Side step the Great Depression 2.0 with Bitcoin et al?

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EconoD
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Joined: Fri Oct 17, 2014 8:37 pm

Side step the Great Depression 2.0 with Bitcoin et al?

Post by EconoD » Fri Oct 24, 2014 8:03 pm

I'm thinking that crypto currencies with Bitcoin leading the way will actually be a way around global economic depression and the misery that goes with it, or come to think also for many developing countries that live in poverty now. Obviously they would need the technology, a catch 22 if you haven't the money however, mobile phones are pretty ubiquitous now. I heard they are even used as currency in Africa.

The money system as it is now is saturated in debt and reaching breaking point, it's simply not sustainable in the long run. So when the fan starts getting hit and people are looking for an exit an obvious choice to get you money out of the system and into something you can carry in your pocket (if you so wish) is crypto.

Not just that but, you could probably bump start your local flagging economy with your own virtual currency, as long as people can see they can get some goods or services using it, they'll go for it. Especially if they have little mainstream money to spare. A new currency could have a give away where each person gets a democratic amount depending on the size of the population being served by the currency. This seems at first a little unfair as they would get that amount free from the local economy but then it will be injecting the badly needed initial flow. The key is that you can buy something locally with it, like food or whatever and that the money needs velocity and visibility.

Any ideas how the new currencies would fit into the Great Depression 2.0? Or maybe there is no problem, it's business as usual?

Your thoughts?

Regards,
EconoD

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