Terrifying $243 Trillion Global Debt Bomb is a Disaster Only Bitcoin Can Fix - page 2.

avikz

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Quote from: MathGame on April 04, 2019, 06:20:02 PM

Global debt now stands at a terrifying $243 trillion according to a report by the Institute of International Finance this week. That’s quarter of a quadrillion. We’re in the realms of the absurd.

This is unsustainable. And it’s the fault of a broken and irresponsible monetary system, addicted to printing money and issuing credit. It’s time to admit we need a new alternative. While it’s far from perfect, bitcoin offers a viable solution with its fixed supply and regulated output. It’s time for a revolution.

$243 Trillion Debt Bomb

The record figure stands at three-times the world’s total gross domestic product (GDP). In other words, it’s three times larger than the value of all products and services on the planet.

The figure peaked in the first quarter of 2018 when it hit $248 trillion. It has since fallen back slightly. The US is among the biggest offenders. As CCN reported, total US national debt hit $22 trillion this year.

https://www.ccn.com/terrifying-243-trillion-global-debt-bomb-is-a-disaster-only-bitcoin-can-fix

Few fact checks for you:

1. No country prints money out of thin air. If someone tries to do it, scenario like Venezuela and Zimbabwe happens!

2. Bitcoin is just a virtual currency and not a magic wand.

3. USD is a major currency which is used for majority of the international trade settlements.

Now, it looks great on books when you say, "it's time for revolution!"

My question is HOW?? I don't see bitcoin solving this problem in any way!

creeps

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Quote from: Adriano2010 on April 16, 2019, 12:19:07 PM

Bitcoin can only solve the problem one time, but if countries take again loan from another countries then again the debt will be and can't be fixed always by crypto.

The government will not stop from borrowing, even a rich country have their own debt so bitcoin can't fix this problem blockchain technology and bitcoin will be an option. Crisis can happen soon because of this global debt, the China debt trap also affects this one many Asian countries are on this trap just like Sri Lanka, and Philippines might be next for this one. Hopefully bitcoin can help those developing country so they don't need to borrow big funds and suffer later on.

okala

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The monetary system have failed and have leed the world economy into unrecoverable debt and only a radical approach will safe the world economy from collapsing, if the world powers such as the US and the rest should look into cryptocurrency as a savior of this economic crisis.

Harlot

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You the problem here is when we are talking about global debt we are talking about the governments of countries who owed them and thinking that they will be betting big in Bitcoin or any other cryptocurrency is a ridiculous thing to imagine as the risk for the solution is considerably high compared to the nornal investments the government is used to doing. Next time you provide an article made it at least believable on our part as this article is only a waste of time.

mersal

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Quote from: MathGame on April 04, 2019, 06:20:02 PM

Global debt now stands at a terrifying $243 trillion according to a report by the Institute of International Finance this week. That’s quarter of a quadrillion. We’re in the realms of the absurd.

This is unsustainable. And it’s the fault of a broken and irresponsible monetary system, addicted to printing money and issuing credit. It’s time to admit we need a new alternative. While it’s far from perfect, bitcoin offers a viable solution with its fixed supply and regulated output. It’s time for a revolution.

$243 Trillion Debt Bomb

The record figure stands at three-times the world’s total gross domestic product (GDP). In other words, it’s three times larger than the value of all products and services on the planet.

The figure peaked in the first quarter of 2018 when it hit $248 trillion. It has since fallen back slightly. The US is among the biggest offenders. As CCN reported, total US national debt hit $22 trillion this year.

https://www.ccn.com/terrifying-243-trillion-global-debt-bomb-is-a-disaster-only-bitcoin-can-fix

this type of things will not been solved by anything but how can we say this is the only way available to get the normal position using Bitcoin only the government and the people in the country will been think about that and we need to be more clear about the future without these changes.

TheCoinGrabber

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$243T is probably a modest estimate. It could be far larger than we might think of. The problem is that these institutions have every incentive to keep this going - their survival depend on it, public be damned. That's why we are seeing more push to regulate cryptocurrencies.

STT

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The magic is the productive benefit to all parties, comparative advantage in trading from goods at sourced price cheaper then you otherwise would have access to. The simple gain from food from a better climate then you have and vice versa skills you provide to a country that might not otherwise be as capable.

The losses in trading, in transport and in the money itself not being a perfect system. Thats justifiable but when we introduce QE and other nonsense there isnt gain in the trade for anyone except perhaps politics which gets itself off the hook for horrible mistakes made. The real problem is the mistake is never acknowledged but repeated and the damage done on each repeat of the mistake becomes worse for all.
In the end a market will destroy itself, because this is how the mistake is ended. Unfortunately we have not yet reached this point, how this relates to crypto is not really known as in theory there are already alternatives to FIAT currency which has leant on QE too much. So I dont imagine BTC will take over, thats too simple unfortunately but it will be of some use

stompix

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Blackjack.fun

Quote from: Thirdspace on April 16, 2019, 02:36:49 PM

Quote from: stompix on April 05, 2019, 07:45:24 AM

I owe Alice 20BTC , Alice owes John 15 BTC , John owes me 10 BTC.
Total debt is 45 BTC.

But let's say I get 20BTC , I pay Alice my debt, Alice pays her debt and still has 5 BTC , John pays his debt and gets 5 BTC , and I'm getting 10 BTC.

Magic!!!!!!!!

the magic is how/where you get that 20BTC to pay off your debt

Pretty simple, I take a loan from Mike.
Since I take a loan of 20 BTC and I get 10 BTC back from John so my overall, total and only debt will be 10 BTC.
Not 45BTC.

You see, magic!
And if you check the article I quoted, this is just the situation with the debt of European countries, where France owes money to Spain and Germani, Germany to Spain and France and Spain to Germany and France Grin

Shenzou

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Well this debt has been growing over hundreds of years, and most of the countries that have this debt are third world countries where their economic and social situation is fairly unstable, and this is something that will never be resolved, it is true that fiat has created this difference between the countries and a difference in power, but even if we replace fiat with bitcoin which has limited supply, the problem will still priciest and countries with bad economy will still be at a disadvantage.

BitHodler

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Quote from: Adriano2010 on April 16, 2019, 12:19:07 PM

Bitcoin can only solve the problem one time, but if countries take again loan from another countries then again the debt will be and can't be fixed always by crypto.

Bitcoin can't solve anything as long as the governments themselves are still following the old path of debt. Why do you think debt is still a thing today? I don't wait for governments to change, I made sure I changed myself.

Bitcoin is power to the people, the people however still have a hard time understanding that. I'm afraid that only an implosion of a country or currency will wake them up, but at that point it for some people may be too late to act already.

People somehow always need to be reminded of how badly this system sucks. Most of those who genuinely believe in Bitcoin have gone through situations that made them appreciate Bitcoin for what it is.

rizkyhiw

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There is a beginning of debt, which is by having an agreement or negotiation, so that everything depends on the bank government, it will not be greedy if we do not propose to borrow, not to propose anything if it is still possible with which decentralization benefits without government interference.

Thirdspace

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Quote from: MathGame on April 04, 2019, 06:20:02 PM

And it’s the fault of a broken and irresponsible monetary system, addicted to printing money and issuing credit. It’s time to admit we need a new alternative. While it’s far from perfect, bitcoin offers a viable solution with its fixed supply and regulated output. It’s time for a revolution.

it's true...
but when the world finally accepted use of bitcoin as global currency,
what's the guarantee there won't be any institutions issuing bitcoin credit
the problem is this so called credit and interest that makes debt accumulation over time

Quote from: stompix on April 05, 2019, 07:45:24 AM

I owe Alice 20BTC , Alice owes John 15 BTC , John owes me 10 BTC.
Total debt is 45 BTC.

But let's say I get 20BTC , I pay Alice my debt, Alice pays her debt and still has 5 BTC , John pays his debt and gets 5 BTC , and I'm getting 10 BTC.

Magic!!!!!!!!

the magic is how/where you get that 20BTC to pay off your debt

Lanatsa

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Bitcoin wont solve out this Global Problem so this topic is total BS. Nothing can be fixed and no would able to.It would continue for countries to borrow out money but the question is on
where these money came from? There would be always a source of these funds but i dont really have concern at all but one things for sure.Bitcoin cant solve this out.

akram143

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How it can possible the proper plants will only make it possible so the the thing is to be more clear cut and the execution proper things will make it successful and this type of disasters will not affect this things that's why and trusting it.

Adriano2010

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Bitcoin can only solve the problem one time, but if countries take again loan from another countries then again the debt will be and can't be fixed always by crypto.

Indrawan77

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I don't think bitcoin could be the answer for the debt problem, bitcoin was not design to solve this problem, and the number of the debt is increasing faster than the bitcoin growth, the debt need to settle by each country, and in my opinion there won't be any country able to settle the debt, the debt is needed to develop and improve the country especially in developing countries

SvonioneFromMangoCoinz

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That debt number does not show any major influence on the world economy. According to what I know, those debts only increase the link between countries. That is the cost of cooperation and development between countries in other areas. they can use that debt to exchange with economic contracts between countries.
So you should not worry too much about debts. Wink

cryptjh

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The debt is now so deep, that it will be impossible for most of the biggest lenders to pay back their debt, the only way it can be done are from QE where the central bank's prints money to buy back debt, with a negative interest, so the borrows get money to lend. This will, however, drive the circulations of money up, and In the end, people will stop trusting other countries money, which will lead to hyperinflations.

Here will bitcoins use case as a store of wealth and peer to peer payment be a way to store great amounts of wealth.

Bitinity

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I think the meaning of "bitcoin can fix global debt" is not to use bitcoin to pay the debt. Bitcoin is just an example on how fiat currency should be, means that there should be a big change on the currency system of every country to make their fiat money into fixed supply like bitcoin so banks wont be able to print more money than they should.

STT

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Quote

We’re in the realms of the absurd.

Its debt tied to the value of nothing. I guess default on this debt represents deflation as opposed to inflation if the debt should stand and keep on being used while never repaying it original principal amount. So long as governments are able to operate in deficit without interruption theres never any net debt that will be reduced. Its really upto creditors if they choose to allow this cycle of debt instead of goods, since trade is in deficit also. A large part of this is communist china which does not allow its own people to realise capital worth properly

Quote

the economy cannot work without debt.

debt is part of trade but it is the exchange of goods that is the purpose to debt. Right now we have political debt, incurred by governments which are unable to produce themselves. The end game for this debt is default, its built on the idea of future GDP growth to repay worth but like the Greece situation there will never be enough growth to repay without massive cuts to budgets somewhere

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