The collapse of central banks...Inevitable? - page 5.

arallmuus

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Quote from: Abiky on April 17, 2024, 02:10:11 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.

Its another dumb idea from politicians to get people's attention I guess. There is no way for a country abolish central banks and as much as we hate banks, they are staying and imagine what kind of chaos will happen when it gets shut down. Anyway inflation are staying, countries are going to print more money and in case shit happens then redenomination is the only way to control that shit

Quote from: Abiky on April 17, 2024, 02:10:11 PM

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?

As much as I love bitcoin, thats not going to happen

Wakate

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Quote from: Abiky on April 17, 2024, 02:10:11 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.

Since every countries have there own central banks that controls there fiat currency, it will be very difficult for the world to decide to abolish fiat and start using Bitcoin. They could rather create a stable coins which can be used for transactions rather than choosing Bitcoin which is very versatile and could make holders to lose money immediately if the price of Bitcoin suddenly falls. We need to have understanding about the market so that we are not going to do something that is going to cause us to over look some certain things in the market. Bitcoin will be adopted by the world soon but that would not make it the world currency.

uneng

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Quote from: Abiky on April 17, 2024, 02:10:11 PM

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?

No. Central banks will adopt the recent trends and opportunities the financial market has to offer, including the features provided at decentralized finances, so they centralize it in order to benefit themselves, like always, while average adopters pay extra costs to be allowed to continue operating on such niches of the market. One example are cryptocurrencies, which central banks are already trying to adopt or at least copy the technology behind them to launch their own coins and tokens.

That is how they are merging the fiat and cryptocurrency elements into a single coin, so they can ensure fiat is never going to disappear. As consequence, there is no room for another kinds of coins or goods to replace fiat currency in the future. Moreover, I don't think most people in our socities have the required mindset to do this replacement.

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Quote from: Abiky on April 17, 2024, 02:10:11 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.

Central banks are not going anywhere for a long, long time. Take America for example, its central bank allows it to exert immense pressure on other countries that either directly or indirectly rely on dollar trade. They are the reserve currency of the world, because they are the most trusted and there's not really much chance a country like China will ever be trusted more with their style of government. America can indirectly pressure governments to change laws that may adversely impact global trade by cutting them off and while it might not be super effective if you look at Iran for example, it does isolate them and makes them that bit poorer when they decide to ignore America. On the whole that sort of influence has generally been useful to the world.

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Quote from: Abiky on April 17, 2024, 02:10:11 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.

Until central banks have collapsed, it wouldn't be wise to attribute all the economic problems to them. Although, I would think that there would come a time when people will resort to using crypto currency and perhaps any other currency that isn't connected to the central banks, to trade and complete transactions.

With leading countries and regions like Lugano, El Salvador, Brazil, U.S, U.K among others, adopting BTC as a solution to aid their economy, more countries will do so in addition and am very sure that the central banks would adapt to accommodate cryptocurrencies and exchanges, so as they don't get left out and obsolete.

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I wonder what would happen if Bitcoin becomes the currency of the world considering how volatile it is. Everything will start to become unstable when it comes to finances, companies, businesses, and individuals will have their money and status changing every other day because the price of Bitcoin will go down sometimes and then go up again, and since there won't be fiat currencies, there will be no possibility for people to sell and buy Bitcoin during bull and bear markets.

I think that wouldn't be a very good solution. Bitcoin is only good if it has another stable currency on its side so that things don't become completely unstable and go out of control every now and then. It will be very difficult and I can already imagine everything in my mind.

BABY SHOES

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No, bitcoin will not become a world currency, some countries have their own fiat then it will maintain with the control that the government has, a country still has abundant natural resources then it will be difficult for the economy to deteriorate.

Banks may collapse but the state will definitely fix it again after the economic collapse so banks only control fiat finance while the state will always be present where it stabilizes again.

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Quote from: davis196 on April 18, 2024, 06:07:47 AM

Javier Milei never suggested that the central banks should be abolished. He suggested that the central bank of Argentina should be closed down and Argentina should accept the US dollar as a national currency, which means that the United States Federal Reserve would become something like a new central bank for Argentina.
I don't see any people losing faith in the traditional financial system. The people keep using cash, credit and debit cards. Almost nobody switched completely to crypto.
The global economy isn't deteriorating. The global GDP is growing. The fact that some countries are having a hard time doesn't mean that the global economy is deteriorating.

Abolishing and "shutting down" aren't the same thing? Without central banks, the economy can't be manipulated by corrupt politicians. Separating money from the State is the first step towards "fixing the world". We the people, have given too much power to the government and central banks. So they will continue to do as they please, even if the economy continues to sink all the way down the drain. You can see why governments in the past (particularly the US government) have bailed out banks in times of financial crisis.

Bitcoin was created as a response against banks' and governments' mishandling of the economy. No central authority means greater fairness and financial inclusion. I know BTC has failed to replace banks so far, but that does't mean it's the "end of the world". If by any chance central banks collapse, you can bet the world will abandon the Fiat Standard and move all the way to the Bitcoin Standard. Prices of goods and/or services will be denominated in BTC instead of Fiat. Wouldn't it be great to live in a society where people have control over their own money? Not governments or corrupt banks. Nothing is set in stone, so anything's possible.

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Quote from: Abiky on April 17, 2024, 02:10:11 PM

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?

First of all, I don't think that global economy will deteriorate anytime soon and even if that happens the central banks won't collapse. I know that in some conditions the central banks of few countries may collapse but that won't impact the global economy by any means.

The fiat system has been present for a long time and it won't end anytime soon either. I know that most people who see devolution want to give up on that fiat system but it's not an easy thing as that system is the most dominant system of this time and that's why it won't end soon.

Even if fiat system ends, then still I doubt that the world may accept Bitcoin as the international currency. I know that in most cases Bitcoin could be a great reserve currency but I don't think that it would be ever accepted as international currency like US Dollar.

serjent05

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I do not think central banks will collapse unless the country ceases to exist. Fiat may crash due to hyperinflation but all the central bank has to do is to shift or integrate another monetary system that they think will give solution to the high inflation. The central bank is the control of a country over its financial system so the government will do everything it can do to make this institution survive.

I believe as long as a country survives, its central bank will never collapse, it may undergo several changes and development but as long as the country exists, its central bank will continue to exist, IMO.

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Quote from: Abiky on April 17, 2024, 02:10:11 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.

Javier Milei wanted to abolish the central bank of Argentina because he wanted to get rid of their own currency and start using the USD.
So, technically they would still have a CB only it wouldn't be one that is controlled by their government!
Besides, even with Bitcoin, you would still need a CB, a central bank is not just a thing that prints money, just like banks are not only in charge of your debit and credit card.

Besides, the Central Bank of England was established 1694, do you see them going down after surviving the gold standard for 3 centuries?

livingfree

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Quote from: Abiky on April 17, 2024, 02:10:11 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.

They're all experienced, I mean the ones that have been in the business for so long that have experienced a lot of financial crises.

All of them have contingency plans and I doubt that the most established will be abolished. As for the central banks, they've got a huge role for a country's economy.

Whether we like it or not, it's not too easy to see that many of these institutions and banking companies to collapse and just go out of business.

Miles2006

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At this point central banks don't care about the well being of a country neither the inflation, they work together with federal government so fiat system will stand firmly regardless the allegations. Concerning fiat and bitcoin or bitcoin standing as a digital currency can't beat the economy inflation neither, from my opinion bitcoin don't necessary need the crowd before we can say bitcoin is the best. If bitcoin is working for you as an investor, trader, business man etc then create a comfort zone for your investment. When I hear bitcoin taking over the fiat currency I believe it will not happen, bitcoin adoption is not forcefully but willingly so for example if fiat currency no longer exist we can't impose bitcoin adoption on citizens. Just imagine the world use bitcoin as number one currency (legal tender)and you think people will not still complain? people will always find fault no matter the situation

Plaguedeath

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If the central banks collapse, it means the whole country will collapse too.

Since there was country that no longer exist due to crisis i.e. Yugoslavia, so it's possible there will be a country that in debt and bankrupt, rich country might occupy that country. If you think Bitcoin will replace fiat due to central banks collapse, then you're live in your own imagination.

Dailyscript

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Would take a long time to eradicate fiat in the monetary system worldwide. This is because some countries do not have much technological advancement so they still value their fiat more than any other currency. Central banks will still continuing printing fiats in as much as those with the supreme powers are getting their little benefits from the system. Of course we would know by now that the fiat system is a little bit corrupt if not entirely corrupt.

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Quote from: Mate2237 on April 17, 2024, 02:50:06 PM

Bitcoin has failed and because of that Bitcoin cannot be the currency of the world again and all because of the congestion and the high transaction fees. If Bitcoin becomes the number one currency in the world then inflation will be more than like this present generation because because of the high transaction fee and people, sellers will like to sell their goods to cover the high transaction fee they have paid when using it to buy things. And also the main purpose of Bitcoin of p2p which Alice and Bob made their transaction has been failed. The Whitepaper said Bitcoin is a digital currency to buy goods and services online. How many people in the world that is using Bitcoin has used it to buy things online this week. Even this year in my country it would be problem.

So the existence of the central bank with it commercial banks are still vital in the world. Everyone now is going to investment with Bitcoin and nobody wants to use it to buy and no shop wants to accept it mostly in the third world countries. But I can't speak for the advance countries. And it is only politicians from the leftist side can asked to abolish central bank and not the capitalist scholars. And if we are to use Bitcoin as a global countries then the transaction fee should be eliminated.or it should be very minimal for even a ordinary groundnuts seller can when selling on the street and Motor parks.

The Central Bank continues to survive, perhaps the system will change when it collapses if the central bank will create a new pattern to maintain international economic stability, most recently bitcoin will continue to follow the movement of fiat currency and conversely fiat currency will follow the digital currency or bitcoin system. Another development is that the economy is getting worse, as can be seen from the soaring price of gold and the increasingly chaotic world economy. Conflict between countries is also one of the causes of instability. If economic experts do not take concrete steps, it is possible that a crisis or recession will occur.

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The only way for central banks to fail is for the apocalypse to happen and send people back to the stone age. The collapse of central banks would also mean the collapse of nation-states, which would also mean complete chaos and anarchy - so even though today we do not live in an ideal world (far from it), imagine a world without any control.

Quote from: Abiky on April 17, 2024, 02:10:11 PM

~snip~
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?

Bitcoin exists as an alternative, not as something that will replace the existing financial system. At least 95% of people have never had anything to do with Bitcoin, which has been around since 2009, and less than 2% have ever made any transaction involving paying for goods or services with it. The numbers don't lie, and they clearly say that Bitcoin is simply not an option for most people, at least not as a currency.

davis196

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Quote from: Abiky on April 17, 2024, 02:10:11 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.

Javier Milei never suggested that the central banks should be abolished. He suggested that the central bank of Argentina should be closed down and Argentina should accept the US dollar as a national currency, which means that the United States Federal Reserve would become something like a new central bank for Argentina.
I don't see any people losing faith in the traditional financial system. The people keep using cash, credit and debit cards. Almost nobody switched completely to crypto.
The global economy isn't deteriorating. The global GDP is growing. The fact that some countries are having a hard time doesn't mean that the global economy is deteriorating.

Text

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I think that's unlikely for a complete collapse. Central banks have a lot of tools at their disposal, and they'll likely adapt their strategies. We might see some reforms or even new institutions emerge. It plays a big role in financial stability too. Just scrapping them entirely could cause even bigger problems.

If things get really bad, though, who knows? Fiat currency losing trust entirely is a possibility. But is Bitcoin becoming the world's currency? I'm not so sure. It's still volatile and not widely accepted for everyday transactions. There might be other contenders, or maybe a whole new system altogether.

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No, Central Banks and Fiat currencies will not fail, because it is one of the most important tools for governments to control people. Governments will continue to increase inflation and taxes and they will control the supply of Fiat currencies to support Fiat currencies survival.

Bitcoin cannot replace Fiat currencies, because it is simply not possible to "print" money out of thin air, like they do with Fiat currencies to feed the demand for debt. (The global economy are one large debt monster and governments and Banks are constantly feeding it new victims)

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