Topic: If bitcoin ever goes mainstream - page 19. (Read 29054 times)
this be very popular and more capitaliszation i think in practic
Unless there is inflation in technical sense (that is, increase on the general level of prices), fiat currency won't lose value. It's not relevant if the monetary mass created by the central bank (M1) increases if the general monetary mass (so called M3, that includes money created by banks, that is the huge part of money) decreases because of a credit crunch, as was seen since 2008-2009. The main point of the QE is to avoid a decrease of the general monetary mass, because this would create deflation and a general depression. So, M1 is created to avoid a decrease of M3 caused by the banking credit crunch.
But if bitcoin goes mainstream, as people start dumping their fiat holdings and, therefore, increasing the demand for bitcoin and its price, that will create an increase of the monetary mass, because of the fast increase of bitcoin price. This would acelerate the decrease of value of fiat. Thus, from a fiat point of view, there would be inflation, with any unit of fiat (like 1 USD) losing its value not only to bitcoin, but also to any good.
Of course, we are (still) very far from that. Bitcoin doesn't have currently any real capacity to increase the monetary mass of any country.
But if bitcoin goes mainstream, as people start dumping their fiat holdings and, therefore, increasing the demand for bitcoin and its price, that will create an increase of the monetary mass, because of the fast increase of bitcoin price. This would acelerate the decrease of value of fiat. Thus, from a fiat point of view, there would be inflation, with any unit of fiat (like 1 USD) losing its value not only to bitcoin, but also to any good.
Of course, we are (still) very far from that. Bitcoin doesn't have currently any real capacity to increase the monetary mass of any country.
I'm not sure how you come to the conclusion that fiat has not been losing value. Other than measured in inflation terms which basically is the purchasing power to buy a certain amount of goods, the value should also be in relation to other factors like how it stands and measured against a basket of other currencies.
I would say it's already gone mainstream.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
When you can buy gas with it bit coin has arrived.
No, bitcoin is already here. Granted I know what your saying.. will it become a gold like global currency or will it have the value of fiat...
More comments from the Bank of England on Bitcoin: http://www.coindesk.com/bank-of-england-digital-currency-revolutionise-payments/
Yes, banks can also apply the fractional reserve system to bitcoin. Actualy, there are already people accepting deposits in bitcoin and lending them. Some exchanges probably also live on a fractional system, lending bitcoins they don't have for people to short bitcoin.
i am not sure about prosperity and equality, but it will bring a more fair system of money.
right now, the richest people are rich because of a scam.
the few in power can print money, or better yet, they can claim money that was never theirs.
Someone goes to a bank, 'borrows' money (money the bank never had in the first place), and the bank expects them to pay it back with interest. So not only do they just create money, they also create interest on the money that never existed. This is stealing value not only from the one who borrowed the money, but from everyone in the world.
In a system where bitcoin or gold/silver is the only currency or at least the major currency, you either mine gold/silver/bitcoin or you provide goods or services to someone who has gold/silver/bitcoin. So scams like the banks are much harder or even almost impossible to pull of (unless we introduce fractional reserve, but that's just a matter of stupidity and not a flaw of bitcoin).
Any currency that is limited in production is much more fair than a currency that is unlimited and can only be created by a few people in power.
right now, the richest people are rich because of a scam.
the few in power can print money, or better yet, they can claim money that was never theirs.
Someone goes to a bank, 'borrows' money (money the bank never had in the first place), and the bank expects them to pay it back with interest. So not only do they just create money, they also create interest on the money that never existed. This is stealing value not only from the one who borrowed the money, but from everyone in the world.
In a system where bitcoin or gold/silver is the only currency or at least the major currency, you either mine gold/silver/bitcoin or you provide goods or services to someone who has gold/silver/bitcoin. So scams like the banks are much harder or even almost impossible to pull of (unless we introduce fractional reserve, but that's just a matter of stupidity and not a flaw of bitcoin).
Any currency that is limited in production is much more fair than a currency that is unlimited and can only be created by a few people in power.
I would say it is only a matter of time before there are "Bitcoin banks".
If you go back 50 years in time, there was a gold standard. Didn't stop banks expanding the money supply though.
Lets talk about this when bitcoin goes mainstream. Maybe it will take 3 more decades for that.
noooooooo, bitcoin will never go away, and will always remain
Its bullshit tho, it will arrive in 10 years. If it takes more then its a fail.
i am not sure about prosperity and equality, but it will bring a more fair system of money.
right now, the richest people are rich because of a scam.
the few in power can print money, or better yet, they can claim money that was never theirs.
Someone goes to a bank, 'borrows' money (money the bank never had in the first place), and the bank expects them to pay it back with interest. So not only do they just create money, they also create interest on the money that never existed. This is stealing value not only from the one who borrowed the money, but from everyone in the world.
In a system where bitcoin or gold/silver is the only currency or at least the major currency, you either mine gold/silver/bitcoin or you provide goods or services to someone who has gold/silver/bitcoin. So scams like the banks are much harder or even almost impossible to pull of (unless we introduce fractional reserve, but that's just a matter of stupidity and not a flaw of bitcoin).
Any currency that is limited in production is much more fair than a currency that is unlimited and can only be created by a few people in power.
right now, the richest people are rich because of a scam.
the few in power can print money, or better yet, they can claim money that was never theirs.
Someone goes to a bank, 'borrows' money (money the bank never had in the first place), and the bank expects them to pay it back with interest. So not only do they just create money, they also create interest on the money that never existed. This is stealing value not only from the one who borrowed the money, but from everyone in the world.
In a system where bitcoin or gold/silver is the only currency or at least the major currency, you either mine gold/silver/bitcoin or you provide goods or services to someone who has gold/silver/bitcoin. So scams like the banks are much harder or even almost impossible to pull of (unless we introduce fractional reserve, but that's just a matter of stupidity and not a flaw of bitcoin).
Any currency that is limited in production is much more fair than a currency that is unlimited and can only be created by a few people in power.
Lets talk about this when bitcoin goes mainstream. Maybe it will take 3 more decades for that.
noooooooo, bitcoin will never go away, and will always remain
... fiat currency won't lose value.
Fiat currency has been losing value since it was created and will continue to do so.
I would say it's already gone mainstream.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
When you can buy gas with it bit coin has arrived.
Why would you want to spend your bitcoins when the price is going to (maybe) increase 10 fold in 2015.
we know the plans sometimes do not match the reality
I would say it's already gone mainstream.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
Of course there's huge room for more adoption, and it's not as mainstream as say people having a debit card or phone in their pocket.
I'm excited about the future of bitcoin and or cryptocurrencies.
When you can buy gas with it bit coin has arrived.
Why would you want to spend your bitcoins when the price is going to (maybe) increase 10 fold in 2015.
Yes, I think it's pretty hard to see into the future. But for the present, bitcoin is working well and changing the game in a good way, I think.
Unless there is inflation in technical sense (that is, increase on the general level of prices), fiat currency won't lose value. It's not relevant if the monetary mass created by the central bank (M1) increases if the general monetary mass (so called M3, that includes money created by banks, that is the huge part of money) decreases because of a credit crunch, as was seen since 2008-2009. The main point of the QE is to avoid a decrease of the general monetary mass, because this would create deflation and a general depression. So, M1 is created to avoid a decrease of M3 caused by the banking credit crunch.
But if bitcoin goes mainstream, as people start dumping their fiat holdings and, therefore, increasing the demand for bitcoin and its price, that will create an increase of the monetary mass, because of the fast increase of bitcoin price. This would acelerate the decrease of value of fiat. Thus, from a fiat point of view, there would be inflation, with any unit of fiat (like 1 USD) losing its value not only to bitcoin, but also to any good.
Of course, we are (still) very far from that. Bitcoin doesn't have currently any real capacity to increase the monetary mass of any country.
But if bitcoin goes mainstream, as people start dumping their fiat holdings and, therefore, increasing the demand for bitcoin and its price, that will create an increase of the monetary mass, because of the fast increase of bitcoin price. This would acelerate the decrease of value of fiat. Thus, from a fiat point of view, there would be inflation, with any unit of fiat (like 1 USD) losing its value not only to bitcoin, but also to any good.
Of course, we are (still) very far from that. Bitcoin doesn't have currently any real capacity to increase the monetary mass of any country.
it won't go mainstream until consumers see a pressing need for it ..
Some political pressure on Hong-Kong to ban bitcoin because of the mycoin scam: https://www.cryptocoinsnews.com/hong-kong-shouldnt-ban-bitcoin-bad-actors/
Lets talk about this when bitcoin goes mainstream. Maybe it will take 3 more decades for that.
If it takes more than 1 decade it will mean Bitcoin failed. By 2025 it should be competing against VISA and the rest for 1st place.
Bitcoin will be mainstream and With the ETF coming I assume this is the right time to buy bitcoins.
"Fiat will lose value"
Why shouldn't a bunch of dirty paper for which an elite has a printer lose its "value"?
And btc will bring a lot of prosperity, think about running a business without all the legal bullshit and taxes.
That means lower prices, good for the poor. Capitalism is the best charity, it's what enables the poor to buy food at the market with just a little money from humble jobs.
Governments, taxes and controlled money are what mostly increases poverty.
Why shouldn't a bunch of dirty paper for which an elite has a printer lose its "value"?
And btc will bring a lot of prosperity, think about running a business without all the legal bullshit and taxes.
That means lower prices, good for the poor. Capitalism is the best charity, it's what enables the poor to buy food at the market with just a little money from humble jobs.
Governments, taxes and controlled money are what mostly increases poverty.
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