If bitcoin goes mainstream it's to be expected that people would prefer bitcoin to fiat. And as more and more people start trading their fiat for bitcoin, fiat currencies would lose value against bitcoin. At a certain point, it would be expected that fiat currencies would also lose value to the goods in general. So, we would see inflation, fiat would lose purchasing power.
But, as stated, this is based on the premises that bitcoin will go mainstream. This is far from assured.
Topic: How and When Fiat Will End (Read 2613 times)
Quote
Hyperinflation of USD
If USA recorded 30% inflation in one month, that would be the end of it. To have that condition existing longer term wont happen unless nobody was really using it. It would require a reversal of the current state where the whole globe uses it as a proxy
The ultimate problem with fiat money is that they don't have any manufacturing cost. Under a gold standard, each dollar was partly backed by gold, which has a manufacturing cost, so money creation is more or less the same as any other type of job
Fiat money worth nothing, and central banks have been using this nothing in exchange for almost everything since 1971. But the collapse of this system require that people first understand this grand scale scam (which is very difficult for human of average IQ), and then have an alternative way to do commerce (now we have bitcoin, but if used at large scale, the scalability will become a problem)
And the central banks will not sit there watching, they will do whatever necessary to prevent such a collapse, like raise the interest rate to 20+% (anyway they use printed money to pay for those interest), use gold/silver/real estate to back their fiat money (they still have large amount of gold reserve), or bribing the congress man to pass many different laws to outlaw the usage of other currencies
From the government point of view, bitcoin can help them to get rid of those debt based fiat, thus become debt free, but they also lose the ability to tax people and regulate the money flow, it is still unknown what kind of position they will take
I guess that in foreseeable future, fiat money will still be used widely, and bitcoin becomes a sponge to suck in extra fiat money supply to reduce the risk of fiat money inflation, and since bitcoin appreciate so fast, it will never be used at large scale at domestic commerce, more likely to become a digital asset and used to store and move wealth between countries
Fiat money worth nothing, and central banks have been using this nothing in exchange for almost everything since 1971. But the collapse of this system require that people first understand this grand scale scam (which is very difficult for human of average IQ), and then have an alternative way to do commerce (now we have bitcoin, but if used at large scale, the scalability will become a problem)
And the central banks will not sit there watching, they will do whatever necessary to prevent such a collapse, like raise the interest rate to 20+% (anyway they use printed money to pay for those interest), use gold/silver/real estate to back their fiat money (they still have large amount of gold reserve), or bribing the congress man to pass many different laws to outlaw the usage of other currencies
From the government point of view, bitcoin can help them to get rid of those debt based fiat, thus become debt free, but they also lose the ability to tax people and regulate the money flow, it is still unknown what kind of position they will take
I guess that in foreseeable future, fiat money will still be used widely, and bitcoin becomes a sponge to suck in extra fiat money supply to reduce the risk of fiat money inflation, and since bitcoin appreciate so fast, it will never be used at large scale at domestic commerce, more likely to become a digital asset and used to store and move wealth between countries
I think this will all happen slowly, over time evolving and adapting. There are multiple phases to this evolution, we are currently in development and infrastructure building phase. It is my belief, I have no facts or evidence to support this, intent is to drive society and assets into the blockchain.
This will be accomplished by continuously raising btc<>usd ratio.
I also think states will takeover control of the blockchain through centralization and for "the good of the people"
Scalability non issue. Many threads about this already.
Tax non issue, moving to consumption tax.
The reason I became so suspicious of bitcoin is because of number of senators, congressmen, federal reserve representatives, former mint
chairman, "economists" and hedge fund managers coming out in favor of bitcoin and blockchain. Has been unending stream for last 6 months
or so. They are all in favor and support bitcoin protocol. Tells me all I need to know.
They see bitcoin protocol as SOLUTION to existing problems. Carrot and Stick.
The ultimate problem with fiat money is that they don't have any manufacturing cost. Under a gold standard, each dollar was partly backed by gold, which has a manufacturing cost, so money creation is more or less the same as any other type of job
Fiat money worth nothing, and central banks have been using this nothing in exchange for almost everything since 1971. But the collapse of this system require that people first understand this grand scale scam (which is very difficult for human of average IQ), and then have an alternative way to do commerce (now we have bitcoin, but if used at large scale, the scalability will become a problem)
And the central banks will not sit there watching, they will do whatever necessary to prevent such a collapse, like raise the interest rate to 20+% (anyway they use printed money to pay for those interest), use gold/silver/real estate to back their fiat money (they still have large amount of gold reserve), or bribing the congress man to pass many different laws to outlaw the usage of other currencies
From the government point of view, bitcoin can help them to get rid of those debt based fiat, thus become debt free, but they also lose the ability to tax people and regulate the money flow, it is still unknown what kind of position they will take
I guess that in foreseeable future, fiat money will still be used widely, and bitcoin becomes a sponge to suck in extra fiat money supply to reduce the risk of fiat money inflation, and since bitcoin appreciate so fast, it will never be used at large scale at domestic commerce, more likely to become a digital asset and used to store and move wealth between countries
Fiat money worth nothing, and central banks have been using this nothing in exchange for almost everything since 1971. But the collapse of this system require that people first understand this grand scale scam (which is very difficult for human of average IQ), and then have an alternative way to do commerce (now we have bitcoin, but if used at large scale, the scalability will become a problem)
And the central banks will not sit there watching, they will do whatever necessary to prevent such a collapse, like raise the interest rate to 20+% (anyway they use printed money to pay for those interest), use gold/silver/real estate to back their fiat money (they still have large amount of gold reserve), or bribing the congress man to pass many different laws to outlaw the usage of other currencies
From the government point of view, bitcoin can help them to get rid of those debt based fiat, thus become debt free, but they also lose the ability to tax people and regulate the money flow, it is still unknown what kind of position they will take
I guess that in foreseeable future, fiat money will still be used widely, and bitcoin becomes a sponge to suck in extra fiat money supply to reduce the risk of fiat money inflation, and since bitcoin appreciate so fast, it will never be used at large scale at domestic commerce, more likely to become a digital asset and used to store and move wealth between countries
"FACTA on July 1st 2014." Nope. Been cancelled. No roll out of that this summer due to other nations refusal to comply.
I can find no proof to this statement, rather the contrary:
July 1st 2014: A new currency law FATCA going after Americans with foreign assets to “pay their fair share” May 26th 2014
http://investmentwatchblog.com/july-1st-2014-a-new-currency-law-fatca-going-after-americans-with-foreign-assets-to-pay-their-fair-share/
July 1, 2014: End of U.S. Currency? May 17th 2014
http://situationbrief.com/july-1-2014-end-of-u-s-currency/
FATCA: New Tax Effective July 1, 2014 May 1st 2014
http://www.activistpost.com/2014/05/fatca-new-tax-effective-july-1-2014.html
As for your last post...I am not even going to bother.
cryptos, I thought you were gone.
I am signing off now. Yes, it's day's old news. Your sources suck. You suck. Your royal jerk, seriously. Your the worst. And likely a complete phony.
So goodnight Ms Fear-Fear-Fear, You fear monger puke.
And no, I don't ever care to converse with such a numb-nutted idiot ever again.
"FACTA on July 1st 2014." Nope. Been cancelled. No roll out of that this summer due to other nations refusal to comply.
I can find no proof to this statement, rather the contrary:
July 1st 2014: A new currency law FATCA going after Americans with foreign assets to “pay their fair share” May 26th 2014
http://investmentwatchblog.com/july-1st-2014-a-new-currency-law-fatca-going-after-americans-with-foreign-assets-to-pay-their-fair-share/
July 1, 2014: End of U.S. Currency? May 17th 2014
http://situationbrief.com/july-1-2014-end-of-u-s-currency/
FATCA: New Tax Effective July 1, 2014 May 1st 2014
http://www.activistpost.com/2014/05/fatca-new-tax-effective-july-1-2014.html
As for your last post...I am not even going to bother...oh you deleted it hahahhahaha
Just admit it, you are either drunk or stoned.
Lesson learned there...snag quoted rubbish nonsense posts quick! hahaha
Anyway you have a very confused blurry vision of what is happening, likely through beer goggles.
The Fed is not going anywhere even if "Bitcoin is Freedom" http://finance.fortune.cnn.com/2014/05/20/bitcoin-federal-reserve-regulation/
I always like backing up my statements with FACTS and EVIDENCE
"FACTA on July 1st 2014." Nope. Been cancelled. No roll out of that this summer due to other nations refusal to comply.
Well that is news to me, you have any proof?
Why did you state that? Because it was the best you could come back with since your proven to be a fools fool? Only you know why.
I was going to write something like "police state worshiping militaristic fascist" but decided not to. This from your obvious belief we should worship the IRS who steal from us and want to control our money, speech according to Citizens United v. Federal Election Commission, in order to kill and imprison people at whim, "Bitcoin not Bombs"
cryptos: you calling me delusional for stating to END THE FED.
okay then...
Your a freeloading parasite, a completely worthless maggot demanding others carry your water by refusing to even pay your share of taxes. May you end up getting what you truly deserve.
Your a complete phony, just like your hero Obama.
Best video: George Carlin ~ The American Dream
https://www.youtube.com/watch?v=acLW1vFO-2Q
Bitcoin is Freedom.
Even Government Officials agree, fiat sucks. Bitcoin Rocks! Everyone loves Bitcoin!
.
.
Bitcoin is Genius.
.
.
Bitcoin is Genius.
You have made my argument for me.
Now ask yourself why do government officials agree bitcoin is genius?
Gives them more power and control
That is the true genius of implementing bitcoin protocol and blockchain. It will be Voluntary
First END THE FED. Then eventually fiat will end too. But first step is END THE FED. Repeat after me: Soon the Fed is dead!
Ok you are delusional, you have no idea what is happening.
Maybe I will write it up sometime so you will understand what I think is really going on and then can discuss it.
Hopefully in a rational, calm, thoughtful manner without rubbish about Zionism, Israel etc.
goodnight slingshot. Been fun, other than the slander...
OT:
http://dollarcollapse.com/
http://whatreallyhappened.com/
http://rense.com/
Filter out the nonsense and hogwash, rinse the foolishness. Then the rest will do a young mind like yours wonders. They blow the doors right off your references. Please cryptos, don't take it personally. None of it. Your on the right path, maybe? But if your in search of the real truths your not going to like what you find out concerning many topics your obviously not yet privy to the real facts.
Now, Back On Topic:
Re: How and When Fiat Will End
Good night cryptos
"FACTA on July 1st 2014." Nope. Been cancelled. No roll out of that this summer due to other nations refusal to comply.
Well that is news to me, you have any proof?
Why did you state that? Because it was the best you could come back with since your proven to be a fools fool? Only you know why.
I was going to write something like "police state worshiping militaristic fascist" but decided not to. This from your obvious belief we should worship the IRS who steal from us and want to control our money, speech according to Citizens United v. Federal Election Commission, in order to kill and imprison people at whim, "Bitcoin not Bombs"
Even the government officials agree!
Bitcoin is Genius.
Bitcoin is Genius.
Something we agree on. States love bitcoin and the blockchain.
I don't why you go off on these wacky tangents about Zionism, Israel and the rest.
Other than that this is somewhat entertaining.
I'm not in constant state of fear or any of this other nonsense. I will have to re-read what written as no idea how got that
impression other than I tend to just write bluntly. I am not a "conspiracy theorist." I look for logic, reasoning and facts to explain
what is happening and why.
So far you are a fascist and I am a pacifist.
You don't believe privacy is a fundamental human right, which includes speech=money.
You believe should continue to pay taxes to propagate the "Corporate Fascist Police State" as you call it,
which means supporting the status quo. So either you are confused, a dreamer, or a fudder.
If anyone works for the NSA here it is you.
Re: How and When Fiat Will End
It will end in the coming decades and die because it's a vastly inferior form of currency that has enslaved the entire world.
No matter what, debt based or even debt-free, all government or bankster fiat lends itself toward the frail acts of human weaknesses.
Acts such as fraud, excessive greed, and plunder, not to mention temptation of corruption due to it being far too centralized.
Fiat is a hopeless abstract.
Fiat is a complete act of futility.
Fiat is a hopeless joke to borrow a phrase from one of the wealthiest jerks to ever live on this earth and whom recently attempted in vain
to defame Bitcoin in public.
Fiat is the real joke.
And it's a real bad joke handed down for centuries, and has for too long enslaved all of us in this world to Bankster scum and their ilk.
Even Government Officials agree, fiat sucks. Bitcoin Rocks! Everyone loves Bitcoin!
Re: How and When Fiat Will End
It will end in the coming decades just as soon as governments try everything in their power to do everything to save their centralized
control, then finally do the correct thing in the end.
First END THE FED. Then eventually fiat will end too. But first step is END THE FED. Repeat after me: Soon the Fed is dead!
Bitcoin is Genius.
OMG: There hasn't been and never was any financial privacy except cash transactions.
.
.
"...Snowden on a mission" Are you serious? That's insane!
Your batshit crazy.
.
.
"...Snowden on a mission" Are you serious? That's insane!
Your batshit crazy.
I thought you were done?
Eliminating cash is part of the point, see Rogoff.
Here are a couple of bloggers who have put thought and research into snowden as well as written numerous posts
Rancid Honeytrap
http://ohtarzie.wordpress.com/?s=snowden
Willyloman
http://willyloman.wordpress.com/?s=snowden
Infowars.com - Snowden is a National Security State Asset
http://www.infowars.com/snowden-is-a-national-security-state-asset/
Here come the Edward Snowden truthers - Salon.com
http://www.salon.com/2013/06/19/here_come_the_edward_snowden_truthers/
I am sure you wont read everything, or even anything at all nor look for other skeptics, but the circumstances and
what has been revealed stink. Why no info on banks? Why no info on 9/11? Why no info on insider trading and market rigging?
Why wait a year to reveal names of targeted Americans? Its a timed orchestrated PR campaign
Only being told what state wants us to know and when.
"Most transparent administration in history" "'You can't change Washington from the inside" - Barack Obama
cryptos - "Look at progression of events. Snowden sent on mission to tell US citizens and world they have no social privacy. "Mission accomplished," his words. Next target? Financial privacy".
OMG: There hasn't been and never was any financial privacy except cash transactions. What is this nonsense. There are paper or digital trails that never end back to the source of all financial transactions. Always have been.
There is no progression in what you stated. "Next target? Financial privacy"."
Nonsense. Never has been any financial privacy. We're all open books for any police or government to review.
Seek help. You need a really good therapist.
"...Snowden on a mission" Are you serious? That's insane!
Your batshit crazy.
OMG: There hasn't been and never was any financial privacy except cash transactions. What is this nonsense. There are paper or digital trails that never end back to the source of all financial transactions. Always have been.
There is no progression in what you stated. "Next target? Financial privacy"."
Nonsense. Never has been any financial privacy. We're all open books for any police or government to review.
Seek help. You need a really good therapist.
"...Snowden on a mission" Are you serious? That's insane!
Your batshit crazy.
So which is it: A tax evader, illegal drugs, or maybe some other illegal activity?
No governments are going to sit by and allow such a thing since they would adversely effect their ability to collect tax revenues.
What? Are you maybe suffering from narcissism and grand delusions?
The future isn't going to be kind to parasites demanding others carry their water for them while they get a temporary free ride off the labor of others. Maybe 2 to 10 years hard labor for instance. Just for starters. O wait, that already is the federal tax law if you cheat the government out of $2000 or more dollars in any one year, plus huge fines too. Oops. Better not get caught or make any mistakes. Oops, you already did. Oops.
Your pipe-dreams are for losers and those begging to lose everything a decade down the road when they least expect it and the revenuers come busting through their doors to take it all, everything you own, and toss into the next new federal prison call center for maybe I don't know, hum...maybe Micosoft, lol. Not to mention the fines and penalties one will be forced to pay until their dead and buried. It's not worth it kiddies. It's stupid. Pay tax, invest wisely, retire in your 50's. OR be seriously stupid. Your choice.
And for those that think the rules and laws shouldn't apply to themselves. It's called part of being a psychopath. Grow up.
This discussion is closed.
Bitcoin is Freedom.
No governments are going to sit by and allow such a thing since they would adversely effect their ability to collect tax revenues.
What? Are you maybe suffering from narcissism and grand delusions?
The future isn't going to be kind to parasites demanding others carry their water for them while they get a temporary free ride off the labor of others. Maybe 2 to 10 years hard labor for instance. Just for starters. O wait, that already is the federal tax law if you cheat the government out of $2000 or more dollars in any one year, plus huge fines too. Oops. Better not get caught or make any mistakes. Oops, you already did. Oops.
Your pipe-dreams are for losers and those begging to lose everything a decade down the road when they least expect it and the revenuers come busting through their doors to take it all, everything you own, and toss into the next new federal prison call center for maybe I don't know, hum...maybe Micosoft, lol. Not to mention the fines and penalties one will be forced to pay until their dead and buried. It's not worth it kiddies. It's stupid. Pay tax, invest wisely, retire in your 50's. OR be seriously stupid. Your choice.
And for those that think the rules and laws shouldn't apply to themselves. It's called part of being a psychopath. Grow up.
This discussion is closed.
Bitcoin is Freedom.
Now you have revealed your true colors, as a fascist. You do not believe in every human beings fundamental human right to privacy.
Dilma Rousseff - President of Brazil
"Without the right of privacy, there is no real freedom of speech or freedom of opinion, and so there is no actual democracy"
http://www.washingtonpost.com/world/national-security/brazils-president-condemns-nsa-spying/2013/09/24/fe1f78ee-2525-11e3-b75d-5b7f66349852_story.html
Citizens United v. Federal Election Commission
Money is free speech
Back on Topic:
Re: How and When Fiat Will End
Re: How and When Fiat Will End
How and when fiat will end? BTC will hasten its demise and that is its intent, along with other factors like FACTA on July 1st 2014.
When? I have no idea. I already guessed 2030-2040.
Back on Topic:
Re: How and When Fiat Will End
I can no longer tell if this is a joke, you are drunk, or just rambling nonsense.
You are not disagreeing with anything Ive written, you are just spewing nonsense.
Bitcoins went from $13 to $1200 in 2013. That is hyper deflation of USD vs BTC.
I am saying the USD debt based moneytary system is dead and has to be replaced...enter bitcoin.
So again, I can't tell if this is a joke, you are drunk, or just rambling nonsense.
You are not disagreeing with anything Ive written, you are just spewing nonsense.
Bitcoins went from $13 to $1200 in 2013. That is hyper deflation of USD vs BTC.
I am saying the USD debt based moneytary system is dead and has to be replaced...enter bitcoin.
So again, I can't tell if this is a joke, you are drunk, or just rambling nonsense.
You should really learn English. And learn to correctly state facts and separate the nonsense.
"That is hyper deflation of USD vs BTC".
wrong.
That's hyper deflation of bitcoins in Fed dollars.
USD is the ticker symbol in the forex for Federal reserve notes (aka dollars, aka usd).
But your writing it in a form that refers to the USD hyper delating against Bitcoin, like that is possible. NOT.
Then you spin this bullshit reply. Enough. I ripped you, re-ripped you, and I now spit you out.
Take that darkcrap coin shit with you. We don't come there and span your section. How dare you span this
section with your drivel. Go back and read your nonsense. See how it comes across. If that doesn't make
sense nothing will. I wager all in nothing I can say will fix your problems. Your incurable.
I am done with your bullshit.
Re: How and When Fiat Will End
====================
Short version:
----------------
Bitcoin is Pure Genius.
Bitcoin is Monetary Freedom.
====================
Short version:
----------------
Bitcoin is Pure Genius.
Bitcoin is Monetary Freedom.
This post I mostly agree with. However the bitcoin protocol is not anonymous nor was it ever intended to be, as to "Monetary Freedom" that is debatable. Will be used as a global asset tracking tool. Read what the IMF intends to do and protocol will enable that. Will also allow switch to consumption tax.
As to your 2nd post...You sound like a FUD spreading banker or Bitcoin dreamer. "Bitcoin is freedom" that is the propaganda bankers and the state want us to believe as everyone gets sucked into the blockchain. All anonymity will be gone once paper currency is eliminated.
That is not to say DRK, Monero, X11 or whatever comes after is not true Monetary Freedom, but Bitcoin protocol as currently exists is not. It will enable financial slavery as you will have no anonymity or privacy in your affairs.
Look at progression of events. Snowden sent on mission to tell US citizens and world they have no social privacy. "Mission accomplished," his words. Next target? Financial privacy.
"New Massive Federal Database to Hold Financial Information on Hundreds of Millions of Americans"
http://libertyblitzkrieg.com/2014/05/30/new-massive-federal-database-to-hold-financial-information-on-hundreds-of-millions-of-americans/
States are not about to relinquish power, they are going to seize more via existing blockchain. Yes it will bring about good things, no question and the future looks bright after get through "The United States of SWAT" http://www.nationalreview.com/article/376053/united-states-swat-john-fund .
But don't deceive yourself or others about real intent. Bitcoin is not Jesus. It is a tax, asset tracking and forfeiture tool in its current form that will eliminate any and all financial privacy. Linking ID to your wallets is coming.
2 Billion Jobs to Disappear by 2030
http://www.futuristspeaker.com/2012/02/2-billion-jobs-to-disappear-by-2030/
Bill Gates: People Don't Realize How Many Jobs Will Soon Be Replaced By Software Bots
http://www.businessinsider.com/bill-gates-bots-are-taking-away-jobs-2014-3
Report Suggests Nearly Half of U.S. Jobs Are Vulnerable to Computerization
http://www.technologyreview.com/view/519241/report-suggests-nearly-half-of-us-jobs-are-vulnerable-to-computerization/
University of Oxford study: 50% of jobs could disappear in next 20 years
http://laptopmillionaire.tv/blog/university-of-oxford-study-50-of-jobs-could-disappear-in-next-20-years/?utm_source=rss
Half Of All Jobs Today Will Disappear By 2030
http://jobs.aol.com/articles/2013/09/25/predictions-workplace/
So which is it: A tax evader, illegal drugs, or maybe some other illegal activity?
No governments are going to sit by and allow such a thing since they would adversely effect their ability to collect tax revenues.
What? Are you maybe suffering from narcissism and grand delusions?
The future isn't going to be kind to parasites demanding others carry their water for them while they get a temporary free ride off the labor of others. Maybe 2 to 10 years hard labor for instance. Just for starters. O wait, that already is the federal tax law if you cheat the government out of $2000 or more dollars in any one year, plus huge fines too. Oops. Better not get caught or make any mistakes. Oops, you already did. Oops.
Your pipe-dreams are for losers and those begging to lose everything a decade down the road when they least expect it and the revenuers come busting through their doors to take it all, everything you own, and toss into the next new federal prison call center for maybe I don't know, hum...maybe Micosoft, lol. Not to mention the fines and penalties one will be forced to pay until their dead and buried. It's not worth it kiddies. It's stupid. Pay tax, invest wisely, retire in your 50's. OR be seriously stupid. Your choice.
And for those that think the rules and laws shouldn't apply to themselves. It's called part of being a psychopath. Grow up.
This discussion is closed.
Bitcoin is Freedom.
I can no longer tell if this is a joke, you are drunk, or just rambling rubbish.
You are not disagreeing with anything Ive written, you are just spewing nonsense.
Bitcoins went from $13 to $1200 in 2013. That is hyper deflation of USD vs BTC as a currency.
I am saying the USD debt based moneytary system is dead and has to be replaced...enter bitcoin.
So again, I can't tell if this is a joke, you are drunk, or just rambling.
You are not disagreeing with anything Ive written, you are just spewing nonsense.
Bitcoins went from $13 to $1200 in 2013. That is hyper deflation of USD vs BTC as a currency.
I am saying the USD debt based moneytary system is dead and has to be replaced...enter bitcoin.
So again, I can't tell if this is a joke, you are drunk, or just rambling.
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