Quote from: The Pharmacist on July 03, 2018, 02:02:20 AM

Quote from: haroldtee on April 27, 2018, 06:10:00 AM

Firstly, the only thing that has always been causing inflation is the manipulated and monopolized Fiat system.

Secondly, bitcoin is a deflationary currency. So, I leave you to do the maths!

This is a little bit out of my league, but I'm not completely ignorant about economics--when you say "deflationary" you mean it's supposed to gain in value over time, correct? I assume that's what's meant, since I know the definition of "inflation". It seems to me that this doesn't necessarily have to be true.

Bitcoin's price, and thus its purchasing power, is determined by demand only (supply is known and will eventually be fixed at 21 million). There's no law of nature saying that it has to keep rising at all. It certainly can't fall past zero in terms of fiat, but it can approach or even reach that. In other words, it can become worthless.

Doesn't seem like that's going to happen, but all we'd need is one good black swan event and this deflationary currency won't be able to buy anything.

As far as the developing countries go, I can pretty much guarantee that people in most of those places aren't using what little money they have to actually buy bitcoin. They're most likely to be the ones trying to earn it through jobs like the ones offered on this forum. You'd have to either be an extreme gambler or relatively wealthy to go out of your way to buy a cryptocurrency that you're not likely to spend, and which doesn't offer many advantages over fiat in terms of being a currency. Hate to say that, but it's true. It's much easier to spend fiat than it is bitcoin. So I don't know how much the 3rd world is being helped by crypto. I hear a lot of claims about that here, but they all sound like rah-rah shitposts.

Quote from: ParadoxXx on July 03, 2018, 01:58:12 AM

Bitcoin is not "disrupting the economy" it's just making it harder to your country tax you.

Not much on this forum makes a hell of a lot of sense. "Disrupting the economy" sounds like those clickbait links that you see at the end of trendy listicles, like "This one cryptocurrency is disrupting a $10 trillion industry!". It's a buzz phrase, and I tune those out as soon as I see them.

In developing countries Bitcoin is using freely among people and giving them rights to invest for themselves and to earn money. Recently developed countries including Germany recognized the Bitcoin which is a better decision for the success of country.

Now think for why they are recognizing it and what is the need, it will benefit both the countrys economy and the people because it is a better investment and this inspiration comes from those countries which are progressing with it.