recession were to occur in today's day and age, cryptocurrencies' purchasing power would remain untouched.

The current problem is the volatility of cryptocurrencies, which can only be solved by widespread use. The demand needs to stay high.

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Quote from: btcluisdiki on November 09, 2018, 09:04:40 AM

I believe that btc will continue to work in the current system same as with fiat money. While cryptocurrency will grow rapidly, I believe that fiat currency will not be replaced by any cryptocurrency since it both need each other. People buy cryptocurrency using fiat for their investment and once they sell their cryptocurrency, people will have it change to fiat currency.

It will be adopted and updated, current system will do adjustment to adopt this scenario to be able to add and fulfill the needs to use blockchain and crypto for their benefits.

btcluisdiki

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I believe that btc will continue to work in the current system same as with fiat money. While cryptocurrency will grow rapidly, I believe that fiat currency will not be replaced by any cryptocurrency since it both need each other. People buy cryptocurrency using fiat for their investment and once they sell their cryptocurrency, people will have it change to fiat currency.

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Quote from: PsylockReborn on October 14, 2018, 03:58:46 PM

Quote from: Indamuck on October 13, 2018, 07:26:37 AM

But with bitcoin you can't loan money that doesn't exist.

Bitcoin will never replace FIAT. They'll coexist. If bitcoin will be deemed as the only currency that we can use then lending is possible. People will always try to find ways to lend out money. How can we use bitcoin as a mode of payment if it doesn't exist?

Maybe not, maybe it will but the point is not to implement bitcoin to our current system but manage to implement our system into bitcoin. We are not here talking about how bitcoin can be good for the world because it is the perfect side dish to it, we want it to be the main course. Bitcoin and crypto in general with the help of blockchain powered world could change the way we live and change the way economy is distributed.

Rich are too rich and poor are too poor in this world, crypto is here to prevent that and help close that gap between the wealthy and the unfortunate. Plus the blockchain could have so many uses in politics that eventually people will see politicans for who they are and decide to vote for the pure person instead of corrupted one. All these combined can make bitcoin a bigger player than just implementation to our system.

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I myself don't know the intricacies if finances and economics for that matter but if people were to yse crypto currency then I'd guess that countries would have to have their own so that they could still have a hand on the economy. Now that coin will be backed up, like fiat, by a country's treasury bonds. Basically nothing changes.

kerzhake

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I think that over time we would all become accustomed to this form of money and this form of calculation, and everything would be fine with us

Friskaadew

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Quote from: Indamuck on October 13, 2018, 07:26:37 AM

Pretend that all the fiat money in the world is gone and the whole world is only using Bitcoin. Ignore scalability issues for this scenario.

I'm sure most of you know that most money is actually created by banks through fractional reserve lending. Our economy is stimulated by people constantly taking out loans to make purchases. But with bitcoin you can't loan money that doesn't exist. Maybe we would have to change our consumerism as a society and prices would drop. Being able to borrow money easily makes everything rise in price. What are your thoughts?

my opinion is that bitcoin and flat money are in different positions, where flat money is in a position where we make payments in the real world, and btc is used for payments in cyberspace which in my opinion will be very balanced for the continuity of both. because it will be very difficult if you really don't use flat money in real life. for example, what if something happens that requires us to pay right away, but when there is no network, for example during a disaster, it will be very difficult, so in my opinion it is better for BTC and flat money to have their own place

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Quote from: putrii on October 16, 2018, 07:28:52 AM

I think all platforms can use the technology owned by bitcoin, because I see that bitcoin can record all transactions that use bitcoin and the advantages of bitcoin technology is that transactions can be seen by the public and how small it can be recorded from that technology can make bitcoin used for many systems .

actually bitcoin is flexible to deal with times. but biggest obstacle is legality of government, so i think this is hampering its development. with a decentralized system i think answering more and more transactions

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