The collapse of central banks...Inevitable? - page 2.

Peanutswar

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Quote from: Abiky on April 17, 2024, 01:10:11 PM

~ In such a scenario, do you think Bitcoin will become the currency of the world?
What's your opinion? Your input would be greatly appreciated. Thanks.

I guess we're far with this because most of the people are not knowledgeable with the bitcoin and its additional struggle to them to know this more and of course join to the different platform just to convert their assets into fiat currency, lets accept the fact that there's lack of education in different country and they know only the form of payment is cash as possible because its tangible. If you check the current state I guess people who have background with the crypto will glad to have this kind of payment but for now its not widely acceptable yet.

Abiky

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Quote from: Argoo on July 04, 2024, 09:55:08 AM

Under what circumstances might the central bank of a particular country collapse? Too high inflation and rising prices? This happens periodically around the world, but their central banks usually stand because they are part and integral to the state. Humanity has not yet come up with a better model for the functioning of society, such as unification into states, and banks have invariably existed since the invention of current forms of money. In order for central banks to collapse, it is necessary for the current system of cash and non-cash money to become a thing of the past, and even then, this is only in theory, because humanity does not yet have such experience, and what may come to replace fiat is quite possible will again be able to be regulated by the changed central banks. After all, the issue and maintenance of what will replace the current fiat will still need to be carried out, which means something like central banks is necessary. Therefore, I do not yet see that central banks will ever collapse as a financial institution of states.

I guess you're right. Banks are simply too big to fail. They always win. The ones who end up losing are none other than people like you and me. Rising costs will make us slaves of the system forever. Unless we devise a strategy to protect ourselves from inflation, of course. Bitcoin and Gold are all you need to preserve your capital for generations.

While I don't expect BTC to replace Fiat, it will grow big enough to become a viable alternative in the future. Both network fees and wait times will be reduced with subsequent network upgrades. At least, that's what I hope for. The global economy is still in a downward trend, so it's going to take quite a few years before it shows any signs of recovery.

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Quote from: slapper on July 04, 2024, 02:37:07 PM

Quote from: Argoo on July 04, 2024, 09:55:08 AM

Quote from: Abiky on April 17, 2024, 01:10:11 PM

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

Under what circumstances might the central bank of a particular country collapse? Too high inflation and rising prices? This happens periodically around the world, but their central banks usually stand because they are part and integral to the state. Humanity has not yet come up with a better model for the functioning of society, such as unification into states, and banks have invariably existed since the invention of current forms of money. In order for central banks to collapse, it is necessary for the current system of cash and non-cash money to become a thing of the past, and even then, this is only in theory, because humanity does not yet have such experience, and what may come to replace fiat is quite possible will again be able to be regulated by the changed central banks. After all, the issue and maintenance of what will replace the current fiat will still need to be carried out, which means something like central banks is necessary. Therefore, I do not yet see that central banks will ever collapse as a financial institution of states.

What if this whole central bank crisis is about us people, evolving, not about the economy tanking? Imagine if we all simply wake up one day and said, "Screw this crazy money-obsessed rat race. Lets concentrate on actual business: supporting one another, living sustainably, not killing the earth." Those stifling central banks could suddenly be as outdated as a dial-up modem. We might begin trading chickens for haircuts or local currencies supported by, say, community gardens or anything else. Though its an odd idea, weirder events have happened. Maybe the future isnt about getting rich, its about getting... human.

I do not see that the global system can develop at this pace because despite all the technological progress, it still depends on the principles of profit and loss, which are laws that govern the market and achieve a balance of “supply and demand.” The banking system is the most important tool for achieving this, but it is not the only tool because there is an arsenal of laws and legislation that control economic policies in a globalized world.

I do not agree very much with the optimism about the near end of the global financial system, considering the fall of the banks, because there are actually no alternatives in the medium or long term. All the change projects that are currently being worked on are about changing tools, not changing policies. For example, those who want to get rid of the dominance of the dollar propose alternatives to it and not a complete strategy to get rid of the entire monetary system.

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Quote from: MissNonFall9 on May 24, 2024, 07:37:59 AM

Quote from: Kelward on May 23, 2024, 05:50:24 AM

Quote from: jrrsparkles on April 17, 2024, 01:23:54 PM

Central banks will stay even if the fiat is facing hyper inflation and they will start collapse only if the government itself started collapsing.

The chances of all Central banks will cease to exist is close to zero but hypothetically Bitcoin can be one of the preferred payment options if that happens.

It's not easy for the central banks system to collapse, because we don't have one single central bank that controls or oversees every central banks in the world, if one central bank collapses, others will still be functional. Theoretically or hypothetically, if that happens, then Bitcoin will be in a good position to take over as a global digital cash, because it doesn't have any central authority or barriers. As it is now I don't think that Bitcoin needs to be the only currency in the world to maintain it's relevance, it can function alongside fiat currencies, as an alternative currency

My thoughts fully support your opinion that Bitcoin will work as an alternative currency to fiat currency as we are not comfortable carrying cash these days as it is not convenient and it also threatens us sometimes. If the central banking system was not a worldwide system the central banking system might have collapsed. Since the central banking system is a global economic management system it cannot be overthrown.

We should have in mind that Bitcoin cannot over throw banks in the country or become the main currency as specified by the government to aid daily transactions and exchange of services. Bitcoin can only be widely accepted as payment options in various arms and official business but the countries currency will always remain superior in importance to users in the country. People sees Bitcoin as an investment not at most a currency.

Franctoshi

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Quote from: Abiky on April 17, 2024, 01:10:11 PM

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

During the pandemic, Jerome Powell made it clear that we are not going back to the same economy, that we are recovering but to a different economy that is more leverage to technology. Why do you think institutions has resorted into Buying Bitcoin lately, because most of them know that at some point the system would no longer be sustained, for instance look at how much that the US government is using to service their debts and secondly why do you think the bricks nation are trying to break away and have their own currency which will be backed by the digital sdr. With the continuous money printing system, the inflation will be so high that there maybe a total economic collapse.

slapper

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Quote from: Argoo on July 04, 2024, 09:55:08 AM

Quote from: Abiky on April 17, 2024, 01:10:11 PM

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

Under what circumstances might the central bank of a particular country collapse? Too high inflation and rising prices? This happens periodically around the world, but their central banks usually stand because they are part and integral to the state. Humanity has not yet come up with a better model for the functioning of society, such as unification into states, and banks have invariably existed since the invention of current forms of money. In order for central banks to collapse, it is necessary for the current system of cash and non-cash money to become a thing of the past, and even then, this is only in theory, because humanity does not yet have such experience, and what may come to replace fiat is quite possible will again be able to be regulated by the changed central banks. After all, the issue and maintenance of what will replace the current fiat will still need to be carried out, which means something like central banks is necessary. Therefore, I do not yet see that central banks will ever collapse as a financial institution of states.

What if this whole central bank crisis is about us people, evolving, not about the economy tanking? Imagine if we all simply wake up one day and said, "Screw this crazy money-obsessed rat race. Lets concentrate on actual business: supporting one another, living sustainably, not killing the earth." Those stifling central banks could suddenly be as outdated as a dial-up modem. We might begin trading chickens for haircuts or local currencies supported by, say, community gardens or anything else. Though its an odd idea, weirder events have happened. Maybe the future isnt about getting rich, its about getting... human.

Argoo

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Quote from: Abiky on April 17, 2024, 01:10:11 PM

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

Under what circumstances might the central bank of a particular country collapse? Too high inflation and rising prices? This happens periodically around the world, but their central banks usually stand because they are part and integral to the state. Humanity has not yet come up with a better model for the functioning of society, such as unification into states, and banks have invariably existed since the invention of current forms of money. In order for central banks to collapse, it is necessary for the current system of cash and non-cash money to become a thing of the past, and even then, this is only in theory, because humanity does not yet have such experience, and what may come to replace fiat is quite possible will again be able to be regulated by the changed central banks. After all, the issue and maintenance of what will replace the current fiat will still need to be carried out, which means something like central banks is necessary. Therefore, I do not yet see that central banks will ever collapse as a financial institution of states.

atookz

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For now I don't think that central banks will collapse. That's because if the main banking sector collapses, public confidence in the banking system could be lost and this will cause the entire economic sector to collapse. If the central bank collapses, the government will definitely help to save it, or if the central bank collapses, the government will also collapse. Therefore, central bank collapse scenarios are extremely rare and are usually avoided through various preventive and intervention measures. And for the adoption of bitcoin as a world currency requires major changes in technology, regulation, and acceptance by global society.

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Quote from: Abiky on May 17, 2024, 09:19:03 PM

I guess many will choose to use Bitcoin openly and freely than living in fear. No one wants to be prosecuted by the government.

If we all had a chance to do things we wanted without any legal repercussions we would all be a happy man.

Quote

Not all countries will reject Bitcoin.

Some countries already have accepted bitcoin not only having a positive attitude towards it but to the extent of making it their legal tender. Despite the privacy concerns it brings to the government there are other benefits to supporting cryptocurrency. One being able to use a very sophisticated technology that is the blockchain mechanism that can be used in various fields not only in finance.

Quote

CBDCs will only make central banks bigger and stronger than ever. It should only be a matter of time before we witness a "global reset". Perhaps, the economy will be restored after such an event? Only time will tell. As long as people are able to obtain true financial freedom, nothing else matters.

I certainly hope so, but with countries who are knee deep into poverty this may prove to be a little more difficult.

MissNonFall9

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Quote from: Kelward on May 23, 2024, 05:50:24 AM

Quote from: jrrsparkles on April 17, 2024, 01:23:54 PM

Central banks will stay even if the fiat is facing hyper inflation and they will start collapse only if the government itself started collapsing.

The chances of all Central banks will cease to exist is close to zero but hypothetically Bitcoin can be one of the preferred payment options if that happens.

It's not easy for the central banks system to collapse, because we don't have one single central bank that controls or oversees every central banks in the world, if one central bank collapses, others will still be functional. Theoretically or hypothetically, if that happens, then Bitcoin will be in a good position to take over as a global digital cash, because it doesn't have any central authority or barriers. As it is now I don't think that Bitcoin needs to be the only currency in the world to maintain it's relevance, it can function alongside fiat currencies, as an alternative currency

My thoughts fully support your opinion that Bitcoin will work as an alternative currency to fiat currency as we are not comfortable carrying cash these days as it is not convenient and it also threatens us sometimes. If the central banking system was not a worldwide system the central banking system might have collapsed. Since the central banking system is a global economic management system it cannot be overthrown.

o48o

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Quote from: Abiky on May 17, 2024, 09:19:03 PM

I guess many will choose to use Bitcoin openly and freely than living in fear. No one wants to be prosecuted by the government. Not all countries will reject Bitcoin. Especially with the taxation benefits it brings. Mainstream governments will only increase regulations to "keep everything under control". It will be legal to use BTC, but with restrictions.

CBDCs will only make central banks bigger and stronger than ever. It should only be a matter of time before we witness a "global reset". Perhaps, the economy will be restored after such an event? Only time will tell. As long as people are able to obtain true financial freedom, nothing else matters.

Actually i think it could make central banks smaller, depending what do you mean by bigger and stronger. They can be in fact a direct competition against the current banking system and would challenge visa and swift. Just the infrastructure that wouldn't be needed anymore would be huge, starting from paper money becoming irrelevant.

The main purpose of cbdc among with control against money laundering, is saving money for both banks and users by automation and getting rid of unneeded infra.

Standardisation, 24/7 uptime, smaller fees and simplicity of it will definitely cause near instant adoption, but people that it will put out of work and people benefiting from the current system will lobby their heart out for anything other systems than cbdc, like switft and paper money, so they will co-exist for a while at least, but with way smaller capacity. And that will result to the fact that surveillance on old system increases exponentially, and it will become harder to profit from, at least with illegal ways

Abiky

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Quote from: Vaskiy on May 22, 2024, 03:26:29 PM

Do you think that governments around the world will take a stand to ditch fiat and move forward in favor of bitcoin? This isn't going to happen soon or in the future. As we've encountered the CBDCs, we'll see some new form of system being used in the printing of money to have control over inflation. Banking systems are the backbone of every country, and control plays a major role in the economy. We say that decentralized functioning will make everything better, and we can't be sure of it. From my POV, we don't know the real factors that arise when we go completely towards decentralization.

Of course not! But seeing El Salvador adopt BTC as legal tender, gives me hope that some countries will abandon Fiat in favor of Bitcoin. The rest will carry on as usual with central banks in control of everything. Perhaps rising inflation rates is part of the plan to reset the global economy? With central banks announcing their intentions of rolling out CBDCs, anything's possible.

We don't need to worry about this, as long as Bitcoin is at our side. Decentralization must be preserved at all costs. Maybe BTC will live alongside CBDCs for generations? Grin

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Quote from: Kelward on May 23, 2024, 05:50:24 AM

Quote from: jrrsparkles on April 17, 2024, 01:23:54 PM

Central banks will stay even if the fiat is facing hyper inflation and they will start collapse only if the government itself started collapsing.

The chances of all Central banks will cease to exist is close to zero but hypothetically Bitcoin can be one of the preferred payment options if that happens.

It's not easy for the central banks system to collapse, because we don't have one single central bank that controls or oversees every central banks in the world, if one central bank collapses, others will still be functional. Theoretically or hypothetically, if that happens, then Bitcoin will be in a good position to take over as a global digital cash, because it doesn't have any central authority or barriers. As it is now I don't think that Bitcoin needs to be the only currency in the world to maintain it's relevance, it can function alongside fiat currencies, as an alternative currency

Well, One central bank is controlling the every banks functioning in a country so if it fails then the every bank in a country is going down and since every country has their own fiat, at the point of failure even if banks/government doesn't make any move then people will be making move so governments has to do something in order to keep their money from inflated or else there will be replacement which can be any crypto or even fiat, for now it's been USD when fiat faced hyperinflation.

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Quote from: jrrsparkles on April 17, 2024, 01:23:54 PM

Central banks will stay even if the fiat is facing hyper inflation and they will start collapse only if the government itself started collapsing.

The chances of all Central banks will cease to exist is close to zero but hypothetically Bitcoin can be one of the preferred payment options if that happens.

It's not easy for the central banks system to collapse, because we don't have one single central bank that controls or oversees every central banks in the world, if one central bank collapses, others will still be functional. Theoretically or hypothetically, if that happens, then Bitcoin will be in a good position to take over as a global digital cash, because it doesn't have any central authority or barriers. As it is now I don't think that Bitcoin needs to be the only currency in the world to maintain it's relevance, it can function alongside fiat currencies, as an alternative currency

Vaskiy

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Quote from: Abiky on May 22, 2024, 02:36:29 PM

Quote from: Spaceman1000$ on May 18, 2024, 01:35:48 PM

Virtually every country in the world use fiat as legal tender, so fiat will always be in use. the Central Bank can only fight inflation by bringing out policies that will checkmate the financial activities of market forces, that way they can easily monitor the forces behind inflation. Because going with the narrative of the OP, if the Central Bank collapses we are in a huge financial disarray, because the Central Bank is the one saddled with the responsibility to understand the activities of financial flow across all board, so I believe they know measures to apply to reduce the effect of inflation.

But what if countries decide to ditch Fiat in favor of Bitcoin? I know governments want control and all, but they have the option of abandoning Fiat if they want to. Doing such a move would be very beneficial to the people. Unfortunately, the "Elites" won't allow this to happen. Especially when it's easy to detect corruption/manipulation/fraud on a transparent public ledger.

We should expect central banks to rule the world forever. The launch of CBDCs will only make them bigger and stronger than ever. I'd suggest you keep buying and "hodling" BTC to protect yourself against government oppression. Inflation will keep rising, but only those able to "fight against it" will win in the long run. Who knows how the global economic landscape will look like in the future?

Do you think that governments around the world will take a stand to ditch fiat and move forward in favor of bitcoin? This isn't going to happen soon or in the future. As we've encountered the CBDCs, we'll see some new form of system being used in the printing of money to have control over inflation. Banking systems are the backbone of every country, and control plays a major role in the economy. We say that decentralized functioning will make everything better, and we can't be sure of it. From my POV, we don't know the real factors that arise when we go completely towards decentralization.

Abiky

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Quote from: Spaceman1000$ on May 18, 2024, 01:35:48 PM

Virtually every country in the world use fiat as legal tender, so fiat will always be in use. the Central Bank can only fight inflation by bringing out policies that will checkmate the financial activities of market forces, that way they can easily monitor the forces behind inflation. Because going with the narrative of the OP, if the Central Bank collapses we are in a huge financial disarray, because the Central Bank is the one saddled with the responsibility to understand the activities of financial flow across all board, so I believe they know measures to apply to reduce the effect of inflation.

But what if countries decide to ditch Fiat in favor of Bitcoin? I know governments want control and all, but they have the option of abandoning Fiat if they want to. Doing such a move would be very beneficial to the people. Unfortunately, the "Elites" won't allow this to happen. Especially when it's easy to detect corruption/manipulation/fraud on a transparent public ledger.

We should expect central banks to rule the world forever. The launch of CBDCs will only make them bigger and stronger than ever. I'd suggest you keep buying and "hodling" BTC to protect yourself against government oppression. Inflation will keep rising, but only those able to "fight against it" will win in the long run. Who knows how the global economic landscape will look like in the future?

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Quote from: Spaceman1000$ on May 18, 2024, 01:35:48 PM

Quote from: jrrsparkles on April 17, 2024, 01:23:54 PM

Central banks will stay even if the fiat is facing hyper inflation and they will start collapse only if the government itself started collapsing.

The chances of all Central banks will cease to exist is close to zero but hypothetically Bitcoin can be one of the preferred payment options if that happens.

Virtually every country in the world use fiat as legal tender, so fiat will always be in use. the Central Bank can only fight inflation by bringing out policies that will checkmate the financial activities of market forces, that way they can easily monitor the forces behind inflation. Because going with the narrative of the OP, if the Central Bank collapses we are in a huge financial disarray, because the Central Bank is the one saddled with the responsibility to understand the activities of financial flow across all board, so I believe they know measures to apply to reduce the effect of inflation.

It is exactly what you believe no matter how bad the central bank’s or the country's economic situation is, they have all the arrangements to maintain that bad situation. We have seen that some countries may have gone bankrupt but their central bank policies did not collapse. We have also seen when the inflation rate in a country becomes too high the central bank of that country tries to counter it by adopting various means.

electronicash

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maybe central banks will still be the same as they are since global collapse will likely not happen. not all currency is collapsing actually, we are seeing USD being printed by the millions each month but on the other side of the world where China and Russia, are also establishing something worth using which means other countries have the option to shift to their platform like the BRICS currency.

jrrsparkles

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Quote from: Spaceman1000$ on May 18, 2024, 01:35:48 PM

Quote from: jrrsparkles on April 17, 2024, 01:23:54 PM

Central banks will stay even if the fiat is facing hyper inflation and they will start collapse only if the government itself started collapsing.

The chances of all Central banks will cease to exist is close to zero but hypothetically Bitcoin can be one of the preferred payment options if that happens.

Virtually every country in the world use fiat as legal tender, so fiat will always be in use. the Central Bank can only fight inflation by bringing out policies that will checkmate the financial activities of market forces, that way they can easily monitor the forces behind inflation. Because going with the narrative of the OP, if the Central Bank collapses we are in a huge financial disarray, because the Central Bank is the one saddled with the responsibility to understand the activities of financial flow across all board, so I believe they know measures to apply to reduce the effect of inflation.

A lot depends on the government policies rather than the central bank policies because the fiat will be facing hyper inflation only when the government is in economic crisis like we knew that happened in some of the countries in the past two decades. But globalisation and tax rate will keep that in check for government up to certain limits until the people in the country has no way to sustain the living cost then the money circulation will reduce that will bring in the domino effect of hyper inflation too.

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Quote from: jrrsparkles on April 17, 2024, 01:23:54 PM

Central banks will stay even if the fiat is facing hyper inflation and they will start collapse only if the government itself started collapsing.

The chances of all Central banks will cease to exist is close to zero but hypothetically Bitcoin can be one of the preferred payment options if that happens.

Virtually every country in the world use fiat as legal tender, so fiat will always be in use. the Central Bank can only fight inflation by bringing out policies that will checkmate the financial activities of market forces, that way they can easily monitor the forces behind inflation. Because going with the narrative of the OP, if the Central Bank collapses we are in a huge financial disarray, because the Central Bank is the one saddled with the responsibility to understand the activities of financial flow across all board, so I believe they know measures to apply to reduce the effect of inflation.

Topic: The collapse of central banks...Inevitable? - page 2. (Read 1577 times)