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I don’t think they are losing control but they will have to change their behaviour and their rules. Cryptocurrencies, especialy bitcoin has become inevitable part of finances and they can’t ignore the fact that people are using it and that financial world is changing. So, the sooner they embrace that changes, the better for them.
But this is precisely the mistake they are doing, they think they make the rules but they don’t, bitcoin has showed to them that the people can make and change the rules themselves, that is why bitcoin is such a threat to them because they no longer have the control they thought they had over the economy
That’s the crucial point of your post
The problem with it is that they still have complete control over the economy, any way you look at it. Indeed, they don’t have control over bitcoin but, honestly, do they really want it? bitcoin is still essentially nothing in terms of real economy, its impact on it is massively inconsequential and miserable at best. There are only a few merchants that accept bitcoin in the whole world, and this acceptance is in fact entirely nominal since they convert their bitcoin proceeds into fiat right away
I will be the first to admit bitcoin is just a drop in a big ocean and that bankers probably don’t care too much about it, but bitcoin is an important development because it gives us an alternative, just a few years ago you used fiat or fiat, bitcoin is the first alternative in a long time.
Legendary Online
Activity: 1148
I don’t think they are losing control but they will have to change their behaviour and their rules. Cryptocurrencies, especialy bitcoin has become inevitable part of finances and they can’t ignore the fact that people are using it and that financial world is changing. So, the sooner they embrace that changes, the better for them.
But this is precisely the mistake they are doing, they think they make the rules but they don’t, bitcoin has showed to them that the people can make and change the rules themselves, that is why bitcoin is such a threat to them because they no longer have the control they thought they had over the economy
That’s the crucial point of your post
The problem with it is that they still have complete control over the economy, any way you look at it. Indeed, they don’t have control over bitcoin but, honestly, do they really want it? bitcoin is still essentially nothing in terms of real economy, its impact on it is massively inconsequential and miserable at best. There are only a few merchants that accept bitcoin in the whole world, and this acceptance is in fact entirely nominal since they convert their bitcoin proceeds into fiat right away
I will be the first to admit bitcoin is just a drop in a big ocean and that bankers probably don’t care too much about it, but bitcoin is an important development because it gives us an alternative, just a few years ago you used fiat or fiat, bitcoin is the first alternative in a long time.
And what does it change in the end?
It is not enough to be an alternative. It should be a viable alternative in the first place and then it should get widely used to become a working alternative. Transacting with gold or other precious metals is also an alternative to fiat payments (in some sense), but it is as irrelevant as transacting with bitcoin at a larger, world scale. Ultimately, it is the end result that matters, and bitcoin influence on the real economy is negligible as of yet. It is just a vehicle for speculation, but that’s pretty much all (if we to remain honest and cut the crap)
Legendary Online
Activity: 1148
Eight years after the crisis of 2008-09, central banks are still injecting $200 billion a month into the global financial system to keep it from imploding.
Are central banks losing control?
Central banks to me are not really losing and if the they really pumping that amount then it has a purpose which I believe has an overall effect on the economy. Going down memory lane, the central bank has even been the one holding the economy together with their policies and the moment they start failing, the economy starts crushing. And if they are doing that, its to protect everyone who will be affected in case the economy bloats itself
It is hard to tell what is the cause and what is the effect here
What I mean to say is that it more often seems to be the case when the economy first begins to slow down and then banks fall, not the other way round. Basically, central banks are trying to stimulate a stagnating economy by issuing excessive amounts of fiat (at least, that’s what we are constantly being told). This is not to say that excessive amounts of fiat being injected into the economy cannot be dangerous on their own, but if we are to remain realists, there is no reason to think that most central banks would be printing money just for the fun of it. There is always a cause behind them doing that, and it is not always nefarious or evil
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