Can Bitcoin save U.S. from its rising national debt?

Artemis3

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Quote from: jameshugo17 on December 30, 2019, 05:08:13 PM

No state can repay its debt by selling its bitcoin assets. That sounds funny to me. Bitcoin is already a danger to the states. In addition, if a state has too many bitcoins, the value of the bitcoin is likely to fall.

Nope, there is no correlation. A State can do the same things any other whale: It can hold unto them thus reducing circulation and increasing price, burn them (lose the wallet keys) provoking the same, or sell/auction them which could temporarily cause a cheaper price giving opportunity to some to buy cheap and then price goes back to its natural place.

This is no fiat. Even is the State tries buying bitcoin, it can only increase its price until they run out of money. So this will never happen. And if they sell them, they will eventually run out of them and put it in private hands who could keep/lose/sell them the same.

Suppose the US gov acquires lots of Bitcoin, either by buy or confiscation. You seem to believe this would somehow impact bitcoin's price negatively, when it might actually do the opposite or nothing at all.

Just because a gov gets bitcoin it doesn't affect the value for everybody else. EVEN if this gov is hostile to it (ie. China).

alexsandria

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Quote from: cheezcarls on December 15, 2019, 01:00:25 PM

Now I have a question to all of you here. Do you honestly think that only Bitcoin can fix this “ticking time bomb” in the United States?

I would like to hear out your reactions or opinion about this one guys. Happy Sunday everyone!

It could have a signifcant role but I don't think it would be enough at such time. Besides such on going debt isn't look like a normal one, though we can earn million dollars here that doesn't mean it can fit to a much more vital concern. And the US government are working with their debt much more complicated than just replacing bitcoin as a payment for their own debt. It just doesn't work that way, and I bet that the US government doesn't get bothered to even think about it as a solution.

shield132

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They have very bad politics, rising national debt, rising pocket of people in government and this happens for the cost of people's wages. In overall, we work and give some percent of our money to people in government, they use our money wrongly and in overall we work to get our situation worse cause we let them do what they wish.
Not directly bitcoin but cryptocurrencies can be a solution for fixing this situation. What we need to get rid of such situations is to have currency with fixed supply like bitcoin and also with blockchain to know where and how is spent money from government but of course they won't do it, prefer to hide their transactions.

Bim abk

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to be honest I am not entirely sure that bitcoin can help the growth of the country, because in bitcoin they also cannot regulate it and if it concerns the country's debt then what can help it is tax revenue. but with bitcoin maybe not, because bitcoin is decentralized and we also can't expect to always benefit from bitcoin

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Quote from: Youghoor on December 30, 2019, 09:22:40 PM

Is it that people do not understand what Bitcoin is or they don't have adequate knowledge of the use and purpose of Bitcoin? First and foremost, I'm very surprise to see this post asking whether Bitcoin can save the rising national debt of U.S. Bitcoin is just a digital currency. People should stop making this assumptions that Bitcoin is some kinda financial commodity that solves all financial problems and crisis. Bitcoin is just digital money.

I'm totally on your side. Bitcoin isn't made for the purpose of paying the national debt. Bitcoin is decentralized to give us an option if we want to avoid third parties and the government. To think that the biggest centralized power in a country will use a decentralized one to pay their debts. And even if bitcoin has the capability of saving a country for its increasing debt, will the government of U.S. use bitcoin for their debt?

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It seems to me that the money printer will play a bad trick with the US. This is an incredible public debt and I am scared to think what consequences it may have. And I'm not sure that in this situation, Bitcoin is the way out. Unless as a way to preserve value for people during a possible crisis

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Quote from: k@suy on December 31, 2019, 03:44:36 AM

Quote from: kotik085 on December 28, 2019, 12:43:59 PM

Why Bitcoin should correct US errors, of course not, Bitcoin will not be able to slow down the bomb of the growing debt to the United States. Maybe if Bitcoin stands on a par with fiat, then it will play a role.

Honestly, I don't think that the US will be needing the bitcoin as an additional help for saving their country for their almost 22$ trillion debts because US is the most independet country and the US government can stand alone without calling for the help of other countries or even the crypto world. They have a lot of citizens who can contribute in paying their debts by collecting each and everyone's any kind of taxes.

And in addition it could be possibly be suited not in US but to countries that are having a financial and economic crisis such as Venezuela and Zimbabwe. Especially if they are experiencing a huge inflation rate for some reason that their government and national bank decided to produce more money. In my opinion if bitcoin would be the most widely accepted crypto in instant, it could possibly make their economy and their financial sectors confused on how they could run things out. They surely need adjustment for this.

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Quote from: kotik085 on December 28, 2019, 12:43:59 PM

Why Bitcoin should correct US errors, of course not, Bitcoin will not be able to slow down the bomb of the growing debt to the United States. Maybe if Bitcoin stands on a par with fiat, then it will play a role.

Honestly, I don't think that the US will be needing the bitcoin as an additional help for saving their country for their almost 22$ trillion debts because US is the most independet country and the US government can stand alone without calling for the help of other countries or even the crypto world. They have a lot of citizens who can contribute in paying their debts by collecting each and everyone's any kind of taxes.

blckhawk

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US is quite known for such stunt. Bragging rights while having a hefty debt and it looks like they have no plans whatsoever in addressing this problem. Bitcoin could also not miraculously fix the debt. Sure, it could have make faster macrotransactions that 'might' boost the economy, but it's not guaranteed, and may not be enough in reducing the debt.

Youghoor

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Is it that people do not understand what Bitcoin is or they don't have adequate knowledge of the use and purpose of Bitcoin? First and foremost, I'm very surprise to see this post asking whether Bitcoin can save the rising national debt of U.S. Bitcoin is just a digital currency. People should stop making this assumptions that Bitcoin is some kinda financial commodity that solves all financial problems and crisis. Bitcoin is just digital money.

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Quote from: jameshugo17 on December 30, 2019, 05:08:13 PM

In addition, if a state has too many bitcoins, the value of the bitcoin is likely to fall.

How so? By owning 'too many' of something that already is super scarce, especially when it comes to the circulating supply within the speculative market, they would make every Bitcoin super duper happy with the increase in price. States are mainly hoarders of assets, and when they hodl their Bitcoins, it can only propel the price to much higher levels, especially after the halving reducing the rate of inflation.

I however do not like the idea of states owning Bitcoin, because it gives them the incentive to actually attack the network in case they want a transaction of a rival state reversed, or for whatever other reason. Let them stick to Gold hoarding and people do Bitcoin hoarding. Much better basis to build on. States can't be trusted and they don't like freedom, more reason to steer clear of them.

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Quote from: cheezcarls on December 15, 2019, 01:00:25 PM

The U.S. economy grew by 2.1 percent in the Q3 2019 as compared to an expected rate of 1.9 percent. But, behind the growth is a problem that no one is talking about: rising national debt. Could Bitcoin pose as a solution?

As cryptocurrency researcher The Moon (@themooncarl) revealed on Twitter, the American economy might look strong, but its debts have continued to rise. Data from the U.S. National Debt Clock shows that the national debt currently stands at a staggering $23.116 trillion. The Trump administration was overly fixated on growing the American economy and claiming bragging rights. They obviously had no qualms driving the country into more debt to achieve that goal.

Read the full news here

A ticking time bomb? Sounds to me that I can agree with that statement!

Of course, US president Donald Trump is rejoicing that the stocks is at its all-time high. But he forgot one thing.

Their national debt continues to rise, and I highly no doubt that it gets even worse in the next few years or so.

Now I have a question to all of you here. Do you honestly think that only Bitcoin can fix this “ticking time bomb” in the United States?

I would like to hear out your reactions or opinion about this one guys. Happy Sunday everyone!

The Fed believes continuing to print money is the solution.
Merely implementing Bitcoin as a replacement for the Fed wouldn’t be enough to dig the US out of the massive hole into which it has fallen.

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Quote from: cheezcarls on December 15, 2019, 01:00:25 PM

Of course, US president Donald Trump is rejoicing that the stocks is at its all-time high. But he forgot one thing.
Their national debt continues to rise, and I highly no doubt that it gets even worse in the next few years or so.

Did you notice these two sentence have in common, the stock market price is at an all time high valuation not only in the US but around the globe and what does that mean when the national debt keeps on increasing with every country, the same bubble these financial institutions and some sloppy stock analyst are accusing BTCitcoin for a very long time, yes there is a huge bubble in the stock market for the past three years globally while the economy is struggling and it is nothing but a bubble.

Quote from: cheezcarls on December 15, 2019, 01:00:25 PM

Now I have a question to all of you here. Do you honestly think that only Bitcoin can fix this “ticking time bomb” in the United States?

Nothing can save the economy if the bubble breaks, all they can do is to rebuild everything, change the model and have some transparency with the help of blockchain and then they can include BTCitcoin as a hedge for government bonds and so on, this is my dream but the governments always like to learn the hard way.

buyinbtc

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Quote from: TastyChillySauce00 on December 30, 2019, 05:51:50 PM

Let's be honest here, bitcoin can't even lift the economy of third world countries with debts that amounts only a dime compared to what the US has simply because using bitcoin is just like using any currency out there, I can't see how it could save a country from its national debt and considering that US is kinda "against" crypto most of the time, it's just a wishful thinking.

Well that is the truth, the debt will still remain the debt, if the debt in dollars will be deleted then it will be replaced by the debt in bitcoin. The only way for the us and all other countries to get out of this terrible place in the world is for their financial systems to be destroyed completely and remade from scratch. That's why bitcoin is beautiful, it enables this possibility.

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Quote from: TastyChillySauce00 on December 30, 2019, 05:51:50 PM

Let's be honest here, bitcoin can't even lift the economy of third world countries with debts that amounts only a dime compared to what the US has simply because using bitcoin is just like using any currency out there, I can't see how it could save a country from its national debt and considering that US is kinda "against" crypto most of the time, it's just a wishful thinking.

if indeed bitcoin is used as a solution, the implementation step also cannot be carried out in a hurry.

The US has issued too many controversial policies, using bitcoin will only create more uncontrolled speculation. National debt mechanisms also move procedurally, changing them suddenly only creates new problems that can have a global impact.

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Let's be honest here, bitcoin can't even lift the economy of third world countries with debts that amounts only a dime compared to what the US has simply because using bitcoin is just like using any currency out there, I can't see how it could save a country from its national debt and considering that US is kinda "against" crypto most of the time, it's just a wishful thinking.

Leonardo7

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The big question is why does the US government keep borrowing money and never stop. I believe the owners of reserved bank delights in seeing the US go more into debt. The US government borrows money to do a lot of things they shouldn't be doing. Maybe some policy change could help the States, even bitcoin may not be able to help the government but the people just like gold.

jameshugo17

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No state can repay its debt by selling its bitcoin assets. That sounds funny to me. Bitcoin is already a danger to the states. In addition, if a state has too many bitcoins, the value of the bitcoin is likely to fall.

Artemis3

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Quote from: cheezcarls on December 15, 2019, 01:00:25 PM

The U.S. economy grew by 2.1 percent in the Q3 2019 as compared to an expected rate of 1.9 percent. But, behind the growth is a problem that no one is talking about: rising national debt. Could Bitcoin pose as a solution?

As cryptocurrency researcher The Moon (@themooncarl) revealed on Twitter, the American economy might look strong, but its debts have continued to rise. Data from the U.S. National Debt Clock shows that the national debt currently stands at a staggering $23.116 trillion. The Trump administration was overly fixated on growing the American economy and claiming bragging rights. They obviously had no qualms driving the country into more debt to achieve that goal.

A ticking time bomb? Sounds to me that I can agree with that statement!

Of course, US president Donald Trump is rejoicing that the stocks is at its all-time high. But he forgot one thing.

Their national debt continues to rise, and I highly no doubt that it gets even worse in the next few years or so.

Now I have a question to all of you here. Do you honestly think that only Bitcoin can fix this “ticking time bomb” in the United States?

I would like to hear out your reactions or opinion about this one guys. Happy Sunday everyone!

The solution is Austrian economics. Bitcoin just happens to be a coin that doesn't lose value overtime, exactly what the Austrians wanted. Until then, America (or any other country) cannot escape from the inevitable cycles of bubbles and crashes, these are produced by the current dominant mentality, that promotes getting in debt as a means to "fast grow" the economy, but this "fast" inevitable brings its price...

Did you know the Austrians warned Americans during the roaring 20ies, before the infamous crash of 29? But they didn't listen. And they STILL don't listen, thus they will just repeat the housing crisis with perhaps some different subject "whatever crisis" again, and the world will also get repercussions for following them like lemmings.

If you did things the Austrian way, you wouldn't get in debt to grow the economy. You would potentially save, and only invest once the money has accumulated. Ah but the other countries would run circles in front of them, sure, but they would also crash.

The turtle and the hare race, might be a suitable analogy, of Austrian vs Chicago school of economy.

But no one listens. So start learning Chinese...

cryp24x

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Everything is possible in Bitcoin. But using the word "Only" is quite not appropriate for solving problems. There are lots of factors about US debts and we have to consider these things to be able to solve it. One possible solution is Bitcoin and Blockchain Technology. The real solution I think is change of lifestyle. They really need discipline regarding financial aspect.

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