I hope the U.S. does crash... But would it be good or bad for BTC?

zeroday

donator

Activity: 784

Merit: 1000

Quote from: theonewhowaskazu on October 15, 2013, 06:39:16 PM

Quote from: zeroday on October 15, 2013, 06:25:52 PM

Quote from: niothor on October 15, 2013, 02:28:49 PM

So ... let's hope that the us fails so 300 millions are affected directly and another billion at least indirectly (and when i say affected i mean f** 4 life) so that the current 50k average daily users of bitcoin have a close to real life orgasm sensation.

Now really lately the bitcoin community is sounding more and more like the bildenberg group.

Don't worry about people. Self-regulation and decentralization will save humanity. I has been f*cked by life many times and it only makes me stronger.

You're the guy that got his money stolen by the European Union, right?

You're essentially wishing a similar fate on people in the US. Only, at least you technically got to decide if you deposited into your bank. There are many people here are literally legally obligated to deposit in what might be called our Bank of Cyprus.

This is not my wish, but the intention of ruling elites. I'm only stating the obvious. If government borrows more and more and then wastes trillions on failed GWOT and GWOD, it's apparent that payback time will come sooner or later. And the worst thing is, that these debts are to be paid back by regular people.

If you trust the System and then get f*cked by it, this is your fault. Before Cyprus collapse I trusted EU and now I know it was my failure.

I know that when US defaults (which will probably happen not in this year), I'll suffer losses because USD is the primary currency in my business (unfortunately, the most of my customers are still refusing bitcoin payments).
However I'm continuing to buy proper stocks, gold and bitcoin to hedge these risks.

ehoffman

sr. member

Activity: 378

Merit: 250

Quote from: jamesc760 on October 15, 2013, 01:29:19 PM

If and when the US falls, it will be mark the end of Western civilization and the rise of Chinese empire.

I actually taught of that too. Well, for a start, I think the Chinese would be in a good position to make the U.S. their puppet. In fact, the world is so dependent now on China.

In the meantime, we're seeing news that other part of the world is thinking of creating a new standard money reference, a new reserve, and stop relying on the U.S. In a sense, I can't stop to see the correlation between that and what happened in the Bitcoin world (remember when the one and only reference was Gox, and now, BitPay and al. joined together and bumped it down as a reference and now using a combination of other exchanges).

I think that the Real World would have something to learn from the Virtual World of crypto-currency. The line is getting slimmer and slimmer between the two world

theonewhowaskazu

sr. member

Activity: 448

Merit: 250

Quote from: zeroday on October 15, 2013, 06:25:52 PM

Quote from: niothor on October 15, 2013, 02:28:49 PM

So ... let's hope that the us fails so 300 millions are affected directly and another billion at least indirectly (and when i say affected i mean f** 4 life) so that the current 50k average daily users of bitcoin have a close to real life orgasm sensation.

Now really lately the bitcoin community is sounding more and more like the bildenberg group.

Don't worry about people. Self-regulation and decentralization will save humanity. I has been f*cked by life many times and it only makes me stronger.

You're the guy that got his money stolen by the European Union, right?

You're essentially wishing a similar fate on people in the US. Only, at least you technically got to decide if you deposited into your bank. There are many people here are literally legally obligated to deposit in what might be called our Bank of Cyprus.

Cluster2k

legendary

Activity: 1692

Merit: 1018

There are many people hoping the Republicans do go full retard this week and push the country well on its way to default. There's a little schadenfreude there mixed in with a feeling that the USA does whatever it wants, borrows money like there's no tomorrow with no one to say 'enough, live within your own means'.

Dick Cheney: "You know, Paul, Reagan proved that deficits don't matter"

Many thought the Japanese would be the first to hit the wall. A government that spends a quarter of its entire budget on debt interest, borrows half the money it needs every year. Pure madness.

zeroday

donator

Activity: 784

Merit: 1000

Quote from: niothor on October 15, 2013, 02:28:49 PM

So ... let's hope that the us fails so 300 millions are affected directly and another billion at least indirectly (and when i say affected i mean f** 4 life) so that the current 50k average daily users of bitcoin have a close to real life orgasm sensation.

Now really lately the bitcoin community is sounding more and more like the bildenberg group.

Don't worry about people. Self-regulation and decentralization will save humanity. I has been f*cked by life many times and it only makes me stronger.

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

So ... let's hope that the us fails so 300 millions are affected directly and another billion at least indirectly (and when i say affected i mean f** 4 life) so that the current 50k average daily users of bitcoin have a close to real life orgasm sensation.

Now really lately the bitcoin community is sounding more and more like the bildenberg group.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: jamesc760 on October 15, 2013, 01:29:19 PM

If and when the US falls, it will be mark the end of Western civilization and the rise of Chinese empire. I, for one, welcome the Chinese overlords. I love the Chinese system of government; the summary executions, the graft and bribery you have to grease the palms of your Chinese overlords or you won't get anything done, the Great Firewall, rampant theft in intellectual property, the Central Community Party, the heavy handed occupation and repression in Tibet, the Tinanmen Massacre, etc, etc,,, hey what's not to like? Your hope and dream will soon come. I just hope it's not a nightmare.

What about the hoards of Chinese minion idiots that believe all the worst case interpretation spin that's put out on Western governments and that never question these differences in a more critical way (more critical than the horror movie portrayal in the corrupt Chinese media, that is). Don't forget that, that's the worst bit, believing all the over the top bullshit that you're, I mean, they're told

jamesc760

sr. member

Activity: 448

Merit: 250

If and when the US falls, it will be mark the end of Western civilization and the rise of Chinese empire. I, for one, welcome the Chinese overlords. I love the Chinese system of government; the summary executions, the graft and bribery you have to grease the palms of your Chinese overlords or you won't get anything done, the Great Firewall, rampant theft in intellectual property, the Central Community Party, the heavy handed occupation and repression in Tibet, the Tinanmen Massacre, etc, etc,,, hey what's not to like? Your hope and dream will soon come. I just hope it's not a nightmare.

Severian

sr. member

Activity: 476

Merit: 250

If there's a perception that the dollar is unstable but Bitcoin looks more stable than the dollar, it'll be good for Bitcoin when the dollar crashes. There are so few people in Bitcoin right now relative to the general public that it would only take a small capital flight into Bitcoin to drive the price up. That capital flight will happen when the world becomes aware that the US government can no longer afford to pay for its overgrown military/intel programs, their obligations to benefits and social programs AND service their existing debt while trying to take on new debt.

In the long run, a dollar crash will be good for btc/gold/silver or any other hard commodity that can replace the Federal Reserve Note as a trade unit.

theonewhowaskazu

sr. member

Activity: 448

Merit: 250

It depends. If it really came to a defaullt, people would no longer trust the feds, but they'd also still need to buy food, etc... something you can't currently do with Bitcoin. At the same time, the people selling the food perhaps wouldn't want USD because they no longer trust the USG. It'd be a weird situation, but it seems fairly obvious that it would help Bitcoin, though perhaps not as much as one might expect.

JustAnotherSheep

full member

Activity: 239

Merit: 100

I don't think many people would trust BTC as a "safe-spot" for their money considering its reputation for instability, at least not at first. People don't like to see their life savings rise to the moon and then fall like a rock in a matter of weeks. Gold, platinum and such things are much safer bets, at least until we start mining asteroids Grin

Besides once the USD falls the BTC will also fall due to how its value is built on the exchanges. After the transition of Bitcoin to a more decentralized and independent form not having fiat currencies as its backbone we can start talking post-apocalyptic economy potential.

byronbb

legendary

Activity: 1414

Merit: 1000

HODL OR DIE

I think the mass psychological sentiment is that no one wants the US to fail. The problem is they have become so arrogant to assume the natural laws of economics don't apply to them, that they just might. We are either on the verge of a total power grab by world states, or the whole thing fails and people will have to discover they can run the world without the need for a "God-like" government. I suspect the former is more likely than the later due to that implied by the first sentence. People build up an image of how their lives will play out be with various goals in mind, a massive change in world dynamics threatens those goals, so they will do whatever they can to protect it, even if it means foolishly capitulating to various "demands" in the name of "security". Ie waiving their rights until it becomes too late. As for bitcoin, who knows.

ehoffman

sr. member

Activity: 378

Merit: 250

Quote from: Carlton Banks on October 14, 2013, 02:23:35 PM

All I'll say is, if you're praying for the US to crash, pray also that it crashes in the most benign way possible. The more violent the crash, the more everyone else will be affected too.

Well, of course, I don't wish for a violent crash, but at least a good setback. Something that will say to the American government and their banks that they can't invent money out of the blue, that they can't go on a party and not care about their actions, that they can't go without thinking of future generations. Something that will make them think "Oh... Maybe we should stop spending billions for playing God in each and every countries". Let other people fix their problems and concentrate on their own problems (this, of course, making them realizing that they DO have money problem).

What I would see is:
- Be in default of paying
and
- Get a good depreciation from the major banks. Say to the world that the U.S. may have problems paying back their debts. It would be time for China to start collecting the bill for all those dollar-store crap they send to the U.S. "I-O-U"... Grin

Now, with the above scenario, we are left to see what the U.S. will sacrifice... Would it be on those costly NSA snooping, worldwide wars, etc. or would it be on the back of all the Americans who are giving their sweat everyday?

Carlton Banks

legendary

Activity: 3430

Merit: 3080

All I'll say is, if you're praying for the US to crash, pray also that it crashes in the most benign way possible. The more violent the crash, the more everyone else will be affected too.

Habeler876

hero member

Activity: 624

Merit: 500

Quote from: Kupsi on October 14, 2013, 12:58:47 PM

I trust Max Keiser Cheesy

https://twitter.com/maxkeiser/status/389432326070886400

not so sure about that.

Quote from: dree12 on October 14, 2013, 12:51:32 PM

Quote from: Zaih on October 14, 2013, 12:49:18 PM

EXTREMELY GOOD?? I don't see how there's much to question here.

Doesn't matter if Bitcoin is 'tied' to the USD, if it crashes, there will be a mass influx of people looking to get in on Bitcoins reliability due to being decentralized, not to mention the speculators because of this.

Lets hope

Whether we like it or not, Bitcoin's economy is heavily dependent on the US market. A failure of the US market will cause unprecedented inflation in USD without corresponding increases in XBTUSD price. Such would cause at least a temporary decrease in Bitcoin's value.

i agree with this.

CMMPro

hero member

Activity: 588

Merit: 500

Bitcoin isn't the only store of wealth.

During the Cyprus meltdown I read reports that some people bought BMW's, Mercedes etc. just to sit in the driveway (and sell later) rather than lose an unknown percentage of their deposits. Is the US government going to ban the sale of luxury items before they go after alternate currencies?

Gold, Silver, platinum, copper, diamonds, furs, fancy cars, polo ponies, yachts....and yes bitcoins....they can't stop people from throwing their money into alternative stores of wealth to protect their affluence.

Fighting so hard specifically and solely against bitcoin would be such a stupid waste of time when there are other so many other mediums for storage of wealth that exist and are just as easy to obtain and hold.

I would say that they will shut down gold and silver sales along with trying to shut down bitcoin if it ever comes to that state of affairs.

Kupsi

legendary

Activity: 1193

Merit: 1003

9.9.2012: I predict that single digits... <- FAIL

I trust Max Keiser Cheesy

https://twitter.com/maxkeiser/status/389432326070886400

dree12

legendary

Activity: 1246

Merit: 1077

Quote from: Zaih on October 14, 2013, 12:49:18 PM

EXTREMELY GOOD?? I don't see how there's much to question here.

Doesn't matter if Bitcoin is 'tied' to the USD, if it crashes, there will be a mass influx of people looking to get in on Bitcoins reliability due to being decentralized, not to mention the speculators because of this.

Lets hope

Whether we like it or not, Bitcoin's economy is heavily dependent on the US market. A failure of the US market will cause unprecedented inflation in USD without corresponding increases in XBTUSD price. Such would cause at least a temporary decrease in Bitcoin's value.

Zaih

hero member

Activity: 504

Merit: 500

EXTREMELY GOOD?? I don't see how there's much to question here.

Doesn't matter if Bitcoin is 'tied' to the USD, if it crashes, there will be a mass influx of people looking to get in on Bitcoins reliability due to being decentralized, not to mention the speculators because of this.

Lets hope

dree12

legendary

Activity: 1246

Merit: 1077

I think the effect will be initially bad, because Bitcoin's value is heavily tied to that of the USD. If the US defaults, that means many US investors, who still form the backbone of Bitcoin, will no longer be able to pump as much money in as that money is diverted to sustaining life. Arbitrage will then pull down Bitcoin's price on EUR and CNY exchanges.

However, after the US stabilizes, people will once again invest in Bitcoin and the prices in EUR and CNY will recover. Of course, price in USD will be up significantly anyhow.

Topic: I hope the U.S. does crash... But would it be good or bad for BTC? (Read 2111 times)