The Freaking Case for Bitcoin, In Dire Need!
National Debt is Out of Control
Hopefully the visual is an eye opener! Look at the steep hike the United States national debt is doing and this source is helpfully showing us a projection without changes. In case you are living under a rock, the U.S. is in 20 trillion dollars of debt. What does this mean in real terms, your U.S. dollar is weakening at an escalating level. The same is true of other countries currency that are following this pattern.
Now Look at Just the Cost of Interest on This Debt
By 2026 it is projected that just the interest alone on this debt will be 5.8 TRILLION DOLLARS!
Another Alarm Bell Sounding, GDP Can't Keep Up!
Our output of gross domestic product can't keep up with the accumulation of United States Debt!
Each Year Our Money is Worth Less, Inflation
Inflation rate on left(percentage) and year on bottom(Yearly)
Did you know our government actually targets a specific rate of inflation to push people into higher tax brackets??
Now, don't you think things would be different if money couldn't be created out of thin air by the national government? If we ran on bitcoin, which has a limited supply of 21 million coins, these destructive games couldn't be played. This is a case for the government adopting crypto currency. The government would probably start their own coin, while it may not be completely decentralized, hopefully it would have a finite supply. Of course the public could push for something different like bit coin.
We Don't Need Banks Anymore!
The federal reserve system created in the early 1900's has failed us. Is the general pubic aware that the federal reserve loans money to banks at an incredibly low interest rate so they can profit off loans in which they only truly have a fraction of the real money on hand?
The Wild, But Sane, Solution
1. Let's Use Crypto Currency for Money
2. Stop tax loop holes, especially for the very rich
4. Redo Political Elections to Not Waste Money on Campaigns
5. Peer to Peer Lending, Take Small Amount of Profits to Pay Back National Debt, Remove Banks
6. Take a 1% commission on stock purchases to contribute towards our national debt
By the way if I was a billionaire I would be saying the same thing. Don't think that because I am not a part of the richest 1% (that hold what 80% of our wealth!) that I am being soft on the lower and middle classes. Also, the mismanagement of our money punishes the latter classes even more than the richest.
Why Be So Concerned About Money?
Money truly helps people. It increases our standard of living. Having a strong dollar and funds to allocate in the government to social programs is very important. It solves all kinds of problems.
Maybe STEEM Could Be the Currency We All Deal In?
It does concern me that STEEM's future plan is set to double each year.
Reasons STEEM Will Succeed:
1. Don't You Think the Community Behind the Coin is Strong?
Each and everyday users are encouraged to login to steemit to evaluate content because they profit from it. In addition, strong networks of people are encouraged to work together through the up vote system
2. Transaction Speed and Cost Per Transaction
The cost of a STEEM transactions is a whopping ZERO! I believe it's capacity to handle a massive amount of transactions is better or as good than any other coin. See previous post below:
https://steemit.com/steem/@marcuswahl/the-one-thing-potential-steem-investors-need-to-know
3. Why the Heck Go to Facebook or Youtube?
Your likes and comments are worth REAL MONEY here in the form of STEEM which of course has a U.S. dollar market. Granted our membership, main stream use is not there yet, but it will be! At the time of writing this we are at what 700,000?
Finally, I'll leave you with this quote from Henry Ford:
The Pen is Mightier than the Sword...
Very nicely stated Marcus. Seriously good arguments. And here I thought NU was only good for football players :)
Good post man. You owe me a coffee!
Thanks Tom :) Will be happy to pay that coffee back when I see you again :)
Excellent article. Some experts say when interest payments reach about 12% of GDP then a government will likely default on its debt. I recently talked about the US Debt in a recent post as well.
https://steemit.com/money/@rollandthomas/why-does-the-us-dollar-continue-to-drop
Appreciate the reply with added insight upvoted!
Alarms are being sounded and will continue to be until action will be taken to fix the issues piling up on the old financial system. And as alternatives become more obvious, the pressure will constantly grow until the leap will happen.
With one thing from what you mentioned I don't agree. Cryptos issued by the governments. As long as the governments will hold a central authority and power to change the blockchain at will, it's not better than the current fiat situation.
Well, I didn't mean it would be ideal. Just stating how they would probably proceed if they had to deal with crypto currency. The government could always buy in big to bit coin ;) Appreciate your reply upvoted! :)
I believe that if big corporations or even countries will at some point want to buy into bitcoin (or etherium or whatever rises to the top), they will all want a share. But I don't think bitcoin can handle such big players... yet.
You got a 3.43% upvote from @nado.bot courtesy of @marcuswahl!
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@marcuswahl so what do you think will happen if the U.S. defaults on it's debt?
That’s a BIG question. Before a default I think we would see the massive printing of money leading to big inflation. Our foreign holders of debt will probably want to see some money rather than none, so they’ll put up with us. I suppose end result would cause a terrible drop in the value of the dollar. Your thoughts?
I have no thoughts other than it will be chaos around the globe.