Will Bitcoin cause worldwide economic collapse in the future?

BartS

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Quote from: DustyRah on November 26, 2017, 10:54:12 AM

Will Bitcoin with its decentralized system cause worldwide economic imbalance or collapse in future?

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes). Governments currently use monetary policies to manage a healthy economy but they will not be able to manage Bitcoin and will be helpless if the economy goes to the dump. Governments may become starved for cash since it will harder for them to tally up who owns how many Bitcoins. Rogue regimes like NK may be able to peacefully conduct business under sanctions causing security issues.

Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

We have a live one, this is NOT a drill anymore.

Bitcoin is not going to cause a collapse, the collapse is coming anyways with or without bitcoin, we do not know when it is going to happen but it is going to happen since the world is submerged in a sea of debt, bitcoin is only going to allow people like us to escape from the worse effects of it and maybe even benefit since at that point fiat will be worthless and we will still need a medium of exchange.

dillpicklechips

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Quote from: BrewMaster on November 28, 2017, 11:07:35 AM

Quote from: DustyRah on November 26, 2017, 10:54:12 AM

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes).

why would a business choose bitcoin over cash? if they want to cook their books for tax evasion then they cook their books, they don't need bitcoin for that. in fact it will complicate things and will make it easy to prove they are cooking the books Cheesy

and why would they not pay their taxes, taxation is not that horrifying in all countries all over the world and you are talking about a "worldwide" scenario!

Why is that people wants to get away with taxes? It is every citizen's duty to pay and as a contribution to the country's development for its greater good. Cash and Bitcoin would not go war and destroy each other like humans do. They are vital things to exist for the economy to go forward.

Quote from: BrewMaster on November 28, 2017, 11:07:35 AM

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Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

there is another assumption in your topic, saying bitcoin will be mass adopted by a large portion of the world. something like 80% or more. which i think is not going to happen.

We should not speak with certainty since future is quiet surprising. Also, we are on the modern age and surely a lot wpuld exercise their feedom of speech criticizing the abusive tax which will greatly cause economic strain.

Torque

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I'm thoroughly convinced now that the Powers That Be will never allow a worldwide financial economic collapse to happen.

They will quantitative ease to infinity. They will rig and manipulate the markets. They will control everything financial related.

Instead of the Mad Max scenario, they will just slowly make the world poorer and poorer. But so slowly that hardly anyone will notice until it is too late. Like a frog in a slow boiling pot doesn't realize it's getting hot until it's dead.

BrewMaster

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Quote from: DustyRah on November 26, 2017, 10:54:12 AM

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes).

why would a business choose bitcoin over cash? if they want to cook their books for tax evasion then they cook their books, they don't need bitcoin for that. in fact it will complicate things and will make it easy to prove they are cooking the books Cheesy

and why would they not pay their taxes, taxation is not that horrifying in all countries all over the world and you are talking about a "worldwide" scenario!

Quote

Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

there is another assumption in your topic, saying bitcoin will be mass adopted by a large portion of the world. something like 80% or more. which i think is not going to happen.

Palmerson

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I don't see any problems with using bitcoins for the state. Banks of course can hurt but they always agree with the government and can obtain working capital from the government. In order not to lose taxes to the state simply to control income at the expense of Fiat. Banks would be happy to do it. Then everyone will pay taxes with bitcoin.

BitHodler

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Quote from: alyssa85 on November 28, 2017, 08:08:12 AM

Bitcoin won't cause a world wide collapse, but it might save people from a world wide collapse.

Well said. I am on the same level here.

I strongly believe that people are responsible for their own actions in their life, where putting a decent part of their wealth in Bitcoin is a great step towards reducing their exposure when it comes to a potential economical collapse.

As we speak, the ratio of my wealth in Bitcoin has only been increasing versus the ratio of my wealth in savings. It's like 50% Bitcoin and 50% fiat savings right now, and this will definitely change further towards Bitcoin's side.

Admittedly, the current 800% increase of this year has been a major reason for the 50/50 ratio, but it is the reality, and thus we have to deal with it. In the end, I believe it is still a fair balanced ratio, and I am happy with it.

alyssa85

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As long as governments receive their taxes, they are fine. If businesses start accepting bitcoin, all that will happen is that governments will start receiving their taxes in bitcoin, and carry on.

Bitcoin won't cause a world wide collapse, but it might save people from a world wide collapse.

bearexin

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Quote from: pereira4 on November 26, 2017, 11:14:07 AM

Quote from: DustyRah on November 26, 2017, 10:54:12 AM

Will Bitcoin with its decentralized system cause worldwide economic imbalance or collapse in future?

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes). Governments currently use monetary policies to manage a healthy economy but they will not be able to manage Bitcoin and will be helpless if the economy goes to the dump. Governments may become starved for cash since it will harder for them to tally up who owns how many Bitcoins. Rogue regimes like NK may be able to peacefully conduct business under sanctions causing security issues.

Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

We have a live one, this is NOT a drill anymore.

Bitcoin doesn't need to do anything. The collapse will happen because the governments have created the biggest hyperinflated lie ever, with debts that will enslave generations to come and it will never ever be paid. Young people are resorting to Bitcoin as their retirement funds because they know that when they retire they will get nothing from the state, and private retirement funds aren't going to give you that much of a return nothing guarantees they will not go bankrupt getting nothing and being old and poor.

Bitcoin can make them rich in the long term with only 1 BTC, which is why it's going up. People are starting to have more hope in BTC retiring them than a state of private business.

If any of collapse happens then respective government will be responsible for it bitcoin has friendly nature to the economy, it rises economy and give a helping hand to attain good place in the rising nation so bitcoin will never create any disturbed situation and that’s the believe of its investor as well as acceptor that it will give them prosperity and earning chances and determination leads to all the achievements.

MoonJeina

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Quote from: DustyRah on November 26, 2017, 10:54:12 AM

Will Bitcoin with its decentralized system cause worldwide economic imbalance or collapse in future?

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes). Governments currently use monetary policies to manage a healthy economy but they will not be able to manage Bitcoin and will be helpless if the economy goes to the dump. Governments may become starved for cash since it will harder for them to tally up who owns how many Bitcoins. Rogue regimes like NK may be able to peacefully conduct business under sanctions causing security issues.

Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

We have a live one, this is NOT a drill anymore.

Why would Bitcoin do that ? Bitcoin was never made to do that . Bitcoin itself is the part of economy now . Collapsing the economy might collapse Bitcoin too .
It is quite undeniable that Bitcoin has a major influence on market but it is not going to change the major economical and financial laws . Bitcoin is just going to be their part . There might be some "chaos" in the beginning but things will setlle later , just like countries settle eventually after demonetization . Getting used to some thing new and big can be time consuming at first .
Managing bitcoin can be a big task for government , but before that "learning" bitcoin is a bigger task to do . With increase in the participants , Bitcoin is highly recommended to every Government to avoid some future chaos.

Ektra

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If the .govs don't murder crypto in the crib or figure out how to shackle it (unlikely as there are many motivated, highly intelligent people who will simply develop their way around such measures, and the market will follow them), they will wither and start to die off. This may take a long time. The human race on the other hand will ascend new heights.

exstasie

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Quote from: DustyRah on November 26, 2017, 10:54:12 AM

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes). Governments currently use monetary policies to manage a healthy economy but they will not be able to manage Bitcoin and will be helpless if the economy goes to the dump. Governments may become starved for cash since it will harder for them to tally up who owns how many Bitcoins. Rogue regimes like NK may be able to peacefully conduct business under sanctions causing security issues.

Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

As long as Bitcoin remains generally fungible, it can definitely empower developing countries and the Global South generally. And that extends to "rogue nations" as well. Sanctions can only be carried out by corporate businesses at scale; individuals and small businesses have no means to verify that they are not dealing with e.g. North Koreans.

As far as taxes go, I think that most people will comply with the government. The people entering the markets today and Wall Street don't share the same libertarian ideals that Bitcoin was born with.

Hamstead

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I really don't think that would be the result for this. Because bitcoin is almost becoming a global currency used aside from USD. Even though some countries will never support this new technology.

Maybe it's is the time that the government will look forward as this new generation of currency will give a huge benefits to the economic growth of the country. The most common problem of some countries is that, they are trying to control bitcoin which is could not be happen. They are just thinking their own benefits without minding the needs of their people who are supporting them. This is the time for the government to realize that bitcoin will give a huge chances to improved our economic stability and it helps us to stay away from poverty.

jjacob

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Quote from: DustyRah on November 26, 2017, 10:54:12 AM

Will Bitcoin with its decentralized system cause worldwide economic imbalance or collapse in future?

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes). Governments currently use monetary policies to manage a healthy economy but they will not be able to manage Bitcoin and will be helpless if the economy goes to the dump. Governments may become starved for cash since it will harder for them to tally up who owns how many Bitcoins. Rogue regimes like NK may be able to peacefully conduct business under sanctions causing security issues.

Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

We have a live one, this is NOT a drill anymore.

There are 2 legs to every transaction - the monetary part and the goods/service part. If North Korea is a sanctioned country, you may be able to get bitcoins over there without the prying eyes of the government, but you still have to get goods/services out of North Korea. Tough luck achieving that.

Killmepls

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obsolence will hit dollar after or before, but it will happen

GreatOrchid

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It is not going to collapse, why do you think that it is going to collapse? cryptocurrencies are just a new way to maintain the money and re-organize the power and the wealthy all around the world.

If the entire world decides to adopt bitcoin, then probably those guys who invested in bitcoin before the richest guys are going to have more money, because they were able to buy more bitcoins in the past for a lower price.

Maybe the only thing that can collapse is the wealthy distribution, but bitcoin needs some upgrades if it really wants to be a main currency, we can not be paying more than $6 for a single transaction, because it is not worth it.

Febo

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Quote from: DustyRah on November 26, 2017, 10:54:12 AM

Will Bitcoin with its decentralized system cause worldwide economic imbalance or collapse in future?

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes). Governments currently use monetary policies to manage a healthy economy but they will not be able to manage Bitcoin and will be helpless if the economy goes to the dump. Governments may become starved for cash since it will harder for them to tally up who owns how many Bitcoins. Rogue regimes like NK may be able to peacefully conduct business under sanctions causing security issues.

Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

We have a live one, this is NOT a drill anymore.

You seems to mixed Bitcoin with Monero. Governments or companies or any individual can way easier monitor your Bitcoin transactions then your bank transactions or cash.

Governments will collect taxes probably just on some other way, but they will be way more cautious how they will spend them.

I dont think cash or banks are way to make an embargo on a country. You do embargo on a country to surround their ports with military ships and check their cargo and if is prohibited seize that ship so no one does smuggling. You dont even need money to make a trade. If there is no naval blockade of NK, Ships can bring in goods and exchange it for new goods and ship that traded goods out.

pereira4

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Quote from: DustyRah on November 26, 2017, 10:54:12 AM

Will Bitcoin with its decentralized system cause worldwide economic imbalance or collapse in future?

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes). Governments currently use monetary policies to manage a healthy economy but they will not be able to manage Bitcoin and will be helpless if the economy goes to the dump. Governments may become starved for cash since it will harder for them to tally up who owns how many Bitcoins. Rogue regimes like NK may be able to peacefully conduct business under sanctions causing security issues.

Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

We have a live one, this is NOT a drill anymore.

Bitcoin doesn't need to do anything. The collapse will happen because the governments have created the biggest hyperinflated lie ever, with debts that will enslave generations to come and it will never ever be paid. Young people are resorting to Bitcoin as their retirement funds because they know that when they retire they will get nothing from the state, and private retirement funds aren't going to give you that much of a return nothing guarantees they will not go bankrupt getting nothing and being old and poor.

Bitcoin can make them rich in the long term with only 1 BTC, which is why it's going up. People are starting to have more hope in BTC retiring them than a state of private business.

DustyRah

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Will Bitcoin with its decentralized system cause worldwide economic imbalance or collapse in future?

Businesses (and individuals) may start to accept and pay with Bitcoins to get away from the prying eyes of the government (and taxes). Governments currently use monetary policies to manage a healthy economy but they will not be able to manage Bitcoin and will be helpless if the economy goes to the dump. Governments may become starved for cash since it will harder for them to tally up who owns how many Bitcoins. Rogue regimes like NK may be able to peacefully conduct business under sanctions causing security issues.

Will Bitcoin eventually cause economic chaos in the future? Or will the freedom created by Bitcoin result in a greater economic growth and more tax funds to government?

We have a live one, this is NOT a drill anymore.

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