Topic: Ultimate Dead for Bitcoin would be a Monetary reform (Read 264 times)

Reform of the world monetary system, most likely, will lead to the rejection of the dollar as a world currency. Because of this, a lot of countries will be looking for another alternative world currency. Therefore, it may even have a beneficial effect on bitcoin.

Do you mean something like when Zimbabwe had a massive hyperinflation crisis, so that they essentially replaced previous issues of currency with a certain exchange rate (e.g. 1:1 million), to consolidate the currency supply?

If that's what you mean, I don't really get why bitcoin would be affected much at all.

Bitcoin is has a limited supply, and is decentralised without any central government control, which means that it will store its value relatively well compared to debased fiat currencies in such events of fiat volatility. I'd expect that in such "currency reform" events, prices wouldn't be affected much in real terms, as it will simply adjust in nominal terms to correspond to the adjustments in fiat value.

Money related change is a long procedure and it might take 2-4 years to get executed. Also, if American government was intending to accomplish something like this, we would have known it a great deal prior from media and news. I don't figure these kind of choices will be made by any legislature as there will be an enormous dissent against it by the entire crypto network.

Well USA is already trying to stop crypto investments, I wouldn't be surprised if they go on with toughening that sphere

but the banking cartel have already done that. they have created their own cryptocurrency multiple times to fully control it.

it started as their attacks on bitcoin but they failed, then they changed and tied multiple ways of attacking bitcoin and kept failing then they created their own altcoin. altcoins such as XRP and ETH that are fully centralized and controlled.

What you are talking is essentially de-monetization and re-monetization process that recently happened in India on November 8th 2017. Notes of certain denomination became worthless just within a blink of an eye and common public were forced to stand in the queue to changes their notes to the new one. Obviously Black money holders could not exchange a major chunk of their money due to the deposit limit and lost almost everything.

However, that process didn't effect the bitcoin progress in my country, instead a lot of people indeed converted their money into cryptos to bypass this banking ban through various channels and shell companies.

Valuation of currency doesn't change after issuing a new denomination. US congress can't control the value of USD. The value of a currency depends on various factors like debt ratio, Foreign reserve etc. So monetary would not kill cryptos in any way, instead it will go stronger during that phase as more people would want to bypass that phase by converting their money into various other assets. 

not sure why that would make any difference at all

bitcoin would just set a new value in the new USD

or if USD became too unstable and fucked up we would move to EURO markets to trade on

unlikely at this time anyway

Bitcoin is one of the best crypto currency now-a-days. But recently it’s facing some criticism but I hope it will be rise after a long time. And can you make me clear about the term monetary reform?

it doesnt take long.
imagine when a bank note changes design or material of the 'paper'... it doesnt take that long to circulate out the new 'currency' and then set a date when the old bank notes are to not be accepted as currency.
its the same thing. with monetary reform

bitcoin onchain is a push paymnt system not needing anyone else to sign to authorise it. just the sender

but if people are told that bitcoins onchain is broke and cant scale and the only way to use btc as a payment system is to use accounts called channels where by it needs a counter party to sign along with you. and then when you want to pay someone. random people need to be online and sign that they will route you payment.. AND the end recipient needs to be online to sign to receive the payment.  

all that makes bitcoins seem less 'decentralsied' because it relies on so many others and so many hops skips and jumps, conditions and trms. and even penalties to do it. which is not the original ethos of bitcoin.



now imagine governments ignord the core devs speach about blockchain being broke.. and instead governments made a hyprledger of multiple sidechains for different regions. that way regions dont have to validate whole world data of one chain. but just a smaller cluster of users. thus more managable.

imagine it like a litecoin blockchain for america. another litecoin blockchain for europe. another one for africa. another for asia. and they all audit total circulation to a master chaiin

imagine this hyper ledger was shorter blocktime. and also the fee's were alot less then bitcoins onchain fee. thus imagine it as something that emulates bitcoin. but faster and cheaper and without the propoganda drama devs are dreaming up aout LN is the only future. guess what. people will use something that is more distributed than old fiat. and cheaper and faster than bitcoin.

oh and remember this new hyprledgerfiat will become the thing that new monetary reforms accept for mminimum wage, tax, and court fines. thus becoming legal tender. all auditable in the same way that checking a block explorer can be done so people can see the currency circulation numbers thus even better than old fiat.

In case you didn't know monetary reform is a really complex process which takes an extensive amount of time to be accomplished. It also breaks the trust of the users (general people) when a government decides to do that. If we are being concerned about American government then I think It is close to impossible for them to come up with something like a reform at this stage.

no but its a way to vastly decrease the purchasing power, of the us dollar with which bitcoin is currently traded with, additionally, you have to understand that the problem lies in the gambling activities of central banksters, hedgefunds, and statefunds, they are beeing rumored to be the reason behind the bitcoin waves and their sustainability, especially the eastasian hedgefunds and state funds.

a us dollar reform would make the us dollar they are gambling with basically worthless

 I beg to disagree with the above topic Question as posted. Bitcoin is Decentralized system of digital transaction and nothing to do monetary reform of USA as to Central Bank of this country implement reform of there main currency. It is way out of crypto currency market.

a monetary reform means, that the central banks declare a national currency token bill that has been printed behind a certain date as being fractional value to the new bill/token, or even worthless at all.

usdollar monetary reform would have biggest impact on bitcoin considering the supply of usdollars held by especially east asian state funds, the american high trade deficit caused that.

a euro led world economy will be less bitcoin friendly things will get thougher.

cryptos might survive monetary reform, but not bitcoin as today its support is mainly defined, by "lambo" and "moon" memes.

i wrote in another thread why people love and support bitcoin everything stepping away from that is damagin bitcoin

it is very true of what you say, and we are really careful in trading in currency, because if there is change as you mean will bring bad impact.

Not saying this is impossible, but unless there were to be some sort of catastrophic event take place, then maybe this would happen. However, in the western world i think it would be fiercely rejected by most normal folk. Never say never i guess as we don't know whats round the corner. 

Agree with previous and what to add, if USA Will make monetary reform to avoid Bitcoin influnce it Will mean Bitcoin won against dollar) if the biggest economy in the world Will need to change because of btc it Will mean that it has huge power.

And i don't think it Will be a big problem to change main currency to compare with from us dollar to jpy, eur, gbp or smth else)

Monetary reform is a very long process and it may take 2-5 years to get implemented. Moreover, if American government was planning to do something like this, we would have known it a lot earlier from media and news. I don't think these type of decisions will be made by any government as there will be a massive protest against it by the whole crypto community.

Monetary reform will take a long time and it needs a difficult process to be implemented with already Trump government having a shaky stance, they wouldn't think of, doing a reform of bitcoin. As, most of the population will go against them.