More Debt, Buy Bitcoin - page 3. | Bitcointalksearch.org

PointHope

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Quote from: CryptoBry on November 02, 2019, 07:51:40 PM

The whole world is saddled with gargantuan debt. Countries right now are using debt facility to cover up their inefficiencies and inability to meet their financial needs due to rising number of programs yet decreasing stream of revenues. Aside from the printing of money, borrowing money from anywhere has become the accepted norm. The more money they can hoard from many sources inside and outside their country, the better they feel secured and safe.

But is debt a very secured thing to enter into? Debt can be a big trap and many countries are now starting to feel the heat...soon this on and off heat can be transforming into a fire and an explosion that can engulf not their own country's economy but also can be spreading to neighboring countries as well, just like what we witnessed in the 2008-2009 USA recession.

In the USA alone, national debt is now over $23 trillion, according to website U.S Debt Clock. The milestone has been pointed out on Nov. 1 by Bitcoin advocate Twitter personality Rhythm, who also said that every dollar of U.S. national debt is, in fact, a reason to buy Bitcoin (BTC). Another user presented another interesting take adding: “That’s more than $1,000,000 debt per 1 Bitcoin.”

Indeed, we will soon witness this whole thing explodes right before our eyes. And with this as the backdrop, we should be looking at cryptocurrency seriously as one of the many possible ways we can be protected.

Actually the debt situation is far worse than advertized. The unsecured US liabilities are 200++trillion. If BTC was to reflect this in true USD accountability we would be looking at 1 Satoshi to 1 USD parity.

Also note that both China and Russian are building up gold reserves. While the USA gold reserve is a meager 8000 tonnes (not even $400 billion at $1500 per ounce)

davis196

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Bitcoin isn't the panacea for the global debt problem,because the global debt actually pumps the bitcoin price.
What you are suggesting is a bad advice.

target

legendary

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Quote from: adaseb on November 03, 2019, 02:00:22 AM

Quote from: Shasha80 on November 02, 2019, 11:44:53 PM

Nowadays it is hard for humans to avoid debt, because debt is now considered normal. This is wrong in my opinion. The proof is that a person
with a lot of debt has a difficult life and the economy is ruined. Same thing with a country that has a lot of debt, its people life is difficult and
poor. Actually debt is not a financial or economic solution, but debt is a disaster. So from that now banks are becoming more advanced, because
they are increasingly creative in offering various types of loans with high interest. In the same cryptocurrency world, lots of trading capital comes
from debt, that's an unhealthy life. My advice is to avoid it whose name is debt or loan. Bitcoin can be a solution to pay debt but not instant, but in
the long run. Because getting profit from bitcoin needs to be processed.

You are correct that many humans can't avoid it and its normal to have to borrow money from time to time. However you need to be financially smart when doing so because I've seen too many people get trapped into debt over stuff they don't need.

Its normal for most people to have a mortgage. Most people can't save up and pay cash for a house that is half a million. And its certainly alot smarter than renting. Then there are those people who need a car to get to work. They buy some economy car and pay it off in 5 years.

However I've seen people who make $50K a year and buy a $100K Mercedes-Benz. They are also maxed out on all their credit cards and pay their bills late every month. Its not a money problem because they get paid well but they just took up too much debt and right now its starting to hurt them.

Buying more than they could afford is the way for people to make it appear like they are more successful but in reality, they are struggling to meet ends. These are the ones going to suffer when situations like crisis will happen. Even the businesses who has tons of money in the banks are going to be stolen by government if they really will print more money since the savings they have will have less value after it.

adaseb

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Quote from: Shasha80 on November 02, 2019, 11:44:53 PM

Nowadays it is hard for humans to avoid debt, because debt is now considered normal. This is wrong in my opinion. The proof is that a person
with a lot of debt has a difficult life and the economy is ruined. Same thing with a country that has a lot of debt, its people life is difficult and
poor. Actually debt is not a financial or economic solution, but debt is a disaster. So from that now banks are becoming more advanced, because
they are increasingly creative in offering various types of loans with high interest. In the same cryptocurrency world, lots of trading capital comes
from debt, that's an unhealthy life. My advice is to avoid it whose name is debt or loan. Bitcoin can be a solution to pay debt but not instant, but in
the long run. Because getting profit from bitcoin needs to be processed.

You are correct that many humans can't avoid it and its normal to have to borrow money from time to time. However you need to be financially smart when doing so because I've seen too many people get trapped into debt over stuff they don't need.

Its normal for most people to have a mortgage. Most people can't save up and pay cash for a house that is half a million. And its certainly alot smarter than renting. Then there are those people who need a car to get to work. They buy some economy car and pay it off in 5 years.

However I've seen people who make $50K a year and buy a $100K Mercedes-Benz. They are also maxed out on all their credit cards and pay their bills late every month. Its not a money problem because they get paid well but they just took up too much debt and right now its starting to hurt them.

libert19

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Exactly, and I feel like next recession is not very far, people will go back to metals like gold and of course crypto as you mentioned.

Pearls Before Swine

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Yeah, I bet this is why gold and silver have been creeping up in price. Investors are getting scared of inflated stocks, bonds, inflated *everything* and are looking for something nice and safe.

This is one of the things I love about bitcoin, that there can't be any inflation of it. 21 million coins and that's it. I'm also thinking that the exploding debt situations is another reason why bitcoin is rising, even tho it isn't exactly as safe as metals are. Not even close, actually but still better to hold than some country's debt instruments that could be defaulted on.

fiulpro

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Activity: 1890

Merit: 831

The funny thing is USA is infact in debt but many countries are in debt of the USA , this is so ridiculous.
It's like everyone is connected into this viscous circle and no one can actually get out of it because people are going to drag you down if they are already down .
There is no charity now a days as people actually are already scared of getting their countrie's economy being pushed into a recession.
This is actually very scary for us.

hello_good_sir

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When it comes to debt in the US economy, it's horrible. Here are some statistics off a quick google search, it's surpising how tight things are there.

Quote

On average, each household with a credit card carries $8,284 in credit card debt. Total U.S. consumer debt is at $13.51 trillion. The average American now has about $38,000 in personal debt, excluding home mortgages.

That's crazy, being in almost 40,000 worth of debt, without including other fees like mortgages is a lot of money, around a year of working for the average American after taxes.

Not sure if crypto is the answer to solving this complicated question though.

Kyraishi

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Quote from: Casdinyard on November 02, 2019, 11:29:18 PM

Quote from: airdnasxela on November 02, 2019, 10:26:26 PM

I don't know how the government deal with national debt but is increasing the tax a way to pay debt?

That's BS if they do that, the fact that they're nothing but corrupt officials. I don't mind paying tax if I see economic growth.

Quote from: CryptoBry on November 02, 2019, 07:51:40 PM

Indeed, we will soon witness this whole thing explodes right before our eyes. And with this as the backdrop, we should be looking at cryptocurrency seriously as one of the many possible ways we can be protected.

Bitcoin might and could either save us from financial crisis but not in debt, however government will be the first to oppose of this idea and probably be the reason for banning it. We all know only few countries are open to this idea and it surely take years before they realize the potential of having bitcoin.

Gargantuan debt will just pass through the next generation to the other and I'm pretty sure that even our government don't bother to think how they'll pay it.

Taxes are at a decently fair rate for my country, and it does work well for where I live, but I obviously wouldn't mind paying less.

The problem with the US and other countries, every country is in debt to another, with countries like Japan being in debt to another, and another country owing them money - the world economy is very weird like that.

It depends on what's going to happen, but this debt isn't actually that bad, everyone owes each other money it all sorta balances out, in a weird way.

blckhawk

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Activity: 1554

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Bitcoin, as time passes by, becomes more and more relevant and important to the current market situation. In addition, some countries that experience falling economies and high inflation rate are starting to look and use Bitcoin that does not experience real inflation. If these situation would continue, it might be the start of another crisis and this time, Bitcoin and other altcoins might be the safe haven of people to store their funds.

Shasha80

sr. member

Activity: 1876

Merit: 318

Nowadays it is hard for humans to avoid debt, because debt is now considered normal. This is wrong in my opinion. The proof is that a person
with a lot of debt has a difficult life and the economy is ruined. Same thing with a country that has a lot of debt, its people life is difficult and
poor. Actually debt is not a financial or economic solution, but debt is a disaster. So from that now banks are becoming more advanced, because
they are increasingly creative in offering various types of loans with high interest. In the same cryptocurrency world, lots of trading capital comes
from debt, that's an unhealthy life. My advice is to avoid it whose name is debt or loan. Bitcoin can be a solution to pay debt but not instant, but in
the long run. Because getting profit from bitcoin needs to be processed.

Casdinyard

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Activity: 2184

Merit: 891

Leading Crypto Sports Betting and Casino Platform

Quote from: airdnasxela on November 02, 2019, 10:26:26 PM

I don't know how the government deal with national debt but is increasing the tax a way to pay debt?

That's BS if they do that, the fact that they're nothing but corrupt officials. I don't mind paying tax if I see economic growth.

Quote from: CryptoBry on November 02, 2019, 07:51:40 PM

Indeed, we will soon witness this whole thing explodes right before our eyes. And with this as the backdrop, we should be looking at cryptocurrency seriously as one of the many possible ways we can be protected.

Bitcoin might and could either save us from financial crisis but not in debt, however government will be the first to oppose of this idea and probably be the reason for banning it. We all know only few countries are open to this idea and it surely take years before they realize the potential of having bitcoin.

Gargantuan debt will just pass through the next generation to the other and I'm pretty sure that even our government don't bother to think how they'll pay it.

airdnasxela

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Quote from: meanwords on November 02, 2019, 09:38:29 PM

The US government either can print more money to pay off their debt or default which in either case produce more problems in the long run. I agree that with cryptocurrency, most citizens would be able to avoid poverty. But I think what people really need is a stable coin for those who doesn't want to invest in a high volatility coin like Bitcoin. Like for example, euro, yen, or even gold.

Printing money to pay off debts is not an option. It will just create inflation and add more problems to the government. Bitcoin can be an option to pay debt but probably not the best option since it's still a risk depending on how the market will perform. And obviously, the government wouldn't take that as an option as well. For individuals, they can use bitcoin to pay their own debt but I doubt that the government will

I don't know how the government deal with national debt but is increasing the tax a way to pay debt?

Kyraishi

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Activity: 952

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Quote from: meanwords on November 02, 2019, 09:38:29 PM

The US government either can print more money to pay off their debt or default which in either case produce more problems in the long run. I agree that with cryptocurrency, most citizens would be able to avoid poverty. But I think what people really need is a stable coin for those who doesn't want to invest in a high volatility coin like Bitcoin. Like for example, euro, yen, or even gold.

Printing money to pay off debt, especially when your currency is floated (letting the market determine how much it is worth) is never a good idea. In an extreme case, it was what Germany did after WW1 and it was one of the main reasons why WW2 happened after they went through hyperinflation.

Bitcoin and a lot of other crypto-currencies are definitely good enough to help prevent inflation, but debt? That would be extremely hard to accomplish, and I'm not sure how bitcoin would fit in here.

Astvile

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Quote from: meanwords on November 02, 2019, 09:38:29 PM

The US government either can print more money to pay off their debt or default which in either case produce more problems in the long run.

Every country can print money like its a school project but every country is prohibited by doing it. The huge problem right away after the printing of money will come and will affect the country's economics in the long run. Printing money not equal to the amount of gold you have in a bank will result in inflation which will not be good for your home country currency.

meanwords

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The US government either can print more money to pay off their debt or default which in either case produce more problems in the long run. I agree that with cryptocurrency, most citizens would be able to avoid poverty. But I think what people really need is a stable coin for those who doesn't want to invest in a high volatility coin like Bitcoin. Like for example, euro, yen, or even gold.

CryptoBry

sr. member

Activity: 1008

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The whole world is saddled with gargantuan debt. Countries right now are using debt facility to cover up their inefficiencies and inability to meet their financial needs due to rising number of programs yet decreasing stream of revenues. Aside from the printing of money, borrowing money from anywhere has become the accepted norm. The more money they can hoard from many sources inside and outside their country, the better they feel secured and safe.

But is debt a very secured thing to enter into? Debt can be a big trap and many countries are now starting to feel the heat...soon this on and off heat can be transforming into a fire and an explosion that can engulf not their own country's economy but also can be spreading to neighboring countries as well, just like what we witnessed in the 2008-2009 USA recession.

In the USA alone, national debt is now over $23 trillion, according to website U.S Debt Clock. The milestone has been pointed out on Nov. 1 by Bitcoin advocate Twitter personality Rhythm, who also said that every dollar of U.S. national debt is, in fact, a reason to buy Bitcoin (BTC). Another user presented another interesting take adding: “That’s more than $1,000,000 debt per 1 Bitcoin.”

Indeed, we will soon witness this whole thing explodes right before our eyes. And with this as the backdrop, we should be looking at cryptocurrency seriously as one of the many possible ways we can be protected.

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