Topic: [Graphic] Bitcoin vs. The Government. - page 2. (Read 2656 times)
Goverments should be allowing cryptocurrency in their country since it is a good advancement of technology, it will help their country grow economically, though without taxation, many can xreate businesses and make their lives easy and for sure they will create something that will help their countrymen, governments should also give lessons or seminars that will encourage their citizens to become businessmen in order to create jobs.
Round 3 : http://www.zerohedge.com/news/2017-08-04/venezuela-currency-disintegrates-down-16-today
Inflation of a "currency" (of a country) VS. the Bitcoin value and functionalities.
And this : https://www.coinhills.com/market/xbt-bsf/
Result : don't trust your currency or your bank or your country, only trust Bitcoin network rules.
Inflation of a "currency" (of a country) VS. the Bitcoin value and functionalities.
Quote
"Every time the black dollar goes up, you're poorer," resignedly said Juan Zabala, an executive in a reinsurance business in Caracas.
His salary is 800,000 bolivares per month.
On Thursday, that was worth $47 at the parallel rate. A year ago, it was $200.
The inexorable dive of the money was one of the most-discussed signs of the "uncertainty" created by the appointment of the Constituent Assembly, which starts work Friday.
His salary is 800,000 bolivares per month.
On Thursday, that was worth $47 at the parallel rate. A year ago, it was $200.
The inexorable dive of the money was one of the most-discussed signs of the "uncertainty" created by the appointment of the Constituent Assembly, which starts work Friday.
And this : https://www.coinhills.com/market/xbt-bsf/
Result : don't trust your currency or your bank or your country, only trust Bitcoin network rules.
I don't know the technicalities since I still use an online wallet but they better fix the transaction time and fees first before this would be adopted as currency by any country. Right now it's mostly a store of value because of the fluctuating prices and I see people complaining that they're not using their bitcoin because of the increased fee (has not affected me yet).
But yes, in theory it should eventually become a competitor for fiat when it comes to daily use. The only thing banks would be left with would probably loans.
Bitcoin can not in practice be used for daily small purchases. It will not be profitable. And banks will find work not only for lending. Part of the transactions will always be made in ordinary currency for various reasons. Yes, and settlements with the state on the payment of taxes will also be made in the national currency and therefore, customers of banks will be forced to have on their account a national currency. Therefore, banks will give services for the purchase and sale of crypto currency for a decent commission. Therefore, for banks, there is always work But yes, in theory it should eventually become a competitor for fiat when it comes to daily use. The only thing banks would be left with would probably loans.
Full reasons to adopt bitcoin and left the old fiat. But we must say bitcoin isn't ready for a mass adoption yet. If a whole country starts using the crypto currency we won't be able to do all the transactions and it will be worthless like bolívar or any other currency like this.
Theoretically bitcoin is perfect, but on the practice we are facing some issues very imminent to be solved.
Theoretically bitcoin is perfect, but on the practice we are facing some issues very imminent to be solved.
I agree, massive population in Bitcoin is hard to manage. For instance, our managers here takes time to dissemenate our rates how much more for the coming years.
And I think security will be more at risk when adoptation continous.
Not really accurate, but sparkles an interesting discussion.
cool and simple image.
Round 2 : http://www.zerohedge.com/news/2017-08-02/venezuela-bolivar-loses-third-its-value-past-week
Quote
the exponential rise in M2, the sum of cash, together with checking, savings, and other deposits, also means an exponential rise in the amount of currency circulating. As a result, Venezuela's money supply is up 384% in the last year. In contrast, the United States' money supply is up 5.5% in the same period.
This means that Venezuelans are forced to carry huge bundles of cash to make basic purchases, if they can afford to do so given weekly price rises on many goods of course.
This means hyperinflation.
This means that Venezuelans are forced to carry huge bundles of cash to make basic purchases, if they can afford to do so given weekly price rises on many goods of course.
This means hyperinflation.
The venezuela is the 28st country in the world with M2 stock money (before 2017) : https://www.cia.gov/library/publications/the-world-factbook/rankorder/2215rank.html
Bitcoin is the 69st = https://bitcointalksearch.org/topic/m.20567883
at the beginning, gov. control money : and it fail (Roma Empire)
at the second level, gov. allow corporates to create money : and they fail (FIAT history)
so now, money need to be restrain by mathematic rules : perhaps, a success (like P2P file sharing).
at the second level, gov. allow corporates to create money : and they fail (FIAT history)
so now, money need to be restrain by mathematic rules : perhaps, a success (like P2P file sharing).
It seems so logical like someone should have come up with it when the internet came out. It's kind of surprising you or I didn't come up with this idea. Not that I ever would have been able to implement it myself though. Could you.. Satoshi!?
the problem to trade oil, for example, is directly linked to the availability of the real dollar market (ie. banks channels like swift).
but, now, they can sell oil for bitcoins.
and then, bitcoins can provide trade in the country for others assets like food, hospital, and ... store of value.
but, now, they can sell oil for bitcoins.
and then, bitcoins can provide trade in the country for others assets like food, hospital, and ... store of value.
You compare dollar and bolivar which is non-sense as I told, problem is not fiat, but the lack of market economy (capitalism) which indeniably thrive the progress and prosperity.
Thank you for this awesome graphic, I sometimes explain bitcoin in detail to people who are really interesed and I will keep this graphic in case someone wants such an explanation in future.
But fiat would be a better name instead of government
But fiat would be a better name instead of government
the problem to trade oil, for example, is directly linked to the availability of the real dollar market (ie. banks channels like swift).
but, now, they can sell oil for bitcoins.
and then, bitcoins can provide trade in the country for others assets like food, hospital, and ... store of value.
but, now, they can sell oil for bitcoins.
and then, bitcoins can provide trade in the country for others assets like food, hospital, and ... store of value.
I don't get the last comparison lol. I can buy literally anything with a Canadian Dollar but I can't buy anything at all with bitcoins where I am. I can buy things online, but so can anyone in the world.
Lol kind of random but by the title I was expecting this to be a graphic post as in blood / gore hahaha.
The op did not made the comparison of fiat vs bitcoin it was bitcoin vs the bolivar, the currency of Venezuela, and in Venezuela things are in a bad shape there are many products that are very scarce in the country and there is a black market for everyday products so I think that is what he is referring. Lol kind of random but by the title I was expecting this to be a graphic post as in blood / gore hahaha.
cool and simple image.
You see ? It works.
http://www.zerohedge.com/news/2017-07-22/venezuelans-are-now-paying-1000-times-more-us-dollars-they-did-2010
This thread does not raise the right reasons and issues.
The problem at the source, the root cause of this devaluation is not necessarily fiat money but is a political problem. Venezuela is a very few still existing socialist / communist economy and refutes the market economy (which would solve a lot of issues... Venezuela is one of the largest petrol reserve of the planet (!)).
What is lacking in Venezuela is an openness to the world and a market economy (bitcoin is a only a slight solution to the social politic). It would be nice that the thread instead of worrying about an effect (devaluation, hyperinflation) is interested in the cause of this problem: communism and why it is so bad.
Hehe. Nice infographics design dude. Same with others I thought this post is about blood, killings due to Bitcoin or whatever. May I know what is Bolivar? Is this a fiat or another crypto coin?
cool and simple image.
You see ? It works.
http://www.zerohedge.com/news/2017-07-22/venezuelans-are-now-paying-1000-times-more-us-dollars-they-did-2010
The government is the one who will decide if the bitcoin will be allowed in there country or not or they will allow the risk and opportunities it will give in there country but the bitcoin it still have a specialities in many ways and when it come in money.
Bitcoin is a decentralized currency and no government can control it and that is the reason they are not making any statement about bitcoins as they are well aware that if bitcoin gets on the mainstream then they will loose all their control that they have on fiat money at a moment.
at the beginning, gov. control money : and it fail (Roma Empire)
at the second level, gov. allow corporates to create money : and they fail (FIAT history)
so now, money need to be restrain by mathematic rules : perhaps, a success (like P2P file sharing).
at the second level, gov. allow corporates to create money : and they fail (FIAT history)
so now, money need to be restrain by mathematic rules : perhaps, a success (like P2P file sharing).
It seems so logical like someone should have come up with it when the internet came out. It's kind of surprising you or I didn't come up with this idea. Not that I ever would have been able to implement it myself though. Could you.. Satoshi!?
at the beginning, gov. control money : and it fail (Roma Empire)
at the second level, gov. allow corporates to create money : and they fail (FIAT history)
so now, money need to be restrain by mathematic rules : perhaps, a success (like P2P file sharing).
at the second level, gov. allow corporates to create money : and they fail (FIAT history)
so now, money need to be restrain by mathematic rules : perhaps, a success (like P2P file sharing).
That pictural representation is simply the right way to go about it in a very simple and easy to understand format without necessarily understanding the technicalities that surround either bitcoin or the blockchain technology. But the issue there is that its definetely campaigning against the fiat which government will frown with because abandoning fiat, simply means abandoning government which no sane governments will allow unless its ready to face the outcome of such.
So bitcoin cannot control by the government in many ways the price of the bitcoin is still sky rocketing to 2000dollars and bitcoin is also a great threat in the government but bitcoin cannot use why the government dont allow it in there country but still the bitcoin is has a power to do a transaction in many countries.
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